First time trying bitcoin and this isn't exactly what I thought the process

Discussion in 'Bitcoin and Cryptocurrency' started by Texas.Redneck, Mar 29, 2018.

  1. Texas.Redneck

    Texas.Redneck Member

    I wanted to try Bitcoin but I think I misunderstood how it worked. I had done some brief research about a month ago and thought you just find a bitcoin ATM and insert cash and maybe pay some nominal fee and then you get a receipt with an account number. I did not think any personal information was necessary which is why this is becoming a popular option on the steroid underground. However, now I'm reading and it looks like I have to download one of several different apps to choose from for my phone and then put all my personal information down in the app along with a picture of my ID. Then I use this app to go to a bitcoin ATM and buy bitcoins. Does that sound right?
  2. Gbro

    Gbro Member

    no. Forget the whole ATM thing. The government has cracked down a bit. Download coinbase. Set up an account through that. Transfer funds from bank account to coinbase. Yes, you have to identify yourself. Then download breadwallet. Transfer the funds from coinbase to breadwallet. If you want, you can open another "wallet" and transfer the funds there. When you are ready, transfer the funds to who ever you need to. The bad news? Every step of the way has a transaction fee. Bring some lube.
    clear0cn likes this.
  3. Millard Baker

    Millard Baker Member

    No. Don't do this.

    Coinbase may monitor who you send payments to up to 4 hops
  4. clear0cn

    clear0cn Member

    No the safest way cause someone could identify you with your coinbase wallet address in the blockchain. But the cheapest and simple way of doing it
    master.on and Gbro like this.
  5. Gbro

    Gbro Member

    sneaky bastards

    Thanks for awaring me guys.
    Millard Baker likes this.
  6. master.on

    master.on Member

    IMO don't
    unless you can somehow buy Bitcoins paying cash,
    Btc is actually MORE traceable than Western Union/Money Gram tranfers or cash-in-mail.

    Google Bitcoin basics and you'll see that the 'blockchain' is a ledger-like record of ALL transactions ever made.

    Tumblers don't help much, either.
  7. Texas.Redneck

    Texas.Redneck Member

    Yeah like i said wasnt exactly how i thought it worked. I thought I could walk up to a bitcoin atm with cash ans just buy some bitcoin and get a receipt with an account number to wmail source. Like you said below not at all how this btc thing works.
  8. SamuelJones

    SamuelJones Member

    Does this mean I'm better off selling now my bitcoin and not even using them to buy AAS?
  9. Texas.Redneck

    Texas.Redneck Member

    The process isn't as bad as I thought. You will have to use a real debit card or checking account and driver license on at least one app to get the BTC's. Then you have to move the BTC's around to some wallets that are more anonymous before finally using for any online purchases.