Real World Scenario - Question | Bitcointalksearch.org

Meuh6879

legendary

Activity: 1512

Merit: 1012

Quote

So one day I see something epic but they want $220 of btc. They don't take any other form of credit.

I can't just go home as it's a 2 hour round trip and by that time the store will be closed.

How the fuck can I access my bank (on my PC) when I am away from my PC? unless I use the cloud and isn't that a really bad idea?

send BTC to exchange or online wallet (coinbase, blockchain.info) ... in case of vacancy.
if you need, use a "withdraw" sequence to retrieve somes BTC from exchange to phone.

but ... storing BTC is more secure and fast than bank ... on a regular phone.

bitcoin software is not crappy release like usual app (baks app, game app).

i store 2500 USD on my phone with strong password and NIP for spend (android bitcoin wallet from schildbach).

banks are already dead from my point of view.

LFC_Bitcoin

legendary

Activity: 3556

Merit: 9709

#1 VIP Crypto Casino

The scenario explained in the OP is exactly the same as if you left your bank cards & normal wallet at home. It's not just specific to bitcoin. Obviously if you're out & your 50,000 USD worth of bitcoin is on your laptop you're not going to be able to buy something for 200 USD when you only have 100 USD worth of bitcoin on your smart phone bitcoin wallet.

Struggling to see the point of this thread Grin

If you're that concerned print off a few paper wallets with 1 bitcoin on each & stuff them under your spare tyre in your car. That way if you're out and see something you want to buy you can scan the QR code to top up your phone with bitcoin.

Hopalong

member

Activity: 112

Merit: 10

Quote from: Kprawn on July 21, 2015, 01:25:06 AM

Real world comparison :

You walk into the same store, with your credit card or your debit card with withdrawal limits in place. If you exceeded these limits, you are stuffed too... The only difference being, that you are in control on how

high these limits are set, and not your bank. We implement these limits on all these payment methods to reduce the risk of losing huge amounts at any given time.

I would rather have full control over my own limits, than having to go into a bank, standing in a queue and begging for more credit or higher limits. These things will happen, as it does with the other payment

methods, but it's there for a reason... To protect you. Wink

No idea what kind of backwater banks you guys use but im the one who set the credit limit. I do it online from my computer or the phone. Standing in queue? Inside a bank? That is so last century..

I make accounts, transfer money, pay bills, buy currencys or shares without ever having to deal with anyone. Almost as if a where my own bank....

jbrnt

hero member

Activity: 672

Merit: 500

You don't need any extra expensive hardware wallet or perishable paper wallet. Presign a transaction which send a predetermined amount (let's say 1 btc) with above standard fee (say 0.0002 btc) from one of your home wallet address to your mobile wallet address, but do not broadcast it. Keep the transaction text in a password protected text file on your phone. Don't ever use the outputs of that home wallet address unless you are prepared to create another "emergency" transaction.

When you want to buy somrthing expensive on impulse. Open that text file on your phone. Push the transaction online using a pushtx website, funds will arrive in the next 1 or 2 blocks. Simple Wink

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

The problem is not on bitcoin's end, but yours. If you don't bring sufficient balance, you couldn't pay for something that exceeds your budget. Same with fiat. If a steak costs $200 but you only bring $190, you wouldn't avail the steak because you don't have enough money to pay for it.

b-trading

sr. member

Activity: 434

Merit: 250

Why dont you use your mycelium wallet on your phone as a primer wallet with big amount of bitcoin, so you can easily use it if you need it immediately

neoneros

sr. member

Activity: 462

Merit: 250

I can draw your avatar!

Be patient, if more people state this problem and want a sollution, one day someone will find a sollution for this, propably a service like Xapo or any bank like company will take care of most consumer wallets, having your cold and hot wallets or something in between, these companies might provide Bitcoin ATMs all over, where you can acces your 'lukewarm' wallet and put it in your hot wallet.

In the meantime, several people allready have suggested using a remote connection to your home laptop, it is a big security risk, so please be cautious, put the most of your coldstorage in just that, a paper wallet, somewhere safe.

Amph

legendary

Activity: 3248

Merit: 1070

teamviewer? remote connection and you're done, but if your funds ar ein a cold storge or your laptop is not online then this is pointless

this isn't much different than having $100 in your pocket and you need more because you found something interesting on the shop, better to not rise unneeded fud about bitcoin when even fiat has the same problem

Mikestang

legendary

Activity: 1274

Merit: 1000

Use RealVNC, log into your home computer on your phone, send funds from home wallet as if you were sitting at your home computer. That is if you trust a computer with $50,000 on it connected to the internet.

Solution 2: up your carry cash to ~$1000.

notlist3d

legendary

Activity: 1456

Merit: 1000

Quote from: bitcoinbot on July 20, 2015, 06:04:23 PM

I keep my laptop at home and that is where I keep the rest of my funds (some $50,000 worth of btc). Anyway, it doesn't matter if it's on my laptop or on an external flashdrive the point is it's at home.

So one day I see something epic but they want $220 of btc. They don't take any other form of credit.

Keep some in BTC in a hot wallet easy to access. If you a need to buy something "epic" you can buy with that.

On rest of 50k keep it in cold storage. I hope if it's on laptop you are not using it for internet and other things. You should do a lot to secure that much coin.

Possum577

sr. member

Activity: 434

Merit: 250

Loose lips sink sigs!

Use Xapo or Coinbase as your transaction bank. You can feel more secure keeping a bit more money on it (it's not just on your smartphone), like $500-$1000 and use either company's mobile app to facilitate transactions.

Kprawn

legendary

Activity: 1904

Merit: 1074

Real world comparison :

You walk into the same store, with your credit card or your debit card with withdrawal limits in place. If you exceeded these limits, you are stuffed too... The only difference being, that you are in control on how

high these limits are set, and not your bank. We implement these limits on all these payment methods to reduce the risk of losing huge amounts at any given time.

I would rather have full control over my own limits, than having to go into a bank, standing in a queue and begging for more credit or higher limits. These things will happen, as it does with the other payment

methods, but it's there for a reason... To protect you. Wink

Foxpup

legendary

Activity: 4536

Merit: 3188

Vile Vixen and Miss Bitcointalk 2021-2023

Quote from: bitcoinbot on July 20, 2015, 06:04:23 PM

Ok, so I use cash in my wallet but I don't like to keep a lot in there, usually just under $100 or so. I transfer cash weekly to my wallet to top it up.

I keep my safe at home and that is where I keep the rest of my funds (some $50,000 worth of cash). Anyway, it doesn't matter if it's in my safe or under my mattress the point is it's at home.

So one day I see something epic but they want $220 of cash. They don't take any other form of credit.

I can't just go home as it's a 2 hour round trip and by that time the store will be closed.

FTFY. Just tell the store to hold the item for you until tomorrow and come back with more money. Is that so hard?

achow101

staff

Activity: 3458

Merit: 6793

Just writing some code

You could use a remote desktop software and remote into your computer at home to send funds from there to your phone.

You could also carry a few paper wallets or simply keep more Bitcoin on your phone.

subSTRATA

legendary

Activity: 1288

Merit: 1043

:^)

Quote from: unamis76 on July 20, 2015, 06:24:38 PM

You can use a Trezor, or a Bluetooth/NFC enabled cold wallet. Trezor can be setup with Android phones via an OTG cable, and there were/are some wallets being released and some in planning phase that can sign transactions and hold funds via wireless, without keys getting out of the device...

you could have a bluetooth enabled wallet and have it contain a signed transaction (unbroadcast) that would a certain amount of emergency funds that would be sent to your phone's wallet when the transaction is broadcast. correct me if my logic here is wrong, but i think that could work.

yayayo

legendary

Activity: 1806

Merit: 1024

I think your problem is not specific to Bitcoin. If you don't carry sufficient funds with you, you will have to go to a place where sufficient funds are available.

If your concern is only related to storing Bitcoin with mycelium, the simplest solution would be to carry some paper wallets, which you only redeem if necessary.

ya.ya.yo!

unamis76

legendary

Activity: 1512

Merit: 1012

You can use a Trezor, or a Bluetooth/NFC enabled cold wallet. Trezor can be setup with Android phones via an OTG cable, and there were/are some wallets being released and some in planning phase that can sign transactions and hold funds via wireless, without keys getting out of the device...

bitcoinbot

full member

Activity: 357

Merit: 130

Ok, so I use mycelium on my phone but I don't like to keep a lot on there, usually just under $100 or so. I transfer btc weekly to my phone to top it up.
I like to think of my smartphone like my wallet.

I keep my laptop at home and that is where I keep the rest of my funds (some $50,000 worth of btc). Anyway, it doesn't matter if it's on my laptop or on an external flashdrive the point is it's at home.

So one day I see something epic but they want $220 of btc. They don't take any other form of credit.

I can't just go home as it's a 2 hour round trip and by that time the store will be closed.

How the fuck can I access my bank (on my PC) when I am away from my PC? unless I use the cloud and isn't that a really bad idea?

Topic: Real World Scenario - Question (Read 929 times)