domingo, 30 de marzo de 2014

Mundo Bitcoin: The only way to buy bitcoin at Coinbase without paying the 1% fee

By Victor Hernandez

Somebody posted a text on the bitcoin Reddit last night telling people they could buy bitcoin at Coinbase without paying the 1% transaction fee simply by forcing Coinbase to charge the sale to a credit card that gave a 1% reward for purchases.

That's not the case. If Coinbase charges the sale to your credit card you will be charged an additional 5% on top of the 1% fee. Coinbase actually warns you about this when you register a credit card for instant bitcoin purchases. They charge the 5% because that's what Visa, Mastercard, etc, will charge Coinbase to process the sale.

The only way to avoid the 1% fee is this, although I guarantee nothing and I can't be held responsible if it doesn't work, as this is just for informative purposes:

Coinbase has a referral program through which users get 5 dollars worth of bitcoin if they sign up a friend and that friend makes a bitcon purchase or sale of at least 100 dollars. Your friend also gets a 5 bucks credit for that transaction.

The referral program works by having your friend sign up through your personal Coinbase referral link, which you can find under "User Settings" and then "Referrals." That way your account will be credited with the signup. You will need to use the referral link in order to get the 5 Dollars.

Once your friend's account is set up you can give your friend between 100.15 and 500.15 and ask him to buy between 100 and 500 bucks worth of bitcoin. If your friend doesn't want the 5 Dollar bonus, then give him up to 1000.15. The 15 cents, by the way, is the bank charge fee.

Once your friend makes the purchase and the purchase goes through, theoretically you and your friend will be credited 5 Dollars each. So if you bough 500 dollars worth of bitcoin, the 5 Dollar bonus will pay for the 1% fee. Ask your friend to send you the bicoins to your Coinbase address.

If your friend didn't want to keep his bonus, and he bought 1000 Dollars worth of bitcoins for you, then if he sends you the bitcoins along with his bonus you will have the 1% fee covered.

That's it. Coinbase has paid your 1% fee through the referral bonuses.

If you want to do it again, find another friend willing to go through the process.

The only problem now is this: your friend will be liable for capital gains taxes if the purchase is over 600 dollars. So put that into the equation when calculating how much money you're giving your friend to make the purchases.

Found this tutorial useful? Tip us! Here's our address:

No hay comentarios.:

Publicar un comentario