Getting started questions

[Callmejonah]

Hello All,

No surprise that everyone is using bitcoin these days, but I truly miss the ease that was sending money orders. lol

Anyway..

There is SO much information out there regarding bitcoin. Which wallet service to choose and where is best to buy the coin.

After doing a couple hours of reading and research into the whole thing I've set myself up an Edge wallet and downloaded the LiberyX app as well. I've read some posts using the search function here, finding that people have had success using both of those services. However, I just found out that cashapp is also an easy service to use to buy and send coin.

As for my questions:

1. With LibertyX the only options in my area are debit/atm. The fees all seem to be around 8%-9%, which seem to be common for atm fees. I process the buying of the coin on the liberty app, get my wallet address under receive from edge, put that into liberty, which generates a code I enter at the liberty associated atm, the atm then sends it to my edge wallet and from there i send to DB vendor? Is that the gist of it?

2. Using cashapp. Is cashapp less secure or any less private than LibertyX and edge? I've read some posts saying that cashapp has closed accounts in the past for investigations. I'm not planning on making any particularly large orders so I wouldn't imagine I would raise any flags in that regard but still...

It seems as though cashapp is the cheaper and easier option out of the two since it cuts out the wallet middle man? You can just buy and send directly from cashapp? Why wouldn't most people just placing an order here and there just use cashapp? Is there something I'm missing?

Any help would be greatly appreciated. I feel like there's SO many variables to consider with bitcoin its crazy overwhelming.

 

[WTF7218]

I suck at explaining and articulating things so maybe someone else can word it better, but sending funds directly from cash app is one of the least secure way to do things. Saving a few dollars is not worth the risk. If you’re going to use Venmo or cash app to buy crypto, you then send it to your external wallet, and send payment from there. And Monero (XMR) is best for security. All other forms of crypto are traceable.

 

[xenxra]

I suck at explaining and articulating things so maybe someone else can word it better, but sending funds directly from cash app is one of the least secure way to do things

the whole wallet taint thing isn't really remedied much by the wallet hopping tactic these days.

the basis for the approach to using an intermediary wallet a lot of the time is to avoid your account being flagged/terminated by services/exchanges that manage a list of "hot wallets" (usually in the context of d4rkn37 m4rk3ts) and would terminate your account if sending funds to one of those wallets. but, if you're sending to an RC vendor (unless they're well established and being monitored), the chances of that risk coming to fruition are slim to none (especially if their wallet addresses aren't advertised outside of email reply to customers).

At that point they (exchange) would essentially just be making baseless accusations towards you for simply transacting crypto, which is obviously the primary function of it in the first place.

there's also the idea that, in the event you/your vendor did get caught, that if you were called in for questioning by LOL en4cement you could pull the plausible deniability card; but as you mentioned, all crypto outside XMR is traceable - so if they want you bad enough, it's not hard to pull up a wallet on something like breadcrumbs or internal tooling to display a web easily showing you did in fact send funds to the vendor they're accusing you of ordering from.

all that being said though, you should do it just in case for most/all instances especially when accounting for the minimal amount of extra funds required to move to another wallet, as you also stated.

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tl;dr - use xmr at all times possible. if you can't buy xmr from an exchange directly, buy another crypto (sol is my recommendation bc of lowest fees and quickest confirmation), then swap that for xmr on a dex (check https://kcynot.me for options)

if your vendor does not accept xmr, ask them why they don't and if they will