Anyone use Coinbase?

[Arkend]

I just have my debit card in Coinbase, but you could try putting a Privacy card in there. You can create merchant locked cards with them so even if they got that info it would be declined and you can set a maximum amount with it as well. I use them for some merchants.

 

[tendency]

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

Hey Rich - yep you got it that's pretty much all there is to it from a high level. I recommend using limit and not market pricing when purchasing crypto, not sure your trading familiarity 🙂

It's fine to keep small (I find when i start to think about or worry about the money I have in a wallet I know it's not small enough and I need to take some out 😀 ) amounts of money in Coinbase of your Exodus soft wallet; you don't want to keep 'investment' type money in either of these locations longer than you have to.

Finally, yes, the vendor will want you to send them the transaction hash as proof of your payment.

It's alot to wrap your head around at first!

 

[indolent]

3. transfer to vendor and then send them the code for the transaction

But be sure to understand that each vendor will only accept a few different varieties of cryptocurrency. And each of those on a specified network. And each of those currency/network pairs to a distinct account (I think).

So pay attention at each step. If you need to exchange between cryptocurrencies before paying vendor, it can be another whole set of possibly frustrating steps to learn about.

Be thankful you're in Yorkshire and not New York, which has extremely onerous crypto laws, preventing nearly all crypto companies from allowing the full range of transaction types.

 

[Chili777]

But be sure to understand that each vendor will only accept a few different varieties of cryptocurrency. And each of those on a specified network. And each of those currency/network pairs to a distinct account (I think).

And my understanding is that if you don't do this, and are off by the slightest, your crypto is sent to the ether never to be seen again. Is this correct, or is that overstating it? I'm not sure if there is any target validation going on.

 

[hotsauceboss]

And my understanding is that if you don't do this, and are off by the slightest, your crypto is sent to the ether never to be seen again. Is this correct, or is that overstating it? I'm not sure if there is any target validation going on.

I’m not sure what validation happens but it’s definitely possible to transfer to an incorrect recipient or one that doesn’t exist. I did my first transfer a couple of weeks ago and I sent a small test amount through before a bulk payment. The vendor confirmed receipt before I sent the larger payment. The trickiest part of it was ensuring that I was using the right network. I didn’t have a problem but it looked like an easy mistake to make.

I still have some USDC sitting in Coinbase. I don’t believe in crypto as an investment, so I stick with the stuff that spends like regular money.

 

[Chili777]

Good idea to send a test transaction. I'll do that when/if I try it out.

I had a some money "invested" and did ok 10 years ago, but the volatility was too much for me. A friend of mine also lost about $50k on some "sure thing" coin about 5 years ago. Just too many shenanigans going on in this space for me to stay in it.

Edit: I just remembered the coin was LUNA.

 

[Jone5y87!]

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

Good morning intereseted in this also please so appreciate the feedback, also from uk very much new to crypto and truth be told it scares me so some pointers like this will really help me try to understand what i have got to do .

 

[fetefille]

I just have my debit card in Coinbase, but you could try putting a Privacy card in there. You can create merchant locked cards with them so even if they got that info it would be declined and you can set a maximum amount with it as well. I use them for some merchants.

I wonder if they'd accept a Privacy card...that would be ideal, nothing to do but try. Didn't even think about using one.

 

[richtyke]

Good morning intereseted in this also please so appreciate the feedback, also from uk very much new to crypto and truth be told it scares me so some pointers like this will really help me try to understand what i have got to do .

Seems like this is how it goes mate pretty much so I’m now happy I know what I’m doing! Haha I suppose we’re all just in the same boat until we get experience in it. Happy to keep in touch mate and see how we get on with things.