Anyone use Coinbase?

ZippityDooDah said:


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.

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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.
 
brah389 said:


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!

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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.
 
ZippityDooDah said:


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.

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


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.

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

I do the same from Kraken as well.
 
sfkid said:


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

I do the same from Kraken as well.

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That is not what you said here:

sfkid said:


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.

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Here is the bottom, bottom line: Anyone paying their drug dealers directly via an exchange wallet is asking for trouble.
 
ftv10hb said:


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

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


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

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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/
 
tendency said:


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 🙂 )

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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
 
Coinbase locks me out all the time and verifying my identity is a real life pia. I get they may be trying to keep me safe but it really just throws up hurdle after hurdle.
 
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