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95635 No.95635 [Reply] [Original]
Quoted By: >>95640 >>95658

Can someone be a qt and explain how to use bitcoins so I can renew my pass?

>> No.95640
Quoted By: >>95641 >>95648

>>95635
The easiest way is probably to make an account with Coinbase, which allows you to purchase cryptocurrencies on their market and transfer them directly into 4chan's account. This is very fast because it only moves numbers in Coinbase's balance sheets without making any transaction on a blockchain at all (which can take a while, especially with the original Bitcoin network that only validates a block of transactions once every 10 minutes on average). The proxy service passget.site, which has been mentioned several times on /vip/ over the last months, operates on such a (commercial) Coinbase account.

The downside is that Coinbase only lets you purchase crypto in selected countries (North America, most of EU, Singapore, Australia) and has stringent requirements on ID validation (usually all three of phone number, photo ID and proof of address). Sadly this is required because crypto is often used by criminals (and entities such as 4chan) which cannot use traditional financial services, and Coinbase is by far the largest player in that area.
There are several other exchanges in other countries with different grades of validation (maybe even one operated by your bank), your mileage may vary there. With those, it may be required to set up a "wallet" of your own which holds the cryptographic keys to accounts that you can transfer your funds in and out, in case they don't allow you to directly cash out into Coinbase's invoice address. Don't be fooled by complex guides on how to set up a wallet securely in case you want to hold on to crypto as an investment; simple wallets such as Electrum (for Bitcoin) or Electron Cash (for Bitcoin Cash) are fine for just moving small amounts.

I agree even this short explanation is already complicated if you never have dealt with cryptoshit, and it's easy to get defrauded because this alternative system places all the trust and diligence of banks on you.

>> No.95641
Quoted By: >>95643

>>95640
Thank you very much, anon. It seems coinbase it's available in my country (Mexico) so I might try that or if I get too paranoid about giving my home address and pics of me I guess I'll pay another $5 for that other site.
>and it's easy to get defrauded because this alternative system places all the trust and diligence of banks on you.
Could you elaborate a bit on this? Is there any significant danger if I used coinbase just to renew my pass and nothing else?

>> No.95643
Quoted By: >>95644

>>95641
If you only use Coinbase, little can go wrong. The fewer precautions there are, the more likely it is that you will run into issues with other exchanges: Some will not allow you to cash out money from them (if you sell back cryptocurrencies there, you only get “tethers” or “stablecoins” that are meant to be backed by a stable amount of money). There is a long story of exchanges that have suddenly vanished out of existence or become bankrupt because they have been run by the criminal and naive. The most dangerous way of all is probably exchanging cryptocurrencies for cash in person.

Again, this is probably of little relevance to you if you purchase crypto and immediately sell it, given how much prices and fees can fluctuate. It matters to those who are lucky or foolish enough to invest in this.

>> No.95644

>>95643
Thanks, I pretty much don't know anything about how crypto works.

>> No.95648

>>95640
I do not use a commercial coinbase account to run PassGet. Dunno where this info came from

>> No.95658
Quoted By: >>95660

>>95635
Resist!

>> No.95660
Quoted By: >>95739

>>95658
Wish I could

>> No.95739

>>95660
You can do it!



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