"withdrawing" as a payment | Bitcointalksearch.org

avatar_kiyoshi

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

I think you want to buy a product of bitmain with your bittrex balance(btc/ltc), isn't? AFAIK you can do that, but you should consider the withdrawal fee from bittrex, it's 0.001 in btc.

Note: I wouldn't recommend you to use exchange as wallet, use a wallet which you can control the private key. And if there are any trouble with your payment, it's hard to get back or may even be your coin in limbo.

Ctn

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That's a bad idea to go with. Exchangers are not meant for sending payments as they have different addresses for for different purposes. If by any chance you send money (which is actually withdraw at exchanger) on unsupported address then you will loose your money. You don't hold private keys on an exchanger so that would be unable to recover as well. Better send it to your own wallet where you hold the private keys for. That's the best way to go with.

Emitdama

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I guess there will be no issue at all as long as you pay exact amount and the money transferred in correct address. And if you mean if the transaction can track? The answer is no because its untraceable transactions.

hello_good_sir

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

They could really care less about where the coins come from. If they are not sending anything back to the same address that you sent the coins with then you will be able to withdraw the bitcoins directly to the merchant's address.

Bitcoin is fungible, which means that you sending 1 btc and you withdrawing 1 btc isn't any different(apart from if you have dirty coins, but since you are using bittrex and a pool you should be alright).

Only downside would be worse privacy for you but since you are buying machines and revealing your address anyways, i don't think it's a huge problem.

crazyivan

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You need to make sure you calculate both transaction and withdraw fees into the amount being withdrawn. Otherwise you ll send less to your payment address and you purchase will not take place.

Good luck.

raymart0720

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Quote from: unholycactus on August 30, 2017, 10:37:38 PM

Using your pool or exchange as a wallet is not a good idea in the first place.
You should keep your coins in a wallet where you control the private keys.

agree risking your account...
you can earn in just exchange it to paper bills or you can save it to your wallet...
except if your site is the same value as you want to sell it

magneto

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

As long as this is not a gambling site of any sort that involves on-chain betting that requires your actual bitcoin address to return the winnings in bitcoin to, then you'd be fine. Also i would not recommend depositing to any potentially illegal sites on the dark web by directly withdrawing from bittrex. Bittrex could easily catch you and suspend your account(which is something that coinbase does a lot).

You'll lose a bit of privacy if you do this direct, but you'd be saving on fees. But there shouldn't be an issue if you are just buying mining equipment.

Immakillya

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Are those marketplaces? If yes, I don't think it's a problem. How they will know the funds came from exchange? You only have to give the txid to the site as a proof of payment. For me they will accept it. Just make sure you already read their rules before buying there. But i know some wallets that are not allow users to send funds that came from a gambling site. But it's different situation tho. Exchanges wallets are clean and good to use. But if you are still hesitant to send funds thru exchange wallet. Then don't do it.

klf

legendary

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Quote from: Salmen on August 31, 2017, 05:01:21 PM

I wouldn't recommend it at all. First, Bittrex and mining pools have usually higher fees than Coinbase and Blockchain, paying 0.001 BTC fee is a waste. Second, these what you've listed is also not very secure and may get hacked or south anytime (see BTC-E, Bitfinex, Mt.Gox etc.). Third, you need to wait some minutes or hours until a transaction gets thru.

What you said is correct. Some people want to reduce the transaction fees for sending to their wallet and again sending exchanges for cashing them or for some other reason. That's why they want to send directly to these exchanges, but that is not a good idea as you mentioned. I'm ready to waste some fee instead losing all my funds so never store my coin in any exchanges.

Pursuer

legendary

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Where is my ring of blades...

your question is unclear but from what others have said I think you are trying to get your altcoin mining reward/payment in your exchange wallet.
in that case if you read the warning that these exchanges give, you can see they are clearly saying "Do NOT miner directly to the address they give you as the wallet". your payment from the pool may be a little different since it is a payment but you are still risking not getting that payment at all and losing the money if the exchange decides not to credit your account.

piloder

legendary

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Don't leave anything in any web wallets or exchange platforms like bittrex because you can lost all you have there without any prior notice. Don't loss your hard earning in that way, you should either use paper wallet or SPV wallets like electrum to store your bitcoin.

Salmen

legendary

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I wouldn't recommend it at all. First, Bittrex and mining pools have usually higher fees than Coinbase and Blockchain, paying 0.001 BTC fee is a waste. Second, these what you've listed is also not very secure and may get hacked or south anytime (see BTC-E, Bitfinex, Mt.Gox etc.). Third, you need to wait some minutes or hours until a transaction gets thru.

reflector

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

There is no issues to send or receive the bitcoin from any bitcoin wallet. If you find any issues for doing it please add up the concern fees amount to transacting it much better.
If you find any issues you can add the image further and explain about it to learn the query and answer.

pawanjain

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

No that won't be a problem and i have done it many times. The payment can be sent anywhere. Most of the times what happens is when we want to buy/deposit an amount of bitcoin to an address/wallet they give us a random deposit address which is used to deposit the amount to your account. The address can be used to deposit the amount to your account until it is valid. So we can deposit the amount to that address from whichever place we want. The amount gets deposited at the right place after sufficient confirmations of the transaction.

SONG GEET

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Quote from: [email protected] on August 30, 2017, 07:11:51 PM

If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

I suggest you to never use your pool or exchange wallet to receive and store your bitcoin. Second part of your question is quite unclear.

Both pools and exchange wallets can get hacked or shut down overnight, any fund associated with those sites will also be gone with them. There are many such examples in past so only use electrum, jaxx like wallets where you will have full control on your bitcoins.

TheCoinFinder

legendary

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No this can't cause you any problems. Either you buy machines paying through bittrex or any other non standard wallet, once a payment arrives into receivers bitcoin address,it can't be retracted back.
Don't you know cryptocoin payments are non reversible?
May be bittrex would not allow you buying goods with its balance but receiver should have no issues wherever you are receiving btc from.

rodskee

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Quote from: unholycactus on August 30, 2017, 10:37:38 PM

Using your pool or exchange as a wallet is not a good idea in the first place.
You should keep your coins in a wallet where you control the private keys.

i agree with you mate that strategy is avoid risk in your account for the security reason, keeping wallet with privatekey is that very secured, always be careful for every transaction to avoid risk of your coins. so you can use your wallet anytime without hassle.

unholycactus

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Using your pool or exchange as a wallet is not a good idea in the first place.
You should keep your coins in a wallet where you control the private keys.

Shova

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Yes, you can as long as your are sending it to correct address.

sylance

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I think you're asking if you can send BTC to a marketplace for a payment? If so there shouldn't be any problems, I've done it for a few things and haven't had any issues. It might be an issues if you ask for any return profits to the same address.

[email protected]

newbie

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If I use my pool or a site like bitrex as a wallet and I "withdraw" my payment to buy machines from bitmain/canaan will this cause any kind of issues?

Topic: "withdrawing" as a payment (Read 625 times)