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Banking and mining

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BugFreak

BugFreak

​
Joined
Apr 29, 2010
Location
Central FL
Now that I'm starting to get some accumulated USD from mining I am wondering what to do with it. I know I can use it at vendors that accept btc but if I want to withdraw it what is the best way? I'm talking about after the exchanges here. I assume (and hope) everyone opens a separate bank account just for your deposits, so where did you do it? Is there a good bank, b&m or online, that has reasonable charges out there? What do you all use? Thanks.
 
actually in the sticky :)
localbitcoins is my fav
 
Maybe I missed it but I'm looking for a bank option to send to the funds to. For example, I use the exchange to sell my ltc, then where can I send the funds as a deposit? I know PayPal is a limited option based on exchange but that costs a ton in fees.
 
Coin base to where? How do I get the funds to me to use? Am I just missing something obvious here?
 
BugFreak said:
Coin base to where? How do I get the funds to me to use? Am I just missing something obvious here?
Click to expand...

to your bank account like you said you wanted. thats why i suggested it.

you link your bank account with coinbase. (takes a few days to set up). then once set up, you're good to go and can buy/sell BTCs at will.

you can link a CC too.
 
Coinbase is definitely what I'm using so I'm with you to this point. You mean you guys link coinbase to your main personal bank account?? That would seem to be very risky with the constant security issues of not not only bitcoin but the net in general. I m looking for banking options, maybe something like Ally Bank, for example. I didn't realize people just use their primary banking account.
 
ah, well that sounds different, i wouldnt either :) just open a free checking somewhere and use that, they are plenty free ones afaik, some local small bank ?
 
how is it any more risky than paypal? its not like they can just take money out of my account without my authorization.

and if something happened, where there was an unauthorized charge from coinbase, i have the backing of my bank to dispute the charge and get my money back.
 
ZL1 said:
ah, well that sounds different, i wouldnt either :) just open a free checking somewhere and use that, they are plenty free ones afaik, some local small bank ?
Click to expand...
There we go. I was just wondering what you guys did, but I guess I got that answer. :)
 
gsrcrxsi said:
how is it any more risky than paypal? its not like they can just take money out of my account without my authorization.

and if something happened, where there was an unauthorized charge from coinbase, i have the backing of my bank to dispute the charge and get my money back.
Click to expand...
No, but if they get hacked or something like that (which seems pretty prevalent in this business) then your bank information could be taken. I guess I'm just a little more paranoid than most though.

Sorry for the double post. I'm on my tablet so cut and paste isn't easy.
 
i still think the level of paranoia is unwarranted.

sure, having a separate bank account wont hurt, but i really dont see it adding any additional layers of protection for your money. it's just one more account to manage. one more step in moving money around.

who cares if they get hacked. your bank (if it's worth it's salt) should be able to protect you from any unauthorized charges regardless of how they happen. just call the bank and say "hey that charge for $500 is fraudulent and i'd like to dispute it" "ok, sir. we'll investigate and return your money"

done and done. it's no different than if your credit card number or bank account is compromised through other means (like shopping anywhere on the internet lol)
 
My 2 cents:

I'm going to link my unused (and empty lol) Savings account to my account at cavirtex.ca.

They don't need personal ID to do EFT's to my account so I'm pretty cool with that. :D
 
My thought is that stripping my "bitcoin account" is one thing. Stripping my primary account is a whole other thing.
 
I agree with you. Call me paranoid, but I don't want my banking information hooked up to some bitcoin site. It's not that I think my bank wouldn't give me my money back, it's that I don't want to have to deal with **** in case it does happen.
That's why localbitcoins gets my business.
 
The only reason to use a second bank account is dependent on your bank's policies concerning fraudulent charges. Some banks will hold your money while they investigate, so your funds are tied up until (if) they decide in your favor. Some banks will give you the benefit of the doubt, and credit the missing funds back to your account while they investigate. I think BoA (my primary) will hold your money while they investigate, where Wells Fargo will credit your account as soon as you notify them.

If you want a good online account, I'd recommend Ally or Capital One 360. Both are super easy to set up, and have great customer service. If you go the online savings route, you'll need to make sure you limit your debits to 5 or 6 a month. My Ally transfers are free both ways, where BoA charges me a ton if I initiate an out of bank transfer on their end. Definitely keep that in mind when bank shopping.
 
I plan on setting up a completely separate account too. I'm even considering Swiss or Bahama's account. Call me paranoid and you be an honest man/woman. I'm OK with that.
 
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