Anyone use Coinbase?

[brah389]

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

Buying crypto on Coinbase and then moving it out so it can be sent from a wallet you control yourself is not the same thing as paying vendors with Coinbase. It's more like withdrawing cash from an ATM instead of making out a check to "corner heroin dealer man".

I'm in Italy, so take that for whatever it's worth, but Coinbase has treated me well so far.

I've purchased crypto using both a bank transfer and PayPal, and neither gave me any trouble. For the most part I stick with my bank account since it doesn't cost anything, whereas cards tend to come with bigger fees.

I also regularly pay vendors d

If you're not using crypto, then what method do you use to pay a vendor through Coinbase? Isn't the entire reason for having a crypto account so that you can actually use crypto?

Wow.

Yes, obviously crypto is how the vendor gets paid. There are several routes and several sources for obtaining that crypto, and exchanges happen to be one of the usual ones.

What you are not doing is shipping crypto straight out of your exchange wallet to the vendor. The sequence is: move it out FIRST into a separate wallet you control yourself, one that is not tied to an exchange, and from that point send it on to the vendor's wallet.

Think back to the bank comparison again. Nobody walks into a bank and tells the teller to settle up with their cocaine dealer for an 8-ball. You withdraw cash from an ATM, stick it in your pocket, and show up somewhere to hand the guy physical cash that—even though the bank is where it originated—travels by your own sweaty hand rather than straight from the bank.

Bottom line: Coinbase is NOT what you pay your vendors with. Coinbase may be where the crypto starts, but something sits in between Coinbase and your vendor.

That's the BEST explanation, though also the most worrying and spot-on . Over in the crypto corner there's a really solid thread that lays it out the same way Zippity described, except simplified enough for someone at a 5th grade level like me! Once I track it down, I'll share it here.

 

[Mara_aa]

brah389 said:

Alright, I'm nearly set. My exodus wallet is configured and waiting, all that's left is to purchase some crypto and deposit it there. I'm hoping to hear from folks who use Coinbase, mainly to get some reassurance, and also whether they'd rather connect a bank account, a debit card, or a credit card? What are the upsides or downsides of each? I only set this up to buy peptides, and my wife (the accountant) just wants a bit of confidence from me that this won't expose us to fraud or stolen money. Here's why we're a little wary: back in 2013, when I was on active duty in the Air Force, an airman who got kicked out stole our wing's personnel roster containing everyone's info and sold it to the highest bidder in Chicago (it was an excel sheet listing everybody assigned to the wing). Soon after, people were getting bills from Turner network, accounts being opened in their names, it was crazy, and the thieves got caught by the time they reached the letter G in the alphabet (I was fine). The research I did mostly turned up positive reviews for Coinbase overall, but wow...on Reddit, it's completely split, with some saying they were totally ripped off, which is where my hesitation comes from. Any long-time Coinbase users who can steer me the right way?

Thanks!

I’m located in Italy, in case that matters, but my time with Coinbase has been quite positive overall.

I’ve used both a bank transfer and PayPal to purchase crypto, and neither gave me any trouble. Most of the time I go through my bank account since it doesn’t cost anything, whereas cards tend to come with larger fees.

A lot of the time I also send payments straight to vendors from Coinbase, and the network fees tend to be pretty low (occasionally close to nothing, depending on how much is being sent and which network is used).

Still, I get why anyone would be wary, hearing a story like the one you mentioned would make most people think twice. In my case Coinbase has worked consistently, though as with any financial service, turning on 2FA and the basic security options matters.

Something that gave me a lot more peace of mind was the address whitelist feature on Coinbase. It lets you store approved wallet addresses and then limit withdrawals so funds can only go to those saved addresses.

That creates another layer of protection, because even if somebody got into the account or you pasted an incorrect address by mistake, the transfer wouldn’t be allowed unless the destination is on the approved list.

Because of that, I feel much more at ease using Coinbase for payments.

 

[ftv10hb]

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

Buying crypto on Coinbase and then moving it out so it can be sent from a wallet you control yourself is not the same thing as paying vendors with Coinbase. It's more like withdrawing cash from an ATM instead of making out a check to "corner heroin dealer man".

I'm in Italy, so take that for whatever it's worth, but Coinbase has treated me well so far.

I've purchased crypto using both a bank transfer and PayPal, and neither gave me any trouble. For the most part I stick with my bank account since it doesn't cost anything, whereas cards tend to come with bigger fees.

I also regularly pay vendors d

If you're not using crypto, then what method do you use to pay a vendor through Coinbase? Isn't the entire reason for having a crypto account so that you can actually use crypto?

Wow.

Yes, obviously crypto is how the vendor gets paid. There are several routes and several sources for obtaining that crypto, and exchanges happen to be one of the usual ones.

What you are not doing is shipping crypto straight out of your exchange wallet to the vendor. The sequence is: move it out FIRST into a separate wallet you control yourself, one that is not tied to an exchange, and from that point send it on to the vendor's wallet.

Think back to the bank comparison again. Nobody walks into a bank and tells the teller to settle up with their cocaine dealer for an 8-ball. You withdraw cash from an ATM, stick it in your pocket, and show up somewhere to hand the guy physical cash that—even though the bank is where it originated—travels by your own sweaty hand rather than straight from the bank.

Bottom line: Coinbase is NOT what you pay your vendors with. Coinbase may be where the crypto starts, but something sits in between Coinbase and your vendor.

From the talks I’ve had with Chase, my impression is they’d be more willing to assist me in buying cocaine than crypto lol

 

[sfkid]

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

Buying crypto on Coinbase and then moving it out so it can be sent from a wallet you control yourself is not the same thing as paying vendors with Coinbase. It's more like withdrawing cash from an ATM instead of making out a check to "corner heroin dealer man".

I'm in Italy, so take that for whatever it's worth, but Coinbase has treated me well so far.

I've purchased crypto using both a bank transfer and PayPal, and neither gave me any trouble. For the most part I stick with my bank account since it doesn't cost anything, whereas cards tend to come with bigger fees.

I also regularly pay vendors d

If you're not using crypto, then what method do you use to pay a vendor through Coinbase? Isn't the entire reason for having a crypto account so that you can actually use crypto?

Wow.

Yes, obviously crypto is how the vendor gets paid. There are several routes and several sources for obtaining that crypto, and exchanges happen to be one of the usual ones.

What you are not doing is shipping crypto straight out of your exchange wallet to the vendor. The sequence is: move it out FIRST into a separate wallet you control yourself, one that is not tied to an exchange, and from that point send it on to the vendor's wallet.

Think back to the bank comparison again. Nobody walks into a bank and tells the teller to settle up with their cocaine dealer for an 8-ball. You withdraw cash from an ATM, stick it in your pocket, and show up somewhere to hand the guy physical cash that—even though the bank is where it originated—travels by your own sweaty hand rather than straight from the bank.

Bottom line: Coinbase is NOT what you pay your vendors with. Coinbase may be where the crypto starts, but something sits in between Coinbase and your vendor.

My payments are always made through a custodial wallet on Coinbase. I never move funds to an off-exchange wallet.

Kraken gets the same treatment from me.

 

[ZippityDooDah]

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

Buying crypto on Coinbase and then moving it out so it can be sent from a wallet you control yourself is not the same thing as paying vendors with Coinbase. It's more like withdrawing cash from an ATM instead of making out a check to "corner heroin dealer man".

I'm in Italy, so take that for whatever it's worth, but Coinbase has treated me well so far.

I've purchased crypto using both a bank transfer and PayPal, and neither gave me any trouble. For the most part I stick with my bank account since it doesn't cost anything, whereas cards tend to come with bigger fees.

I also regularly pay vendors d

If you're not using crypto, then what method do you use to pay a vendor through Coinbase? Isn't the entire reason for having a crypto account so that you can actually use crypto?

Wow.

Yes, obviously crypto is how the vendor gets paid. There are several routes and several sources for obtaining that crypto, and exchanges happen to be one of the usual ones.

What you are not doing is shipping crypto straight out of your exchange wallet to the vendor. The sequence is: move it out FIRST into a separate wallet you control yourself, one that is not tied to an exchange, and from that point send it on to the vendor's wallet.

Think back to the bank comparison again. Nobody walks into a bank and tells the teller to settle up with their cocaine dealer for an 8-ball. You withdraw cash from an ATM, stick it in your pocket, and show up somewhere to hand the guy physical cash that—even though the bank is where it originated—travels by your own sweaty hand rather than straight from the bank.

Bottom line: Coinbase is NOT what you pay your vendors with. Coinbase may be where the crypto starts, but something sits in between Coinbase and your vendor.

My payments are always made through a custodial wallet on Coinbase. I never move funds to an off-exchange wallet.

Kraken gets the same treatment from me.

This contradicts your earlier statement:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

The absolute bottom line: if you're sending payments straight to your dealer from an exchange wallet, you're courting disaster.

 

[Ruckus4519]

ftv10hb said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

sfkid said:

ZippityDooDah said:

jungletech said:

Chili777 said:

Is it not possible to send payments to vendors straight from Coinbase? From what I've read, doing so is fairly straightforward. What benefit comes from using Coinbase and Exodus together, I don't really get it. My Coinbase account has existed for years and I only just turned it back on. It's been connected to my everyday checking account this whole time, and I've never run into any problems.

That's exactly what I'm wondering. What stops someone from buying peptides straight through Coinbase instead of moving funds elsewhere? My plan would be to buy roughly the amount I need and leave the small remainder sitting in Coinbase. Or is the reason lower fees somewhere else?

Go ahead if having your Coinbase account frozen and cancelled doesn't bother you.

For as long as I can remember, I've used Coinbase to pay vendors. The funds go out to a different wallet, so Coinbase has no way of knowing what kind of business that receiving wallet is involved in.

Buying crypto on Coinbase and then moving it out so it can be sent from a wallet you control yourself is not the same thing as paying vendors with Coinbase. It's more like withdrawing cash from an ATM instead of making out a check to "corner heroin dealer man".

I'm in Italy, so take that for whatever it's worth, but Coinbase has treated me well so far.

I've purchased crypto using both a bank transfer and PayPal, and neither gave me any trouble. For the most part I stick with my bank account since it doesn't cost anything, whereas cards tend to come with bigger fees.

I also regularly pay vendors d

If you're not using crypto, then what method do you use to pay a vendor through Coinbase? Isn't the entire reason for having a crypto account so that you can actually use crypto?

Wow.

Yes, obviously crypto is how the vendor gets paid. There are several routes and several sources for obtaining that crypto, and exchanges happen to be one of the usual ones.

What you are not doing is shipping crypto straight out of your exchange wallet to the vendor. The sequence is: move it out FIRST into a separate wallet you control yourself, one that is not tied to an exchange, and from that point send it on to the vendor's wallet.

Think back to the bank comparison again. Nobody walks into a bank and tells the teller to settle up with their cocaine dealer for an 8-ball. You withdraw cash from an ATM, stick it in your pocket, and show up somewhere to hand the guy physical cash that—even though the bank is where it originated—travels by your own sweaty hand rather than straight from the bank.

Bottom line: Coinbase is NOT what you pay your vendors with. Coinbase may be where the crypto starts, but something sits in between Coinbase and your vendor.

From the talks I’ve had with Chase, my impression is they’d be more willing to assist me in buying cocaine than crypto lol

Opening several Chase credit cards within a short window can lead to them blocking you from using their cards — they are known for being extremely strict.

 

[IvanD]

This thread has been helpful, appreciate it. Originally my plan was to stick with coinbase alone, but now I'll set up a separate wallet through Exodus (it keeps coming up in here a lot - if anyone has other recommendations I'm open to hearing them).

Thanks once more everyone

 

[Chili777]

IvanD said:

This thread has been helpful, appreciate it. Originally my plan was to stick with coinbase alone, but now I'll set up a separate wallet through Exodus (it keeps coming up in here a lot - if anyone has other recommendations I'm open to hearing them).

Thanks once more everyone

I'll be using that for my wallet. Metamask is something I plan to avoid. Multiple individuals, whose knowledge of this area far exceeds mine, have told me it's questionable. https://forums.malwarebytes.com/topic/333392-metamask-or-uniswap-chrome-extensions/

 

[IvanD]

Chili777 said:

IvanD said:

This thread has been helpful, appreciate it. Originally my plan was to stick with coinbase alone, but now I'll set up a separate wallet through Exodus (it keeps coming up in here a lot - if anyone has other recommendations I'm open to hearing them).

Thanks once more everyone

I'll be using that for my wallet. Metamask is something I plan to avoid. Multiple individuals, whose knowledge of this area far exceeds mine, have told me it's questionable. https://forums.malwarebytes.com/topic/333392-metamask-or-uniswap-chrome-extensions/

Good stuff man, appreciate the info too. I'm getting Exodus set up on desktop right now so I can learn my way around it, and after that I'll likely grab the mobile app as well.

 

[richtyke]

tendency said:

brah389 said:

Alright, I'm nearly set. My exodus wallet is configured and waiting, all that's left is to purchase some crypto and deposit it there. I'm hoping to hear from folks who use Coinbase, mainly to get some reassurance, and also whether they'd rather connect a bank account, a debit card, or a credit card? What are the upsides or downsides of each? I only set this up to buy peptides, and my wife (the accountant) just wants a bit of confidence from me that this won't expose us to fraud or stolen money. Here's why we're a little wary: back in 2013, when I was on active duty in the Air Force, an airman who got kicked out stole our wing's personnel roster containing everyone's info and sold it to the highest bidder in Chicago (it was an excel sheet listing everybody assigned to the wing). Soon after, people were getting bills from Turner network, accounts being opened in their names, it was crazy, and the thieves got caught by the time they reached the letter G in the alphabet (I was fine). The research I did mostly turned up positive reviews for Coinbase overall, but wow...on Reddit, it's completely split, with some saying they were totally ripped off, which is where my hesitation comes from. Any long-time Coinbase users who can steer me the right way?

Thanks!

Over the last 8 years, my usage of Coinbase has gone back and forth, and I've never run into any problems. The way I do it: buy through Coinbase, send it over to Exodus, then use that to pay for my research goods.

There's also a checking account I keep solely for Coinbase, which I've connected to it, and it stays walled off from my other bank accounts.

On top of that, for long-term storage I've always moved my crypto onto a hard wallet (though that doesn't matter when it comes to buying research products )

Hi @tendency or anyone else who might be able to assist

I'm new to crypto as well, so I figured I'd ask in case you can shed some light on this. If I want to make a purchase with crypto, is this the process I should be following?

1. Purchase crypto into my Coinbase account (I already have one)

2. Move it to a separate wallet (exodus or something similar) — the idea being that this keeps my Coinbase account from getting frozen or shut down on suspicion

3. Send it to the vendor, then pass along the transaction code to them

And I'd only move over enough money to cover each purchase, instead of leaving funds sitting there in advance

Is that correct?

thanks

Rich

 

[When_Pigs_Fly]

Coinbase keeps locking me out, and going through identity verification is a genuine pain. I understand they might be doing it to protect me, but all it does is put up one obstacle after another.

 

[bamagirl26]

That’s never happened to me. My process is PayPal into CB, and it goes through right away.