F U Circle!!!!

Discussion in 'Bitcoin and Cryptocurrency' started by MythotiK, Nov 9, 2016.

  1. vidocq

    vidocq Member

    Just a PSA to all, Coinbase IS your next best option to Circle (if you live in the usa). But keep in mind...

    1. Coinbase does charge a 1.5-4% fee for putting money into your Coinbase wallet, so be sure to adjust the amount deposited to end up with the correct amount you need in your wallet to transfer.

    2. Your limit for a credit/debit card transfer will be low for a while, I've seen $100-250 for a typical beginner account. It will increase over time, just like Circle's did.

    3. Bank account transfers are taking up to 8 days right now, so don't expect an immediate transfer if you go that route.

    4. If you add a bank account and a debit card, you will have an option of using a "USD wallet" in Coinbase. That's where Circle and Coinbase are wonderfully similar. If you have the means, you can transfer money into a USD wallet which holds your money there in USD, not BTC, so it won't fluctuate. Once you have money in your USD wallet, Coinbase acts essentially just like Circle. You can immediately transfer USD into BTC and then immediately transfer BTC to any recipient.

    5. MOST IMPORTANT: Coinbase has a habit of randomly shutting down accounts if you transfer funds to certain other wallets. So I would suggest having a secondary wallet (like Blockchain) to transfer funds to before sending to the final recipient.
     
    ronin17 likes this.
  2. vidocq

    vidocq Member

    @LittleD90 This is definitely not the most secure and anonymous way of doing things. But if you're just looking for convenience, the above is what about 90% of guys on the boards will quite likely be migrating to from Circle
     
    ronin17 likes this.
  3. taco33150

    taco33150 Member

    This is bullshit.. it won't do Bitcoin now
     
  4. MythotiK

    MythotiK Member AnabolicLab.com Supporter

    Problem is you usually get great discounts and such with it...I got mine all setup after losing circle, actually kinda easy
     
  5. taco33150

    taco33150 Member

    I'm trying to do coinbase but I messed up on verification process
     
  6. Evom1

    Evom1 Member

    Did coinbase make anyone else take a pic of their ID for verification?
     
  7. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    ID verification just made Coinbase LESS anonymous not more and I am afraid of attaching my name and SS# to my BTC transactions.
     
  8. Burrr

    Burrr Member AnabolicLab.com Supporter

    I'll bounce my purchases through another wallet first, and declare my cap gains or losses on my taxes.

    For my kind of purchases it is the way to go .
     
    vidocq likes this.
  9. Evom1

    Evom1 Member

    I just don't see how uploading my ID during the process of me making a purchase, could be safer than using money gram
     
  10. Burrr

    Burrr Member AnabolicLab.com Supporter

    Yea, I see your point. I doubt its any safer , just more convenient for me
     
  11. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    You will definitely need to keep track of your BTC purchases much like buying stocks and bonds to calculate cost basis for tax purposes. I hated tracking this stuff when I was doing stock trading on the side...
     
  12. vidocq

    vidocq Member

    This is not the perfect answer for anonymity. But it's a decent mix of anonymity and convenience and cost.

    1. Open a Coinbase and get verified. Add multiple payment accounts to get higher beginning limits

    2. Use your bank account to deposit money into your USD wallet. It'll take 1-8 days to get on there because of how slammed Coinbase is right now, so plan a little in advance and/or add some extra money in there. Your USD wallet will hold cash, not bitcoin, so it won't fluctuate.

    3. When you are ready to buy something from someone, transfer money from your USD wallet to your BTC wallet (1.5% fee, but it's also immediate), and then immediately send that to another private/"anonymous" wallet you made on blockchain/electrum/mycelium/etc.

    4. Go to that wallet, and send your payment whomever.

    5. You can cash out whatever is left in your Coinbase USD wallet back into your bank account (for a 1.5% fee), or just hold it in your USD wallet for down the line when you make another BTC purchase.

    Again, this isn't at all perfect. There are people far more knowledgeable than me that could give better advice as to anonymity. But for convenience/cost/anonymity, I really believe this is what 90%+ of people will end up doing for smaller <$1000 purchases
     
  13. taco33150

    taco33150 Member

    Not me
     
  14. taco33150

    taco33150 Member

    I opened coinbase and they gave me a 250 limit . I made one transaction it went to 5000
     
  15. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    Sounds like this is the best way to go as the government will only see the transfers to wallets and not to sources provided you have taken great care in setting up those "dark" or offline wallets. @pumpingiron22 has some great write-ups on how to set up these external wallets to hide your coin while just using Coinbase as a transfer point.
     
  16. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    How much you put in and did you link your debit card?
     
  17. truthwalker

    truthwalker Member

    use coinbase. I have a $3000 instant debit/credit card limit per week. and a $10,000 bank limit, but that's not instant.

    Transfer an amount that's not the whole amount you purchase to an anonymous wallet.

    Alternatively, if you have your own wallet, you can purchase bitcoin with cash for decent rates at bitquick.co

    cashtocrypto has also worked for me, but they charge a lot.

    Sent from my SAMSUNG-SM-G900A using Tapatalk
     
    vidocq likes this.
  18. Nutpuncher

    Nutpuncher Member AnabolicLab.com Supporter

    I know a person that has I think had up to 50 - 100 BCT that he is willing to sell. M

    Pm me if anyone is interested buying BTC and I'll will get you in touch with my guys.
     
    vidocq likes this.
  19. taco33150

    taco33150 Member

    65 dollars.. I used bank card.. I screwed up yesterday on my credit card cause I got impatient
     
  20. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    That's darn good in the end though. I might try this..and $65 might be what I will start with so see what happens...