Worry not buy from coinbase
Place The order 15$ above Market price
and you are sure to get all in one shot
Buy a trezor or any hardware wallet
store your bitcoin
Print the encrypted private key in papers and pendrive
put it in locker
and say the decryption password to your close one
Topic: Worries: can anyone advise? (Read 2321 times)
I am the opening poster (OP）from two years ago and would like thank everyone for the brilliant advice on how to address my worries. Below are some replies to your comments. Firstly, in 2017, I see bitcoin as way safer than in 2015. There are far more ways to buy, hold, or trade bitcoins than 2015. It is seen as way more acceptable in 2017 to own bitcoins than 2015.
- That's a huge amount of money so I would strongly recommend you to spend at least a week for research before taking any decision.
- answer: Spent two years, not a week.
- I am not sure if they allow overseas investors or not but in my country, a Bitcoin exchange named Unocoin allows us to place the systematic purchase orders, it means if we put $100 (INR) in our Unocoin account and place order of SIP $1/day then Bitcoins worth $1 will be automatically purchased and transferred to our Bitcoin wallet every day at the rate of that particular day. I am not sure which international exchange has such feature.
Answer:
I am now buying regularly through multiple exchanges, machines, credit cards, person to person and through regulated and quoted ETFs and tracker funds, and bitcoin notes issued by reputable banks and held in custody by banks.
- Yes, thus check with your bank and follow the regulations. There is no point in arguing on the pre-defined rules and regulatiuons unless you are a politician.
Answer: All my banks now accept that i am investing in bitcoin. My main bankers are great fans and are buy9ng bitcoins themselves.
- That's why it is recommended to store all of the Bitcoins in cold storage like hardware wallets or securely generated paper wallets.
Answer: I store all bitcoins on paper in cold storage in several locations, underground bank safes.
- Exactly so buy smaller amount with a frequent interval of time instead of buying lump-sum.
- Answer: For larger size i am doing trackerfunds on which my bank charges a custody fee. For exchanges, no more than a few thousand dollars at a time.
- It's about legal regulations and everything is in grey area at the moment in most of the countries so yes, there is risk associated with it.
- Answer. There are so many people interested, and so many exchanges, that I reckon there will always be a place i can sell them.
- That's why you should learn more about security precautions while maintaining cold storage and real time backup of it.
- Yes if you keep it a secret from everyone and that's why you should always train your legal heirs to use Bitcoins. Especially how to retrieve Bitcoins from cold storage etc.
- Great, crypto market is wild and it loves investors like you.
- Hope it helps
I am interested in buying around $100k of Bitcoin.
- That's a huge amount of money so I would strongly recommend you to spend at least a week for research before taking any decision.
- answer: Spent two years, not a week.
Is the best way to buy in small quantities on an exchange?
- I am not sure if they allow overseas investors or not but in my country, a Bitcoin exchange named Unocoin allows us to place the systematic purchase orders, it means if we put $100 (INR) in our Unocoin account and place order of SIP $1/day then Bitcoins worth $1 will be automatically purchased and transferred to our Bitcoin wallet every day at the rate of that particular day. I am not sure which international exchange has such feature.
Answer:
I am now buying regularly through multiple exchanges, machines, credit cards, person to person and through regulated and quoted ETFs and tracker funds, and bitcoin notes issued by reputable banks and held in custody by banks.
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
- Yes, thus check with your bank and follow the regulations. There is no point in arguing on the pre-defined rules and regulatiuons unless you are a politician.
Answer: All my banks now accept that i am investing in bitcoin. My main bankers are great fans and are buy9ng bitcoins themselves.
I worry that the exchange may fail and I would lose all my Bitcoin
- That's why it is recommended to store all of the Bitcoins in cold storage like hardware wallets or securely generated paper wallets.
Answer: I store all bitcoins on paper in cold storage in several locations, underground bank safes.
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.
- Exactly so buy smaller amount with a frequent interval of time instead of buying lump-sum.
- Answer: For larger size i am doing trackerfunds on which my bank charges a custody fee. For exchanges, no more than a few thousand dollars at a time.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
- It's about legal regulations and everything is in grey area at the moment in most of the countries so yes, there is risk associated with it.
- Answer. There are so many people interested, and so many exchanges, that I reckon there will always be a place i can sell them.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
- That's why you should learn more about security precautions while maintaining cold storage and real time backup of it.
I worry that my Bitcoin will be lost if I die.
- Yes if you keep it a secret from everyone and that's why you should always train your legal heirs to use Bitcoins. Especially how to retrieve Bitcoins from cold storage etc.
By the way I have no worries about price changes. I can take the financial loss if there is one.
- Great, crypto market is wild and it loves investors like you.
Please tell me if there are solutions to these problems.
- Hope it helps
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I think is will better if you use the meet up section on this forum to search for a seller or you can look for a seller through localbitcoin. Besides, putting $100K into is a wise decision because it will bring you a good return in the year 2020 but it require a conc secure wallet address.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
I worry that Bitcoins anonymity is not going to work, after all, my bank will know that I transferred funds to a particular BTC exchange, or to a block chain account.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Wow! You know how much is that 100k$ in my coutry it equivalent of 5Millions here is a huge a amount dude. So my advice to you is if you have any knowledge in technical terms here in this industry use 20, 000$ to buy a bitcoin mining rig/mining equipment for you to have daily bitcoin profit. Especially if your palce is a cold area that will be good, then the rest of your capital invest them into bitcoin, and some altcoins that are potential and legit and always in top 20 listed in the coinmarketcap.
You can use localbitcoins.com to buy bitcoins there.If you have a problem in transfering money from banks for buying bitcoins so that you fear that your transactions could be traced,then you could even indivially buy bitcoins from sellers by paying cash as that opion is also available in localbitcoins.com.There are lots of sellers there who accept cash payment directly for selling bitcoins.I think that you are a little bit scared about just zooming about some issues which may be faced in bitcoins.But remember that there are thousands of people who have already bought bitcoins and enjoying financial freedom as well as huge profits.Good luck and warm welcome to the bitcoin community.
Edit: I'm sorry.This post was posted in 2015 and so i think,by this time,you would have been enjoying benefits of bitcoin.
Edit: I'm sorry.This post was posted in 2015 and so i think,by this time,you would have been enjoying benefits of bitcoin.
I suggest you check your country law about crypto. If the law allows you to buy crypto then it should be fine. Try searching in local bitcoin, you might find local individuals selling bitcoin and you need not transfer fund to BTC exchange. Same thing, you can sell your bitcoin to local buyers when you decide to sell.
You are right to say if the exchange fail and you will lost your Bitcoin. That is why you should keep your Bitcoin in a wallet that you control totally (private key is kept by you and only you know what is the private key). I suggest you keep the $100,000 in a hardware wallet (Ledger or Trezor wallet).
And no, you do not lose your Bitcoin if there is an internet problem except scams. Do not give your private keys to others.
You are right to say if the exchange fail and you will lost your Bitcoin. That is why you should keep your Bitcoin in a wallet that you control totally (private key is kept by you and only you know what is the private key). I suggest you keep the $100,000 in a hardware wallet (Ledger or Trezor wallet).
And no, you do not lose your Bitcoin if there is an internet problem except scams. Do not give your private keys to others.
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.
It's silly to say that the OP does not need to worry. That is a huge sum of money, which means he is risking his fortune. These investments can have serious consequences. Care is needed.
I think that coinbase does allow users to buy a big amount of bitcoin at a time. Moreover, I believe that some local exchange allow people to buy a huge amount bitcoin from retail sellers. In my place, people use remitano to buy bitcoin and you can buy seperate amount of bitcoin from different people
I am interested in buying around $100k of Bitcoin.
- That's a huge amount of money so I would strongly recommend you to spend at least a week for research before taking any decision.
Is the best way to buy in small quantities on an exchange?
- I am not sure if they allow overseas investors or not but in my country, a Bitcoin exchange named Unocoin allows us to place the systematic purchase orders, it means if we put $100 (INR) in our Unocoin account and place order of SIP $1/day then Bitcoins worth $1 will be automatically purchased and transferred to our Bitcoin wallet every day at the rate of that particular day. I am not sure which international exchange has such feature.
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
- Yes, thus check with your bank and follow the regulations. There is no point in arguing on the pre-defined rules and regulatiuons unless you are a politician.
I worry that the exchange may fail and I would lose all my Bitcoin
- That's why it is recommended to store all of the Bitcoins in cold storage like hardware wallets or securely generated paper wallets.
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.
- Exactly so buy smaller amount with a frequent interval of time instead of buying lump-sum.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
- It's about legal regulations and everything is in grey area at the moment in most of the countries so yes, there is risk associated with it.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
- That's why you should learn more about security precautions while maintaining cold storage and real time backup of it.
I worry that my Bitcoin will be lost if I die.
- Yes if you keep it a secret from everyone and that's why you should always train your legal heirs to use Bitcoins. Especially how to retrieve Bitcoins from cold storage etc.
By the way I have no worries about price changes. I can take the financial loss if there is one.
- Great, crypto market is wild and it loves investors like you.
Please tell me if there are solutions to these problems.
- Hope it helps
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.
It's silly to say that the OP does not need to worry. That is a huge sum of money, which means he is risking his fortune. These investments can have serious consequences. Care is needed.
I'm usually trade with my local currency , of course you need identity in order to withdraw your money
Just make sure that you're trade on what you can afford to loss and prepare for lossing rather than winning since it's will make your mental , better
Just make sure that you're trade on what you can afford to loss and prepare for lossing rather than winning since it's will make your mental , better
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.
It's silly to say that the OP does not need to worry. That is a huge sum of money, which means he is risking his fortune. These investments can have serious consequences. Care is needed. 
You can possibly buy on small quantities on exchanges on which you should make a transaction without exceeding on daily limit because once you exceed they would already require you some documents which would really expose your identity.As being suggested by some legendary members here you can purchase 10k in a week or 1k on daily basis and do this thing for several weeks.
Oh dear, that is a lot of worries, maybe you should not overthink stuff so much?
Buy in small bits off exchange when you can and see chances, build up that way. Make sure the wallet is secure and BACKED UP, also export the private keys from the console.
And don't worry be happy..
https://youtu.be/d-diB65scQU
Buy in small bits off exchange when you can and see chances, build up that way. Make sure the wallet is secure and BACKED UP, also export the private keys from the console.
And don't worry be happy..
https://youtu.be/d-diB65scQU
You can start small here by joining signature campaigns, you never need to invest a lot of money and start trading it all. Trading is very risky, You need to study a lot of things like currency and the graphs then the predictions of different users here. My suggestion is try to read more about the experience of different traders here in the forums. After that when you already know much then i think thats the best time to all in.
What is the best wallet option if OP is investing as much as $100K?
For large amounts of Bitcoin ALWAYS use cold storage wallets like a paper wallet or a hardware wallet.
Regarding the OP question, Yes, I agree that worry is a part of human nature, but if you keep yourself pre-occupied yourself of too much worries, then you can't make a decent decision in life. The risk is already present in trading or any other investment. That is why people that succeeded in life mostly take the risk, they are willing to do it to reach their goal. So if you have too much worries about losing your money, then don't involved yourself in crypto's. The volatility and price swings will cause a lot of worries for you everyday.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
worry is part of human feeling that warn us to be careful about an action that we are about to take. Investment is a risk and you most accept this fact in other to understand what you about to enter as a traders. My advise for you is to stop investing in cryptocurrency if you think it is too risky for you. You may lose your money if you keep thinking that if you invest the money will be lost. Offline and online Wallet is not hundred percent safe . So you most be a risk taker for you to invest in cryptocurrency! Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Don't invest/ trade too much, when something going wrong it will kill you slowly. Try to buy bitcoin from local exchanges or trusted friends, it's easy to do. Too much worry make me suggested don't trading/ investment with btc. How can people do something when always worry? everything has risk and you must face it. First, understand the risk before doing something. Second, try to get knowledge. Third, test your strategy and fix your mistakes on real market. Do that and I believe your worries in not worth. Have a nice day.
What is the best wallet option if OP is investing as much as $100K?
If you are worried (and it's quite all right to be preoccupied about things like that) - then don't invest all the 100 K at once. Experiment with a smaller sum in order to allay your anxiety. Good luck!
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.
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
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.
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.
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 am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
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.
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
- Find themselves interesting parallel hobby with less income
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).
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).
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.
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).
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).
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).
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
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.
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?
Use cash and your bank won't know what you are using it for.
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.
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?
Use cash and your bank won't know what you are using it for.
If you want to worry about something, worry about the fact that bitcoin core can't send an alert without the consent of a third party.
Your remaining worries are tiny in comparison.
Your remaining worries are tiny in comparison.
microguy, I don't understand your worry that I can't send Bitcoin without confirmation from someone else. Can you expand on this?
I think he is talking about this.
Quote
Bitcoin’s core development team noticed the situation early and was able to track down a living alert key holder. An alert key is a secret key that allows its owner to broadcast security alerts and update notices to every bitcoin client.
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 !
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 !
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?
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?
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?
I'd suggest that you buy $20 or $100 or whatever you are comfortable losing and start to play around with it and learn how it works. Try out some different wallets, try making transactions, creating new keys, etc. Once you understand everything better and you have a solid grasp on proper key management then you can go big and keep all the coins yourself so you won't have to worry about any exchange failing.
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I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
Future Bitcoin regulations are always a problem. But I don't think that government would go as far as to block bitcoin of ensue some regulations so severe that you lost access to your coins.
Quote
I worry that I will lose my Bitcoin wallet due to an Internet problem.
Imagine this - if internet fails - I mean, totally fail - whole internet will die. Then yes, you probably lose your coins. But I doubt that will happen, unless there will be some crisis like nuclear war or something.
But again I don't think you would care about your coins anymore if that happen. So don't worry, it is not possible for internet to fail.
Quote
I worry that my Bitcoin will be lost if I die.
And you are perfectly fine with money you lose after you die? It is the same thing. Just give access to your private key/wallet to someone you trust. Thats it.
Don't invest 100k all at once. It's best to spend a portion of your investment funds once a week, and with that large of an amount, you will have trouble investing all at once anyways. Instead, purchase 10k worth of BTC once a week for the next 10 weeks, or 1-2k worth of BTC daily. It will be cheaper and safer this way.
This is a good strategy for you! If you go to exchange, you buying pressure will push up the price a lot. You buy a bit from time to time when the price is staying at the lower range. Check this one as well. http://www.reddit.com/r/Bitcoin/comments/2q6hm0/where_to_buy_bitcoin_in_large_amounts/
With that amount of cash im sure you could get a bitcoin broker to setup a private deal for you, have a look at this http://www.coindesk.com/bitcoin-brokers-trade-millions-without-exchange/, you will pay a % of course base on the buy is how they make their money.
well if u dont trust banks then go for local traders..ofcourse one trader will not pay u btc for 100k so u have to exchange it part by part and store it in a paper wallet..and whenever u want to earn just take ur coin from the paper wallet and after some profit send them back to ur paper wallet
You can use localbitcoins, make sure to chose a reputable trader. Also i 'd advise not buying $100k in one shot, you can buy $10k - wait for bitcoin to be released, then $10k again and repeat the same process until you reach $100k. On localbitcoins if you stay in escrow and make sure that you have proof of payment then you can't get scammed.
Then send your bitcoin from localbitcoins to paper wallets ( bitaddress.org), i would recommand creating at least 10 wallets and send 10k on each wallet, keep multiple copy of private keys in a safe place, you can give copy to someone you trust in case you die.
You will not have trouble getting your bitcoin back if you hold the private keys regardless of regulation.
Then send your bitcoin from localbitcoins to paper wallets ( bitaddress.org), i would recommand creating at least 10 wallets and send 10k on each wallet, keep multiple copy of private keys in a safe place, you can give copy to someone you trust in case you die.
You will not have trouble getting your bitcoin back if you hold the private keys regardless of regulation.
If you want to worry about something, worry about the fact that bitcoin core can't send an alert without the consent of a third party.
Your remaining worries are tiny in comparison.
Your remaining worries are tiny in comparison.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
You are just building a new account which will be sold at Digital Goods section @ $1-$2.
Please keep your $100k stories elsewhere. We have enough of this.
If you make one more post like this, I'll report you to BadBear.
Don't invest 100k all at once. It's best to spend a portion of your investment funds once a week, and with that large of an amount, you will have trouble investing all at once anyways. Instead, purchase 10k worth of BTC once a week for the next 10 weeks, or 1-2k worth of BTC daily. It will be cheaper and safer this way.
Many of those are valid concerns.
Which is why blockchain technology still has quite a long way to go before ordinary people can just move money into bitcoin worryfree.
For example, some people argue that btc can help the unbanked in the third world. The ones at the bottom of the pyramid. The ones with 10 people living in a hut made from coca cola cans. So how will they keep their paper wallets safe? Frankly btc is pretty far from having reasonable security measures in place - but once that gets solves... yes, then it will be a great leap in terms of the history of money. But we are far from there yet and security issues is currently the main issue.
However, some of your concerns however are unlikely to happen or can be remedied if you are careful. But - it is not like putting money in a Citibank account in terms of security. Yet.
Which is why blockchain technology still has quite a long way to go before ordinary people can just move money into bitcoin worryfree.
For example, some people argue that btc can help the unbanked in the third world. The ones at the bottom of the pyramid. The ones with 10 people living in a hut made from coca cola cans. So how will they keep their paper wallets safe? Frankly btc is pretty far from having reasonable security measures in place - but once that gets solves... yes, then it will be a great leap in terms of the history of money. But we are far from there yet and security issues is currently the main issue.
However, some of your concerns however are unlikely to happen or can be remedied if you are careful. But - it is not like putting money in a Citibank account in terms of security. Yet.
I am interested in buying around $100k of Bitcoin.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
Is the best way to buy in small quantities on an exchange?
I read that some banks won't let you transfer money to a BTC exchange, and worse, may close your account.
I worry that the exchange may fail and I would lose all my Bitcoin
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.
I worry that if I manage to get money into Bitcoin, I may have trouble getting it back due to financial regulations.
I worry that I will lose my Bitcoin wallet due to an Internet problem.
I worry that my Bitcoin will be lost if I die.
By the way I have no worries about price changes. I can take the financial loss if there is one.
Please tell me if there are solutions to these problems.
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