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Title: Trying to understand process of transferring money to wallet? Post by: dominover on December 14, 2017, 12:03:07 AM I'm a little stuck with something.
If I open up a new wallet, say Blockchain.info and I want to transfer money from my bank account into a wallet of Bitcoin, I seem to hit a wall. All these sites (except for coinbase) seem to only give you the option of sending from another wallet. Say ETH to BTC or BTC to ETH . How for example would I send from my AUD account to a BTC wallet on some of these decentralized exchanges such as Blockchain.info? Title: Re: Trying to understand process of transferring money to wallet? Post by: mk4 on December 14, 2017, 12:20:01 AM You cant automatically convert your AUD to BTC by simply sending fiat money it to a bitcoin wallet. A bitcoin wallet good for storing bitcoin only holds your cryptocurrencies, nothing else. You actually have to buy the bitcoins first, just like with other stocks and or assets. That's why we have services like coinbase, kraken, localbitcoins, etc, to make buying easier.
I'm not sure if I would call blockchain.info's wallet "decentralized" though, I honestly wouldn't keep huge numbers of bitcoin there. I'd prefer Electrum. I suggest reading this: [General] Bitcoin Wallets - Which, what, why? (https://bitcointalk.org/index.php?topic=1631151.0) Best of luck. Title: Re: Trying to understand process of transferring money to wallet? Post by: carliexoxo on December 14, 2017, 09:13:14 AM You can trade them thru Paxful!
Title: Re: Trying to understand process of transferring money to wallet? Post by: pipoy5 on December 14, 2017, 08:12:06 PM Does decentralized exchange not hold your account info like for example the fiat? I'm quite confuse with the query
Title: Re: Trying to understand process of transferring money to wallet? Post by: legend018 on December 14, 2017, 10:47:23 PM Does decentralized exchange not hold your account info like for example the fiat? I'm quite confuse with the query I haven't really dived into studying decentralized exchanges, although I get the gist of it. Read through this: https://steemit.com/bitshares/@clains/what-is-a-decentralized-exchange It was created I think a year ago but basic terms should still be the same. i don't think fiat can directly be linked within a decentralized exchange. Title: Re: Trying to understand process of transferring money to wallet? Post by: kawasaki5050 on December 15, 2017, 12:23:45 PM To easily understand you should see Bitcoin as an asset and this asset can increase or decrease its value. Blockchain explorer where you just check status of assets (Bitcoin or ETH...) from another wallet and it don't records your fiat money in transactions. You also can buy Bitcoin by fiat money via services such as Coinbase, Kraken where listing cryptocurrencies and accepted many methods to proceed.
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