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Author Topic: Looking to purchase my first bit coin, need advice  (Read 2451 times)
JimmyButlerCollector
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February 15, 2017, 08:59:17 PM
 #1

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?
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February 15, 2017, 09:10:30 PM
 #2

Spend two weeks reading as much as you can (in your free time) to educate yourself about Bitcoin, how it works, how to secure your private keys, etc., before you actually acquire any bitcoins.

If you do that well, you won't need to ask for any more advice.

The most important "rule" in my opinion: If you aren't the sole controller of your private keys, you don't have any bitcoins.

When you are confident that you can explain the above "rule", in detail, to someone else, then you might consider buying some bitcoins.

If you aren't the sole controller of your private keys, you don't have any bitcoins.
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February 15, 2017, 09:26:00 PM
 #3

You must take time to read all about bitcoins.Like how can you earn,what benefits and how can you spend it online or even physically.Yet you must be mindful on what youre doing and be mindful of the person you'll be buyinh with,if he is trusted or not.Its better to be safe.All you need in doing bitcoin business is just presence of mind and patience.


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February 15, 2017, 09:57:40 PM
 #4

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

Be very careful when buying bitcoin, and at 1st always use a trusted website who can be an escrow between you and the seller.
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February 15, 2017, 10:23:33 PM
 #5

You should probably link us to the app you're going to be using on your mobile device, so we're able to see what your wallet is really like. I personally have never heard of it so I would recommend using a wallet from either Blockchain.info or BitGo (Little more on the experienced site for BitGo though)

You give the seller your ADDRESS from the bitcoin wallet when you go ahead and attempt to buy bitcoins, address' are used for pretty much everything on here when it comes to receiving bitcoin.

Spend two weeks reading as much as you can (in your free time) to educate yourself about Bitcoin, how it works, how to secure your private keys, etc., before you actually acquire any bitcoins.

If you do that well, you won't need to ask for any more advice.

The most important "rule" in my opinion: If you aren't the sole controller of your private keys, you don't have any bitcoins.

When you are confident that you can explain the above "rule", in detail, to someone else, then you might consider buying some bitcoins.

Going to have to fully agree with this though, if you don't really know how any of this works it's kind of waste and getting your coins stolen are probably going to be rather easy.



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February 15, 2017, 10:45:07 PM
 #6

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

Be very careful when buying bitcoin, and at 1st always use a trusted website who can be an escrow between you and the seller.
I would recommend getting  your first bitcoins from the forum were you have the option of engaging an escrow for your trade. Check this thread»» https://bitcointalk.org/index.php?board=53.0 REMEMBER NOT TO FALL PREY TO SCAMMERS


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February 15, 2017, 10:56:33 PM
 #7

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?
Sign up on the exchange site, and try to deposit your balance or choosing your payment method to buy bitcoin and put your address from your bitcoin wallet. but you must need more information on this place. it seems like you're the complete newbie.

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February 16, 2017, 03:09:36 AM
 #8

The most important "rule" in my opinion: If you aren't the sole controller of your private keys, you don't have any bitcoins.

This is important to remember. Online bitcoin wallets are just like bank savings accounts - when you put your money in a savings account you don't actually own that money, you own an IOU from the bank. You don't actually own the money if it's not cash in your possession, in your home.

With bitcoin, the "possession" part comes from owning the private keys (which is a 26+ long character alphanumeric number). If you have this private key for your wallet, you have full and sole possession of your bitcoin. The alternative is a bank-like set up (companies like Coinbase or Circle). Those companies own the private keys and you own an IOU from those companies. It's not bad, just important to know.

A lot of people make it seem like using an online wallet is crazy risky. It's risky only in the sense that there's no insurance to protect you if the company goes out of business, such insurance exists for savings accounts with banks if your bank goes out of business.

Welcome to the forum and to Bitcoin!

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February 16, 2017, 03:47:01 AM
 #9

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

you can buy at trusted market like bittrex, bitfinex, or localbitcoin.
its simple, anyway where you come from?
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February 16, 2017, 03:56:37 AM
 #10

As others have said I highly reccomend doing as much research as you can before buying as it can be quite technical as you get into it. As for buying you give the seller your bitcoin address (Typically something like this: 1Ifhr85bdhek3dnB for example) if someone asks for your private key you should block them immediately and ignore them as that is all that is needed for them to take control of your address.
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February 16, 2017, 04:03:45 AM
 #11

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?
You just need opening account on exchangers that supports for your countries
 then doing deposit fiat money on there and buy bitcoin after that you can withdrawal to your bitcoin wallet,
 if you want buy bitcoin from other users not from markets, you just need give them the wallet bitcoin and don't forget always use escrow for the safety.
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February 16, 2017, 04:30:08 AM
 #12

You can also use http://coinbase.com to buy and sell bitcoins. That is what I use when I convert my bitcoins to cash and vice versa.

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February 16, 2017, 04:38:03 AM
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You can buy bitcoin at exchange, famous exchanges are: btc-e.com, bitfinex.com, bitstamp.net, okcoin.com, coinbase.com and so forth. Depositing fiat and then you can buy bitcoin.

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February 16, 2017, 04:45:01 AM
 #14

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

If you are asking what to give the seller to buy bitcoins, you are not ready to make bitcoin transactions yet. Like what they said above, learn everything first. There are lots of good read inbthe beginners section. You can start there. We do not want another user ranting about stolen bitcoins.

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February 16, 2017, 05:20:42 AM
 #15

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

If you are asking what to give the seller to buy bitcoins, you are not ready to make bitcoin transactions yet. Like what they said above, learn everything first. There are lots of good read inbthe beginners section. You can start there. We do not want another user ranting about stolen bitcoins.

Thanks for the advice fellas, I purchased 0.055 bitcoin so far. I paid via paypal friends and family, thankfully the seller is honest. Small transaction. What is the typical premium percentage?
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February 16, 2017, 05:28:18 AM
 #16

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?
Personally, I would recommend using some other form of wallet that isn't connected to the app store and relies on some other developer, but whatever, since it doesn't really matter that much, assuming you trust it.

Purchasing your first Bitcoin will likely require for you to distribute your actual wallet address to whoever is selling you the Bitcoin, regardless of the website or medium you use.














 

 

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February 16, 2017, 05:36:10 AM
 #17

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?
Personally, I would recommend using some other form of wallet that isn't connected to the app store and relies on some other developer, but whatever, since it doesn't really matter that much, assuming you trust it.

Purchasing your first Bitcoin will likely require for you to distribute your actual wallet address to whoever is selling you the Bitcoin, regardless of the website or medium you use.

Bought some bitcoin, easier than I expected. Always looking to buy more, willing to pay via paypal friends and family. Reputable members preferred.
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February 16, 2017, 05:39:37 AM
 #18

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

If you are asking what to give the seller to buy bitcoins, you are not ready to make bitcoin transactions yet. Like what they said above, learn everything first. There are lots of good read inbthe beginners section. You can start there. We do not want another user ranting about stolen bitcoins.

Thanks for the advice fellas, I purchased 0.055 bitcoin so far. I paid via paypal friends and family, thankfully the seller is honest. Small transaction. What is the typical premium percentage?

Congratulations, but buying is just the first step. Securing those bitcoins are a whole other matter. If I may ask, how are you storing those bitcoins? < cold storage / online wallet / exchange / desktop wallet / hardware wallet >?

I never store any of my coins in services, where I am not the only person who has access to my private keys. I temporarily hold some coins in services where I do not have sole access to the private keys, but that would only be for trading on regulated exchanges. ^smile^

Do some research and make sure you store some of your coins in secure storage, where you have sole access to your private keys.  

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February 16, 2017, 05:42:53 AM
 #19

I am looking to purchase my first bitcoin. I have the app BTC Wallet, what is the process for acquiring my first bitcoin. Do I give the seller my e-mail address for my wallet?

If you are asking what to give the seller to buy bitcoins, you are not ready to make bitcoin transactions yet. Like what they said above, learn everything first. There are lots of good read inbthe beginners section. You can start there. We do not want another user ranting about stolen bitcoins.

Thanks for the advice fellas, I purchased 0.055 bitcoin so far. I paid via paypal friends and family, thankfully the seller is honest. Small transaction. What is the typical premium percentage?

Congratulations, but buying is just the first step. Securing those bitcoins are a whole other matter. If I may ask, how are you storing those bitcoins? < cold storage / online wallet / exchange / desktop wallet / hardware wallet >?

I never store any of my coins in services, where I am not the only person who has access to my private keys. I temporarily hold some coins in services where I do not have sole access to the private keys, but that would only be for trading on regulated exchanges. ^smile^

Do some research and make sure you store some of your coins in secure storage, where you have sole access to your private keys.  

I am storing in an app called BTC wallet. I noticed that every time I did a transaction, my address would change. Is that normal?
coynedterm
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February 16, 2017, 05:49:37 AM
 #20

Yes , Of course this is normal .
The change in the adress is due to because  no one trace your payment history , In this way you can get more privacy toward your transactions .
Here in my opinion you have very low knowledge about the bitcoin to select wallet here I will suggest you to get more knowledge then start your job in bitcoin .
Here my first suggestion is to use only official wallet of bitcoin which is blockchain .
visit at blockchain.info and create your account . You can try the app of the official bitcoin wallet
You can download from here https://play.google.com/store/apps/details?id=piuk.blockchain.android


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