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+--- Thread: Thoughts on Bitcoin as payment? (/showthread.php?tid=4385)
RE: Thoughts on Bitcoin as payment? - Richardg8092 - 11-26-2019
My favored newsagency accepts payment by Bitcoin OR Western Union+5% (because some-one physically has to go to the WU office and collect the payment).
Their BTC quote is good for 24Hrs, so that means I don't have to worry too much about a BTC crash.
What continues to cause me some aggravation is the fees that are encountered along the way.
The bank I transfer from charges me an International Transaction Fee (to the tune of $6:25 for a $250 transfer)
Then my digital currency exchange (where my BTC wallet is held) charges me $9:59 to transfer my BTC to the newsagency.
Then the Blockchain (the backbone of the whole system) takes a small % of the transfer.
So $250 actually ends up costing around $266.
I guess what you pay for is the use of a system that (apparently) keeps all of your information secure.
It is an easy system to use, once you've done it a few times, but don't think that all you need to deposit is the amount you've been quoted for your mags.
These days I know to add 10% more than the quote - just to ensure smooth sailing.
And if there's a few dollars left over in my wallet, it can sit there until the next order.
Everyone involved along the way takes their cut.
RE: Thoughts on Bitcoin as payment? - quickfix - 11-26-2019
Yours is not too bad, I used a bitcoin exchange site after my other started glitching with bugs for the day. I purchased just under $300 worth of bitcoin after all the fees and there exchange rate i was left with $235 in my wallet. Never again
RE: Thoughts on Bitcoin as payment? - Richardg8092 - 11-27-2019
(11-26-2019, 10:57 PM)quickfix Wrote: Yours is not too bad, I used a bitcoin exchange site after my other started glitching with bugs for the day. I purchased just under $300 worth of bitcoin after all the fees and there exchange rate i was left with $235 in my wallet. Never again
Oh dear. I'm starting to think it should renamed:- " A Bit -for-you and a Bit-for Me Coin"
RE: Thoughts on Bitcoin as payment? - Pebbles1 - 12-12-2019
Seems like it’s always a better deal financially to use a token/coin. The only issue is that one can be traced while using btc. If your vendor accepts btc but you don’t want to use it because of anonymity ask them if you can send XMR
RE: Thoughts on Bitcoin as payment? - Cbas89 - 12-22-2019
This has never been a successful method of ordering magazines. it's been successful for some other places but I try to generally avoid them personally unless it's a trusted source.
RE: Thoughts on Bitcoin as payment? - killingstress - 12-23-2019
(12-15-2019, 09:33 AM)flounder Wrote: I’ve only used traditional money order methods but the amount of private information you need to hand over to send money overseas is uncomfortable. I’m definitely going to research btcAfter the first time, it is really easy to use BTC, and, for the same reason you told about traditional money order, this is the only method I am using.
RE: Thoughts on Bitcoin as payment? - Mabuhay718 - 12-27-2019
I think bitcoin is a pretty simple and secure way to pay. The only catch is you need to have a trusted source because there is no getting your money back if it's a scam. But it all works pretty quick. Cash App and Coinbase are probably the easiest methods of purchase. If one wants more security you can send the coins from there to a wallet like Electrum or Mycellium. Coinbase Pro gives probably the lowest fees but you have to transfer funds via ACH which takes about 5 business days. Localbitcoins as stated previously is probably the most anonymous way to purchase without using a bitcoin tumbler which is risky in itself from what I've read. It seems there have been tumblers that have stolen the amounts put in. I have less experience with that as I don't really use tumblers.
RE: Thoughts on Bitcoin as payment? - killingstress - 12-27-2019
(12-27-2019, 07:02 AM)Mabuhay718 Wrote: I think bitcoin is a pretty simple and secure way to pay. The only catch is you need to have a trusted source because there is no getting your money back if it's a scam. But it all works pretty quick. Cash App and Coinbase are probably the easiest methods of purchase. If one wants more security you can send the coins from there to a wallet like Electrum or Mycellium. Coinbase Pro gives probably the lowest fees but you have to transfer funds via ACH which takes about 5 business days. Localbitcoins as stated previously is probably the most anonymous way to purchase without using a bitcoin tumbler which is risky in itself from what I've read. It seems there have been tumblers that have stolen the amounts put in. I have less experience with that as I don't really use tumblers.
I think that localbitcoins is now asking for ids . Without them , you can't buy or sell
RE: Thoughts on Bitcoin as payment? - Richardg8092 - 12-27-2019
(12-27-2019, 07:02 AM)Mabuhay718 Wrote: ....Cash App and Coinbase are probably the easiest methods of purchase....
On two different occasions I have had Coinbase delay the transfer of my bitcoins "for 72hours for your security".
What rubbish! They hoped to hold onto my coins for 3 days to make profit for themselves before sending them on.
This is a REAL issue when your Newsagency has stated that the quote for your magazines is only good for 24 hours.
In both cases I contacted Coinbase's Support line - and got automated responses stating that the transfer time could not be altered up by the Support Team.
What I found I had to do was cancel the 'held' transaction - and to their credit my coins were immediately put back into my wallet - and then perform the same transaction action again. Surprise! On both occasions the 2nd transaction went through to the blockchain immediately and was confirmed within 20mins.
Yes Mabuhay, Coinbase is easy to use - but you have to keep your eyes open for their random "your coins are being held for 72 hours for your security' logarithm with every transaction!
RE: Thoughts on Bitcoin as payment? - killingstress - 12-28-2019
(12-27-2019, 09:42 PM)Richardg8092 Wrote:(12-27-2019, 07:02 AM)Mabuhay718 Wrote: ....Cash App and Coinbase are probably the easiest methods of purchase....
On two different occasions I have had Coinbase delay the transfer of my bitcoins "for 72hours for your security".
What rubbish! They hoped to hold onto my coins for 3 days to make profit for themselves before sending them on.
This is a REAL issue when your Newsagency has stated that the quote for your magazines is only good for 24 hours.
In both cases I contacted Coinbase's Support line - and got automated responses stating that the transfer time could not be altered up by the Support Team.
What I found I had to do was cancel the 'held' transaction - and to their credit my coins were immediately put back into my wallet - and then perform the same transaction action again. Surprise! On both occasions the 2nd transaction went through to the blockchain immediately and was confirmed within 20mins.
Yes Mabuhay, Coinbase is easy to use - but you have to keep your eyes open for their random "your coins are being held for 72 hours for your security' logarithm with every transaction!
Yes, cause, Coinbase, after all, is like a " PayPal " they can frozen whatever and whenever they want .