Is the USD not useful to purchase bitcoin online for US residents?

Harley997

sr. member

Activity: 266

Merit: 250

Quote from: cheako__test on May 05, 2014, 01:40:20 PM

For a long time now I've realized that Money, specifically USD, wasn't useful to purchase the things I wanted out of life. I've found it more and more impractical to use as a means of exchange.

Are there simple methods to exchange USD for bitcoin that I'm just ignorant of?

It's been pointed out elsewhere on bitcointalk.org that regulatory systems like KYC and AML make "simple" use of money illegal. I've faced problems with torn bills that are not redeemable and turning paychecks into cash taking 30min or more.

Does that sound right, does amassing USD ultimately limit one's future to a subset of possibilities allowed by regulation?

Localbitcoins is probably the best way to purchase BTC with "cash money"

If you are near a place when BTC is sold via ATM you can use an ATM to buy your BTC.

cheako__test

newbie

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Merit: 0

You stated that I've good reason to ask and that my question isn't something a simple google search can answer or that the use of coinbase would simply solve. However it baffles me that you then didn't answer my question.

Where are the ropes of the different exchanges?

halfawake

hero member

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Quote from: keithers on May 05, 2014, 03:44:35 PM

Quote from: halfawake on May 05, 2014, 03:36:34 PM

Coinbase is definitely the easiest way to buy bitcoins with USD. If you do use them though, just be sure to avoid turning on the API key accidentally. I read a Coindesk article a while ago about a significant amount of money being stolen from a Coinbase user's account because he accidentally turned this on and some hacker got access. It was like $7,000 if I remember correctly. Happened twice: they reimbursed him the first time, but not the second time. For the most part, I really like Coinbase, but I do think they made the wrong call by not reimbursing him both times since it was an issue with their own API key not being secure enough.

The easiest way to avoid unwanted access is to obviously enable 2 factor authentication, don't allow other apps access to coinbase, and frequently check to make sure that the browser that you are using is the only active session logged in. If you have left it logged in by mistake..then log out of all other active sessions.

I absolutely agree with you on 2 factor authentication, I have that enabled on my Coinbase and I'll never turn it off. It's just a no brainer. But it won't help at all if you accidentally turn on the API key, that bypasses 2 factor altogether. I suppose that does fall into what you said about not allowing other apps to access Coinbase though. It does make me question their security for businesses though; I would think you'd need that API key if you were going to base a website's code off Coinbase.

It has me thinking that if I ever setup the bitcoin based business that I'm thinking of, I might just use the Armory API instead of bitcoin. If I can do it without using their API key, I still would, but after reading that story, I'd be pretty reluctant to turn it on, as that's a pretty substantial amount of money to lose to hackers.

keithers

legendary

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This is the land of wolves now & you're not a wolf

Quote from: halfawake on May 05, 2014, 03:36:34 PM

Coinbase is definitely the easiest way to buy bitcoins with USD. If you do use them though, just be sure to avoid turning on the API key accidentally. I read a Coindesk article a while ago about a significant amount of money being stolen from a Coinbase user's account because he accidentally turned this on and some hacker got access. It was like $7,000 if I remember correctly. Happened twice: they reimbursed him the first time, but not the second time. For the most part, I really like Coinbase, but I do think they made the wrong call by not reimbursing him both times since it was an issue with their own API key not being secure enough.

The easiest way to avoid unwanted access is to obviously enable 2 factor authentication, don't allow other apps access to coinbase, and frequently check to make sure that the browser that you are using is the only active session logged in. If you have left it logged in by mistake..then log out of all other active sessions.

halfawake

hero member

Activity: 490

Merit: 500

Coinbase is definitely the easiest way to buy bitcoins with USD. If you do use them though, just be sure to avoid turning on the API key accidentally. I read a Coindesk article a while ago about a significant amount of money being stolen from a Coinbase user's account because he accidentally turned this on and some hacker got access. It was like $7,000 if I remember correctly. Happened twice: they reimbursed him the first time, but not the second time. For the most part, I really like Coinbase, but I do think they made the wrong call by not reimbursing him both times since it was an issue with their own API key not being secure enough.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Wait, I just re-read the thread title, and I think I may have answered in the wrong manner. OP is asking if USD is useful or not for US residents to purchase BTC . OP, what other methods of purchasing BTC are we supposed to be comparing this to? I don't know any other way to purchase BTC except using USD, unless you are asking if we should use GBP, or Yen, or RMB, or something like that?

solarion

hero member

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localbitcoins.com is likewise easy to use and can be used for a direct cash to bitcoin exchanges.

keithers

legendary

Activity: 1456

Merit: 1001

This is the land of wolves now & you're not a wolf

Quote from: cheako__test on May 05, 2014, 01:40:20 PM

For a long time now I've realized that Money, specifically USD, wasn't useful to purchase the things I wanted out of life. I've found it more and more impractical to use as a means of exchange.

Are there simple methods to exchange USD for bitcoin that I'm just ignorant of?

It's been pointed out elsewhere on bitcointalk.org that regulatory systems like KYC and AML make "simple" use of money illegal. I've faced problems with torn bills that are not redeemable and turning paychecks into cash taking 30min or more.

Does that sound right, does amassing USD ultimately limit one's future to a subset of possibilities allowed by regulation?

The absolute easiest way to purchase BTC using USD for beginners would be to use Coinbase.com. That is their whole mantra... "making bitcoin so easy that your mom could do it..."

You basically just sign up, link a bank account, and you are off and running. Much easier than having to learn the ropes of the different exchanges.

cheako__test

newbie

Activity: 4

Merit: 0

For a long time now I've realized that Money, specifically USD, wasn't useful to purchase the things I wanted out of life. I've found it more and more impractical to use as a means of exchange.

Are there simple methods to exchange USD for bitcoin that I'm just ignorant of?

It's been pointed out elsewhere on bitcointalk.org that regulatory systems like KYC and AML make "simple" use of money illegal. I've faced problems with torn bills that are not redeemable and turning paychecks into cash taking 30min or more.

Does that sound right, does amassing USD ultimately limit one's future to a subset of possibilities allowed by regulation?

Topic: Is the USD not useful to purchase bitcoin online for US residents? (Read 894 times)