Bitcoin Forum

Hi,

I'm trying to set up my first transaction but I think I'm doing something wrong.

I installed the original Bitcoin wallet from http://bitcoin.org/ and set up a Mt. Gox account. I wired money to the account. Then I bought 12 BTC on Sep 18 but I still haven't received them in my wallet (on Sep 22).

Is it normal it takes that long?

Thanks in advance.

Did your client download the complete blockchain (somewhere on the bottom of the client it tells you the current block number)? Which bitcoin address did you send your coins to? You can check if the coins were sent to this address using blockexplorer.com.

See here: https://en.bitcoin.it/wiki/FAQ#I_sent_some_bitcoins_and_they_haven.27t_arrived_yet.21_Where_are_they.3F

My own instinct, at the present time, is not to trust the exchanges, as much as I respect their ability to carve out a profitable niche. Their operators behave as though they have something to hide, and I, for one, like my business conducted with handshakes and eye contact, not with vague technicalities and opaque operating procedures. MtG:Ox operates the way I would expect some government thrall bank would, not as a bank should run, straightforward and with open books. I mine my own Bitcoins, so I needn't fetter about with these exchanges, but if you cannot do so, yet, I would advise you to find a local bitcoiner with an excess of coin and a deficit of sense (for who, in these times, would sell their coin?) and exchange to Bitcoin in person, with a smile, a handshake, and integrity. That's proper business, I say.

They won't show up in your wallet, they stay on Mt. Gox until you withdraw them.

Randomguy, I feel so stupid now... I think I sent the Bitcoins directly to the trader instead of my Bitcoin wallet. I'm checking it right now, will keep you informed.

But how long does a Bitcoin transfer from Mt. Gox to the Bitcoin wallet usually take?

It will "show up" almost instantly, however, it may take several hours for it to be "confirmed" depending on how fast the network cranks out the next blocks in the chain.  When the status switches from "Unconfirmed" to "xx/Confirmations" then you will be able to use your new BitCoins.

It shows up instantly on my Mt. Gox account but not in my Bitcoin wallet.

Does the Bitcoin wallet have a refresh (F5) button?

Mtgox has nothing to do with you bitcoin wallet, you have to withdraw the coins from mtgox to you bitcoin wallet (to the address your client tells you as your receiving address). Don't forget to FIRST make a backup from your wallet, you know, shit happens, be prepared.

No, it updates itself automatically as long as it is running and is connected to the internet.  However, it may take several hours for it to download the entire block chain from the network if you just started it.  It will only have to do this once, it stores the chain locally on your computer so you don't have to keep load the entire chain every time you start it.  It will just download the new blocks it doesn't have already each time you start it.  You can check which is the latest block it has downloaded in the lower right corner of the BitCoin client.  The current block is 14693.

Yes okay, but my real question is: how long does it take for the Bitcoins to reach my wallet?

Thanks, this helps! My client is now at block 134261 so still some work to do. But at least now I think I understand the technical stuff behind it.

Thanks.

As long as your wallet is up to the current block (which can take several hours to run the first time), it'll show up there probably within 10 minutes. It won't be until you've got enough confirmations, however, that you can spend it. But it'll be there.

You got a typo, current block is 146493.

https://en.bitcoin.it/wiki/FAQ#Sending_and_Receiving_Payments

Indeed.  I need to stop spilling stuff on my keyboard.

146494 already.  :)

OK solved  :)