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What Bitcoin Exchange Do You Use?

Harry Tuttle

Harry Tuttle

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Joined
Feb 22, 2023
Messages
6
Not sure if I'm posting in the right place. Anyways...I'm newish to the scene and I've been using Kraken for my Bitcoin needs but I really don't love the 72 hour hold on my funds. What crypto exchanges do you use/recommend? Why?
Thank you
 
For smaller amounts, CashApp works really well. I know everybody has got their opinions about that company, but it's easy to get verified, and get you reasonable daily limits, with zero wait time.

I would never recommend storing Bitcoin in the app though. ALWAYS transfer it immediately to an intermediary wallet that you actually own. Cash app will actually pay attention to the first wallet your funds are transferred to as well. Certain wallets are flagged, and can get your account suspended if you send them money. I don't want to break any rules, read between the lines there.

Mycelium wallet is a great place to send your Bitcoin after Cash app. From there you can HODL, invest, or buy things online.

For larger amounts, you are stuck using exchanges like Kraken or Bitcoin ATM's. There's a lot of scamming going on in the Bitcoin world, and those places are trying to protect you from being scammed out of large amounts of money. As irritating as those holds are, it gives you 72 hours to deal with a situation before you robbed blind.
 
Yeah cashapp works great for buying transactional amounts of bitcoin. I've probably bought a good $10k worth via cashapp over the past few years (all for purchases, not investment). It is perhaps the fastest way to buy bitcoin (after which, you can send it out to wherever you desire).
 
I use Bitcoin to buy all kinds of legal things online, a lot of places offer a 5% discount or similar for BTC.

I actually stopped using Kraken when the price of Bitcoin went up, they had a minimum transfer of like .005 BTC, which at the time I signed up was only a few dollars, but when it peaked it was up till like $50-$60. One time I forgot to cover the transaction fees, and was a few dollars short, and completely unable to send money from my Kraken account too the person I was buying stuff from. I had to cancel the order, wait 3 days for the bank new transfer to come through, and then an additional however many days to send it.

Their network fees are (or at least were when I was using them) super inflated too. Kraken charged me something like $5-6 to send $100 of BTC to another wallet (at "economic" speed, which can literally take days if the network is backed up), but sending it from my other wallet only costs a few cents, even with high priority, and sends in minutes.

I completely removed ALL of my money from their exchange when they blocked margin trading for "average" people though. I used to keep a few hundred dollars in my account and use it as leverage for shorting. NOT enough to make any real money, but it was a ton of fun. Then they decided that you have to be a millionaire, and prove it, to play.

I think sometimes exchanges forget that it's people like us who made the exchange possible in the first place.
 
negrogesic said:
Yeah cashapp works great for buying transactional amounts of bitcoin. I've probably bought a good $10k worth via cashapp over the past few years (all for purchases, not investment). It is perhaps the fastest way to buy bitcoin (after which, you can send it out to wherever you desire).
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Can you send it via CashApp too?
 
shugenja said:
It definitely allows me to select Bitcoin and prompts me for an amount when I'm getting ready to send money to someone.
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That’s what I was asking. Seems like a lot of exchanges don’t allow you to send to a wallet.
 
Dead Machination said:
For smaller amounts, CashApp works really well. I know everybody has got their opinions about that company, but it's easy to get verified, and get you reasonable daily limits, with zero wait time.

I would never recommend storing Bitcoin in the app though. ALWAYS transfer it immediately to an intermediary wallet that you actually own. Cash app will actually pay attention to the first wallet your funds are transferred to as well. Certain wallets are flagged, and can get your account suspended if you send them money. I don't want to break any rules, read between the lines there.
Click to expand...
I always forget cashapp sells bitcoin. Probably cheaper than coinbase too, my last purchase was like 5% fee.

When you say the first wallet, you just mean where it goes from cashapp, not where it goes after that, right? Coinbase does the same thing but I use a private wallet on my computer anyway--I don't trust anyone else to hold my coin.
 
VerbalTruist said:
Can you send it via CashApp too?
Click to expand...

Yes. I buy it and immediately transfer it out to an external wallet address. Would not send directly to weird or sketchy addresses that might be flagged since CashApp might give you a hard time. But yes, it allows you to send to wallets like coinomi wallets, etc etc

Also the nice part about CashApp is how fast it is. When you buy it, it arrives instantly, and then you can immediately send it out seconds later, no bullshit or waiting.
 
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Felonious Monk said:
I always forget cashapp sells bitcoin. Probably cheaper than coinbase too, my last purchase was like 5% fee.
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Coinbase claimed that my account had a "security issue" and locked over $1,000 for almost 6 months, for literally no reason. I bad mouth them at given opportunity. Absolutely stay away from coinbase.
Felonious Monk said:
When you say the first wallet, you just mean where it goes from cashapp, not where it goes after that, right?
Click to expand...
That is correct.
 
not sure if it's a good site or how much they charge, but i had pretty good luck with http://uphold.com you can just pay with a debit card, probably like all of them. i have no idea if it's sketchy for identity reasons either, so maybe this isn't a good site. but it worked for me while i was using bit coin a few years back. it actually takes five day or so to get the money from your atm checking account to bit coin though, which isn't instant like they said coin base was.
 
negrogesic said:
Yes. I buy it and immediately transfer it out to an external wallet address. Would not send directly to weird or sketchy addresses that might be flagged since CashApp might give you a hard time. But yes, it allows you to send to wallets like coinomi wallets, etc etc

Also the nice part about CashApp is how fast it is. When you buy it, it arrives instantly, and then you can immediately send it out seconds later, no bullshit or waiting.
Click to expand...

Sounds a lot like Coinbase.
 
I own a Ledger hardware wallet (there are other MFRs) I can make 99% of any Bitcoin payments directly using either my PC or smartphone.

One does not need to involve any exchanges whatsoever. I usually get confirmation of my transaction within 2 "blocks", which translates to 10-20 minutes.

This is for legal purchases like computers, employee wages, etc. A tumbler would be a good idea as an intermediate for other uses. Keep your own BTC, but don't do less than legal transfers without further protection.
 
When it comes to exchanges, I personally use and recommend Binance. It's a popular and reliable platform with a wide range of cryptocurrencies available for trading. The interface is user-friendly, and it offers competitive fees and a variety of trading features.
However, if you're looking for an alternative with faster fund availability, you might want to check out https://www.moonbitcoins.com/dashboard. I recently discovered their dashboard for crypto trading, and it might suit your needs.
I'm new on this forum too, but I'm excited to share crypto experiences with fellow enthusiasts.
 
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The easiest way IMO that is one level past cash.app (plus some people get mad if you send direct from cash app wallet) is Electrum :) I used mycelium back in the day but lost a 2btc wallet as prices spiked and I was rotting in rehab..so now I couldn't stand the sight of that app :bananaslip:

Sorry I meant to provide instructions as well lol....just generate a receive request and copy the url or scan on cash app and then it will be in electrum wallet, and you can transfer from there


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Rule #1: don't use bitcoin. It's completely track & traceable.
Rule #2: use Monero.
Rule #3: don't break the previous rules.
 
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