Starting a series of toots on my experience jumping in to #bitcoin world.
Attempting to follow strategies for high anonymity, 'cause my desire is to use it like cash.
Using #samouraiwallet
Attempting only #noKYC procurement using atm
First experience with #noKYC attempt at purchasing #bitcoin with cash.
Used atm that only requires sms verification. Accessed online sms service on my phone via vpn → tor instead of personal phone. First sms number I tried failed, atm said number was not allowed. Second number I tried worked.
High transaction fee of 14.2% out the door. That includes the miner fee for posting to block chain. I got a very low rate of 2 sat/b. Took about 2 hours to post.
Using #samouraiwallet, so next step is to mix coin using #whirlpool before spending it. I'm not playing with much so I used the smallest available pool of 0.001btc.
I have two transactions. Both took about an hour to complete mixing. However, one transaction took about an hour to post to the blockchain, and the second took over 6 hours.
Mixing includes pool and miner fees. I got a very low rate of 1sat/b at low priority. Total fee was 2.1% (using smallest amount so high %).
Next made a purchase using mixed coin from #whirlpool. Chose miner fee of 2.1sat/b for a faster post time. Small transaction, no richochet, so miner fee ended up being 1.7%. Note that selecting richochet added a massive 0.001btc to the transaction fee. I'm a bit confused by what the fee profile of this tool is.
Still waiting for spend to post. Overal total fees result for small purchase (about $15)
- cash to purchase: 18.89%
- starting btc balance to purchase: 4.69%
Comparing to credit cards which are usually about 2%, I'm getting a much higher fee using #bitcoin with #whirlpool. I'll keep playing and post, and see if this trend continues.
Mixing fee calculator whirlpoolfees.com helps figure out how to significantly reduce total overall fees for #noKYC procurement. Helps identify the settings needed to get less than 1%.
@autumnontape@jqiriazi oh dear! using bitcoin is not positive climate action!!
@autumnontape for sure, totally agree. I don't intend to use it regularly. But, it's established a place in our world and doesn't seem to be going away, so want to get to know it a bit better
@autumnontape@jqiriazi i don't think that will ever be necessary, bitcoin has an established place because it's an under-regulated security for rich speculators, not because it will ever be useful as a currency
and the adoption of blockchain stuff at large is still small enough in scale to resist its progress