Bitcoin: Explain it like I'm 5?

[BuckMulligan]

Yes, I took that advice and transferred to my external Green Wallet first and then made the donation here.

 

[chubbs878]

i set up Paxful and bought $20 BTC using PayPal from a BTC trader that accepts PP. 

after the BTC purchase was complete, I sent the BTC to DBG all through Paxful. I didn’t know any better. 

in hindsight, if DBG doesn’t want you making the donation directly from Paxful, the BTC platform that DBG advertises, there would have been a note or warning as to doing such. i also didn’t like the fact that it cost me a total of $10 to buy $20 BTC and then turn around and make a BTC payment. that’s a $5 charge to buy and $5 charge to spend: for just $20! i’m scratching my head thinking about the charges for acquiring & spending a good $300 BTC or more. total racket & rip-off. 

 

[chubbs878]

Just noticed that it will be about a $5 fee just to transfer over to Green wallet and presumably another $5 to then send out to DBG. Is there a better way to do this. Those fees will just end up cutting back on my donation. Thanks. 

tell me about it. i tried to make my donation @ my 30-min lunch break last FRI. i spent $25 getting $20 for the donation but after the next charge to send the $20 BTC it only got me a $15 donation. bummer

 

[DoomKitty]

If you are getting 5$ fees that's because Paxful is taking a MIGHTY cut. You pay for a wee bit of anonymity i guess.  Sending money from Green Wallet to DBG won''t cost you more than like 30 cents doing it medium speed.  Less if you do it slowest speed.  You can try other options like Cashapp for less fees, but its a KYC exchange so you lose the aspect of anonymity.

 

[vitruviusbeard]

Look for Bitcoin headach releif that I posted or just BItcoin Advice. I explain like step by step. 

UPDATE: SHAKE PAY WORKS!!!!!! They use e-transfers but they accepted mine in less then a minute. Then you need to download the mobile app to send it to the electrum wallet which also took less then a minute. There fee is like .01%....to the point were I didnt even notice it. ENJOY!

 

[op8d]

What is drug buyers guide address to send my bitcoin to 

 

[DoomKitty]

@op8d How to donate Scroll to the bottom and you will find what you are looking for...

 

[op8d]

@op8d How to donate Scroll to the bottom and you will find what you are looking for...

I used cash app

The Bitcoin is in my wallet but that address on that page does not work 

 

[7Fingers]

Try and Use a cashback credit card if you are going to use a credit card..it at least helps offsets a % of the fees.

Or, rewards points if they are of good use..

Just a thought, as everyone's situation is different..

If you have good credit, you can apply for a card which offers a cash bonus for say $2000 in spending..and when you buy some bitcoin, make sure you

include some of the funds to offset the fees entirely..but again if you have good credit..

 

[audrocks]

How To Buy Bitcoin With Cashapp

Thats a youtube tutorial on buying/selling/withdrawing BTC using Cashapp on a smartphone. 

How To Set Up An Electrum Wallet

Thats a quick rundown on downloading, installing and setting up an Electrum Wallet

Once you buy your bitcoin from Cashapp then withdraw them to your Electrum wallet.  From your Electrum wallet you can then send to vendor.  ALWAYS download/upgrade your electrum app from their site NEVER from within the app itself or from a different website.  The main reason you should NEVER send fund to a vendor from a wallet held by an exchange (like Coinmama or Coinbase) is because they own the seed to your wallet which means they own your wallet, and if they think you are doing anything fishy/scammy/illegal in any way they can seize your funds.  Bitcoin is never anonymous.  There are ways to increase anonymity but any of them such as tumbling immediately become non-anonymized as soon as you start doing anything with them.   If you want a safer "tumbling" option you can CoinJoin with the Wasabi Wallet application, but you must join .1BTC or greater each time which is like 850$ at current market value and so may be well beyond the scope of your needs. 

If Cashapp is saying the pic is too blurry, then the pic is too blurry.  Try taking the pics in WELL LIT rooms or outside.  It usually takes 24hrs to get approved.  Cashapp also applies no fees to the transaction and wont put holds on your BTC for withdrawing immediately which exchanges like Coinbase and Coinmama do.  There are other ways to get them that are more "anonymous" but for the casual user like most people on this forum, this is the simplest way. 

I’m scratching my head about the reason for using an intermediary from an exchange.  
 

I assume that the risk is of “suspicious activity”.   In my mind, in the context of cryptocurrencies, that means either high value or high frequency transactions.  I’m aware that there are “Know Your Transaction” programs in place that monitor transactions real time but, like bank KTC programs, there are certain profiles and red flags that are cause for concern.   I am a low value, low frequency, low KTC flag kinda guy.

Alternately, if I have to set up an intermediary wallet with another third party then that is an additional risk point - yet another party that has highly sensitive info like SSN, etc., about me that could be accidentally or intentionally divulged.  

What am I missing?

 

[LBGIRL213]

So I've been using Paxful once I figured out how to use it. But I use that wallet as I didn't realize you were supposed to have a Different wallet to send to when they have one? So I'm no supposed to be doing this? I haven't had any problems, and with all the fees and percentages it seems if I transfer to a different wallet, paxful as well as any vendor are still taking big cuts. Any help on this is appreciated

 

[LBGIRL213]

I’m scratching my head about the reason for using an intermediary from an exchange.  
 

I assume that the risk is of “suspicious activity”.   In my mind, in the context of cryptocurrencies, that means either high value or high frequency transactions.  I’m aware that there are “Know Your Transaction” programs in place that monitor transactions real time but, like bank KTC programs, there are certain profiles and red flags that are cause for concern.   I am a low value, low frequency, low KTC flag kinda guy.

Alternately, if I have to set up an intermediary wallet with another third party then that is an additional risk point - yet another party that has highly sensitive info like SSN, etc., about me that could be accidentally or intentionally divulged.  

What am I missing?

I should have quoted you first. This is my question too if anyone can shed some light. thanks

 

[DoomKitty]

@audrocks @LBGIRL213  The intermediary wallet (ill refer to this as a 'personal wallet') you should set up will NOT require ANY personal information at all.  Unlike an exchange like Coinbase, with a personal wallet you actually own the private keys to the wallet which means you have full control over your bitcoin.  Keeping money on an exchange means they fully control your bitcoin and can seize/hold it at any moment and for any reason.   The reasons for using a personal wallet for such purposes as relate to this website are many but having control over your funds is the most prescient.  Obviously DBG will not know who owns the keys of whatever wallet you send from and Im sure many members send donations from exchanges.  It's just not the best protocol.  Good personal wallet options imo are Electrum (ALWAYS download from their site and never update in app) for desktop and Blockstream Green Wallet for mobile.  Take care and stay safe....

 

[LBGIRL213]

@audrocks @LBGIRL213  The intermediary wallet (ill refer to this as a 'personal wallet') you should set up will NOT require ANY personal information at all.  Unlike an exchange like Coinbase, with a personal wallet you actually own the private keys to the wallet which means you have full control over your bitcoin.  Keeping money on an exchange means they fully control your bitcoin and can seize/hold it at any moment and for any reason.   The reasons for using a personal wallet for such purposes as relate to this website are many but having control over your funds is the most prescient.  Obviously DBG will not know who owns the keys of whatever wallet you send from and Im sure many members send donations from exchanges.  It's just not the best protocol.  Good personal wallet options imo are Electrum (ALWAYS download from their site and never update in app) for desktop and Blockstream Green Wallet for mobile.  Take care and stay safe....

Thank you. I will do that going forward. It's not like I used such a large amount or tons of transactions, but if it could in the future I will def get one of those two. Thanks again!