Can we have a crypto megathread?

[symphony]

Sorry if this is a dumb question. I searched for an already-existing crypto megathread and found nothing. I think it's common for people wanting to buy N from D to feel baffled and overwhelmed by using crypto. I see smaller threads with people asking about this all the time. It seems like it would benefit everybody if a few highly-knowledgeable people condensed the most important info and tips on using crypto into one megathread to contain all these discussions.

 

[Spiritual survivor]

Good idea.

 

[CommitSudoku]

I was actually thinking of this recently, I got inpatient and now I find a sudden need to understand crypto. I might try to take notes of what I encounter but I don't see myself maintaining a thread nor do I have knowledge to really answer questions. In any case a great idea, perhaps someone with more knowledge of crypto will see this.

 

[symphony]

Good idea.

I was actually thinking of this recently, I got inpatient and now I find a sudden need to understand crypto. I might try to take notes of what I encounter but I don't see myself maintaining a thread nor do I have knowledge to really answer questions. In any case a great idea, perhaps someone with more knowledge of crypto will see this.

Maybe if we get enough popular support here and are loud enough about it, we could make it happen. It could really benefit so many people.

 

[its-about-time]

I use CoinBase for crypto. It's very beginner friendly and has countless guides on how to do everything. It has all the answers you'll need and clear guides for setting up an account, verifying your identity, linking your bank, purchasing crypto, and transferring it to someone else.

 

[CountOfTuscany]

This article should clear some things up: https://www.coinbase.com/learn/tips-and-tutorials/how-to-set-up-a-crypto-wallet .
I usually buy crypto on cex.io and then transfer it to my wallet if I need to buy things.

An even easier option would be downloading the phone app CoinCloud, which is an all-in-one app with a wallet and the ability to load it up with a credit card.

 

[inabsentia]

While it's possible to figure it out yourself by searching this site or just looking online in general (which I had to because Coinbase wasn't even letting me make an account, and I've heard other people having issues despite its popularity here) I think a megathread would be so useful.

 

[Riddle]

Yes, I will detail my experience so far.

Registered for coinbase, verified my ID, deposited via bank account then found out I could not transfer btc out of coinbase for another 2.5 weeks.

I then tried cashapp, bought btc using debit card, transferred $5 to my exodus wallet, it worked but then I could not buy any more btc on cash capp, I contacted support and they told me it was due to security reasons. I am going to phone them tomorrow and get an explanation if possible

I then looked into Etoro, they have a policy of waiting 7 days for banks transfers before you can transfer btc

Needless to say, I am frustrated. Does anybody have any suggestions for another platform to buy/send btc or experience with a bitcoin atm? Otherwise, I will use Etoro and wait the week.

 

[symphony]

Yes, I will detail my experience so far.

Registered for coinbase, verified my ID, deposited via bank account then found out I could not transfer btc out of coinbase for another 2.5 weeks.

I then tried cashapp, bought btc using debit card, transferred $5 to my exodus wallet, it worked but then I could not buy any more btc on cash capp, I contacted support and they told me it was due to security reasons. I am going to phone them tomorrow and get an explanation if possible

I then looked into Etoro, they have a policy of waiting 7 days for banks transfers before you can transfer btc

Needless to say, I am frustrated. Does anybody have any suggestions for another platform to buy/send btc or experience with a bitcoin atm? Otherwise, I will use Etoro and wait the week.

It is experiences exactly like yours that highlight the need for a condensed authoritative source on crypto info!

 

[Riddle]

It is experiences exactly like yours that highlight the need for a condensed authoritative source on crypto info

After I started writing my comment up there I forgot this was a thread for whether a crypto megathread is needed and and not thee cryrptomegathread lol

but yea, its a good idea in my opinion, but it does kind of fall under the N from D mega thread since there is really only 2 steps

contact D

buy and send cyrpto

 

[CassieHoward]

Anyone having questions about Crypto in general is free to ask me. I cannot speak about Coinbase (I exclusively use Binance myself), but I'm happy to help anyone having issues to the best of my ability!

 

[wljourney]

Anyone having questions about Crypto in general is free to ask me. I cannot speak about Coinbase (I exclusively use Binance myself), but I'm happy to help anyone having issues to the best of my ability!

Thanks so much for offering this!
Did you make your transactions w D through Binance successfully? Then it should be good enough for me lol

I am about to download the app and set up an account. Hoping it works with Canadian Bank accounts.

Anything I should know beforehand? Is it advisable to first transfer just a small amount and then later the full amount needed?

Or would that unnecessarily extend any wait times/be a reason to get blocked?

I also still would like to verify D's contact info before starting a convo.
(The PPH says that there are fake copies going around that may contain a false email address.)

 

[houseofleaves]

Seconded. We need a thread like this.

 

[CassieHoward]

Thanks so much for offering this!
Did you make your transactions w D through Binance successfully? Then it should be good enough for me lol

I am about to download the app and set up an account. Hoping it works with Canadian Bank accounts.

Anything I should know beforehand? Is it advisable to first transfer just a small amount and then later the full amount needed?

Or would that unnecessarily extend any wait times/be a reason to get blocked?

I also still would like to verify D's contact info before starting a convo.
(The PPH says that there are fake copies going around that may contain a false email address.)

Yeah, I haven't had any issues with Binance. I use the etransfer feature to pay and as long as you seek out trades with reputable vendors everything will go smoothly.

I would just buy and/or transfer D the full amount immediately.

 

[wljourney]

After I started writing my comment up there I forgot this was a thread for whether a crypto megathread is needed and and not thee cryrptomegathread lol

but yea, its a good idea in my opinion, but it does kind of fall under the N from D mega thread since there is really only 2 steps

contact D

buy and send cyrpto

Yeah, I haven't had any issues with Binance. I use the etransfer feature to pay and as long as you seek out trades with reputable vendors everything will go smoothly.

I would just buy and/or transfer D the full amount immediately.

Ohhh so we also need to be aware of reputable vendors?
Would Binance be considered the vendor in this case?
And also: do you set up a burner email for this (like protonmail) or is gmail sufficient?

 

[cyanlove]

I have Brave coins but I think they can be converted into BTC. I'm just so dumb with crypto.

You should put this in the suggestions forum! I like this idea.

 

[CassieHoward]

Ohhh so we also need to be aware of reputable vendors?
Would Binance be considered the vendor in this case?
And also: do you set up a burner email for this (like protonmail) or is gmail sufficient?

I used the P2P (peer to peer) system on Binance to buy BTC, which is where you're trading with individuals. Basically, long as you do trades with individuals who have done several successful transactions before, you're probably safe to do business with them. This information is all available from their profile.

As far as email I don't think it matters, but I just used protonmail for the added security.

 

[wljourney]

I used the P2P (peer to peer) system on Binance to buy BTC, which is where you're trading with individuals. Basically, long as you do trades with individuals who have done several successful transactions before, you're probably safe to do business with them. This information is all available from their profile.

As far as email I don't think it matters, but I just used protonmail for the added security.

Oh wow ok so there is way more to this than "just send the money". Thanks for explaining!
We definitely need a mega thread for crypto.

For CANADIANS:
Binance may not work here (maybe if you use a VPN), neither does eToro. Coinbase allows you to buy BTC but not to sell.

I'm now looking at Bitbuy, which is available in Canada.

Their account comes with a wallet to send/receive.

Will report on progress.
Sign up required lots of pics w ID/bank statements etc but was very fast (3 hrs). Will accept e-transfers but not credit cards to deposit $.

IMPORTANT:
Bitbuy complies with Canadian FINTRAC rules, one of them is the "Travel rule". That means they will want to know personal details of the RECEIVER if you send more than C$1k.
So, my advice: go low and slow.

 

[escapefromabuse]

Yes, I will detail my experience so far.

Registered for coinbase, verified my ID, deposited via bank account then found out I could not transfer btc out of coinbase for another 2.5 weeks.

I then tried cashapp, bought btc using debit card, transferred $5 to my exodus wallet, it worked but then I could not buy any more btc on cash capp, I contacted support and they told me it was due to security reasons. I am going to phone them tomorrow and get an explanation if possible

I then looked into Etoro, they have a policy of waiting 7 days for banks transfers before you can transfer btc

Needless to say, I am frustrated. Does anybody have any suggestions for another platform to buy/send btc or experience with a bitcoin atm? Otherwise, I will use Etoro and wait the week.

I buy XLM (low gas fees) on Coinbase and then transfer to Kucoin, trade it for USDT and then buy whatever coin I'm looking at.

I don't trust Coinbase. At all.

 

[wljourney]

Yes, I will detail my experience so far.

Registered for coinbase, verified my ID, deposited via bank account then found out I could not transfer btc out of coinbase for another 2.5 weeks.

I then tried cashapp, bought btc using debit card, transferred $5 to my exodus wallet, it worked but then I could not buy any more btc on cash capp, I contacted support and they told me it was due to security reasons. I am going to phone them tomorrow and get an explanation if possible

I then looked into Etoro, they have a policy of waiting 7 days for banks transfers before you can transfer btc

Needless to say, I am frustrated. Does anybody have any suggestions for another platform to buy/send btc or experience with a bitcoin atm? Otherwise, I will use Etoro and wait the week.

Hey @Riddle - I was wondering if you had more success now with eToro or if your other options worked out.

Just letting you know: depending on where you are (country) rules and regulations have changed somewhat. Especially in Canada since the Trucker convoy financing thing blew up.

Crypto is now more regulated meaning some companies decided to seize doing business in Canada, as they don't want or can't comply with all the requirements.

From Bitbuy's website (as of March 2022)

 

[DyingMiND]

Anyone having questions about Crypto in general is free to ask me. I cannot speak about Coinbase (I exclusively use Binance myself), but I'm happy to help anyone having issues to the best of my ability!

Hi. You mentioned about having questions posed to you about Crypto. I have never used it before and have no idea what a "wallet" is exactly. I am looking into getting N from D, but I'm not sure what the best way to send money : Binance? BTC? Western Union? Cash app?

Like I mentioned above, I have no idea how to pay with crpto and would greatly appreciate your assistance.

Thx

 

[wljourney]

Hi. You mentioned about having questions posed to you about Crypto. I have never used it before and have no idea what a "wallet" is exactly. I am looking into getting N from D, but I'm not sure what the best way to send money : Binance? BTC? Western Union? Cash app?

Like I mentioned above, I have no idea how to pay with crpto and would greatly appreciate your assistance.

Thx

cassiehoward will give you more details. He is very kind.

For now just what I learned so far:
Binance, CashApp, Bitbuy are Apps (comparable to online banks or traders) that enable you to load money from your bank account into their online account and then trade (exchange) your $ into BTC.

Those BTC are stored in your wallet.

You can have multiple "wallets" but each transfer costs a fee.

Most (?) of these crypto Apps provide you with a wallet that can be used to send BTC. Some people prefer sending directly. Others prefer to transfer their BTC to a second wallet and send from there.

I hope this helps.

 

[CassieHoward]

Hi. You mentioned about having questions posed to you about Crypto. I have never used it before and have no idea what a "wallet" is exactly. I am looking into getting N from D, but I'm not sure what the best way to send money : Binance? BTC? Western Union? Cash app?

Like I mentioned above, I have no idea how to pay with crpto and would greatly appreciate your assistance.

Thx

Wljourney summed it up nicely.

A wallet is exactly what it sounds like - it is where funds are held. Some apps have a wallet built-in (like Binance).

Coinbase is probably the most popular method for sending BTC, though I have no experience with it and cannot speak to it. I made all my purchases with Binance and had no issues at all. You'll have to verify your ID with the app for legal reasons, and once you do so you're free to link your bank or credit card (or, if you live in Canada, etransfer is an option). From there, you'll just buy the BTC where it will be stored in your wallet in-app, and then you can withdraw it to the address your seller provides you.

Buying is very easy as most apps have security systems in place, and I'll speak briefly about my experience buying on Binance where I used the P2P (peer2peer) method. What I did was indicate how much BTC I wanted to buy, and it would match me with a seller. I would check the seller's profile to verify a) it's a real person, and b) they probably won't scam me. If they've completed many trades and have a high trade completion rate, you're good to go. I would then send them the money, where it would be held in an escrow system (if you don't know what that is, Google will explain it well.) Once the seller verifies that they have received my money, they will complete the transaction which opens two 'gates' - the first releases my money to them (so they get paid), and the second gives me the BTC I ordered. The BTC then immediately goes into your wallet.

I hope this helps!

 

[wljourney]

Yay for Teamwork!

If @Wastedaway is interested in using Bitbuy, I'll be happy to provide my newbie experience. Please let me know.

 

[DyingMiND]

Wljourney summed it up nicely.

A wallet is exactly what it sounds like - it is where funds are held. Some apps have a wallet built-in (like Binance).

Coinbase is probably the most popular method for sending BTC, though I have no experience with it and cannot speak to it. I made all my purchases with Binance and had no issues at all. You'll have to verify your ID with the app for legal reasons, and once you do so you're free to link your bank or credit card (or, if you live in Canada, etransfer is an option). From there, you'll just buy the BTC where it will be stored in your wallet in-app, and then you can withdraw it to the address your seller provides you.

Buying is very easy as most apps have security systems in place, and I'll speak briefly about my experience buying on Binance where I used the P2P (peer2peer) method. What I did was indicate how much BTC I wanted to buy, and it would match me with a seller. I would check the seller's profile to verify a) it's a real person, and b) they probably won't scam me. If they've completed many trades and have a high trade completion rate, you're good to go. I would then send them the money, where it would be held in an escrow system (if you don't know what that is, Google will explain it well.) Once the seller verifies that they have received my money, they will complete the transaction which opens two 'gates' - the first releases my money to them (so they get paid), and the second gives me the BTC I ordered. The BTC then immediately goes into your wallet.

I hope this helps!

Thanks for the run down on BTC. However, I was reading online about it as well including wallets and such. It sounds so confusing to me. The transaction I want to make with an individual states he takes BTC but I don't understand how he gets there physical money or dollars. Also, how long does it take to set all this up? It sounds complicated. I don't get the P2P thing. Is there a good website explaining how to buy BTC. The other option for buying was monero...I guess another type of currency. Binance sounds complicated but I guess it all does at first.

I appreciate any other advice you can give. Thx!

 

[Cra87]

Anyone used kraken

 

[Red Scare]

But we already have a scams mega thread

 

[Riddle]

Does anybody have experience with bitcoin ATM's? I am going to try it tomorrow

I am willing to pay the fees as long as I can access and transfer the funds immediately. I got the exodus wallet on my phone, I assume I just deposit the cash in the atm, scan the QR code to my wallet, and boom I'm set.

 

[wljourney]

Thanks for the run down on BTC. However, I was reading online about it as well including wallets and such. It sounds so confusing to me. The transaction I want to make with an individual states he takes BTC but I don't understand how he gets there physical money or dollars. Also, how long does it take to set all this up? It sounds complicated. I don't get the P2P thing. Is there a good website explaining how to buy BTC. The other option for buying was monero...I guess another type of currency. Binance sounds complicated but I guess it all does at first.

I appreciate any other advice you can give. Thx!

@Wastedaway
I had no experience either.

1. I tried to set up an account with Binance. It wouldn't let me since I'm in Canada.
2. I then googled "best options to buy Bitcoin in Canada" and Bitbuy, a Canadian service, was suggested.
3. I signed up for a new account. It took multiple steps to set up the account, selfies with ID, photo of ID, copy of bank statement, photo of hydro bill etc.
4. Account was approved within 24 hrs.
5. I then used my regular bank account to send an etransfer to my Bitbuy account. Just like paying a bill or sending money to a friend, in this case you send it to yourself. How this is done is all explained on Bitbuy's website.
6. I now had CDN$ in my Bitbuy account.
7. I then bought BTC with my CDN. There were other "currencies" available, but not Monero (which is just another type of crypto currency). There were no traders to choose from. You simply use Bitbuy as the trader. They are reliable and follow Canadian banking regulations.
8. Once D emailed me the number-letter-combination that identifies his own BTC wallet I used the "withdraw" function on Bitbuy to send the funds in BTC.
9. Again, this is all explained step-by-step in the Help section of Bitbuy.
10. Once the transaction cleared (went through) I took a screenshot and sent it to D as proof of payment.
11. What D does with his Bitcoins now is irrelevant. He can withdraw them to his own account or use them for other transactions.

I hope this helps.

 

[CassieHoward]

Thanks for the run down on BTC. However, I was reading online about it as well including wallets and such. It sounds so confusing to me. The transaction I want to make with an individual states he takes BTC but I don't understand how he gets there physical money or dollars. Also, how long does it take to set all this up? It sounds complicated. I don't get the P2P thing. Is there a good website explaining how to buy BTC. The other option for buying was monero...I guess another type of currency. Binance sounds complicated but I guess it all does at first.

I appreciate any other advice you can give. Thx!

Buying Monero would be the exact same process as Bitcoin.

It took me maybe 15 minutes to register an account and get verified. I had no experience with crypto prior to all of this, so I promise you it isn't as bad as it looks.

First step is finding a decent app you like and registering/getting verified. From there you'll be able to see different ways to buy crypto and I can assist further.