How do I buy Bitcoin? (Outside of Coinbase)

[DinosaurMuffins]

Hi,

I need someone to explain it to me like I am 5 how to buy crypto/bitcoin that are not on platforms like coinbase because I don't want to pay taxes on it. I am "sending" funds to an "old pal of mine". He is then mailing be a thank you package. If I send more than $600 on coinbase, it triggers tax forms. I can't have that happen.

Im a geriatric millennial and the crypto scene was never my thing. Can someone let me know how to work around this? I know the "gifting" limit is 15k and under. But Coinbase doesn't look at "sending" money as a gift. So basically how do I buy crypto outside one of these big corps and how do I send it.

 

[DinosaurMuffins]

So I called them back and now got told something different. That it is considered a gift. Can someone smarter than me clarify?

 

[Smont]

I'm just stopping in because I also would like to understand this better. I'm not a crypto person, I only know how to buy bitcoin on cash app lol

 

[SSJ4GOD]

I'm just stopping in because I also would like to understand this better. I'm not a crypto person, I only know how to buy bitcoin on cash app lol

That’s my favorite way to do it. Buy on Cashapp and if concerned about long term holding security, send it to external wallet.

 

[JD284]

That’s my favorite way to do it. Buy on Cashapp and if concerned about long term holding security, send it to external wallet.

agree, I use cash app for all Bitcoin purchases

 

[baldwanus]

Find a person with Bitcoin, hand them a large bag of green paper with dead presidents on them, they send you Bitcoin from their non-exchange wallet to your non-exchange wallet.

Pretty much any reputable exchange for crypto is going to require KYC info for US people. No super easy workarounds for that.

And by non-exchange wallet I mean something like a hardware wallet like Ledgers or Trezors. Or for something slightly easier for most people to use wallets like Exodus or Coinomi. Exodus has a way to pair that wallet with a Trezor if you wanted to be extra safe haha.

 

[baldwanus]

if concerned about long term holding security, send it to external wallet.

Always take your crypto off exchanges and into your own wallet. If you don't control your keys, they're not your coins. Doesn't really matter how reputable an exchange seems... trust no one.