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Author Topic: Explain to newbie how to transfer money to someone in Ukraine with bitcoin  (Read 241 times)
Stalker22
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March 13, 2022, 08:16:29 PM
 #21

Thank you everyone for all the other suggestions.  I'm starting to think that, if I use Bitcoin Wallet, then I don't really need to use Coinbase? 

You can use any bitcoin wallet you wish, provided it is one of the ones listed on the official website, such as a hardware wallet, desktop client, smartphone wallet, or even a web wallet, like CoinBase (not recommended for large amounts or long-term storage). However, you will still need to use an exchange, such as Coinbase, to buy cryptocurrencies or convert them back to fiat. There are also other types of exchanges, such as P2P exchanges and decentralized exchanges, or you can simply exchange currencies in person.

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pooya87
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March 14, 2022, 04:44:42 AM
 #22

I'm starting to think that, if I use Bitcoin Wallet, then I don't really need to use Coinbase?  I have nothing against Coinbase, other than that they put a limit on my bitcoin purchasing and were unable to tell me if it was a "per day" limit or an account balance limit.  Other than that, it seemed fine, but I have nothing to compare it to yet. 
Coinbase is not a bitcoin "wallet" it is a custodial account where you don't even own bitcoin when you store your real bitcoins there. All you own is a promise or an IOU that Coinbase gives you and promises that they convert it to real bitcoins if you wanted to withdraw. Otherwise they can easily block your account and never give you your bitcoins.

In comparison when you have an actual wallet, YOU control your own money by controlling your keys. Nobody can "block" them or take them from you (unless you are not careful and a malware steals them).

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