I just wanted to share that I did my first crypto purchase and I am very excited! I have been reading these forums for months and I have held off doing anything with crypto, but I was running out of Reta (yes, I bought single vials from a reseller) and I went for it. And I did it. I'm feeling very proud of myself.
I did it!
- Thread starter tryingzen
- Start date
I did Coinbase and bought USDC. I had USDC in my coinbase for over a month, because I was so afraid of buying anything. I ended up just paying through Coinbase because trying to get it to Exodus was one step too much for me. I'm sure I'm not supposed to do that. I also paid through a vendor with a website. I am not allowed to say which one. It was pretty easy once you scanned the OR code and within about a minute got an update saying my payment went through.
Shittersfull
Explorer
Congratulations. Crypto is a pain to learn. Big step.
mushroomcow
Explorer
Big ups 2 you!
spanky2026
Explorer
Congrats! Kinda nerve wracking the first time, gets easier.
Explorer
kugelblitz
Explorer
You are not supposed to do that. Hope you don't care about the Coinbase account getting shut down.
Now that you've seen it's not impossible, try adding the an intermediary self-custody wallet such as Exodus or Trust Wallet.
Before your next buy make sure you get that wallet going. You risk problems getting your Coinbase exchange account frozen if you continue to pay vendors from it.
Do some more reading about exchanges and separate, non-exchange (self-custody) wallets.
Start by reading this whole thread here, Zippity makes some clear statements about the risks --
Anyone use Coinbase?
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...
GLP1Chat.com
More informative reading about why not to send money directly from KYC exchanges to vendors can be found by searching in the Crypto Corner.
Good luck!
Just repeating what others are saying. Make sure you get a self custody wallet setup. Since you know how to send it to the vendor, its the same process to send it to yourself. If using USDC, you'll need to make sure you know what network (Eth, Sol) and send a little of that to the wallet too (don't send using Base network, which Coinbase often defaults to). $5-10 should last a while, since transaction fees (gas) are only a few cents.
Some exchanges will retroactively close/freeze accounts if you previously sent funds to a wallet that gets flagged in the future, so it is possible you are good now but may not be later. I recommend not holding any funds in Coinbase (unless you are willing to lose them).
IMO, you should buy $10 in Eth and $10 in USDC. Then practice sending the eth and USDC, a couple dollars at a time, to a self custody wallet. Then you can get comfortable with the process and if you mess up, you are only out a couple of bucks.
Some exchanges will retroactively close/freeze accounts if you previously sent funds to a wallet that gets flagged in the future, so it is possible you are good now but may not be later. I recommend not holding any funds in Coinbase (unless you are willing to lose them).
IMO, you should buy $10 in Eth and $10 in USDC. Then practice sending the eth and USDC, a couple dollars at a time, to a self custody wallet. Then you can get comfortable with the process and if you mess up, you are only out a couple of bucks.
Thanks for the suggestion, I'm gong to try that. But quick question- am I supposed to hold money in Coinbase? I just bought usdc and sent it over. Also, I choose base bc that was an option for the vendor and it seemed easiest. Is that not a good network to use?
I wouldn't hold any more in Coinbase than you are willing to lose... In general, USDC (Eth or Sol) are more widely accepted. Either one is fine, I'd just pick whichever you prefer and make sure you have a bit of both coins (don't need much of the Eth or Sol) in your self custody wallet. I prefer Eth, but just because I've used it in the past and already have some floating around.
kugelblitz
Explorer
Because your account is now permanently tied to a vendor account, I wouldn't hold any significant amount that you would miss if the funds were frozen.
If your vendor accepts USDC on Base, it's fine to use it, but in my expedience that's not common. But, aside from that, there's no fundamental reason I'm aware of to avoid Base network.
Ok, thanks for the info.
If my coinbase is permanently tied to the vendor, can I just continue to send money through coinbase to that vendor?
Also, will they also flag my wallet if I send money to that wallet from the same account?
After sending crypto to the vendor, I then bought tretinonin and azaelic acid from a website that has been around for years. Is that going to be a problem also?
kugelblitz
Explorer
It may not be a problem immediately. But the blockchain (the record of transaction) is permanent, and if this vendor comes to attention of either law enforcement or Coinbase compliance team, the evidence of you having bought something is plain as day.
You may be banned tomorrow, or you may go for years without any issues.
I still wouldn't send money to that vendor directly from Coinbase. The more money flows from Coinbase to them, more likely are they to notice. The more you use the account for illicit uses, the more likely are you to have issues.
Just get a self-custody wallet, and use it as an intermediary for payment. As long as you don't tell anyone that this wallet is yours, the onus is on anyone looking into your activity to prove that this wallet belongs to you. As long as you don't blab about it, that's not easy to do.
juanmecha
Explorer
I'm not a new to crypto, but after I paid for my first order of reta yesterday, I got curious about how USDT works. I then saw that you could buy it in different networks. I bought some on ERC-20. I then asked Claude to tell me how USDT runs on different networks...
As I said before, I'm not new to crypto. I have pretty good understanding of cryptography and the blockchain, but then Claude dropped this bomb on me, "think of Ethereum as a World Computer.." That's when
I've been reading about the Ethereum Virtual Machine since then, and bought Mastering Ethereum and Token Economy.
As I said before, I'm not new to crypto. I have pretty good understanding of cryptography and the blockchain, but then Claude dropped this bomb on me, "think of Ethereum as a World Computer.." That's when
I've been reading about the Ethereum Virtual Machine since then, and bought Mastering Ethereum and Token Economy.
juanmecha
Explorer
Check out, "Tracers in the Dark: The Global Hunt for the Crime Lords of Cryptocurrency" by Andy Greenberg. The idea that crypto cannot be traced to back to you is a fantasy. Especially here in the US.