hey dc007, when you purchase bitcoin from Coinbase there isn't an on-chain transaction. Your account at Coinbase is not a wallet, it's just a custodial account and your account balance is fetched from their database.Pardon me, I'm new to this forum.
I just started using (trying) Blockchair's block explorer in an attempt to start tracking my bitcoin purchases.
All my Bitcoin purchases were conducted via Coinbase's exchange.
Due to the fact that I'm still awaiting delivery of the last piece of hardware needed to setup my Cold Card wallet, all of my bitcoin is still sitting in Coinbase's "wallet".
As stated above, I'm trying to "track" the chronology of my purchases within the blockchain with special focus given to determining whether, or not, I can identify the "pedigree" of my bitcoin (e.g., did they originate in China?).
I "contacted" Coinbase's support team but was only redirected to that platform's transaction HISTORY with respect to my purchases (and associated transaction reference #s).
Am I missing something here? Even though I have not spent any of the coin I've purchased via Coinbase (and, thereby created a UTXO "paper trail"), shouldn't my purchases have generated multiple entries in the blockchain which, in turn, should have associated transaction numbers which I can use on Blockchair's block explorer platform/software to "research" the "pedigree" of my coin?
Can someone give me some advice?
Once you send a transaction out of your Coinbase account you can use a block explorer to view the address you sent to view the transaction received and the inputs & outputs of that transaction. You can then move backwards and view inputs and outputs of transactions at the address or addresses which sent to the address which sent to your address and so and so on moving further and further back. Most likely there wont be a single inception point. Your bitcoins likely originated from different blocks mined and by different miners.Hey nandibear,
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I agree with you that, once I conduct an actual "transaction" with another entity (via Coinbase's exchange), a transaction ID will be generated which, in turn, can be "traced" via the Blockchair block explorer, etc. Are you opining that, once said transaction occurs, I will be able to trace my coin's "lineage" back to its inception? That is what I am anticipating (with fingers crossed).
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What say you? Your advice is highly appreciated.
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Or...
Is someone suggesting that the Coinbase exchange is just "sitting" on a bunch of bitcoin and when a customer purchases bitcoin on the Coinbase exchange, without recording said movement/transaction on the blockchain (or any other place that is "auditable"), Coinbase staff/algorithm simply "moves" said bitcoin from Coinbase's communal/custodial "wallet" to the customer's account/portfolio? Wouldn't such a scenario require the customer to simply "trust" Coinbase staff to "do the right thing"? Wouldn't such a scenario (i.e., "trust" instead of "trust less") constitute an anathema to the underpinning ideology of the blockchain itself (i.e., Satoshi's blockchain design/coding made it impossible to "cheat" - thereby eliminating the need to "trust" a transaction's counter party)?
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What say you?
nandibear,
Additionally, and perhaps, most importantly, I assert that, if the Coinbase exchange does not maintain an "auditable" paper trail of my purchases of bitcoin and said bitcoin's "genealogy" (i.e., blockchain entries), such a lax system of "accounting" would render the blockchain's "double-spending solution" meaningless.
Again, Coinbase has "got some 'splaining to do"...
What say you?
I use the Electrum wallet for BTC. Great wallet in my opinion. I also use a fork of Electrum called Electron Cash (for Bitcoin Cash (BCH)). I use it every single day, one of the best BCH wallets ever! Their website is https://electroncash.org
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Just finished setting up a Cold Card wallet (a rather interesting experience in itself) and am now engaged in examining/analyzing the best-practice methodology (and associated transaction data created) of bitcoin transfer(s) from a hot wallet (electrum) to a cold wallet (Cold Card).
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I believe that Coinbase is a very reputable exchange, one of the best (if not the very best) fiat-to-crypto & crypto-to-fiat exchanges. That being said, there are some other large and very reputable fiat-to-crypto & crypto-to-fiat exchange. For example, Kraken.com and Gemini.com
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In order to facilitate a better understanding as to what exactly is "going on under the hood of the Coinbase exchange", .....
Please let me (or any reading this thread) know if you need any help or have questions.Still working on "problem" resolution... Making "good" progress...
Good evening dc077,
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At that time, I had become (and still am) more than a little intrigued by this subject/issue. The issue had been broached, during several video-taped interviews, by Kevin O'Leary ("Mr. Wonderful" of TV's "Shark Tank" fame). He, and his partners/potential investors, were (allegedly) concerned as to whether, or not, a bitcoin/UTXO had been mined via a process which was harmful to the Earth's climate. It was (and still is) his position that, if a coin had been mined in a climate-unfriendly manner, said coin/UTXO should be "shunned"; an attitude which would effectively render some bitcoin less valuable than others! To determine where a coin "came from", all you had to do was "track its lineage" (provenance) back to its "genesis" block (e.g., via the use of block-explorer software) - as well as analyze all of its "stops" in between. This has been my quest for the past month. As you may have guessed, I've found that things aren't as simply as the first appeared to be.
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This is essentially the same argument Kevin O'Leary is making via his "climate-friendly bitcoin provenance" crusade.
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hey dc007,Hey nandi,
The "Whatbitcoindid" interview I referred to in my last post was entitled "Bitcoin v. The Banks" and was Episode #334. That might have helped! Oops...
Not that I'm aware of. If anything has been conflated please point this out and I'll double check. While 'coinbase transaction' has been used in both senses (buying bitcoins from the Coinbase Exchange and the block reward transaction for finding (mining) a bitcoin block) throughout this thread i do not see where they've been conflated.I think the concept(s) of "the origin of a block" (and it's "traceability") and "Coinbase's (the exchange) handing over transaction info/data to the Feds (i.e., DEA, FBI, IRS, etc.)" has, unfortunately, been conflated in this thread (I have no problem bearing the blame here).
Absolutely, I'll give it a listen.For clarity's sake on this issue, I am basically begging you to listen to the conversation between 3 very respected bitcoin proponents which was engaged in on April 14, 2021, in a Whatbitcoindid podcast (specifically, listen to minutes 26 - 27 at the very least; the whole podcast is apprx 1:25:00 long). The last time I included a URL in this forum my post was rejected so you'll have to go to the address yourself (.com).
Sorry about that. To help combat spam posts from spammers the Administrator of this forum blocked news users from posting links a few years ago. It was later applied to all users. Then later on even URLs (no hyperlink) were blocked (unless you have a posting history of 10 post.The last time I included a URL in this forum my post was rejected so you'll have to go to the address yourself (.com).
Unfortunately I cannot help with anything related to XRP and Ripple. From the outset I've distanced myself from them and have always thought of them as a banker's coin (transfers between banks and conducted by the bankers themselves). Transactions can be held up. Permission based.
I've run into a sticky issue... In an effort to "hedge my positions", I've been trying to buy some XRP - without success. So far, upon "realizing" that I'm accessing their respective exchanges from America, every exchange I've tried has denied my attempts to purchase XRP via their exchanges. Do you know of any "place"/exchange which will allow me to purchase XRP? Only Americans are being prevented from purchasing this alt-coin!
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