purchasing bitcoins

Discussion in 'Bitcoin and Cryptocurrency' started by eminem93, Nov 9, 2015.

  1. eminem93

    eminem93 Member


    I haven't bought bitcoins in over a year, and the sight I originally got them from is now down. What siites do you guys use / recommend to pruchase from? Also, what is the preferred method of bitcoin wallet? I used to just do cold-storage on usb flash but I've really fallen off the bandwagon with this stuff so was just hoping to get feedback as to whats currently the most up-to-date methods for purchasing anonymously and storing coins. Thanks.
  2. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter


    BitcoinCT r: 3 and other cryptocurrencies are for the unbanked – and those who'd like to become unbanked.

    Some say getting your hands on the bits is hard. That may be true, but it's getting easier all the time. About nine times easier as of today:

    1. Wall of Coins – Set your zipcode, indicate how much you want to buy, and provide your cell phone number. Wall of Coins then texts you a password. You enter the password on their website, which confirms you order. You then have three hours to deposit your cash into the bank account of the seller.

    Text a confirmation code back to Wall of Coins once you've made your deposit and your coins will be released to you from their escrow.

    2. Local Bitcoins – If it's a payment method, you'll find it on Local Bitcoins: PayPal, SEPA transfer, Western Union, meet-in-person, cash in the mail, wire transfer, even trade-for-bus-pass. Be sure to check the reputation rating of a seller before agreeing on a transaction. Local Bitcoins acts as an escrow agent.

    3. LibertyX – Reportedly available at 2,500+ convenience stores in North America, LibertyX will sell you your first US$1,000 in Bitcoin without any fees. After that, it's only a 1 % markup from spot price.

    The downside is that they won't sell to you without your name, address, and birthday, which they “check against public records.” If you check out, you receive a PIN number which you show the c-store cashier upon handing over your cash. The cashier marks your PIN as “paid” with LibertyX, and you can then retrieve your bitcoins from the company's website.

    4. PaxfulCT r: 15 – Coordinating buyers and sellers all over the world, Paxful prides itself on being deposit-less and without wait times. Buyers and sellers are connected to one another via live chat, where they coordinate the digital exchange of bitcoins for many things: gift cards, WebMoney, bank transfers, Walmart2Walmart, Reloadit, PayPal, and cash bank deposits.

    5. MyceliumCT r: 70 Local Trader – The Mycelium wallet now contains a section called Local Trader where you can view the buy and sell orders of Mycelium users near you. Users can then rate one another after transactions to build a reputation system to protect future users of the marketplace.

    6. Your Local Bitcoin Meetup – Most (if not all) major North American cities feature at least one Bitcoin meetup. They're often weekly, held somewhere informal like a pub, and are a prime spot to buy bitcoins. Check Meetup.com for up-to-date listings in your area.

    7. Bitcoin ATM – Though waning in popularity due to pervasive requirements of government ID scans, facial photos, and even hand prints, you can still find “non-compliant” Bitcoins ATMs in some places. These machines do what they were designed to do: give you bitcoins for your cash. Ask around at a Bitcoin meetup to see if any such machines exist where you live.

    8. Bitcoin-OTC – This site works on FreenodeCT r: 243 Internet Relay Chat (IRC). Bitcoin-OTCstands for “over the counter,” and the chat room allows buyers and sellers to view one another's orders and reputations. Because it requires the use of an IRC client – or at least the know-how to interact with the browser-based version – the site's not for beginners.

    9. BitQuick – This service is pretty simple to use – view the list of available orders, and deposit your cash at the seller's bank. Many sellers also accept the use of any credit union, while those in Europe can alternatively make a SEPA transfer. BitQuick acts as an escrow agent and even offers a Proof of Reserve.

    Remember to do your due diligence – trading with strangers can be risky, but not nearly as riskyas keeping your money in a bank.

    Know of another way to get a hold of cryptocurrency without using a bank account? Share in the comments below.

    flenser, Millard Baker and Seven like this.
  3. boxcar

    boxcar Member

    Pumping covered everything..
  4. eminem93

    eminem93 Member

    :) thank you pumping iron, I wish to learn more from you in time. You contribute the lacking utilitarian value on this site.
    vidocq and pumpingiron22 like this.
  5. Sampei

    Sampei Member AnabolicLab.com Supporter

  6. pumpingiron22

    pumpingiron22 Member AnabolicLab.com Supporter

    Exchange/Payment Terminal
    (GPRS / Wifi / QR scanner)

    Easily Buy, Sell and Accept Bitcoin (or Litecoin). Can also be used to create an on-the-spot fiat to Bitcoin/Litecoin exchange! Bring the new era of cryptocurrency to your shop or business with this unique payment terminal.

    For larger orders & lead times please contact sales@coinkite.com

    • Print Bills with QR Codes for payment from any wallet.
    • Accept Coinkite’s Debit Card
    • Support Tips
    • Reference: Table Numbers, Invoice Numbers, etc…
    • Lists unconfirmed transactions for each table (open bills)
    • Set your exchange markup, added automatically to all fiat conversions
    • Double receipt option
    • Sell Bitcoin (or Litecoin), Scan any Other Wallet to send
    • Prints Paper Wallets and Vouchers
    • Buy and receive them from QR code or Coinkite card
    • Set your own exchange-rate markup
    Learn more...
    this is somthing i have wanted to get. the price is too high imo. there are some on ebay half prices i just dont know if i would sell enough coin to make my money back/
    vidocq and MindlessWork like this.
  7. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    So you thinking of becoming meso's bitcoin dealer?
    pumpingiron22 likes this.
  8. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    Nice writeup but many of those options are quite risky to me. Anyone else agree/disagree?
  9. flenser

    flenser Member AnabolicLab.com Supporter

    Most look pretty risky, but I like Wall Of Coins and cash deposits in person. For occasional transactions, that looks pretty secure.

    I suppose some future facial recognition software could, in theory, use bank video to find you on FB or somewhere and complete the bit chain, but it seems pretty unlikely.
    MindlessWork likes this.
  10. Millard Baker

    Millard Baker Member

    18 U.S. Code § 1960 - Prohibition of unlicensed money transmitting businesses


    (a) Whoever knowingly conducts, controls, manages, supervises, directs, or owns all or part of an unlicensed money transmitting business, shall be fined in accordance with this title or imprisoned not more than 5 years, or both.

    (b) As used in this section—

    (1) the term “unlicensed money transmitting business” means a money transmitting business which affects interstate or foreign commerce in any manner or degree and—

    (A) is operated without an appropriate money transmitting license in a State where such operation is punishable as a misdemeanor or a felony under State law, whether or not the defendant knew that the operation was required to be licensed or that the operation was so punishable;

    (B) fails to comply with the money transmitting business registration requirements under section 5330 of title 31, United States Code, or regulations prescribed under such section; or
    (C) otherwise involves the transportation or transmission of funds that are known to the defendant to have been derived from a criminal offense or are intended to be used to promote or support unlawful activity;​

    (2) the term “money transmitting” includes transferring funds on behalf of the public by any and all means including but not limited to transfers within this country or to locations abroad by wire, check, draft, facsimile, or courier; and

    (3) the term “State” means any State of the United States, the District of Columbia, the Northern Mariana Islands, and any commonwealth, territory, or possession of the United States.​
    Flounder, flenser and MindlessWork like this.
  11. MindlessWork

    MindlessWork Member AnabolicLab.com Supporter

    Cash deposits would be OK if the person I give the cash to is trustworthy enough.
  12. flenser

    flenser Member AnabolicLab.com Supporter

    Wall Of Coins places the bits in escrow, so you only have to trust them rather than the seller.
  13. Sampei

    Sampei Member AnabolicLab.com Supporter

    Guys... What's the problem? Just clean the bitcoin in
    The dark web. Problem solved.
    pharmacist likes this.
  14. Millard Baker

    Millard Baker Member

    Coinbase is the obvious - and one of most convenient ways of obtaining bitcoin in the US and EU.

    Maybe some don't just want to hide the way they are spending bitcoin. Perhaps they want to hide the very fact that they are purchasing bitcoin. That's not possible with Coinbase.

    For example, in the U.S., the IRS requires that you tell them about every bitcoin buy and sell. Bitcoin is regulated as an asset subject to capital gain/loss reporting. That's a big pain in the ass.

    Whereas, the EU has much more progressive and bitcoin-friendly regulation that treats Bitcoin as a currency - no VAT or burdensome tax reporting.

    This really sucks for American consumers and by extension U.S.-based bitcoin companies.
    flenser likes this.
  15. Sampei

    Sampei Member AnabolicLab.com Supporter

    Didn't know that about USA.

    I don't have to explain to anyone about my Bitcoin usage. So I don't care about buying it from coinbase and then just cleaning them in the dark web.

    By the way I have noticed one thing of coinbase. Everytime I buy it I receive always less
    Bitcoin because magically the conversion rate has decreased.
    But what can you do...
  16. flenser

    flenser Member AnabolicLab.com Supporter

    A tax attorney once told me this about reporting my gold sales, "always enter a purchase date older than three years". The idea being that you aren't required to keep records longer than three years, so you can enter any purchase price. Of course, I would NEVER cheat on my taxes, but it does give one some options w.r.t. cashing in unrecorded BTC purchases.
  17. vanda3

    vanda3 Member

    I dont know much about Bitcoin , I tested it out last night and it cost me half my purchase with fees so if one was using bitcoin, one would have to mark up there prices 50%. I didn't like Circle or Coinbase because both wanted all your personal info.
    So I created a clean ebay using a alias with a greendot card behind JAPjonDo.
    Also the greendot card is under a alias which is not easy now greedont ask for name,BD,SSN so all that has to match so after all that I purchased $40.00 .05BTC and only gave me $21 in my wallet so i was not to impressed, a $18 loss almost half.
    I know ebay cost the same or a little more than coinbase but I can use a alias without being asked for gov ID. so I don't know if i will be using bitcoin and might just stick with WU & MG all the services like webmoney , perfect money ,want all your personal info and a photo ID so whats the point in using them. Greendot was the easier one to activate using a alias but its still hard to match all the info.
    Back to the drawing board for me.
  18. Burrr

    Burrr Member AnabolicLab.com Supporter

    I bought mine with Circle and it cost about a nickel in fees.
    bounce it around a couple of wallets before making a purchase. I think for someone making small purchases this is just fine for keeping things anonymous
  19. vanda3

    vanda3 Member

    yep, i dont know why mine was so much . Maybe mine was alot cuz of ebay but wow about a loss of almost half. I guess for a website that is accepting bitcoin it wont cost them cuz they are just receiving bitcoin , only buying bitcoin has fees but not recieving. So i guess it might be ok i just have to practice it.
    For me trying to stay anonymous while buying makes it hard thats why i used ebay with a greendot card but .05 BTC cost me 39.22 and my wallet only got 21.30 so thats half a loss LOL . I was going to use Circle but they wanted gov photo ID on my account. So i am going to keep looking for other ways to buy. I am still learning its all greek to me LOL