Bitcoin noob

[gentlemand]

If you come from a European country and if you have a SEPA bank account then you should not choose Kraken, but rather anycoindirect.eu (The Netherlands) or bitstamp.com (UK).

Why? Kraken has a good rep. Is that just because of low volume?

[ikydesu]

I'm using my iphone and the bitcoin website suggested bither as the most popular one. Localcoin or whatever it's called sounds good as I'm only buying small amounts. There's a lot of recommendations regarding wallets here, what's the easiest one for iphone, preferably one that explains everything including keys etc...

Thanks, Cole

https://bitcoin.org/en/choose-your-wallet you can see breadwallet on iOS option is have all security, just click on breadwallet icon and you can see the feature.

[turvarya]

I second many of the suggestions above. Get a better wallet. If you are an android user I would recommend this one: https://play.google.com/store/apps/details?id=de.schildbach.wallet
This one uses a system that keeps your private keys hidden from the wallet operator. And MAKE SURE YOU CREATE A BACKUP OF YOUR PRIVATE KEYS!!!!! If you lose your keys there is absolutely no way to recover your money. Keep that backup in an extremely safe place like a bank vault.

Do set up an account at a recognized exchange. You will need to fund it and give your identity in the process. In most countries you and the exchange are legally required to do this. If you find an exchange that requires no identity papers then all you can say for sure is that you are dealing with criminals. You can guess what is going to happen when you send them money.

It is a hassle to set up, but once it's all done it is easy to get bitcoins when you want them.

I don't know about this stuff so I downloaded the kraken app. Didn't know how it worked so I emailed them, they told me to sign up and that I needed to deposit a minimum of 2k to start using it..

2k USD  is the max limit per day(on Tier 2)
I think, you or the support got something confussed there.

[Coleio]

That's exactly what support said, I can screenshot it if you like.

Anyway I'm setup on localbitcoin.com and I'm wondering could someone explain wallets. I downloaded one and didn't even need to sign in. I haven't explored localbitcoin much so if I don't sign in to a wallet how do I send funds to the wallet? And what are private keys, obviously some sort of security protection but when I downloaded the app I didn't get any. Do I get them Persepolis to the wallet or what way does it work. Also do I have to encrypt the keys because tht all sounds really confusing?

[turvarya]

That's exactly what support said, I can screenshot it if you like.

Anyway I'm setup on localbitcoin.com and I'm wondering could someone explain wallets. I downloaded one and didn't even need to sign in. I haven't explored localbitcoin much so if I don't sign in to a wallet how do I send funds to the wallet? And what are private keys, obviously some sort of security protection but when I downloaded the app I didn't get any. Do I get them Persepolis to the wallet or what way does it work. Also do I have to encrypt the keys because tht all sounds really confusing?

I use Kraken for about an year now, so, I know how the limits work.

The private key is your password to the Bitcoin on the blockchain. They are just very big random numbers generated on your device, but seriously you, don't really have to worry about that too much. Just make sure, you follow the backup routine off your wallet. I guess wallets don't just show private keys, so you don't give them away accidentially.
Which wallet do you use?

[Coleio]

I've downloaded bither but not exactly using it. So do I get a new private key each time I make a deposit to my wallet? Also on bither trees a plus button, when I click it it gives me an option to create a hd account. I presume that's what I need to do?

[g1974ak]

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

Use coinbase as your bitcoin wallet. They offer the possibility and in a safe way, with excellent prices too, to buy and sell bitcoin from within your wallet. There is only a problem. Your country must be in the countries on which this service is abilitated. Se the list at the site before to be sure.