Quote:
Originally Posted by yukoncpa
Hey Tradenine, thank you. Good info.
Quote:
Originally Posted by tombstoneblues
thank you, helped out alot. i think im going to get a shift card since I have a coinbase account
Indeed, it looks like it will be possible to make bitcoin usable, even with the fees skyrocketing.
End the Fed just schooled me on this.
There's a new type of bitcoin address called Segwit, that make the fees around 30% (or more) cheaper than normal. If you use Electrum, not only does it have "Payment Protocol" making it compatible with the bitpay card, it also has this new address type.
For these Segwit addresses, there are some that start with "bc1" and some that start with "3." We need to be using the ones that start with "3" to be compatible with all other bitcoin addresses.
Here's End the Fed's guide on how to get all that set up with Electrum:
https://imgur.com/a/iTxXr
Once we have this setup, we can request from Ignition to one of these addresses in our Electrum wallet, then send it to our gdax/coinbase account.
Once there, we can get cash in hand at stores/atms immediately with the Shift Card, or sell it and cash out USD to our bank account with Gdax.
When I first looked at Gdax, it looked scary, but it's actually really simple. Basically we will just click deposit on the upper left, then select the BTC Address tab, and send from Electrum to that address.
Once the btc is in gdax, we'll go on the Market tab on the left, click sell, put the exact amount of btc we have, and hit Place Sell Order. This will turn the btc to usd instantly for a fee of .25%.
Alternatively, we can use the limit tab, which will result in not having to pay the .25% fee, but then we have to name a price above the current going rate, and wait until the going rate rises to that price.
After selling, we'll just hit Withdraw in the upper left, select the Bank Account tab, and expect the funds to hit our bank account within a few business days (the next bus. day according to one poster).
Using these methods, we'll be paying only 25 or 30% of the fees we are currently paying with Bitpay and Blockchain.
Last edited by tradenine; 12-24-2017 at 09:41 PM.