BTC question

Hey,

I'm quite new to using BTC, i've made an account on Coinbase and verified my phone number. Do I have to link my bank account + ID to the account in order to send/receive anything? I'm quite confused since there are two options: "Send/receive" and "Buy/sell", what's the difference?

I have a questing/minigame service where I want to have an BTC payment option for my customers.

 

How do I verify a US bank account?

Where are my payment method verification...

You have to link a payment method in order to buy something, which is how most things work. Once you verify your payment method, you then have to show an ID.

Send/Receive is the transfer of the currencies between wallets. Buy/Sell is purchasing or selling of the currencies for USD.

 

Bartons really hit the nail on the head. However, if you really don't want to link a bank or other personal info, you could also opt for another wallet. I could be wrong, but I don't remember electrum needing any of that.

 

Awesome thank you, so I can already accept BTC payments without having my bank account linked? I'm already trying to link it but have to wait 4-5 days till I can verify it. Will the payments just sit in my wallet till I have linked my bank to sell it for USD?

I have no problems in linking my bank/ID, was just curious if I can accept payments already from people, thanks though!

 

Might I suggest accepting ETH payments through coinbase as an alternative to waiting in a 200k+ (and growing) tx queue?

 

ETH is basically the same as BTC right? It's just a different currency with a different value, right?

 

Too broad of a question. Huge differences but in the same market (somewhat).

 

That would be the equivalent of comparing a Toyota Camry to a Tesla. Sure, they are both vehicles, and they both drive on 4 wheels, but one has much more functionality than the other with the help of bleeding edge technology.

The potential growth outlook for ETH in the next several years is massive. It'll transfer value just like BTC does in the sense that you get paid, but I suggest you keep some of that in ETH and not convert all of it to fiat currency.

 

Sick, thanks for the information guys! That clears alot of things up.