Crypto setup and payments is stupid

SEOCodeLab

SEOCodeLab

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Heya,

The other day I had to pay someone with crypto, because he couldn't get paypal or any other form of payment. And my thoughts were that it was easy to setup and send money.

So, I started by creating an account in binance. All good, fast, easy.

Then I needed to create a wallet. To create a wallet you need to confirm your account. Okay no worries, confirmed email.

Great now I have to deposit money, coolio. Let me check what do they accept, only Credit cards. Fine let me grab the CC and start depositing the money.

Oh, to deposit money you to actually have to verify your identity. Take a selfie and upload your ID. (Where is the anonimity in crpyto?) Well, ok, lets do it.

Take a walk around the park or go do the shopping because it takes a while to verify your account.

Hooray after 3 hours my account got verified.

Let me grab the CC and deposit. Denied by my bank account. What? Check if I have money in the bank... There is plenty... Wtf? My bank does not allow depositing into binance until you actually call them. Weird. Well let me use Wise VCC. Deposited money on Wise, and at last! the CC of wise works. I deposited the money.

Uff that was long, surely, now everything should go smooth.

Let me see the wallet of this guy... Okay he only wants USDT. Fine, let me convert some BTC to USDT. I will convert all of it to USDT as I dont think I will use BTC. Fine, done.

Great, let me send to this guy the monies.

You can't, what, why? Well you need to have ETH also in your account because to pay for the "gas". Wtf is gas? Oh, okay so if you want to send and receive eth based crypto you have to pay a gas-fee for the transaction. Errm ok. How much is it? between 2 and 4 dollars depends. WTF it means depends? I dont care anymore i just want to pay now.

Wait, I converted all the money to USDT, I need to deposit AGAIN and buy ETH. Fuckiiinggg heeeeellllll. Get Wise, deposit in wise, wait for wise.... buy ETH in binance, wait for the deposite to be confirmed..... Okay now I will be able to send the money!

Binance message: Your account is limited to trade and transfer. Our automated system will lock your ability to withdraw under certain circumstances. If this has happened to you, you may want to understand why.

WTF???????

In these cases, please wait 48 hours for your ability to be reinstated.

--------------------------------------------


And here stops my rant on crypto exchanges. I know people here will come and say that I am stupid and this is not how you should do stuff, etc... I know!

between gas fees, transaction costs and other costs like my wise deposit, you end up paying around 6 or 8$ on transaction fees which is fucking huge.
 
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you would have a similar problem if you didn't have paypal. You would have to create your account and verify your paypal account.Your seller should only use LTC, and convert to usdt himself. To facilitate crypto-inexperienced buyers. Look on the bright side, now you know how to use crypto usdt.
 
Well, that's because you went the roundabout way doing it
You could of skip all of that
and straight went into download Trust Wallet or a wallet you trust/perfer
Buy USDT via whatever platform you want (moonpay/ramp etc)
and send
 
It was easier opening up a bank account online with a traditional bank and I didn't even need to submit a selfie.
 
You dont need ETH to send USDT, send them via one of the other chains instead. Other than that, you could have downloaded whatever wallet u wanted, and then gone to localbitcoins and bought your crypto with bank transfer or WU or something like that.
 
Lol, says someone is who never used Crypto. Dont worry, you would use it again
 
It's more like worthless paper "money" is tainted with stupid regulations to keep you jailed inside the matrix and watch your children become transgender at 5 and a half.
 
Seritx said:
Heya,

The other day I had to pay someone with crypto, because he couldn't get paypal or any other form of payment. And my thoughts were that it was easy to setup and send money.

So, I started by creating an account in binance. All good, fast, easy.

Then I needed to create a wallet. To create a wallet you need to confirm your account. Okay no worries, confirmed email.

Great now I have to deposit money, coolio. Let me check what do they accept, only Credit cards. Fine let me grab the CC and start depositing the money.

Oh, to deposit money you to actually have to verify your identity. Take a selfie and upload your ID. (Where is the anonimity in crpyto?) Well, ok, lets do it.

Take a walk around the park or go do the shopping because it takes a while to verify your account.

Hooray after 3 hours my account got verified.

Let me grab the CC and deposit. Denied by my bank account. What? Check if I have money in the bank... There is plenty... Wtf? My bank does not allow depositing into binance until you actually call them. Weird. Well let me use Wise VCC. Deposited money on Wise, and at last! the CC of wise works. I deposited the money.

Uff that was long, surely, now everything should go smooth.

Let me see the wallet of this guy... Okay he only wants USDT. Fine, let me convert some BTC to USDT. I will convert all of it to USDT as I dont think I will use BTC. Fine, done.

Great, let me send to this guy the monies.

You can't, what, why? Well you need to have ETH also in your account because to pay for the "gas". Wtf is gas? Oh, okay so if you want to send and receive eth based crypto you have to pay a gas-fee for the transaction. Errm ok. How much is it? between 2 and 4 dollars depends. WTF it means depends? I dont care anymore i just want to pay now.

Wait, I converted all the money to USDT, I need to deposit AGAIN and buy ETH. Fuckiiinggg heeeeellllll. Get Wise, deposit in wise, wait for wise.... buy ETH in binance, wait for the deposite to be confirmed..... Okay now I will be able to send the money!

Binance message: Your account is limited to trade and transfer. Our automated system will lock your ability to withdraw under certain circumstances. If this has happened to you, you may want to understand why.

WTF???????

In these cases, please wait 48 hours for your ability to be reinstated.

--------------------------------------------


And here stops my rant on crypto exchanges. I know people here will come and say that I am stupid and this is not how you should do stuff, etc... I know!

between gas fees, transaction costs and other costs like my wise deposit, you end up paying around 6 or 8$ on transaction fees which is fucking huge.
Click to expand...
You shouldn't use crypto if you don't know what you're doing. Just saying you might do something wrong like an transaction and you'll blame it on the crypto not your inability to understand and use crypto effectively.
 
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Conversion fees are the worst for crypto. I avoid crypto alltogether until the market starts going up again.
 
Uhmm, you don't really need eth to send USDT, fees are paid with USDT as well.
I totally agree that the whole verification process is complicated, but it's there to secure YOU, because you have the ability to deposit with your credit card, and credit card details get stolen A LOT, so they have to be sure it's not some criminals trying to steal the money.

Binance is what's known as CEX (centralized exchange, it's more like a real bank where some person is in control of everything (we already know how well it works) which was NOT the whole ide of crypto
If you were to use a DEX (DEcentralized exchange) there's no 1 person that is in control of everything, BUT you can only deposit other crypto currencies there, so no credit cards there.
The more you get in to it, the easier it gets. You can simply create a metamask wallet, and receive any online payments there, so you will always have some money available, so no more credit card needed.
 
Because USDT address is ERC20 (Ethereum Chain).
You must use USDT TRC20 (Tron)
 
It's definitely not easy but seems like you had the assumption that it would be easy.

It's not the exchanges fault that it's hard to do all of this, they have to play within the rules of an ancient financial system.
 
It was simpler opening up a ledger online with a customary bank and I didn't have to present a selfie.
 
Youre absolutely right OP. Ive been through some shit like that myself, and i hated it.

I wish i had like an easier way to give you, but i really dont. Any which way you look at it, there's dicking around involved.

Although, after you figure out how to do it, youll always be able to do it and then youll know, and there will be less or no dicking around anymore.
 
Ndiqi said:
Lol of course you need a selfie, they take a picture of you from your webcam
Click to expand...

I opened a bank account with Regions bank and they didn't request a selfie, neither did Ally bank.

It was only when opening an account with banks like Revoult and Current was I asked for a selfie.
 
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