Redbeard's BTC For Beginners Datasheet

redbeard

Hummingbird
Gold Member
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.
Little of both. It's up to you how much you want to minimize your digital footprint vs. make the transaction easy.

Also, we don't use textspeak on the forum.
 

JayR

Woodpecker
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.
I tried this today, and it did not work. The ATM would not scan the photograph of the Samourai-generated QR code on my outside-the-house device. I stood there in my mask and shades and cap trying to get it to scan for several minutes and started to get self-conscious, haha. Eventually I just gave up and went with the alternative option offered on the ATM screen -- create a paper wallet.

I then brought that home and transferred ("sweep") the BTC from the paper wallet to the Samourai wallet in my DeGoogled/GrapheneOS device. I figured this would not compromise my anonymity so felt ok going forward.

I checked 4 ATMs in my area (southeastern USA) and they all required authentication by sending a verification code to a mobile device via SMS, so I had to get a Tracfone burner at CVS.

Finally got some BTC -- feels good man!
 

redbeard

Hummingbird
Gold Member
I tried this today, and it did not work. The ATM would not scan the photograph of the Samourai-generated QR code on my outside-the-house device. I stood there in my mask and shades and cap trying to get it to scan for several minutes and started to get self-conscious, haha. Eventually I just gave up and went with the alternative option offered on the ATM screen -- create a paper wallet.

I then brought that home and transferred ("sweep") the BTC from the paper wallet to the Samourai wallet in my DeGoogled/GrapheneOS device. I figured this would not compromise my anonymity so felt ok going forward.

I checked 4 ATMs in my area (southeastern USA) and they all required authentication by sending a verification code to a mobile device via SMS, so I had to get a Tracfone burner at CVS.

Finally got some BTC -- feels good man!
Dang, sorry to hear that happened. Yes, if the ATM can print a paper wallet, and you're OK protecting that wallet for <1 day, and you know how to sweep, it's not that big of a deal.

Great job, especially getting the burner phone. Remember that you can top up your minutes using BTC at bitrefill.com.
 

open source

Robin
Gold Member
I've found Coinflip ATM has one of the lowest fees - 6.99%.

Went to one today and bought some crypto using textverified (instead of using my phone number). Also no KYC if under $900.

Guide I used for textverified is below. The only difference from the guide was the ATM didn't ask for my email address to send the receipt.

Archive: https://archive.org/details/how-to-...buy-non-kyc-bitcoin-at-a-bitcoin-atm/mode/2up

Telegram pdf:

 

redbeard

Hummingbird
Gold Member
I've found Coinflip ATM has one of the lowest fees - 6.99%.

Went to one today and bought some crypto using textverified (instead of using my phone number). Also no KYC if under $900.

Guide I used for textverified is below. The only difference from the guide was the ATM didn't ask for my email address to send the receipt.

Archive: https://archive.org/details/how-to-...buy-non-kyc-bitcoin-at-a-bitcoin-atm/mode/2up

Telegram pdf:

AWESOME advice, thanks for sharing.
 

JayR

Woodpecker
All the ATMs near me have added KYC requirements (ID scan), so I set up an account with Bisq.

Is there any risk associated with just leaving my BTC in the Bisq wallet? Or is it advisable to use the Bisq wallet only for trading, and transfer my BTC to my Samourai wallet immediately after a purchase?
 

Coja Petrus Uscan

Crow
Orthodox Inquirer
Gold Member
All the ATMs near me have added KYC requirements (ID scan), so I set up an account with Bisq.

Is there any risk associated with just leaving my BTC in the Bisq wallet? Or is it advisable to use the Bisq wallet only for trading, and transfer my BTC to my Samourai wallet immediately after a purchase?

It's about as secure as any other computer-based wallet, which is it is secure so long as your computer is not comprised.

The more secure way is to have a second device which is never connected to an internet-connected device, where your keys are housed, and which signs the transactions. For this I would recommend SafePal, not native, but by importing the private key. Then save that private key in parts in remote locations. Seeds are not a particularly secure way.

You can get your private key from Bisq - https://deeponion.org/community/thr...the-private-keys-from-your-bisq-wallet.26320/

So it is not dependent on 3rd party servers, software.

Have you used Bisq? If so, can you outline the experience? How much of a premium did you pay above spot? How easy was it? Any problems? What amounts can you buy?
 

JayR

Woodpecker
Have you used Bisq? If so, can you outline the experience? How much of a premium did you pay above spot? How easy was it? Any problems? What amounts can you buy?
Yes I've used it, but only twice, and only for purchases, so I am far from an expert. I'm dollar-cost-averaging into BTC by buying about $400 worth each month. My first few purchases were at a nearby BTC ATM, but when they started requiring an ID scan, I decided to give Bisq a try.

The video tutorials and FAQ pages at the Bisq site are probably the best way to learn about the platform, but I'll share my experience.

You need to have some Bitcoin already to get started with Bisq, because they require a security deposit before you can trade. You also need to set up a payment method to send or receive funds to/from the other party in a trade. The payment method used by most Bisq users seems to be Zelle, which is a bank-to-bank money transfer service available with most major banks in the USA. Bisq supports lots of other payment methods (e.g., Western Union, bank wire transfer, etc.), but the vast majority of Bisq traders use Zelle.

If you are a buyer like me, Bisq lists all of the Bisq users offering to sell BTC, and clearly shows the percentage premium over market price they are asking. When I checked today, I think the lowest markup I saw was 6% over the spot price. That's actually lower than the ~12% I was paying at the ATM, but still a drag on the bottom line. Somewhere in one of the tutorials it was mentioned that one is likely to get much better terms if you create your own buy-side offer. That's what I've done both times I've used Bisq -- click the "Create Offer to Buy" button and just enter the current spot price (conveniently displayed in the upper-right corner of the app and updated every 60 seconds). Both times I did this, I had an offer to sell within a couple hours.

When creating an offer, Bisq requires you to deposit 50% of the transaction total into your Bisq account as good-faith money. I assume there is a similar requirement on the sell side, but I am not sure. This is a safeguard against scammers.

After the seller confirms receipt of the funds via Zelle (or one of the other supported payment methods), Bisq transfers the BTC from the seller's account into the buyer's account. Bisq, of course, takes a small fee from each transaction.

When you first start out with Bisq, the only amount you are allowed to buy is 0.01 BTC (about US$470 as I type this). I believe after your account is active for a certain amount of time, or perhaps after a certain number of successful trades, this limitation is lifted. I haven't been too concerned about this restriction thus far because 0.01 BTC -- at recent BTC values -- is just about the exact amount I've settled on for my monthly DCA purchases.

Bisq is a desktop app, which I like (I'm not much of a phone guy), and it is pretty slick. Once I'd scaled the learning curve, I haven't had any problems with it (again, my experience is limited to two purchase transactions).

Hope this adds to the RVF/BTC knowledge base.
 
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