Another way to buy Crypto ( BTC )

Discussion in 'Bullion Investing' started by mpcusa, Apr 28, 2021.

  1. Kurisu

    Kurisu Supporter! Supporter

    You can buy stock in various cryptos...and now some mutual funds as well
     
    midas1 likes this.
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  3. midas1

    midas1 Exalted Member

    Very helpful post. Thanks.
     
    Kurisu likes this.
  4. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Why do I want to transfer to a wallet that I dont have ? the fees are very low
    compared to other sites and I am completely satisfied with my results very
    positive :)
     
    slackaction1 likes this.
  5. Kurisu

    Kurisu Supporter! Supporter

    You might not want to. Totally valid point. I have some in PayPal as well...I'm a long term person and I'll just let it ride.
    The reason to transfer to a wallet is to be able to store it without needing to have it on ebay...and or trade it or sell it and buy something else. The stuff I have on binance I have both sitting for the ride and doing some day trading type activities. But if I ever feel like removing it from binance and say dealing with it later or giving it to my heirs I have the option without forcing them to use binance.
    Places like binance also allow me to place various types of automatic orders for buying selling and trading and transfering...fancy stuff lol.

    Also in some cases moving the crypto, called "gas fees" may cost less than the surcharge from PayPal depending on the crypto and what time of the day trades are made...gas fees vary depending on internet/blockchain traffic. You can actually opt to pay more in gas fees to make trades happen more quickly.

    When you buy and sell crypto directly from the blockchains the actual transactions of the correct amount need to happen, there is no covering transactions until they happen by anyone, they actually need to happen. It's part of the incredible security built into the blockchains for each type of crypto.
     
    Last edited: May 3, 2021
  6. ToughCOINS

    ToughCOINS Dealer Member Moderator

    What’s an ATM?
     
    Kurisu likes this.
  7. ToughCOINS

    ToughCOINS Dealer Member Moderator



    COINFLIP. . . What kind of name is that
    for a dispenser of unbacked currency?

    They should have named it ZIPFLIP.
     
  8. JPD3

    JPD3 Well-Known Member

    Have seen 3 in BP service stations in NC. I asked a guy using a kiosk if was he was depositing with PayPal and he said he uses his Venmo cause for him the fees are cheaper.
     
    midas1 likes this.
  9. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"


    Maybe that’s something you should take up
    with them maybe a stern letter would do the
    trick..LOL
     
  10. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Well first of all pay pal and eBay are separate
    companies and have been sense they parted
    ways in 2015, also eBay has there own payment system and most of there payments
    are generated internally and have been doing
    that since last year, more over pay pal is simply a vessel to exchange payment for
    the crypto that’s it, I am not investing in
    pay pal or eBay in any shape way or form
    the wallet concept though good, there are
    not enough companies yet that accept BTC
    though that is growing rapidly, right now
    just keeping it simple, money in and money
    out, I to am a long term BTC investor but
    still take a little off the top now and then
    as I am playing with there money now :)
     
    slackaction1 likes this.
  11. -jeffB

    -jeffB Greshams LEO Supporter

    There are things I actually like about the PayPal approach. Since PayPal is presumably aggregating, you're not doing an actual blockchain operation every time you buy or sell, which cuts down the enormous energy cost of BTC transactions. You also don't have the settlement delay. On the other hand, you no longer have the decentralization, and you're trusting PayPal to remain honest and solvent.
     
    Kurisu likes this.
  12. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    They are merely a way to exchange money
    for product, plus add in the fact that they
    post numbers and percentages which are
    easily confirmed so if they were dishonest
    in anyway they would have a major problem.
     
  13. -jeffB

    -jeffB Greshams LEO Supporter

    They're a business, run by human beings. Humans can lie and cheat. Yes, if they're caught being dishonest, they'll have a major problem. One aspect of that problem might involve trouble getting to your PayPal balance.

    Look, I believe in PayPal. I'm betting a substantial chunk of my stock portfolio on their success, by holding the stock I bought ages ago in their IPO. But I know businesses can run into trouble, and I know sometimes news of that trouble can come too late for investors.

    One of the big philosophical points of crypto is that you don't need to rely on a third party to hold what's yours. Letting PayPal hold your crypto voids that tenet. For a lot of people, that doesn't matter. For some, it probably does.
     
  14. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"


    Like I said I have no issues, it’s like the bank
    and a savings account, there holding my money but with pay pal I have the same
    access to my money as it can be put in
    to my bank account with a click of a mouse.
     
  15. Bilbo1

    Bilbo1 Member

    Bitcoin is an inflation machine with more wnd more cash theoretically chasing fewer and fewer bitcoins. Until a major player gets bored and sells.
     
  16. Kurisu

    Kurisu Supporter! Supporter

    Not sure what ebay has to do with anything... it's going to be quite a while before ebay accepts crypto as payments.

    On PayPal if you have crypto, you actually only have cash. Since you must cash it in to either deposit it to your bank account or use the cash to pay for a transaction.

    Another nice thing about 'holding' crypto on PayPal is that you can start with $1 if you like...but you don't get to learn about making a wallet or learn anything about blockchain transactions.

    When you buy directly from the blockchain using a wallet the gas fees (which you can set high or low in some cases) can be, just for example, somewhere between a few bucks to $30... But if you choose a $9 gas fee when buying or sending crypto your transaction might take 3 full days, but if you choose a $25 gas fee the transaction might take 5 minutes...it's neat thing about the blockchain that exists for each crypto, some are designed with lower gas fees built in.

    This sums it up perfectly from Jeff...when you own crypto using PayPal it's more like buying stock. You are investing in some of PayPal's crypto and not doing anything directly on the blockchain with your crypto.

    Once you generate a wallet (the string of passwords) and use binance, or coinbase, or metamask, you are then in fact dealing directly with your own crypto and transactions. There is a learning curve but the basics come pretty quickly.
     
  17. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    They do all the work and I collect all the
    cash...LOL
     
  18. mpcusa

    mpcusa "Official C.T. TROLL SWEEPER"

    Anybody checking out those ether numbers ?
     
    longshot likes this.
  19. Phil's Coins

    Phil's Coins Well-Known Member

    Great advise. I started to INVEST in BC several years ago and was advised by my FA to consider OTHER AVENUES AS I N V E S T M E N T S! His advise rings true today. Profit only and it is expensive to start (with an amount suitable for profit). I have recently started playing golf at the club with a new member who is a retired FA with a very LARGE bank. His advise “turn around and do not WALK away from BC but RUN.”
     
  20. midas1

    midas1 Exalted Member

    Over the years crypto currency has acquired a level of legitimacy.
    I believe it's here to stAY. Master Card and other large players have
    entered the business.
    BTC & ETH are the top cryptocurrencies. I'm buying ethereum because it has the most flexibility.
    Since I decided to buy ETH the price has gone from $2850.00 to $3377.30. Is it going to a wild ride? absolutely. OTOH, massive profits especially if I can figure out how to buy in my tax free ROTH account.
     
    Last edited: May 4, 2021
  21. midas1

    midas1 Exalted Member

    I remember some of the crypto dealers went belly up and the acct holders lost everything. Remember the large dealer in Japan a few years ago? his trading platform was hacked and acct holders lost everything.
     
    Last edited: May 4, 2021
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