Anyone use Coinbase?

[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

 

[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.