Complete Noob

[Amribor]

Hi There,

I was given a Bitcoin from a friend to help him turn it into cash. It was given to him by his son in law who I guess has a lot of experience with Bitcoins but didn't give him much guidance. I created an account on Localbitcoins.com but I can't figure out what I need to do to sell it. I apologize in advance for my ignorance. I'm fairly adept with computers but I am completely baffled by the process for selling a Bitcoin. Any help would be greatly appreciated.

Thanks,
Rob

[Amph]

if you have a wallet and you know how to do a transaction(if you have at least familiar with bitcoin itself), you could start by reading this guide, for localbitcoin

https://localbitcoins.com/guides/how-to-sell-bitcoins-online

[Amribor]

Thanks Amph but I have no idea about a wallet or any experience at all with Bitcoins. No clue how to do a transaction.

[pedrog]

Hey, welcome!

You first need a bitcoin wallet: https://bitcoin.org/en/choose-your-wallet

I advise Blockchain.info, it's the easiest and fastest way to get a wallet, read a little about wallet security first: https://blockchain.info/wallet/security

You probably have that bitcoin in a paper wallet, you can easily import it into blockchain.info wallet.

You can also sell bitcoins at bitstamp.net, bitfinex.com or kraken.com, these are amongst the most reputable exchanges around and much more safe than localbitcoins.

[RodeoX]

You could save yourself a lot of time and money by simply spending it rather than trading it for cash then spending the cash. Tens of thousands of places now take bitcoin.

Spend fiat to get BTC = lose some fiat

Sell BTC to get fiat back = lose some BTC

Spend fiat on internet = risk your identity


Why did bitcoin even enter into this?

[Amribor]

Thanks Pedrog. I have an actual gold coin and a bunch of numbers etc written on a piece of paper my friend gave me. I will look into getting the wallet.

[shorena]

Thanks Pedrog. I have an actual gold coin and a bunch of numbers etc written on a piece of paper my friend gave me. I will look into getting the wallet.

Depending on the coin it might be more valueable with the bitcoin still on it. E.g. Casascius Coins are worth more than the bitcoins on them. Do you have any idea what kind of "gold coin" this is?

If its indeed a rare and/or old coin it might be more profitable for you to sell it as is.

[Amribor]

Hi Shorena,

How can I tell? The coin says Vires in Numeris 2012 1 Bitcoin on one side with the Bitcoin symbol and the other has a thin plastic covering with some numbers written underneath if i pull it back and look.

[RodeoX]

Hi Shorena,

How can I tell? The coin says Vires in Numeris 2012 1 Bitcoin on one side with the Bitcoin symbol and the other has a thin plastic covering with some numbers written underneath if i pull it back and look.

I think you will need to post a picture. "Strength in Numbers" is a saying that I think is on more than one kind of coin. Also I hope you did not void the hologram when you pulled back the plastic to see the numbers. If you exposed the private key you have severely changed the value of your coin. The numbers are never meant to be exposed because now a buyer has no way to keep you from stealing the bitcoin hidden inside. If that is the case you may only be able to sell it as an unfunded coin. The gold will still have value, but the bitcoin portion of the value is compromised.

[Amribor]

Uggh! I swear this is so confusing. So I have screwed myself then I guess because I did see the numbers. I would never even know how to "steal" value and would never do that anyway. So I have a worthless coin now?

[JayCrypto]

Can you be more accurate?

[shorena]

Uggh! I swear this is so confusing. So I have screwed myself then I guess because I did see the numbers. I would never even know how to "steal" value and would never do that anyway. So I have a worthless coin now?

Well you can still spend the bitcoins with the private key that was under the hologram. DO NOT POST A PICTURE OF THAT! So its not worthless. The coin itself might also have value to collectors even though you have removed the hologram, but certainly less than before.

[RodeoX]

Uggh! I swear this is so confusing. So I have screwed myself then I guess because I did see the numbers. I would never even know how to "steal" value and would never do that anyway. So I have a worthless coin now?

Well you can still spend the bitcoins with the private key that was under the hologram. DO NOT POST A PICTURE OF THAT! So its not worthless. The coin itself might also have value to collectors even though you have removed the hologram, but certainly less than before.

yes. Do not show anyone the private key.
You have not lost any bitcoin. but because you have tampered with the hologram (if you did) then the buyer has no guarantee that you have not written it down. If you had you could spend the bitcoin whenever you want.

Here is what you can do. IF you have removed the tamper evident seal then you could move the bitcoin using the private key that has been revealed. You can still sell that bitcoin, just not as part of the coin. You could then separately sell the coin for it's value in gold and collect-ability. This is then an "unfunded" coin. 
Now it may be that the numbers you saw are something else. You may be seeing a "public" address that one can check to prove that the coin is funded. That's fine. Public addresses can be seen by anyone. In that case its still a funded coin that has a hidden private key and is ready to sell/spend.

I still would post a picture, but do hide the numbers. If it is a private key someone could steal the bitcoin. A picture will help with finding the collectable value.

[Amribor]

Thanks guys! Here are links to pictures. http://postimg.org/image/z2dxd73yl/ ans http://postimg.org/image/tsdjzn93h/

[RodeoX]

Ok, that appears to be a Casascius coin. Good news, I think this is one that people like to collect. Perhaps you did not open it enough to really see the whole private key. In that case it may not be a problem for the buyer.

But again, in any case you can sell both the coin and the bitcoin. The question is "can they be sold together"? That is dependent on the state of the tamper evident seal.


It is confusing. The coins are an attempt to make a real world bitcoin. The idea is that if the private key is hidden inside and the balance can be checked via the public address, then there is never a reason to open the coin. You could spend it just like any currency and not even need an internet connection. Casascius was one of the first to try this and I think their coins are the most sought after. He does not sell funded coins anymore, however he may have the hologram stickers. A concerned buyer of your coin could get a new sticker and hide a new Private key?

Here is the site: https://www.casascius.com/

[Amribor]

Ok thanks. I appreciate all the help.