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Crypto question
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Crypto question

badhon_rajbadhon_raj Member
edited March 2023 in Help

I don't think this topic guess with LET.
I'm not sure where else to ask.
So asking for help here.

I never owned any crypto currency before.

I need to open an account to receive payment from a client.
Also purchase service from some provider.

Can anyone please suggest where I should open my account/wallet?

Can it be anonymous/privacy oriented?
Also can I withdraw/transfer as USD to my bank?

I'm pretty noob at this.
So please help.

Thanks.

Comments

  • Depends on the coin that you're going to receive, but I use Exodus as it has support for a lot of networks. As for transferring USD to your bank, your best bet is a centralized exchange like Coinbase.

    Thanked by 1badhon_raj
  • YmpkerYmpker Member
    edited March 2023

    Is that one client worth the hassle, though? Not that it's a big deal, but if you've never had anything to do with crypto before doing this for just one client seems a bit tedious. Even more so, if you quickly want to cash out.

    Coinbase is probably easy enough.

    Thanked by 1badhon_raj
  • Binance operates worldwide and is the best for transactions.

    Thanked by 1badhon_raj
  • @Ympker said:
    Is that one client worth the hassle, though? Not that it's a big deal, but if you've never had anything to do with crypto before doing this for just one client seems a bit tedious. Even more so, if you quickly want to cash out.

    Coinbase is probably easy enough.

    I've been wanting to have some balance to buy stuff.
    Since this client wants to pay me in crypto, I thought this was my chance to open an account and have some balance.

  • @MooCowGalaxy said:
    Depends on the coin that you're going to receive, but I use Exodus as it has support for a lot of networks. As for transferring USD to your bank, your best bet is a centralized exchange like Coinbase.

    Bitcoin

  • @badhon_raj as your username suggests you are an Indian. So I would recommend you to use wazirx so you can withdraw in INR into your bank which helps you to avoid multiple fees like wire and currency conversion etc.

    But then you said you also need to be anonymous so you can't do that with wazirx as you have to submit kyc.

    But I think if you run a legitimate business or work you should consider wazirx to avoid any issues and to have smooth transactions

  • ManishPantManishPant Member, Host Rep

    @BingoBongo said:
    @badhon_raj as your username suggests you are an Indian. So I would recommend you to use wazirx so you can withdraw in INR into your bank which helps you to avoid multiple fees like wire and currency conversion etc.

    But then you said you also need to be anonymous so you can't do that with wazirx as you have to submit kyc.

    But I think if you run a legitimate business or work you should consider wazirx to avoid any issues and to have smooth transactions

    IIRC even if you trade or like to receive bitcoin payment using coinbase , binance or use crypto payment gateway like coingate , bitpay they will do the KYC . So likely there is no chance of getting privacy.

  • MannDudeMannDude Host Rep, Veteran
    edited March 2023

    If it's just one client and you don't want to deal with exchanges, no reason why you can't just accept payment direct to a software wallet.

    Crypto is a currency, can spend it as such. Your upstream providers may accept it as payment, so really no need to convert to a fiat currency if you can just spend it like money. If you can use it to cover some operational costs, then you're not spending fiat on bills so it sort of evens out in the end.

    Forget the middle man and third parties that want your private details and a fee. Just handle payments direct.

    Thanked by 1badhon_raj
  • @BingoBongo said:
    @badhon_raj as your username suggests you are an Indian.

    I'm not. :wink:
    I understand that the "raj" part of my username matches with a popular indian name.
    I heard that before :D

    @MannDude said:
    If it's just one client and you don't want to deal with exchanges, no reason why you can't just accept payment direct to a software wallet.

    Crypto is a currency, can spend it as such. Your upstream providers may accept it as payment, so really no need to convert to a fiat currency if you can just spend it like money. If you can use it to cover some operational costs, then you're not spending fiat on bills so it sort of evens out in the end.

    Forget the middle man and third parties that want your private details and a fee. Just handle payments direct.

    Thanks!!! You are right.
    Since this is just one client I won't be getting a lot of balance.
    I can find some usage for that amount.
    was considering withdrawal options as a backup.
    But if that ties me with the wallet/provider then it'll be a 100% No go.

    Now the question remains. What is a software wallet and where do I get one? :|
    Isn't it same as binance/coinbase etc?

  • MannDudeMannDude Host Rep, Veteran

    @badhon_raj said:

    @BingoBongo said:
    @badhon_raj as your username suggests you are an Indian.

    I'm not. :wink:
    I understand that the "raj" part of my username matches with a popular indian name.
    I heard that before :D

    @MannDude said:
    If it's just one client and you don't want to deal with exchanges, no reason why you can't just accept payment direct to a software wallet.

    Crypto is a currency, can spend it as such. Your upstream providers may accept it as payment, so really no need to convert to a fiat currency if you can just spend it like money. If you can use it to cover some operational costs, then you're not spending fiat on bills so it sort of evens out in the end.

    Forget the middle man and third parties that want your private details and a fee. Just handle payments direct.

    Thanks!!! You are right.
    Since this is just one client I won't be getting a lot of balance.
    I can find some usage for that amount.
    was considering withdrawal options as a backup.
    But if that ties me with the wallet/provider then it'll be a 100% No go.

    Now the question remains. What is a software wallet and where do I get one? :|
    Isn't it same as binance/coinbase etc?

    If you're just wanting to accept BitCoin, see: https://bitcoin.org/en/choose-your-wallet

    You can just download the wallet of your choice and send your client your wallet address. They can then pay you from their wallet directly. Then you can use that to pay some bills if your upstream(s) accept crypto and just forget about trying to convert to fiat which is going to be a pain in the ass, require a fee, and may not be worth it, especially if it's just a small amount.

    Over the years exchanges and over-regulation has taken some of the joy out of crypto. You can just do business direct with your clients and your upstreams and leave the middle man out of it.

    Thanked by 1badhon_raj
  • @MannDude said:
    If you're just wanting to accept BitCoin, see: https://bitcoin.org/en/choose-your-wallet

    Thanks a lot.

    If you don't mind, I'll ask a few more questions.

    -- from the wizard above, It came down to Bitcoin Knots and Bitcoin core.
    in the Bitcoin Knots download page, it shows some warning, so was worried if it is alright to use it.

    -- also, do I need to keep this running all the time? It says it needs a lot Disk/RAM.
    -- it says I can backup my coins elsewhere.
    Can I use those backed up coin with any client?

    -- can the transactions, or in general crypto currency transaction be assigned to my IP?

    -- I understand I won't be able to withdraw/convert to fiat from this wallet. However, I'll be able to pay to any provider who accepts bitcoin, right?

    -- possession of crypto currency is not legal in our country. So I want to
    a. install wallet
    b. restore backup
    c. do transactions
    d. backup
    e. remove software and any trace of it from my pc.

    Is this possible?

    Sorry for asking so many questions.
    As I said earlier, I'm new to this.

    Thanks a lot!

  • @badhon_raj said: -- from the wizard above, It came down to Bitcoin Knots and Bitcoin core.

    Just use Electrum. Make sure to verify the GPG signature of the Electrum executable.

    @badhon_raj said: -- also, do I need to keep this running all the time? It says it needs a lot Disk/RAM.

    With Electrum, you aren't running a full node. It doesn't need to be kept online 24*7.

    @badhon_raj said: -- can the transactions, or in general crypto currency transaction be assigned to my IP?

    If you're sending then yes, your IP is logged on some server, depends on which server the bitcoin client (Electrum) connects. If receiving then no.

    @badhon_raj said: -- I understand I won't be able to withdraw/convert to fiat from this wallet. However, I'll be able to pay to any provider who accepts bitcoin, right?

    Right.

    @badhon_raj said: -- possession of crypto currency is not legal in our country. So I want to
    a. install wallet
    b. restore backup
    c. do transactions
    d. backup
    e. remove software and any trace of it from my pc.

    When creating a new wallet, Electrum (or any client) will generate a seed phrase for you. Just securely store the seed phrase. The entire wallet and the transactions can be recreated from the seed phrase. The wallet in itself need not be saved but you can.

    Thanked by 1badhon_raj
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