quick bitcoin question

fnripped · Dec 5, 2015

I was looking at bitcoin. The wallet I was considering is Coinbase. Coinbase requires you to upload government id if you want to transfer a sum of greater than $25/day from your bank account. Doesn't this take away the anonymity of using bitcoin?

Thanks in advance for the help

khungus03 · Dec 6, 2015

Yes it does. Better to use a wallet that does not require this.

ds44 · Dec 7, 2015

Bit coin is not anonymous...you can be tracked down...

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Awakeningmonster · Dec 8, 2015

If some one really want to track you down it's no matter what kind of payment system do you use. Good luck!

NY Beast · Dec 17, 2015

If you use a tumbler, it's near impossible to track bitcoin payments end to end since funds are commingled in a pool of other coins prior to reaching the final destination.

Justin Case · Dec 17, 2015

With Coinbase, as other have stated, you are not anonymous at all. Just the opposite. Their system is built to avoid the problems that arose with the Egold currency that is now defunct.

And not to start an argument, but you certainly can buy bitcoins completely anonymously... It's not an easy process and requires a lot of work on your part, but none of it is technically illegal.

The biggest thing to learn about, first and foremost, with digital currency is security. Learn about keeping your currency safe. Research different types of wallets (online, software, hardware, paper, etc.) and the benefits and pitfalls of each. Until you fully understand the currency, how it is created, bought, held, and secured, you aren't ready to get involved in buying it fully anonymously.

Just my 2 cents.

tmj465 · Jan 12, 2016

NY Beast said:
If you use a tumbler, it's near impossible to track bitcoin payments end to end since funds are commingled in a pool of other coins prior to reaching the final destination.

This is true.

tmj465 · Jan 12, 2016

Justin Case said:
With Coinbase, as other have stated, you are not anonymous at all. Just the opposite. Their system is built to avoid the problems that arose with the Egold currency that is now defunct.

And not to start an argument, but you certainly can buy bitcoins completely anonymously... It's not an easy process and requires a lot of work on your part, but none of it is technically illegal.

The biggest thing to learn about, first and foremost, with digital currency is security. Learn about keeping your currency safe. Research different types of wallets (online, software, hardware, paper, etc.) and the benefits and pitfalls of each. Until you fully understand the currency, how it is created, bought, held, and secured, you aren't ready to get involved in buying it fully anonymously.

Just my 2 cents.

Great post.

I was very skeptical of Bitcoin at first, but since taking the plunge and learning more and more about them, I haven't looked back.

I know a lot of people out there have a negative view of bitcoin (most of which comes from a simple lack of knowledge/info about it), but I personally am glad that more and more sponsors here are offering it as a payment method. It's cheaper than WU/MG, and in reality, just as secure.

pupu · Jan 13, 2016

Exactly !!!!

NY Beast said:
If you use a tumbler, it's near impossible to track bitcoin payments end to end since funds are commingled in a pool of other coins prior to reaching the final destination.

Jono87 · Jan 15, 2016

I'm looking into using Bitcoin, is bread wallet a good wallet to use since it doesn't require any personal info. I rather use Bitcoin because it is safer.

tmj465 · Jan 16, 2016

Jono87 said:
I'm looking into using Bitcoin, is bread wallet a good wallet to use since it doesn't require any personal info. I rather use Bitcoin because it is safer.

Bump. Also curious about bread wallet.

OGTitan · Jan 16, 2016

ds44 said:
Bit coin is not anonymous...you can be tracked down...

Sent from my SM-N910V using Tapatalk

Hardly. It can be entirely anonymous if you follow some rules. Localbitcoins is the way to go. Purchase in cash, tumble, send to seller, seller tumbles, moves to multiple wallets (which any good seller will do) and your chances of getting tracked down are nil.

Hell, you don't even have to use cash to be safe. I've paid for all my stuff by purchasing bitcoin via my bank account. Thousands of dollars worth of goods and... NOTHING.

I worked in CyberSecurity for a Fortune 200 company. I know the limitations of the government much better than the public. We had many meetings with the feds regarding different technologies. Why do you think they're pressing so hard to regulate it?! It's because it's near impossible to track anything down when using Bitcoin.

I am MUCH safer using Bitcoin than paying via WU/MG. My face isn't on camera. I'm never asked for ID regarding sketchy transactions. I never have to resend funds or go back and change receivers because someone got blocked. I also never have to pay ridiculous fees to send money.

Honestly, I don't know why people haven't switched over entirely to Bitcoin. Before you know it noone is gonna pay with anything else.

UsagiYojimbo · Jan 16, 2016

OGTitan said:
Hardly. It can be entirely anonymous if you follow some rules. Localbitcoins is the way to go. Purchase in cash, tumble, send to seller, seller tumbles, moves to multiple wallets (which any good seller will do) and your chances of getting tracked down are nil.

Hell, you don't even have to use cash to be safe. I've paid for all my stuff by purchasing bitcoin via my bank account. Thousands of dollars worth of goods and... NOTHING.

I worked in CyberSecurity for a Fortune 200 company. I know the limitations of the government much better than the public. We had many meetings with the feds regarding different technologies. Why do you think they're pressing so hard to regulate it?! It's because it's near impossible to track anything down when using Bitcoin.

I am MUCH safer using Bitcoin than paying via WU/MG. My face isn't on camera. I'm never asked for ID regarding sketchy transactions. I never have to resend funds or go back and change receivers because someone got blocked. I also never have to pay ridiculous fees to send money.

Honestly, I don't know why people haven't switched over entirely to Bitcoin. Before you know it noone is gonna pay with anything else.

One of the hardest things about bitcoin is getting set up so that you can use it. The easy user interfaces like Coinbase require tons of PII to be useful, and the methods that require less ID arent as easy to navigate. You also have a problem with people being luddites and loathe to try something this new with nothing to physically hold in their hand as proof.

OGTitan · Jan 16, 2016

UsagiYojimbo said:
One of the hardest things about bitcoin is getting set up so that you can use it. The easy user interfaces like Coinbase require tons of PII to be useful, and the methods that require less ID arent as easy to navigate. You also have a problem with people being luddites and loathe to try something this new with nothing to physically hold in their hand as proof.

Localbitcoins does not require you to use a real name if you're not purchasing via debit/credit/bankaccount, but it doesn't really matter since the anonymity factor exists in the transaction phase.

BTW, for anyone reading this, Localbitcoins has easy to use instructions. There are also THOUSANDS of guides on how to use bitcoin. I think the problem is people are trying to understand how it works instead of how to use it. People don't really understand the creation and valuation of fiat currencies but still use them no problem. LOL

I understand what you're saying regarding the physical proof, but do these people never purchase anything online with their credit card? It's the same premise. Perhaps they just like getting that little paper receipt from the grocery store when sending money, but heaven forbid you need to get a refund. Hope you used your REAL identity otherwise you ain't getting jack sh*t.

Anyway, I'm not trying to be offensive and I hope my keyboard-tone doesn't convey that. People are really just gonna have to adapt since I really do believe BTC is the future.

UsagiYojimbo · Jan 16, 2016

OGTitan said:
Localbitcoins does not require you to use a real name if you're not purchasing via debit/credit/bankaccount, but it doesn't really matter since the anonymity factor exists in the transaction phase.

BTW, for anyone reading this, Localbitcoins has easy to use instructions. There are also THOUSANDS of guides on how to use bitcoin. I think the problem is people are trying to understand how it works instead of how to use it. People don't really understand the creation and valuation of fiat currencies but still use them no problem. LOL

I understand what you're saying regarding the physical proof, but do these people never purchase anything online with their credit card? It's the same premise. Perhaps they just like getting that little paper receipt from the grocery store when sending money, but heaven forbid you need to get a refund. Hope you used your REAL identity otherwise you ain't getting jack sh*t.

Anyway, I'm not trying to be offensive and I hope my keyboard-tone doesn't convey that. People are really just gonna have to adapt since I really do believe BTC is the future.

Oh, I agree that BTC will.be the future, but, as NY had already passed laws regulating its use in the state, I am sure the Feds will be doing thebsame thing nationally, and then it will be just like WU/MG/Etc to use in the US, and then the other countries like the UK and Eurozone will fall in line.

OGTitan · Jan 17, 2016

UsagiYojimbo said:
Oh, I agree that BTC will.be the future, but, as NY had already passed laws regulating its use in the state, I am sure the Feds will be doing thebsame thing nationally, and then it will be just like WU/MG/Etc to use in the US, and then the other countries like the UK and Eurozone will fall in line.

Yes, but those regulations apply to Bitcoin-based businesses, not those who are using it for purchases. Since a Bitcoin Wallet is entirely anonymous (if you so choose) I see no problems in the foreseeable future.

UsagiYojimbo · Jan 17, 2016

OGTitan said:
Yes, but those regulations apply to Bitcoin-based businesses, not those who are using it for purchases. Since a Bitcoin Wallet is entirely anonymous (if you so choose) I see no problems in the foreseeable future.

My understanding is that those rules applied to anyone trying to open a BTC wallet.

Admittedly, I am not local to there, so I didnt fo us on it, but it was alarming.

OGTitan · Jan 18, 2016

UsagiYojimbo said:
My understanding is that those rules applied to anyone trying to open a BTC wallet.

Admittedly, I am not local to there, so I didnt fo us on it, but it was alarming.

It's all good. The only thing that would apply to someone wanting to open a BTC wallet would be someone looking to open an account to purchase BTC from that company. That's what those regulations are applying to -- the companies wishing to provide BTC.

You can open a wallet entirely anonymously and it takes like 5mins. I use Electrum wallets and after transferring from my LBC account, I tumble and move to one of my other wallets.

I should write up a tutorial on how to purchase BTC and use it anonymously, but I'm not sure whether that would violate some rules.