Bought my first Bitcoin today with Credit Card

SecretsSecrets Posts: 55 Bronze ✭✭✭
90 Seconds from Funding account to ownership of the lonely Bitcoin.

Click click done.

Is there any other service that can do that?

Watching Bitcoin since $30 but unable to wrap head around buying process.. This is what i've been waiting for.

Wheres Eth & BT Cash?

Comments

  • CaineCaine Posts: 24 Tin ✭
    Yes, there is a popular US company that has been doing that for years. I'm unable to say the name as Goldmoney will delete my post.

    However, this US company is 100% insured in case the wallet is stolen, hacked or compromised in any other way. I don't know if the same is true at Goldmoney.
  • SecretsSecrets Posts: 55 Bronze ✭✭✭
    I opened an account with that popular company. They were willing to allocate me $100 a week in coins. Not worth the effort of logging on for that.

    Like I said in your other post, it is fully insured up to unlimited amounts. Just go check the FAQ instead of saying that in every thread.

    https://www.goldmoney.com/support - FAQ

    We use offline ‘cold-storage’, password-protected hardware wallets, so your cryptocurrency Holding with Goldmoney is not subject to the same risks that you may face when held at another cryptocurrency exchange. While most of these services use online ‘hot wallets’ to store their client cryptocurrencies, we offer a physically segregated solution that provides an unmatched level of security and trust.

    Are the cryptocurrencies stored with Goldmoney insured?
    Yes, as with our precious metals, all of the cryptocurrencies that we hold on behalf of our clients are fully insured.
  • CaineCaine Posts: 24 Tin ✭
    Yes, they give you a small limit to begin with before you have made a couple of transactions - I am at $3k/week.

    That said, I've been 'in' Bitcoin since 2012, so I rarely purchase anymore. I think the Goldmoney solution is probably ideal if you don't want the hassle of learning how to store the Bitcoin yourself, but it must be weighed up against the introduction of the counterparty risk (if you don't own your private keys, you don't own Bitcoin).
  • BokshilBokshil Posts: 8 Tin ✭
    I predict within 3 months goldmoney will be forced by the market to allow direct buying selling of gold with cryptos. When amazon joins the bandwagon (look for an announcement soon), they won't have any other choice.
  • CaineCaine Posts: 24 Tin ✭
    I don't get the Amazon rumour.

    Virtually no one uses cryptocurrency to actually buy stuff, so Amazon would probably only see a 0.02% spike in sales for a short-term period. That said, anyone that would use cryptocurrency to buy from Amazon would already have a CC on Amazon, so it wouldn't actually increase sales.

    Aside from that, Amazon's biggest asset is (like Apple) their database of a hundred million credit card details, along with their patented 'One click' buy button. Purchasing with Bitcoin would mean they don't have these details saved onto Amazon, which causes issues with their frictionless strategy going forward (ie. they want us to be ordering with Alexa voice using your saved card details / also their recurring orders functionality).

    I'm not saying it will never happen, but there's only disadvantage for Amazon.
  • BokshilBokshil Posts: 8 Tin ✭
    edited November 2017
    Maybe so, but my point still stands: those with crypto have, and will continue to get, huge purchasing power that cannot be ignored. Businesses that continue to stick their heads in the sand will pay the price. The market will decide for them. There are other companies that right now offer this service (buying and selling gold directly with bitcoin) and they are rapidly seeing some success. Do a google search and you can find them. I fear goldmoney is making a huge strategic mistake just to hold on to 'legitimacy' in the old, dying, fiat-debt empire that is crumbling all around us. Just wait til all the things james turk said would come to pass actually start to mainfest in reality. How will people be able to move funds to goldmoney to buy gold when their local bank closes for an extended bank 'holiday'? There is still time for josh and roger to re-examine their thinking and take the courageous step. I'm hopeful they will.
  • plashadpobedyplashadpobedy Posts: 16 Tin ✭
    You point is well taken about assets being frozen in closed banks. To me, BTC's (as of late) float of 21 million coins is being manipulated up, as big money has just opened a new casino. When BTC futures come out on the CME, my guess, is that it will eventually be trashed, just like gold is held down by the paper gold market.
  • goldcockatoogoldcockatoo Posts: 13 Tin ✭
    edited November 2017
    so when there are forks like with bitcoin cash, bitcoin gold etc who gets them? BCH is currently worth $1K - so this isn't exactly peanuts.

    If the goldmoney customer doesn't then this is just a derivative based on the price of bitcoin
  • CaineCaine Posts: 24 Tin ✭
    Bokshil said:

    Maybe so, but my point still stands: those with crypto have, and will continue to get, huge purchasing power that cannot be ignored.

    I once bought a magazine with Bitcoin.

    That magazine now cost me $9,000 in Bitcoin.

    Sure, I could rebuy for every bit that I spend, but that's the point in going to all that effort when I could use a card or PayPal (both of which offer me protection, which Bitcoin doesn't).
  • RocketDogRocketDog Posts: 465 Bronze ✭✭✭
    @Caine -- I hope it was a good read. :)
    Isn't hindsight a bleep? You seem to be handling it very well though.
    And someday, if Bitcoin is worthless, you'll be glad you used it to buy a magazine while you could.
  • RocketDogRocketDog Posts: 465 Bronze ✭✭✭
    BTW -- "female dog with maternal tendencies" gets "bleeped"
  • CaineCaine Posts: 24 Tin ✭
    @RocketDog - bitcoin has been good to me so spending a few in the early days doesn’t keep me awake at night.

    Oh, and if bitcoin is worthless one day, then ‘Bitcoin Magazine’ (which is what cost me $9k) would also be pretty worthless :)
  • BokshilBokshil Posts: 8 Tin ✭
    The question is which one will die first: bitcoin or the dollar? I am putting my bet on the latter.

    It's funny that investors buy gold because of the systemic risks inherent in fiat money but at the same time they want the price of gold to go up so they can 'cash in'. Yes, of course, gold and silver are an excellent hedge against government and their paper and they will do well over the long-term but when you want to use your accumulated purchasing power, how do you spend it? With paper money? What have we really gained? Not much, I would say, just resetting of the clock and the new fiat game begins anew. The only way to 'win' is to NEVER use fiat again - cash in your gold for cryptos, not for paper. That would mean your wealth and your purchasing power remains permamently outside of the government and bankers control. True freedom and sovereignty. Is that the reason we bought gold in the first place? I'm sure that I am not the only one who thinks like this.
  • BokshilBokshil Posts: 8 Tin ✭
    I forgot to add that we need to punish the people that caused all this mess in the first place, not reward them. Which is why if goldmoney truly takes the courageous lead in this and not play it safe, they would be a shining example to those cowards in the mainstream finanicial world who say they want change but don't really.

    Come back to this post in 3 months time and see if what I said made any sense.
  • JoahobJoahob Posts: 22 Tin ✭
    Bokshil said:

    The question is which one will die first: bitcoin or the dollar? I am putting my bet on the latter.

    It's funny that investors buy gold because of the systemic risks inherent in fiat money but at the same time they want the price of gold to go up so they can 'cash in'. Yes, of course, gold and silver are an excellent hedge against government and their paper and they will do well over the long-term but when you want to use your accumulated purchasing power, how do you spend it? With paper money? What have we really gained? Not much, I would say, just resetting of the clock and the new fiat game begins anew. The only way to 'win' is to NEVER use fiat again - cash in your gold for cryptos, not for paper. That would mean your wealth and your purchasing power remains permamently outside of the government and bankers control. True freedom and sovereignty. Is that the reason we bought gold in the first place? I'm sure that I am not the only one who thinks like this.

    Problem is you can't buy much with Bitcoin either, except other crypto currencies. If you want to use your accumulated purchasing power in Bitcoin, you have to go back to fiat, which generally incurs more costly fees than with gold. It hasn't (yet) achieved the level of a payment system. It's a store of value, maybe, but the true test will be the next big crash. Will bitcoin hold it's value you then? Or will it crash and burn as all the hot institutional money runs away?

    No question the underlying technology of the block chain is here to stay. But bitcoin could be to the blockchain what Netscape was to the internet.
  • BokshilBokshil Posts: 8 Tin ✭
    @Joahob So in effect, your saying that bitcoin will crash before the dollar? Do you really believe that? Why did you buy gold in the first place? Were you just speculating with the price, hoping to jump back in and out and get more worthess government paper? This is the point I'm making. There is a clear alternative to playing the fiat game. Sure it's risky, but isn't everthing in life risky. I think it's worth taking the chance with crypto because the alternative is so dire - bankers owning everything, INCLUDING the gold.

    Actually, you can spend bitcoins and other cryptos very easily without going back to paper. There are many bitcoin debt cards available to use (some are converted to fiat at the point of sale so you don't have to convert to and from), many retailers accept cryptos (overstock is the most famous one yet, amazon is rumoured to be next), flight tickets can be bought (destina, experia etc), and many others services (some legal and illegal, just like physical cash) besides. Do some more research and you will find out.

    Face it, the rule of fiat is coming to an end. You just can't see it yet. This is a great time in history. Finally we can stick it to the system. There is a choice. So why does all of this matter? If goldmoney doesn't wake up to this reality, competition will leave them in the dust. There are rivals I could name that are eating goldmoney's lunch right now. It's that serious and the clock is ticking...I hope they make the right choice.
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