Cryptocurrencies

[Luke]

I needed to pay something online so i used coinbase first time and bought my first 20 eur of bitcoin ever in my life. I am more than disappointed.

 

First i paid 1.79€ transaction fee to buy the stupid thing. Then i can not even pay the service because the minimum amount of sending is way too high:

 

 

Can you guys recommend me a better platform? I think coinbase is a really good short btw

 

Now i have 18€ of bitcoin i will just let chill on coinbase i guess...TO THE MOON

[Paarslaars]

Good to see you coming around, looking forward to your first MSTR purchase. 

[Dave86ch]

16 hours ago, Luke said:

I needed to pay something online so i used coinbase first time and bought my first 20 eur of bitcoin ever in my life. I am more than disappointed.

 

First i paid 1.79€ transaction fee to buy the stupid thing. Then i can not even pay the service because the minimum amount of sending is way too high:

 

 

Can you guys recommend me a better platform? I think coinbase is a really good short btw

 

Now i have 18€ of bitcoin i will just let chill on coinbase i guess...TO THE MOON

 

When it comes to UTXO management, it's wise to start by purchasing at least 0.1 Bitcoin and immediately securing it in a Trezor cold wallet(these cold wallets are secure tools for signing transactions outside your computer’s operating system, protecting you from malware. Your UTXOs can be accessed anywhere in the world with just your 12-word recovery phrase. Using bash and open-source libraries like bitcoin-cli or bx, you can connect to the Bitcoin network, recover your private keys, and interact with the blockchain. Since Bitcoin relies on SHA-256, a cryptographic function, your funds are always secure as long as you have your recovery phrase).

 

UTXOs (Unspent Transaction Outputs) are fragments of transactions recorded on the Bitcoin ledger and locked by your private key. However, as transaction fees increase over time, smaller UTXOs may become "dust" — essentially unusable due to their negligible value in relation to the fees required to spend them. Think of it as specks of gold that are too small to meaningfully store value.

 

For near-zero fees in everyday payments, use the Lightning Network. While Coinbase recently added support for Lightning channels, there are plenty of non-custodial Lightning wallets available, such as Phoenix, Muun, and Wallet of Satoshi, offering secure and decentralized options for Lightning transactions. (Feel free to set up your self custodial channel).

 

As Hal Finney predicted, Bitcoin's main chain will likely end up being used mostly for settling big transactions between financial institutions or sovereign individuals. Over time, Bitcoin could also act as a form of collateral for financial transactions, much like gold did in the past, backing a wide range of financial products and services.

 

I wrote a brief article on this with the same information.

 

https://dscompounding.com/2024/12/01/understanding-utxo-management-and-bitcoin-self-custody/

 

 

 

 

 

Edited December 1 by Dave86ch

[Fly]

17 hours ago, Luke said:

I needed to pay something online so i used coinbase first time and bought my first 20 eur of bitcoin ever in my life. I am more than disappointed.

 

First i paid 1.79€ transaction fee to buy the stupid thing. Then i can not even pay the service because the minimum amount of sending is way too high:

 

 

Can you guys recommend me a better platform? I think coinbase is a really good short btw

 

Now i have 18€ of bitcoin i will just let chill on coinbase i guess...TO THE MOON

Use Strike, much lower fees

 

https://strike.me/blog/announcing-strike-uk/

[wachtwoord]

On 11/30/2024 at 5:31 PM, Luke said:

I needed to pay something online so i used coinbase first time and bought my first 20 eur of bitcoin ever in my life. I am more than disappointed.

 

First i paid 1.79€ transaction fee to buy the stupid thing. Then i can not even pay the service because the minimum amount of sending is way too high:

 

 

Can you guys recommend me a better platform? I think coinbase is a really good short btw

 

Now i have 18€ of bitcoin i will just let chill on coinbase i guess...TO THE MOON

 

I wouldn't personally use on-chain transactions for amounts lower than thousands of USD equivalent. You can use lightning if you must pay in fiat but why not follow Gresham's law "bad money drives out good" and spend bad money (fiat) instead?

[Luke]

1 hour ago, wachtwoord said:

 

I wouldn't personally use on-chain transactions for amounts lower than thousands of USD equivalent. You can use lightning if you must pay in fiat but why not follow Gresham's law "bad money drives out good" and spend bad money (fiat) instead?

I wanted to pay small amounts to a service where Id like to be anonymous lol

[Paarslaars]

Just buy your weed with cash man 

[wachtwoord]

11 hours ago, Luke said:

I wanted to pay small amounts to a service where Id like to be anonymous lol

 

Pseudo-anonimity is the intention here I hope. Otherwise Bitcoin's a bad choice for that as well.

[Luke]

2 hours ago, wachtwoord said:

 

Pseudo-anonimity is the intention here I hope. Otherwise Bitcoin's a bad choice for that as well.

Well, the service safes paypal account data for 1 year+ but crypto data is safed for 40 days i believe so there is a tiny difference in how they manage the data for which i would have preferred paying a small sum in crypto but apparently thats not as easy as i thought

[Luke]

[Luke]

How can i pay small amounts of bitcoin with minimal fees the cheapest way, anyone here? Im gonna try strike.

[wachtwoord]

52 minutes ago, Luke said:

Well, the service safes paypal account data for 1 year+ but crypto data is safed for 40 days i believe so there is a tiny difference in how they manage the data for which i would have preferred paying a small sum in crypto but apparently thats not as easy as i thought

 

My man, who cares how long this private company saves your data? The blockchain's public and forever and you likely bought your btc KYC. 

[Luke]

19 minutes ago, wachtwoord said:

My man, who cares how long this private company saves your data? The blockchain's public and forever and you likely bought your btc KYC. 

So you think just using paypal/bank/CC is safer longterm for paying things where you want to stay anonymous?

 

Always thought crypto is nice due to privacy...correct me if I am wrong!

[wachtwoord]

4 minutes ago, Luke said:

So you think just using paypal/bank/CC is safer longterm for paying things where you want to stay anonymous?

 

Always thought crypto is nice due to privacy...correct me if I am wrong!

 

None of those are anonymous. You just change WHO can know and for how long (blockchain is immutable).

 

Monero is private when used well (within limits). Otherwise cash (envelope in the mail?).

[TwoCitiesCapital]

4 hours ago, Luke said:

So you think just using paypal/bank/CC is safer longterm for paying things where you want to stay anonymous?

 

Always thought crypto is nice due to privacy...correct me if I am wrong!

 

Crypto is anonymous as long as you don't disclose which addresses you own. But EVERY transaction is stored on the blockchain FOREVER meaning the moment someone knows your address, they can piece together your history. This is why I've long said it's a TERRIBLE means of payments for criminals. 

 

While you may never discloser your Bitcoin address, sending anything from Coinbase where your account/address was KYC'd means they know YOU sent the money. The only question that has to be answered then is to whom was it sent which may, or may not, also be known by whomever is doing the snooping. 

 

Lightning Network/Strike are the best for micropayments. How to do so anonymously may, or may not, be easier than BTC blockchain. I have never attempted to stay anonymous myself to be able to provide advice there. 

 

[Fly]

17 minutes ago, TwoCitiesCapital said:

 

 

Lightning Network/Strike are the best for micropayments. How to do so anonymously may, or may not, be easier than BTC blockchain. I have never attempted to stay anonymous myself to be able to provide advice there. 

 

 

Lightning is more anonymous than the main BTC chain. LN nodes can only see where the payment is coming from and going to on its multi-hop journey to the ultimate recipient. 

 

Spin up a LN node yourself and open a channel with the payment recipient for even more security, but that's likely more than @Luke wanted to get involved with for now. 

Edited December 2 by Fly

[Dave86ch]

13 hours ago, Fly said:

 

Lightning is more anonymous than the main BTC chain. LN nodes can only see where the payment is coming from and going to on its multi-hop journey to the ultimate recipient. 

 

Spin up a LN node yourself and open a channel with the payment recipient for even more security, but that's likely more than @Luke wanted to get involved with for now. 

You can also participate (or fabricate) CoinJoin transaction if you want to obscure the trace of your UTXO source.

[dealraker]

This one has got my attention:

 

https://seekingalpha.com/news/4357638-scam-parody-sign-of-a-top-enron-relaunches-as-a-crypto-play

[james22]

I am delighted to announce the nomination of Paul Atkins to be the next Chairman of the Securities & Exchange Commission.
 
Paul is a proven leader for common sense regulations. He believes in the promise of robust, innovative capital markets that are responsive to the needs of Investors, & that provide capital to make our Economy the best in the World. He also recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.

 

https://www.cnbc.com/2024/12/04/trump-plans-to-nominate-paul-atkins-as-sec-chair.html

[gfp]

at least on my screen it looked like BTC traded $100,000 in the last few minutes

[james22]

 

[Paarslaars]

Here we go.  

 

BTC availability on exchanges has also dropped to 13%, lowest since 2018.

Edited December 5 by Paarslaars

[Dave86ch]

 

 

[rkbabang]

Just a reminder to not put your life's savings into a memecoin started by a memegirl famous for saying funny things about oral sex while drunk.  Otherwise you'll end up saying things like "I am a huge fan of Hawk Tuah but you took my life savings."

 

 

[wachtwoord]

A fool and his money ...