Topic: Which Service Solves This Problem (Read 298 times)

Why don't you manage your own channel of OTC instead? That way, you will not need to wait for the funds to go through your account and reach the exchange because if you are an established entity, I think your opposite parties will go for trades where they will lock the trade for some time and wait for you to manage sending them the funds. I know it is not an easy task, but can be achieved if you put in some efforts. This applies to any volume sizes.

I wouldn't recommend waiting for a big dump to buy BTC because you'll face some problems along the way like how to indicate a big dump.

Would a 10% be big enough? If you're waiting for a 50% it can take many years since the cycles often take a long time and we don't know if this cycle will end at 50 or 20 thousand dollars. It's possible that people waiting for a big dump will first watch Bitcoin go to 50 thousand and then crash all the way back to 20, which means they will have to pay more for their Bitcoins after the dump than they would today.

If you want to buy and hold just do it.

If you want to wait holding fiat on exchange is fairly safe because it cannot be hacked out of it. People always steal coins because fiat is easy to track.

Yes, however, Binance US does not support my state.

I was able to resolve the bank issue on my own, turns out what invalid u/pw means in my case was using a non-phone 2FA method at my bank.  I use email as my first 2FA and have the phone as second.  This is because my email is hardware security key protected and not venerable to sim swap attacks.   I temporarily swapped the order and it worked.  You also have to try retry several times to get it to work.  I assume, but do not know, that I can swap it back now, and that the Plaid interaction was only to establish and verify the bank connection.

I also discovered Coinbase has a new feature that my make my thread here irrelevant.  They now allow the immediate use of ACH transfer funds for trading.  You cannot withdraw any of it however for 8 days.

Binance is the solution to the problem when you want to buy BTC quickly. You can take advantage of P2P services and you can pay using bank transfers or other supported payments. But you have to include KYC to be able to use P2P services, but don't worry, Binance is the largest and most secure exchange at the moment. I am a partner of Binance p2p official and I feel the comfort and security of transacting on Binance.

Haven't they responded yet with that problem you are asking them?

IIRC, there weren't that much exchange that are friendly with US residents. There is an option and that's Cash App. Cmiiw. But they are a US friendly exchange AFAIK.

They support bitcoin, haven't you checked it? I don't have much depth knowledge about their fees and stuff but because of the news that I've read about them, I think it's worth to read information about them and see if that's favorable to you.

In order to have time to react in time and buy bitcoin during a significant drop in price, you can use the following trick. You can buy stablecoins in advance for the amount you need, and keep them in your hardware wallet, and when you see that bitcoin is approaching the level you need, you will have to immediately transfer them to your exchange account. That's all, in this scheme you risk nothing.

Best bet would be to just keep some money in stable coins, all the services will have some delay and even on those instant exchanges unfortunate incidents happen, you will be going back-forth to customer support for days or weeks to get your issue resolved.

Everything in the cryptospace is out of trust. When you don't trust exchanges the better choice is to have your USD converted to any of the stable coin and keep hold of it in your own wallet. Immediately when there is drop in the price you can make the buying. If not, Paypal has started the service for buying/selling of bitcoin. It has got the access to hold USD, maybe you're comfortable with their service.

Using bank transfers may also differ from which country you belong, especially here in our country, I can say it is really easy to buy Bitcoin using bank transfers, especially when you are doing some P2P exchanges, but remember this is risky too, but you can guarantee the price is fair, the transaction fee is extremely low. Or if not using P2P, bank transfers to exchange are also possible in just a short period of time in our country, but as I heard in some country it is kinda difficult.

This is really sad fact most of crypto related exchanges very poor in support sometime they give really serious trouble few months back I have to wait nearly 40 days for reply from poloniex you can imagine how they are doing this all so coinbase is also not good in this so you have to do this all with patience hopefully you will have some better result with this all.

USDC is an Ethereum token associated with Coinbase in some way. 

https://www.coinbase.com/usdc

I am having trouble adding a bank account in Coinbase and I don't have to tell yall how unresponsive their support is.  They have two different methods to verify an account and both fail.  The first is a service they hire called Plaid.  It wants your bank login credentials which seems a little invasive.  That says my login/pw is invalid.  The second is traditional, manual approach where they deposit small amounts and have you tell them what amounts there were.  That says it can't work for my account, try other method.  I spend my days waiting on a response to the trouble ticket searching for another exchange to use.

Just want to mention that some stable coins are running on a different chain. For example, USDT is running on Omni, ETH, and Tron. You might want to take a look at those chains and see which one is scalable and reliable most of the time. ETH for example is generally cheaper but when DeFi hype took place transaction fee is higher than Bitcoin (albeit still faster). I suggest not to store your money on stable coins for too long though.

Thanks for mentioning that, I cannot use Binance US in my state.

As for Coinbase, I see I can convert USD to USDC.  Then later use their BTC-USDC market.

Thank you all for the ideas, you have been very helpful.

The US is the country with the most crypto ATMs, and maybe that would be the best solution for you, of course if you have one such ATM near you? On the other hand, I see that you mention large sums of money, and that doesn't really fit into going to an ATM - but again, the question remains, what do you mean by large sums of money, $1000 or $10 000?

Since you are from the US, Coinbase or Binance US are a logical choice because they have existed for a long time and have the trust of users. The problem with Binance US can only be if you are from a state that is not supported (https://support.binance.us/hc/en-us/articles/360046786914-States-That-Binance-US-Does-Not-Currently-Support)

Seems like you are going with my idea. I want to ask you a question, have you ever purchased bitcoin in past using bank transfer? How do you know it will be slow? In India, I can send funds from my bank account to the exchange's bank account using 'mobile banking application' and Indian Rupees balance reflects instantaneously on my exchange' account. I can then use that balance to buy bitcoin and the whole process hardly takes 2-3 minutes.

Coinbase doesn't allow buying facility in India so I have no idea about it. But I guess US exchanges like Coinbase, Kraken, Gemini, etc. also provide same facility and you can buy bitcoin using bank transfer instantaneously as well. However, I am not sure about that.

But in any case, if bank transfer is slow for you, you can surely follow the idea of stablecoin like I advised earlier. You can buy Tether or any other stablecoin on the exchange (I have no idea if Coinbase allows purchase of stablecoin with bank transfer or not) then transfer that to a hardware wallet (you will need either Trezor or Ledger hardware wallet for that).

Yes, sending stablecoin back to exchange is usually fast. For example, currently sending USDT on ethereum blockchain will take 3-4 minutes using $0.36-0.40 fees. You can buy bitcoin with that and send bitcoin back to the hardware wallet.

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Are you sure you can purchase Bitcoin on DEX? I don't see any possible mechanism for that. The maximum you can do is purchase bitcoin-equivalent on other blockchains using DEX. For example, you can buy bitcoin BEP2 on Binance DEX. However, that is not real bitcoin. It will only be available on Binance blockchain and not possible to transfer to other bitcoin address. It is more of a synthetic bitcoin.

You can use debit cards at Coinbase and Bitstamp.

If I understand it correctly. I think you know what you're asking and you have an idea what to do.

This is all what you need to do if you are watching the market as it goes down and you don't want to miss buying cheap bitcoins. Coinbase is good in US and Binance has a Binance.us domain for you to be able to use them.

It isn't literally "upload" but you use the stable coin you have (USDT, Paxos, USDC or any other available stable coin you have) to buy bitcoin.

I assume that you already have downloaded the App for your Trezor and yes, you only have to send it to your hardware wallet (Trezor) for holding/storing.

Yes, the credit card idea was just proposed mechanism to not wait 5 days for a bank transfer.  I would pay the credit card off immediately with the bank funds.  The problem I've seen with that is exchange credit card fees are usually much higher than ACH.  This is a very small percentage of my total investments.  I would leave it there for many years.  Odds are it will keep value better than the USD. 

It sounds like you are trying to play a very dangerous game when buying bitcoin on a credit card. If Bitcoin ever drops a very large amount, there is usually a big reason behind it and you may not even know the full reason at that point. Due to herd mentality, which is very common behavior in people, it is very possible that one big drop would cause downward pressure that may take months or even years to reverse. Are you willing to pay extortionate credit card costs if it kept going down and you didn't want to lose buy selling lower than you bought it for?

I was looking at Binance.  Was there some issue with US customers recently?  I see there is a Binance US now.

It is probably a combination of my ignorance and/or lack of balls, but the peer to peer just looks creepy to me.  I saw BTC prices from 12k to 16K, WTF?

I like the 2nd crypto idea. if I understand it correctly to:

1.  do the slow USD bank transfers to an exchange
2.  buy a stable crypto of some sort
3.  download it to hardware wallet
  (possibly repeat steps 1-3 a number of times to avoid a large single transaction)
4.  When ready to buy BTC, upload stable crypto (I assume this is fast?)
5.  buy BTC and download to hardware wallet.

would Coinbase be good for this? 
 

Why don't you try to go directly to Binance instead?
I'm sure it's a good alternative for Coinbase and they also support yubikey.

Or you might be looking for a fast transaction instead with a debit card? With no KYC?

P2P exchange might your best bet if you are looking for no KYC check this thread for list of p2p exchanges.
- https://bitcointalksearch.org/topic/help-a-list-of-localbitcoin-alternatives-p2p-marketplaces-5224711

If you can do this KYC then surely I will go with localbitcoins.com just check if its working for your country as you can select from many payment methods and very secure escrow service best option for every one.

Thank you all for the ideas.

Just to clarify, I am kind of a paranoid weenie when it comes to large sums of money.  I would prefer more established, secure services even if it cost more in fees and wanted KYC.

I have a Trezor One and Yubikeys if necessary.

(edit)  Forgot to mention I am in the US.

I will go with your advice, but one more comment to make. It will be good for the OP to just make use of Dex that can be found on the noncustodial wallets directly that support no kyc or any other verification. Like, if he is using Trezor, he can make use of binance Dex for the exchange ont the trezor wallet, and on many other noncustodial wallets that support many cryptocurrencies, that support bitcoin and tether, the exchange can be done easily if it support Dex. And, in the process, only mining fee will be charged during the process, and it will not take more than 10 minutes to 20 minutes. Although, this is not good for flexible trading, which he can then follow using no kyc exchange.

If I understood your question correctly then you are looking for the way to purchase BTC quickly whenever you see significant drop, right? Why not purchase USDT or any other stablecoin whose value is pegged to USD with bank transfer beforehand and keep those on your private ETH/TRON/BEP2/OMNI address, whichever chain you choose. Send those back to any Crypto-2-Crypto exchange and buy BTC in few minutes.

Currently we have many better ways to buy bitcoin quickly without storing our money in any exchange you just need www.localcryptos.com  www.remitano.com and www.localbitcoins.com these can solve your problem second and third sites can ask for KYC but first one doing all without any kyc and these all working very quickly and securely.

Imagine you don't want to trade or use crypto as a currency; you just want a long term investment stored in a hardware wallet.

If you want to buy BTC but want to wait until a significant drop which is usually short lived, the problem is that you either need to have a funding mechanism that is very fast or you have to leave a large amount of USD in the exchange wallet for a long time while you wait.

Bank transfers appear to take too long.  Coinbase stopped accepting credit cards and I don't want a debit card.  Bitcoin.com accepts credit cards but I do not know the associated fees.  Bitcoin.com also does not have 2FA.

thanks for any ideas,
fred