buying/selling PMs with crypto

[Ryan]

Hi all,

Has anyone ever bought or sold PMs (or anything else) via crypto? Specifically between two private individuals as apposed to a business that accepts crypto. 

If so, what is the best way to do it? Just send crypto to a specified wallet? Or are there platforms to do so? and if so, what would you recommend.

Any other advice, insights or experiences would be greatly appreciated.

Thanks

[Coverte]

It may depent to some extent on how and where you store your own crypto.

I use a cold storage device but don't use crypto to buy anything.

[Ryan]

I use cold storage too - but wouldn't want to send funds directly from there as the recipient presumably could see the balance etc.

Do people use 'burner wallets' for sending/receiving?

 

[stackerp5]

Hi Ryan, I've done crypto purchases and sales on the forum.

I just pay or get paid before posting as normal, as would happen with a bank transfer.

I've done two things in the past:

1. Use a crypto conversion system. I wanted to be paid in THETA or THETA FUEL and the buyer was paying in USDT, so I used https://simpleswap.io to exchange buyer's USDT for the crypto I wanted. I input my receiving address and sent the buyer the exchange address. Once the exchange had been confirmed the Theta/Tfuel were sent to my wallet.
   1. These services charge fees and are normally a bit expensive for low amounts, and any fees have to be factored into the price. There are other websites such as https://changeangel.io which are reliable and I've used before. This prevents you disclosing your main address to another private individual, instead its a third party that doesn't know anything on who's sending, receiving the crypto exchange.
2. In another occasion is I used a disposable (single-use) mobile crypto wallet (BitCoin Wallet on Android) to receive BitCoin payments to different addresses. You can receive more than one payment to the same wallet but it sort of defeats the purpose of privacy. This way, unlike method 1, is cheaper since you don't have to exchange the tokens.

If you have a https://binance.com account, you don't have to verify it (I didn't, as there's no need, only to get larger withdrawal limits). If you get paid in LiteCoin (which I recommend more than bitcoin due to significantly lower cost and faster transactions), you then transfer the litecoin to your Binance account, exchange it for the asset you'd like and withdraw from the exchange. 

If you'd like to store crypto, store off the exchange. Look into getting yourself a cold wallet. Popular ones are the Ledger Nano (S or X) and the Trezor. I personally prefer the Nano S, as I don't trust my finances in anything that has bluetooth access lol! Make sure you buy directly from their website though, feel free to PM me asking for a link to either as there are a few phishing links out there!

If you'd like to PM to ask any questions feel free also, happy to help anyone  

[stackerp5]

Oh, when I used to receive crypto payments, I either used to give discounts depending on need/want or I'd ask for a fee varying from 1-5% of the transaction value depending on the crypto. For example, Ethereum is useless to transact with and USDT also because transfer fees are way too high. So a 1-5% margin means either I split or the buyer was responsible for transaction fees.

I would make that clear on your listing too: whether buyer pays for transaction fees. Depending on the crypto those can be high or low depending on the blockchain and crypto fees themselves.

[Ryan]

Cheers dude thats great.

Is it worth doing or is it actually more hassle than its worth?

OMG - you like THETA!!! My favourite coin - literally changed my life 

Its just a thought for now - but want to get up to speed as its a nice option to have. Will DM you when I have more specific questions or need advice.

[stackerp5]

Wasn't a hassle for me personally, it is just what it is at the end of the day (for me at least haha!) - I see it as a part of the business/experience.

Yeah obviously! Theta Girl...Go Theta Go!  I can say the same, changed my life also 

Absolutely! Hit me up for a Theta or crypto talk anytime! I like crypto payment as those are as "off the record" as you get with moving assets around.