Topic: Worries: can anyone advise? - page 2. (Read 2309 times)

everything is indeed something difficult for us who definitely haven't figure it out, because if we already know all the stuff about bitcoin will surely understand how will do and find profit in it. Well indeed bitcoin has the possibility to die for, but one of the things that we have to hold fast to it all happened is if there is a problem that cannot be resolved. So, until now this bitcoin didn't do it and in the future that will never happen the problem. because the bitcoin currency a very unique and secure
 

We can inverse in bitcoin ,how much we want so.Their is No limit for that.If you inverse in bitcoin means  you have to spread the knowledge of bitcoin to the son and daughter of yours about the inversement. It's well and good for them.sorry to say this even after you death they can take care of your inversement in bitcoin.

Try buying some from btc machines too. In some if not all countries it is completely anonymous.
Regarding anonymity and exchanges, not sure, but those exchanges allow receiving fiat deposits via third parties, have at look at transferwise. I believe you would transfer fiat to transferwise from your bank and then transferwise to the exchange. Perhaps not completely anonymous but at least you would be able to do it, as, as you say many banks and even money transfer companies have a ban on btc related transfers.

I worry that the exchange may fail and I would lose all my Bitcoin
- You don't have to worry if you are going to use the exchange platform that are trusted and well established like Poloniex, bittrex, and bitcoinwisdom.

I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
- No worries mate, like what I told you get a trusted exchange site then use it, aside from that download Electrum wallet where you can store your bitcoin, just make sure you will save the the seed word and password which you are going to create, its very safe wallet and secured.

I worry that I will lose my Bitcoin wallet due to an Internet problem.
- even your offline, your bitcoin balance in electrum if there is a balance will not be gone in that wallet. Unless, you forget your seed word and password it will be stuck there forever.

I worry that my Bitcoin will be lost if I die.
- of not, it may not be happen unless you tell someone your seed word, private key, or password. But if not, its just there storage in your wallet.

I think you can use coinbase to buy bitcoin with credit card or debit in dollars.  Then you can transfer this to your offline wallet for safety. If you are afraid if you die your bitcoin will be lost then you can review them to your next of kid all information about your investment. Many people has this worry too but the reality is that we most take risks to survived.

Finally i started buying my first Bitcoins. It took more than a year of thinking about it.   

I bought just a few hundred dollars worth of Bitcoins from late June 2017 to mid July.  Frictional costs were huge, maybe 7%. 

Then I discovered some quoted Bitcoin trackers, where I could invest decent amounts via regulated exchanges or reputable counterparties.   I'm happy I did that as I was still not geared up for large transactions with the exchanges.   I got in just before the big leap from $2500 to $4000.

Now I am signed up with two exchanges who have done their DD on me and will accept larger deposits.  I am depositing a few thousand USD a day, converting to Bitcoin and bringing it back to a paper wallet.  I just paid an all-time record price of $4'400.

I don't want to have too much exposure to the exchanges.  It's hard to tell where they are really located, I can't find any annual reports and there are no photos of the board of directors.  I get my money in, exchange it, and bring it back quickly to a paper wallet.

It is Signs You Worry Too Much About Everything

- Invest in the trade as much time and money as you can afford to lose.
- Find themselves interesting parallel hobby with less income

I would counter argue that whilst most people have little to gain from anonymity, the world is full of people with plenty of LEGAL motives to seek anonymity.  In some dangerous countries having any form of liquid wealth can make you a target for thieves, robbers kidnappers, extortionists, police and so on.  Secondly, around the world there is family pressure to keep the wealth under the control of a parent, husband brother, or patriarch.  A woman can not own a bank account in some cultures. 

Many married persons would like to hide some of their money from their spouse.   Maybe it's just for small treats and a little innocent shopping, maybe it's insurance against future divorce, maybe it's to maintain a secret amourous relationship, or maybe to pay for a love child from a previous relationship.

Some people with legitimate wealth are caught up by international sanctions merely because of the passport they carry, the country where they live, the job they hold, the people they know, or are related to, or their proximity Eg cousin or grandchild of a sanctioned Russian politician.

Of course there are less legal reasons to hide some wealth.  Most countries have a wealth tax.  Having a bit "on the side" will no longer be possible as the world's banking system moves towards a CRS.  Some governments are totally corrupt and can seize the assets of their political opponents for no reason.  Hiding assets whilst illegal is the only way to survive for some.

You worry where there is no worries, simply use your money to buy perfect money from any reputable exchanger and you fund your bitcoin account with it and you can easily buy bitcoin, this is applicable to other e-currencies like paypal, payza, okpay etc.

many want anonimity because they don't want to pay unfair taxes, on a thing that probably in the future will be taxed for VAT too, which is ridiculous, for a currency

in my case i can only tolerate the payment on income from trading, if i'm in positive of course..

Let's be honest.. anonymity is a none issue for most people. I am not buying on silk road nor do I have any ideological reasons to stay anonymous (over and above what I already am in the FIAT system).

So while anonymity might have helped bitcoin in the beginning spread to anonymity concerned individuals - as we get out into the general population it becomes more and more a none-issue (with exception of course).

firstly you can't pretend to buy with fully anonimity when you are using your bank account to recieve/send your funds, if you want tuflly anon you need to do small transaction with a stranger in your local area, you can contact someone via localbitcoin or maybe here on bitcointalk

some of your concerns can be fixed easily, for example the exchange concern can be avoided by not letting your bitcoin sit there

internet problem can't make you lose your bitcoin at all...at best you cannot use bitcoin if you have not internet

the last concern can be solved, with a new fuction that could freeze your bitcoin for a certain amount of time, called BIP something, i don't remember now, then the person that you trust the most, can take control over your coins

Depending where you're located and whether you're legit or not, I would advise you to buy your full load piecemeal like others have advocated. Coinbase is my favorite/easy run on the front end and then the next move is up to you.

I understand exactly what OP's concern is.

You are not understanding my answer.

OP is concerned that the bank might close his account or block his transactions if the bank finds out that he is buying bitcoins.

My answer is to buy the bitcoins with cash.  Withdraw cash from the bank.  Then use the cash to buy the bitcoins.

The bank won't know that you are using the cash for buying bitcoins, so your account won't be closed, and they won't be able to block your transactions.

We can say that use bitcoin, your bank won't know what you are using it for. You are not understanding OP's concern. Op is trying to buy a large amount of bitcoin and looking for best anonymous ways of buying it.

I think he is talking about this.


https://bitcointalksearch.org/topic/m.11792222

all your concerns are valid but solvable

I am interested in buying around $100k of Bitcoin.
if you really want to invest that much, do it little by little not all at once

Is the best way to buy in small quantities on an exchange?
yes.

I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
i read that news too. it is European banks and they will report transfer above €1,000

I worry that the exchange may fail and I would lose all my Bitcoin
as i said do it little by little so that you are safe.

I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
you can buy from someone face to face with cash with considering security issues. and use a mixer to achieve the anonymity you want. (localbitcoin.com)

I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
you cal always sell to a person for cash just like you can buy.

I worry that I will lose my Bitcoin wallet due to an Internet problem.
read about how to make a secure wallet, offline (cold) wallet,... and consider hardware wallets like trezor.

I worry that my Bitcoin will be lost if I die.
hmm. you can put your private keys, passwords in your will !

Use cash and your bank won't know what you are using it for.

Thanks to nearly everyone (I exclude Senior Member Russianraibow - who was too quick off the mark to make a judgement without any cause).

Thanks coinableS to recommend I start small.

Hazir thanks for the reassurance on the Internet not failing.

Jeffthebaker and lihuajkl, I noted that such an amount could change the price - I'll buy slowly.

microguy, I don't understand your worry that I can't send Bitcoin without confirmation from someone else.  Can you expand on this?

Thanks to others for the links and advice.

I get the picture, buy slowly, test the reputation of my counterparty, use multiple wallets (good tip from albert11), don't worry about technology failure, back up my user info in several safe places and make sure the info is available to my heirs.

The main worry which is not answered is: do I risk my bank blocking my transactions or closing my account if I buy Bitcoins?  Is there a way to by-pass my bank so they don't know what I am doing?  Could I for example open a special purpose account like a PayPal or Netteller just for Bitcoin transactions?