Anyone use Coinbase?

[brah389]

Ok, I'm almost there. I have my exodus wallet setup and ready to go, I just need to buy some crypto and throw it in there. Just looking for those that use Coinbase just to give me a sense of security and if they prefer to link a bank account vs. debit card vs. credit card? Pro's or con's on each? I simply set this up just to make peptide purchases and my wife (aka the accountant) just wants me to give her a little confidence that this isn't going to open us up to fraud or money stolen. Back story to why we're kinda hesitant, back in 2013 while I was active duty Air Force, an airman that was kicked out and stole our wing's personnel roster that had all our info and sold it to the highest bidder in Chicago(it was an excel sheet that had everybody assigned to the wing on it). Next thing you know everyone was getting bills from Turner network, people setting up bank accounts, it was nuts and the thief's were caught by the time they got to the letter G in the alphabet (I was safe). The research I did find seem mostly positive reviews on Coinbase in general but my lord...on Reddit, its so head or tales on there on how some were completely ripped off, thus where my hesitancy lies. Any long using Coinbase users that can point me in the right direction?

Thanks!

 

[tendency]

Ok, I'm almost there. I have my exodus wallet setup and ready to go, I just need to buy some crypto and throw it in there. Just looking for those that use Coinbase just to give me a sense of security and if they prefer to link a bank account vs. debit card vs. credit card? Pro's or con's on each? I simply set this up just to make peptide purchases and my wife (aka the accountant) just wants me to give her a little confidence that this isn't going to open us up to fraud or money stolen. Back story to why we're kinda hesitant, back in 2013 while I was active duty Air Force, an airman that was kicked out and stole our wing's personnel roster that had all our info and sold it to the highest bidder in Chicago(it was an excel sheet that had everybody assigned to the wing on it). Next thing you know everyone was getting bills from Turner network, people setting up bank accounts, it was nuts and the thief's were caught by the time they got to the letter G in the alphabet (I was safe). The research I did find seem mostly positive reviews on Coinbase in general but my lord...on Reddit, its so head or tales on there on how some were completely ripped off, thus where my hesitancy lies. Any long using Coinbase users that can point me in the right direction?

Thanks!

I've been using Coinbase on and off for the past 8 years and never had any issues. I'm using Coinbase to buy then I move it to Exodus and pay for my research goods from there.

I do have a separate Coinbase-only checking account that I've linked to it that is isolated from my other banking accounts.

Also, I've always transferred my crypto to a hard wallet for long-term storage (irrelevant to purchasing research products, however 🙂 )

 

[brah389]

I've been using Coinbase on and off for the past 8 years and never had any issues. I'm using Coinbase to buy then I move it to Exodus and pay for my research goods from there.

I do have a separate Coinbase-only checking account that I've linked to it that is isolated from my other banking accounts.

Also, I've always transferred my crypto to a hard wallet for long-term storage (irrelevant to purchasing research products, however 🙂 )

Thanks Tendency. That is actually a protective measure that I didn't mention in my original post. I also have a separate checking account with debit card that I transfer money into. Thanks for the boost of confidence!

 

[oldrunnerguy]

Ask one of the LLM's (I used Google Gemini) and ask it to walk you through it like you're 4 years old. I did exactly that, my Coinbase purchase of BTC went off smoothly. After the mandatory waiting period, I transferred it to Exodus (again, like a 4 year-old). Voila! It worked, and I'm now a crypto boss😛

 

[latviantower]

I’ve used Coinbase for several years without issue. I buy with PayPal. As soon as the purchase is complete I transfer to Exodus. I do leave some modest investment amounts in Coinbase, but the stable coin purchases go directly to Exodus to fund my pep hoarding problem.

 

[ftv10hb]

I fund my Coinbase through PayPal because it gets me around Chase bank’s incessant attempts to protect me from myself lol. I’ve had the occasional issue or delay with PayPal too, but never with Coinbase once I get the funds there. I also transfer to an external wallet and purchase through that. If there’s a time where I’m going to have to make multiple funding transactions or swaps, or I’m making several purchase over a period of time, I get CoinBase One for 30 days for $24.99, it eliminates most or all of the fees I’d otherwise pay and then I cancel it again when my shopping spree is over lol.

 

[ftv10hb]

I guess what I’m trying to say is that between the US banks and the foreign vendors and crypto swaps and other wallets, the Coinbase part is actually the easiest and most reliable and trustworthy to me so far lol

 

[Chili777]

Can't you pay vendors directly from Coinbase? I've read that it's pretty easy to do so. I'm not sure what having both Coinbase and Exodus get you. I've had a Coinbase account for years and just reactivated it. I've had it linked to my regular checking account and never had an issue.

 

[jungletech]

Can't you pay vendors directly from Coinbase? I've read that it's pretty easy to do so. I'm not sure what having both Coinbase and Exodus get you. I've had a Coinbase account for years and just reactivated it. I've had it linked to my regular checking account and never had an issue.

This is my question. Why not purchase directly from Coinbase and use Coinbase to purchase peptides? I would just purchase close to the exact amount and keep whatever tiny amount is leftover in Coinbase. Is it because of less fees?

 

[latviantower]

This is my question. Why not purchase directly from Coinbase and use Coinbase to purchase peptides? I would just purchase close to the exact amount and keep whatever tiny amount is leftover in Coinbase.

You forfeit what small measure of privacy you can have in the crypto world by doing it all in Coinbase. I’ve also read that you risk getting your account suspended or frozen à la PayPal or Venmo (same company). They will claim they’re trying to protect you.

 

[Chili777]

You forfeit what small measure of privacy you can have in the crypto world by doing it all in Coinbase. I’ve also read that you risk getting your account suspended or frozen à la PayPal or Venmo (same company). They will claim they’re trying to protect you.

By purchasing crypto directly from your bank account? I've bought several times and also sold BTC and had it direct deposited and haven't had an issue. I just stopped doing anything after the last crash several years ago. I've only used PayPal via Alibaba and thought Coinbase would be safer. What I don't know is if Coinbase actually cares if you send your BTC to China or not.

 

[ZippityDooDah]

This is my question. Why not purchase directly from Coinbase and use Coinbase to purchase peptides? I would just purchase close to the exact amount and keep whatever tiny amount is leftover in Coinbase.

If you don't mind your Coinbase account being frozen and cancelled, go for it.

 

[Chili777]

If you don't mind your Coinbase account being frozen and cancelled, go for it.

OK. Sounds like Coinbase cares where you send you crypto and Exodus doesn't. Valid concern.

 

[sfkid]

If you don't mind your Coinbase account being frozen and cancelled, go for it.

I've paid vendors for ever with coinbase. You send money to another wallet so there is no way coinbase knows what business the destination wallet is engaged in.

 

[ZippityDooDah]

OK. Sounds like Coinbase cares where you send you crypto and Exodus doesn't. Valid concern.

Exchanges care.

Any exchange regulated by the SEC and FinCEN is going to notice anomalies such as a large number of individual transfers to specific (and unknown) wallet addresses, and frequently vendor wallet addresses may already be flagged by internal systems as suspicious. They may not be able to prove anything, but they don't have to, and legally they don't even have to tell you why they've frozen your funds and/or closed your account.

 

[jungletech]

If you don't mind your Coinbase account being frozen and cancelled, go for it.

Good to know! Thanks.

 

[ZippityDooDah]

I've paid vendors for ever with coinbase. You send money to another wallet so there is no way coinbase knows what business the destination wallet is engaged in.

That is not paying vendors with Coinbase. That is purchasing the crypto via Coinbase, and then transferring it out to be sent from a self-custody wallet. Similar to getting cash at an ATM rather than writing a check to "corner heroin dealer man".

 

[brah389]

If you don't mind your Coinbase account being frozen and cancelled, go for it.

This is the reason that I've read in the crypto forum to move to a wallet, it's like pulling money from an ATM but leaving it there where anyone "could snag it or see where it goes" and not placing it in your wallet. I appreciate all the Coinbase users chiming in, since I have a separate account just for this with a debit card I'm going to link them up! I appreciate all the quick responses. I just need to reassure my banker 🤣

 

[sfkid]

That is not paying vendors with Coinbase. That is purchasing the crypto via Coinbase, and then transferring it out to be sent from a self-custody wallet. Similar to getting cash at an ATM rather than writing a check to "corner heroin dealer man".

How do you pay a vendor via coinbase if not with crypto? The whole point of have a crypto account is to use crypto, no?

 

[ZippityDooDah]

How do you pay a vendor via coinbase if not with crypto? The whole point of have a crypto account is to use crypto, no?

Wow.

Of course you are paying the vendor with crypto. You can acquire the crypto in multiple ways from multiple places, exchanges being a common method.

You are still not sending the vendor crypto DIRECTLY from your exchange wallet. You are FIRST transferring it out to a separate, non-exchange (self-custody) wallet, and THEN sending it to the vendor's wallet from there.

Again, go back to my bank analogy. You don't go into your bank and ask them to pay your cocaine dealer for an 8-ball. You get cash out of an ATM, put it in your pocket, and meet your guy somewhere to pay him in cash that—while you got it from the bank—is transferred via your own sweaty hand and not directly from the bank.

Bottom line: You are NOT paying your vendors with Coinbase. The crypto may be coming from Coinbase, but there's a stop between Coinbase and your vendor.

 

[brah389]

Wow.

Of course you are paying the vendor with crypto. You can acquire the crypto in multiple ways from multiple places, exchanges being a common method.

You are still not sending the vendor crypto DIRECTLY from your exchange wallet. You are FIRST transferring it out to a separate, non-exchange (self-custody) wallet, and THEN sending it to the vendor's wallet from there.

Again, go back to my bank analogy. You don't go into your bank and ask them to pay your cocaine dealer for an 8-ball. You get cash out of an ATM, put it in your pocket, and meet your guy somewhere to pay him in cash that—while you got it from the bank—is transferred via your own sweaty hand and not directly from the bank.

Bottom line: You are NOT paying your vendors with Coinbase. The crypto may be coming from Coinbase, but there's a stop between Coinbase and your vendor.

BEST way to put it but most concerning most accurate 🤣. There is a really good thread in the crypto corner that explains just as Zippity said but broke it down for my 5th grade education! I'll find it and post it.

 

[Mara_aa]

Ok, I'm almost there. I have my exodus wallet setup and ready to go, I just need to buy some crypto and throw it in there. Just looking for those that use Coinbase just to give me a sense of security and if they prefer to link a bank account vs. debit card vs. credit card? Pro's or con's on each? I simply set this up just to make peptide purchases and my wife (aka the accountant) just wants me to give her a little confidence that this isn't going to open us up to fraud or money stolen. Back story to why we're kinda hesitant, back in 2013 while I was active duty Air Force, an airman that was kicked out and stole our wing's personnel roster that had all our info and sold it to the highest bidder in Chicago(it was an excel sheet that had everybody assigned to the wing on it). Next thing you know everyone was getting bills from Turner network, people setting up bank accounts, it was nuts and the thief's were caught by the time they got to the letter G in the alphabet (I was safe). The research I did find seem mostly positive reviews on Coinbase in general but my lord...on Reddit, its so head or tales on there on how some were completely ripped off, thus where my hesitancy lies. Any long using Coinbase users that can point me in the right direction?

Thanks!

I’m in Italy, for what that’s worth, but I’ve been using Coinbase and I’ve had a very good experience so far.

I’ve bought crypto both through a bank transfer and through PayPal and everything worked smoothly. Personally I mostly use my bank account because there are no fees, while cards usually have higher fees.

I also often pay vendors directly from Coinbase, and the network fees are usually quite small (sometimes almost zero depending on the amount and the network used).

I completely understand the hesitation though, stories like the one you described would make anyone cautious. From my experience Coinbase has been reliable, but like with anything financial it’s important to enable 2FA and basic security settings.

One thing that helped my confidence a lot was using the address whitelist feature in Coinbase. You can save approved wallet addresses and then restrict withdrawals so crypto can only be sent to those addresses.
It adds an extra layer of security because even if someone accessed the account or you accidentally pasted the wrong address, the transaction wouldn’t go through unless it’s on the approved list.

It made me feel a lot more comfortable using Coinbase for payments.

 

[ftv10hb]

Wow.

Of course you are paying the vendor with crypto. You can acquire the crypto in multiple ways from multiple places, exchanges being a common method.

You are still not sending the vendor crypto DIRECTLY from your exchange wallet. You are FIRST transferring it out to a separate, non-exchange (self-custody) wallet, and THEN sending it to the vendor's wallet from there.

Again, go back to my bank analogy. You don't go into your bank and ask them to pay your cocaine dealer for an 8-ball. You get cash out of an ATM, put it in your pocket, and meet your guy somewhere to pay him in cash that—while you got it from the bank—is transferred via your own sweaty hand and not directly from the bank.

Bottom line: You are NOT paying your vendors with Coinbase. The crypto may be coming from Coinbase, but there's a stop between Coinbase and your vendor.

After the conversations I’ve had with Chase I get the feeling they’d sooner help me buy cocaine than crypto lol

 

[sfkid]

Wow.

Of course you are paying the vendor with crypto. You can acquire the crypto in multiple ways from multiple places, exchanges being a common method.

You are still not sending the vendor crypto DIRECTLY from your exchange wallet. You are FIRST transferring it out to a separate, non-exchange (self-custody) wallet, and THEN sending it to the vendor's wallet from there.

Again, go back to my bank analogy. You don't go into your bank and ask them to pay your cocaine dealer for an 8-ball. You get cash out of an ATM, put it in your pocket, and meet your guy somewhere to pay him in cash that—while you got it from the bank—is transferred via your own sweaty hand and not directly from the bank.

Bottom line: You are NOT paying your vendors with Coinbase. The crypto may be coming from Coinbase, but there's a stop between Coinbase and your vendor.

I always pay with a coinbase custodial wallet. Never transfer to any other off exchange wallet.

I do the same from Kraken as well.

 

[ZippityDooDah]

I always pay with a coinbase custodial wallet. Never transfer to any other off exchange wallet.

I do the same from Kraken as well.

That is not what you said here:

I've paid vendors for ever with coinbase. You send money to another wallet so there is no way coinbase knows what business the destination wallet is engaged in.

Here is the bottom, bottom line: Anyone paying their drug dealers directly via an exchange wallet is asking for trouble.

 

[Ruckus4519]

After the conversations I’ve had with Chase I get the feeling they’d sooner help me buy cocaine than crypto lol

Chase is a very strict institution. They can barr you fromusing their credit cards if you open multiple in a short enough time period.

 

[IvanD]

Informative thread. Thanks. I had planned on just using coinbase, but will get a separate wallet via Exodus (seems to be the name brought up a lot in here - open to others if suggested).

Thanks again guys

 

[Chili777]

Informative thread. Thanks. I had planned on just using coinbase, but will get a separate wallet via Exodus (seems to be the name brought up a lot in here - open to others if suggested).

Thanks again guys

That's what I'm going to use for wallet. I'm going to stay away from Metamask. I've heard from several people, who know a helluva lot more about this space than me, that it's suspect. https://forums.malwarebytes.com/topic/333392-metamask-or-uniswap-chrome-extensions/

 

[IvanD]

That's what I'm going to use for wallet. I'm going to stay away from Metamask. I've heard from several people, who know a helluva lot more about this space than me, that it's suspect. https://forums.malwarebytes.com/topic/333392-metamask-or-uniswap-chrome-extensions/

Right on dude, thanks for that information as well. Dialing in Exodus now via the desktop app to get acquainted with it and then will probably download the phone app.

 

[richtyke]

I've been using Coinbase on and off for the past 8 years and never had any issues. I'm using Coinbase to buy then I move it to Exodus and pay for my research goods from there.

I do have a separate Coinbase-only checking account that I've linked to it that is isolated from my other banking accounts.

Also, I've always transferred my crypto to a hard wallet for long-term storage (irrelevant to purchasing research products, however 🙂 )

Hi @tendency or others that could help

Just asking a question as you may be able to help with this as new to the crypto thing too. So if I want to buy using crypto is this the method I would follow?

1.buy crypto into coinbase account (I have an account)
2. transfer into another wallet (exodus or other) - reason being to help protect my coinbase account from freezing/shut down if suspected
3. transfer to vendor and then send them the code for the transaction

I would then only transfer money through to cover purchases rather than just to keep in there in readiness

is that right?

thanks

Rich