Crypto for dummies?

[bguz1200]

1. BTC has higher network fees than a coin like LTC so by starting with LTC you save some money in network fees.
2. Centralized exchanges, like Coinbase, partly manage their risk by tracking transactions on the blockchain, which are all mostly public on BTC. Sending BTC directly from the Coinbase wallet to Cain makes it so you have linked your identity, since they do KYC, to Cain's BTC wallet address. In centralized exchanges a lot of these CN vendors including vendors like Nexaph (even though I know they arent really CN) are blacklisted or considered high risk because of any number of reasons but mostly it's due to sactions, illegal activites, ect.. Being linked to any of these addresses will undoubtly raise the risk profile of your Coinbase account and potentially lead to closure. One way to decrease the likelyhood that your Coinbase account will be closed or deemed high risk is by sending the funds first to a non-custodial intermediary wallet such as Exodus or Cake Wallet before sending it to Cain. This will distance you from a blacklisted or high risk wallet but will not completely anonymize the transaction. For the purposes of most people, distancing alone should keep your Coinbase account in good standing.

Ah, thank you for the added information. I want to start using payment with my crypto wallet with vendors, but still want to know more information (like this for example). I want to test the waters with a Nexaph order, since they might help guide me with the steps needed (better customer service in this area possibly?).

 

[keangkong]

I finally learned how to send crypto. I paid Tracy. Now Tracy has disappeared.

 

[DevynL90]

I finally learned how to send crypto. I paid Tracy. Now Tracy has disappeared.

so it's your fault

 

[keangkong]

so it's your fault

I'm not sure it's me sending crypto to Tracy that scared her away. It may have been my love letters.

 

[chmuse]

I'm not sure it's me sending crypto to Tracy that scared her away. It may have been my love letters.

I'm pretty sure mine were more creepy.

"Look, I don't care if you're a man, I don't care if you're a woman. Please, just be mean to me."

 

[McFatty]

Here is what I do. I've been in crypto since 2017. I buy BTC on Cash app, then I transfer it to BiFrost wallet. From there, I send it to the vendor. That way my exchange account doesn't get flagged.

 

[lauranyc77]

Here is what I do. I've been in crypto since 2017. I buy BTC on Cash app, then I transfer it to BiFrost wallet. From there, I send it to the vendor. That way my exchange account doesn't get flagged.

Does the price change of Bitcoin in between the time you place the order and sending it to the vendor change and affect the price you are actually paying?

 

[stickfigure]

Does the price change of Bitcoin in between the time you place the order and sending it to the vendor change and affect the price you are actually paying?

Depends on the vendor. QSC requires stablecoin or if you prefer Bitcoin, you'll be quoted for specific Bitcoin amount with quote valid for 12 hours

 

[keangkong]

Depends on the vendor. QSC requires stablecoin or if you prefer Bitcoin, you'll be quoted for specific Bitcoin amount with quote valid for 12 hours

Many folks, including me, prefer using stablecoins (e.g., USDC or Tether USDT) for that reason. However, if you hold stablecoins, you won't experience a rapid increase in your asset value unless you add more. However stablecoins don't go down in value.