Redbeard's BTC For Beginners Datasheet

aynrus

Pelican
I have a side-business for which I only accept BTC/crypto (people have only ever paid in BTC) :blush:. It comes with the territory. I have paid a few people in ETH for a few small things. People are open to accepting a bit of crypto, but no one wants to pay in it, because if they have it they are hoarding and if they don't it's an extra step.

Crypto.com can handle crypto payments on their site, either from their app or hardware and software wallets. I will likely integrate this later or a similar offering, though I don't expect it to ever be used.

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There are a few companies that allow you to receive a salary to an IBAN: Revoult, BitWala, possibly Wirex and Monolith are working on it. Then you can convert it to crypto. Crypto.com, BitWala and Revolut are three companies that are trying to merge crypto in the mainstream and become something similar to a PayPal for crypto. But this is all KYC-heavy - not recommended by OP.

If crypto payments are merged into mainstream, these payments will be subject to freezing pending funds being checked for cleanliness/kyc/sanctions lists/taxes paid just like fiat.
In Russia, by the way - relevant to me personally - new Central bank order tells commercial banks to freeze fiat transfers from crypto exchanges, unless very small and infrequent, until tax authority provides the release letter that taxes had been paid on it all.
(Russia also just banned all crypto payments for goods or services, though still allows to trade crypto for fiat).
They imposed capital gains tax on crypto buying/selling and if someone bought the stuff anonymously and trying to cash out (which is hard to impossible to do anonymously)....I'm guessing the basis will be recognized as 0, taxing entire amount, and funds can be frozen until paid.
Plus they just launched crypto transaction-tracking intelligence service and making exchanges report to them or get shut down.
Good luck dealing with anonymous stuff in this kind of climate. It makes sense to keep a secret emergency stash but dealing with anything more would just make one a target for tax service. They can just fine for arbitrary amount and withdraw the right to leave the country until paid up (they do the latter for tiny amounts owed).
 
I've have my phone all set up with samouri wallet and plan on hitting an ATM. What do you about phone number if the ATM asks? Can you skip that part? The closest ATM is about 40 minutes I want to be prepared. And keep as much info away from my iPhone.
 

HKBhusal

Sparrow
Orthodox Inquirer
I've have my phone all set up with samouri wallet and plan on hitting an ATM. What do you about phone number if the ATM asks? Can you skip that part? The closest ATM is about 40 minutes I want to be prepared. And keep as much info away from my iPhone.
Have you considered using a tracphone flip phone burner with a scratch off phone card that you can pay as you go (30-60 minutes or so for talk and text)? You can get those at any walgreens/CVS/walmart, etc.
 

big poppa

Kingfisher
Gold Member
So obviously BTC prices are (almost) at all time highs. Would it still be a recommended strategy to put something like 10% of my net worth into it? I’m generally very risk averse and I’ve had my savings just sitting in my bank account getting no interest for too long. I’m just a bit reluctant to buy when the prices seem to (maybe) be on a downward trend? I did buy a few hundred dollars worth earlier this week, the first time I’ve ever invested money in my life.
 

Blade Runner

Pelican
Orthodox
So obviously BTC prices are (almost) at all time highs. Would it still be a recommended strategy to put something like 10% of my net worth into it? I’m generally very risk averse and I’ve had my savings just sitting in my bank account getting no interest for too long. I’m just a bit reluctant to buy when the prices seem to (maybe) be on a downward trend? I did buy a few hundred dollars worth earlier this week, the first time I’ve ever invested money in my life.
As someone with more skin in the game than that, I'd just make sure you have the conviction to actualize the position. I am convinced that it will increase in value, but that's not why I'm in it. I'm in it because of its properties as the soundest money of all time, it also being the first time that a system has been created to send value anywhere in the world without having to trust anyone, etc. Given the current frailties of the (fiat, fake) system, people are starved for this, and institutions know it - everyone knows it. These properties alone will give you freedom in a world gone mad. They will double as a tremendous investment. When you believe in it like most of us do here, you won't worry if it goes to $20k, because you'd just buy more (it isn't going to go that low ever again). If it makes you feel any better, I'm not concerned one bit about recent movements. I fully expect it to reach six digits much sooner than anyone realizes, and certainly this year.
 
I considered that, but I now have 3 technically 4 phones. I have my old IPhone that I’ve had for 5 years. I haven’t updated it since covid started. I started reading about privacy and tracing, so that led me to the Pinephone which for a non Linux user, combined with its infancy, it’s not ready for a daily driver. It’s now a paper weight.

After redbeard’s advice I bought the 3a for my coin wallet only. I enjoyed the process of de-googling so much I bought the 3a XL and degoogled that as well. Ive been using tha as my commuter phone to and from work. I’ll switch out my main SIM card depending on where I go since iPhone has better navigation options. If I know where I’m going, I’ll use my XL graphene. The only thing that sucks, I’ve not been getting texts with my grapheneOS when powered down.

To solve the phone number issue with bitcoin I used mint mobile and used the 3xl to get a new # while the 3a has the wallet installed and neither linked to my main number. Today was an adventure to get it all to work. All in all, the 3 phones I’ve purchased this year totaled 550 bucks. What does the latest and greatest cost?
 

JayR

Woodpecker
Once you get the phone do you actually activate it with a cell phone service provider or would that defeat the purpose?
Bump -- I have the same question.

Also -- when using an ATM, what is the procedure? Obviously, inserting a debit card linked to a bank eliminates privacy. Do these ATMs accept cash?
 
Bump -- I have the same question.

Also -- when using an ATM, what is the procedure? Obviously, inserting a debit card linked to a bank eliminates privacy. Do these ATMs accept cash?
No you don't need the phone connected to cell service. But the ATMs i used needed a phone # to send a SMS code to use the ATM. Yes they accept cash. The fees are ridiculous though. After I scanned the code and connected to WiFi the transaction showed up in my wallet app.

I used another phone with mint mobile trial number to get the SMS code. Inserted cash, Then used the other graphene phone with the samurai app. Some ATMs have cameras so for once I masked up with shades.
 

redbeard

Hummingbird
Gold Member
Once you get the phone do you actually activate it with a cell phone service provider or would that defeat the purpose?
No, just keep it at home and on your home network.
Also -- when using an ATM, what is the procedure? Obviously, inserting a debit card linked to a bank eliminates privacy. Do these ATMs accept cash?
Always use cash.
 

redbeard

Hummingbird
Gold Member
Remember that if your Graphene phone has Samourai on it, you don't want that phone leaving the house. Too much risk. Instead, take a picture of the destination address using your daily driver and let that get scanned at the ATM.
 

redbeard

Hummingbird
Gold Member
Newbie question: what is your view on printed paper wallets?

(like this one for example: www.bitcoinpaperwallet.com)
Really bad, I can't think of any time that a paper wallet would be useful. Even if you need to smuggle BTC across the border, you can just create a wallet using a 12-word recovery seed, write that on a piece of paper, and use that as your "paper wallet" instead.
 

JayR

Woodpecker
Google Pixels can be bought on Craigslist with cash for $100-$300. GrapheneOS can be flashed for free. Look up YouTube there’s tons of step by step instructions.
I just finished installing GrapheneOS on a Pixel 3a XL. None of the YouTube lessons I found worked -- they were all outdated in some crucial way. The only thing that worked for me was starting from scratch using the instructions at the official GrapheneOS site: https://grapheneos.org/install/

Kind of funny -- as I'm struggling to get this phone set up so I can get a private wallet, I've got the talking heads on FoxBiz going on excitedly in the background about BTC hitting an all-time high with the Coinbase IPO looming. Probably should have removed that distraction, but I got it done.
 

TrifeLife

Woodpecker
Another loophole with the identity issue....

Convert all your bitcoin to XMR...and then back again. “Lost all of my crypto in a boating accident.”

The beauty of privacy.

I use the bitfi Fort Knox hardware wallet, has been great thus far.
this post interests me, and relates to a question I've been turning over in my head for quite a while. If I needed to get out of doge (dodge ;-) ), quick how could I take the wealth that I have in btc/ other cryptos with me, given that I was onboarded through coinbase in 2017.

Basically, how could I cleanse my current crypto assets of their link to me, while retaining possession. Would I basically have to cash everything out, pay the irs on capital gains, then repurchase using the method that @redbeard outlined in OP?
 
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john_Jea

Sparrow
Remember that if your Graphene phone has Samourai on it, you don't want that phone leaving the house. Too much risk. Instead, take a picture of the destination address using your daily driver and let that get scanned at the ATM.
Same thing if you are buying p2p? If you meet a seller without the phone/wallet would you just have to trust them that the transfer goes through?
 

redbeard

Hummingbird
Gold Member
Same thing if you are buying p2p? If you meet a seller without the phone/wallet would you just have to trust them that the transfer goes through?
Up to you & your relationship with the seller. There's a few things you can do. Probably most straightforward is to keep your cold storage phone at home, then put another wallet on your daily driver phone to receive BTC during the transaction. Then send to Graphene cold storage after.
 

john_Jea

Sparrow
Up to you & your relationship with the seller. There's a few things you can do. Probably most straightforward is to keep your cold storage phone at home, then put another wallet on your daily driver phone to receive BTC during the transaction. Then send to Graphene cold storage after.
Any specific way to set up/ keep a wallet on my daily with out google or my phone flagging me as a crypto holder? Or am I being paranoid over all of the anti-kyc rhetoric lol.
 
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