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Author Topic: utter noob needs clarification  (Read 612 times)
brutchell (OP)
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October 08, 2012, 10:49:30 PM
 #1

[I posted this as a reply in another thread but received no answers so I thought I might post it as a standalone thread instead.]: **I'd apologize for seeming simple-minded, but hey! This board IS for noobQ's **


\\I am a super-newbie too and have been scanning the forums to make sense of how this all works.
After checking with many suggested sites & resources I think I understand this but please, correct me if I'm wrong:

So. I went to http://bitcoin.org/ and dwnld'd the BTC app. Now I install that to have my "wallet" wherein will reside my BTC currency.
{I should use TrueCrypt or somesuch to secure said wallet and make back-ups to a flash drive}
Do install TrueCrypt to my flashdrive or to my laptop (or both?) ... and ... do this before I install the BTC app?

Next: I setup an account with Mt.Gox that will allow me to buy BCT, but first I need to fund with say, USD and to be expedient, I can use https://www.bitinstant.com/home to take cash to my local bank and have it sent to my Mt.Gox account. Thereafter, I buy BTC at Mt.Gox which will send them to my "address" on the "wallet", right?

(Of course, I can wire-transfer straight to my Mt.Gox and/or eventually explore the options available at http://bitcoin-otc.com/ and https://www.bitcoinary.com , but since I'm new and without experience, feedback, and history, I'm unlikely to get any sellers until I have a few transactions under my belt.
{I am however, more than willing to buy with my secured, business PayPal acct, but PayPal is decidedly not the choice among sellers, I see}.

So and again, now that I (will) have BTC in my "wallet" I can send the "address info" in an encrypted buy message to any willing seller for goods or services on say, a Tor marketplace?

Is that about right?

Any suggestions or corrections?
Many thanks in advance.

PS. I'd like some clarification of the Mt.Gox exchange too: Can it be used without a "personal wallet"/BTC client to make payments directly from my account to sellers?
tehace
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October 08, 2012, 11:17:40 PM
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If you just want to fool around with a few cents encryption isnt really needed. Bitcoin is an open protocol which which many different clients can interact with  so you may also want to consider a hassle free thin client wallet such as http://electrum-desktop.com/  because the main client may need several hours to catch up with the network when you first use it . Finally if you need a few coins to fool around with to learn about sending and receiving bitcoins try the listing of free bitcoin websites where you just have to go on an ad supported website and type in your address to receive a small but useable amount of coin!

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DannyHamilton
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October 08, 2012, 11:20:54 PM
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I believe you have a few "facts" confused.

You can get your BTC directly from BitInstant.  You don't have to send to MtGox if you are going to use BitInstant.  Simply choose "Bitcoin Address" in the "Pay To" section and enter an address from the wallet you have installed on your computer.

When you get BTC from MtGox, they aren't automatically sent to an address on your wallet.  They are stored on MtGox servers after the exchange transaction is complete.  You can then use the "Withdraw Funds" option on MtGox website to send those bitcoins either directly from your MtGox account to a seller, or from your MtGox account to your wallet.
BurtW
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October 08, 2012, 11:28:02 PM
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There is a step by step write up on how to use Bitinstant to fund an account at the Seals with Clubs poker site here:

http://swcpoker.com

You can use it to fund a wallet address instead of a Seals with Clubs account. 

Just substitue a receive address from you wallet for the recieve address from the Seals with Clubs account in the Bitinstant instructions.

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brutchell (OP)
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October 09, 2012, 04:52:20 PM
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Very many thanks for the replies, especially the BitInstant-to-BTC direct clarification.
Looking forward to messing about until I fully get my bearings.

Cheers,
Bru
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