Bitcoin Issues
I’ve had issues with my bank choosing to decline bitcoin transactions in the past but I’ve spoken with them and got them to stop declining my purchases. However, the vendors are now declining my purchases. Like…all the vendors. Simplex, Mercuryo, Ramp, and even Cash App are all declining my purchases and Ive even tried using multiple cards. I have the funds and these cards have worked just fine in the past. They all cite “security issues” but won’t tell me why or how I can overcome these hurdles. Coinbase had a ridiculously low spending limit of $100 per day which instantly turned into $5 per week after I got $100 after setting up my account.
Is anyone else having issues with vendors suddenly and mysteriously denying transactions due to “security” concerns? I’m trying to get some stuff that has been unavailable for a long time and if I can’t get bitcoin soon I’m gonna be screwed.
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NEVER EVER buy bitcoin on an exchange and send/receive it directly to an unknown wallet with the potential to be flagged for "suspicious activity". Your activity has become suspicious.
Buy your crypto and transfer it to a self-custody wallet, (e.g., Electrum, Trezor, Ledger, etc.)
All your transactions should be done from your self-custody wallet.
Buying crypto with a credit card is also highly restricted due to the volatility risk.
Set up an account with Gemini and Coinbase. Link your bank accounts, make ACH transfers of dollars to the exchange, and convert them to USDC or GUSD.
Coinbase pays 4.5% staking interest for USDC, so why not set up a monthly auto deposit on Coinbase rather than let your disposable income depreciate in a bank account paying only .01% interest?
Use the USDC to buy BTC and then send it to YOUR self-custody wallet (always generate a new receive/send address for every transaction to/from that wallet).
I understood about 2/3rds of what you just said but it sounds like a good option. I got Cash App to link to my bank account and I was able to get enough bitcoin to get what I needed for now.
However, my transactions are still being flagged with cash app so I’m calling customer service and my bank tomorrow to see if I can get them to play nicely.
I’ll still be looking into getting your method to work because it sounds like a smart way to do things.
Thanks for the input!!!
Cash App has your personal data; they know the Cash App wallet is yours. They can see all your transactions. They know where you are sending your bitcoin. And, if you're sending your money to a flagged wallet... they have a good idea what you're up to. This is true for ANY wallet that is OWNED by a 3rd party.
A bitcoiners adage is, "Not your wallet, not your coin." Meaning, they control your money and can seize it anytime they want.
The wallets you send to can be seen by everyone looking at the blockchain. Those wallets are being watched by LE looking for underground activity such as drug purchases and money laundering. These wallets get flagged by agencies like Chainalysis, FINCEN, and the FCA in the EU. Banks and crypto exchanges blacklist these wallets.
By setting up your own self-custody wallet (like keeping your money in a home safe rather than in the bank), the transactions you make from your self-custody wallet are like spending cash. Banks and exchanges are not required to "follow the money," as it were, beyond the first hop. (which would be your wallet)
Below is a link to a bubble map to show linked activity and an interesting YouTube explanation of what you're looking at.
https://app.bubblemaps.io/bsc/token/0x7d814b9ed370ec0a502edc3267393bf62d...
https://www.youtube.com/watch?v=AnRJ_S3wdqE&ab_channel=CryptoSlo
Could I set up a self-custody wallet via Electrum, Trevor, or Ledger and continue to buy my bitcoin via cash app and just transfer my cash app bitcoin to my self custody wallet and then make my online purchases from that wallet?
Also, thanks for the info. I had no idea and you have some great insight, @Greg.
That is correct.
On one hand I’m relieved to know a safer and more secure way of conducting bitcoin transactions. On the other I’m now super paranoid to know I’ve been doing it so transparently.
Thank you so much for taking the time to teach me safer ways of conducting bitcoin transactions, @Greg!!!
Thank you, advice I did not know.
Always learning…
Absolutely right, I always buy on Coinbase, and send it to my self custody wallet to pay for things. Haven't had an issue for 2 years, and the last "issue" i had was a 5 day hold on when I could send my recently purchased crypto to another wallet. Simple fix was to just buy some in advance and hold it a bit. Just buy a couple hundred worth of BTC on market dips and stock pile it so when you go to make purchases you have some ready.
anvilCrap exodus has way higher staking on some, no account info, auto generates wallet addresses so you never use the same one twice.
All self-custody wallets auto-generate new addresses, but that doesn't stop you from reusing old ones.
I highly doubt that buying, selling, and staking through the wallet app are not in partnership with a 3rd party exchange and do not require AML and KYC info.
Ledger and Trezor desktop apps have the same thing. The issue I have with those features is the trustworthiness of the 3rd party. Every exchange that has offered too-good-to-be-true returns has failed.
anvilIf you are in USA , some states make it so you cannot buy said items, there is no notification but some Apps will just say decline or denied but it because they can not longer do transactions in your state. Also it is illegal for them to allow you to use a VPN. I do have a work around but since this entire topic is against forum rules you will need to PM me out it. We do not mention payment types in the open forum.
I ran into this problem recently as well. I got coin with no issue one day and then next time it was denied and I’ve yet to figure out how to get more.
Not BTC, but I did have another method not work with two different banks. All I got was a “your transaction could not be completed at this time” message.
Have you tried talking to Cash App’s customer service?
I’ve used their chat feature but they just sent me a phone number to call. I’m going to call them tomorrow and see what they can do to fix this issue.
I wouldn’t go too far with that.
With cash app or their customer service specifically?