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Author Topic: Looking to purchase my first bit coin, need advice  (Read 2451 times)
Kakmakr
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February 16, 2017, 06:01:44 AM
 #21

I presume that this wallet is some sort of mobile App linked to a web wallet? If that is the case, you need to get some of that coins into cold storage. Mobile Bitcoin Apps are not one of the most secure ways to store bitcoins. Browse this forum for some help on how to create secure paper wallets and move some coins out to cold storage.

Keep some bitcoin in online wallets to use as needed or buy a hardware wallet like a Treazor for more security.

Good luck, your journey has just started. ^smile^

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Vincent J. Meyer
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February 16, 2017, 06:05:40 AM
 #22

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 need to read all documents about btc first
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February 16, 2017, 12:29:13 PM
 #23

No and No, you just generate an address [a bitcoin address] and send it to the seller. Then the seller funds the address and you confirm it on your wallet and blockchain, then wait for a confirmation as most of the deals require.
if you aren't familiar with the process, I suggest taking a look at wiki's and know more about the process before buying.. Also using a simpler wallet as well, like blockchain.info [not recommended as it's online] but Electrum should be simple enough for a new user IMO.
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February 16, 2017, 03:59:37 PM
 #24

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?
You mean https://wallet.btc.com/
If yes than they will create new bitcoin address whenever you want to receive bitcoin and it is normal. You will get all your bitcoins in your wallet which you can send out in future. But i will recommend you to use electrum desktop wallet as they will give you complete control over bitcoin address where you can receive bitcoin.

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February 16, 2017, 04:03:13 PM
 #25

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?
You mean https://wallet.btc.com/
If yes than they will create new bitcoin address whenever you want to receive bitcoin and it is normal. You will get all your bitcoins in your wallet which you can send out in future. But i will recommend you to use electrum desktop wallet as they will give you complete control over bitcoin address where you can receive bitcoin.
Web wallets would be somehow noob-friendly specially since hes just a starter and also he might store small amounts of bitcoin and web wallet or online wallet would do just fine i guess and he will surely discovered on using desktop or hardware wallets in the long run for sure.

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February 16, 2017, 04:07:50 PM
 #26

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?
E-mail sounds fine but do you trust the seller? You can find local sellers on localbitcoins.com and meet the seller and pay cash if you want. Which is much safer for first timers. Also get a wallet on your PC and a good anti-virus and anti-malware on your PC and make sure you dont have any spyware installed on your PC.

Edit: You could also get blockchain app on your mobile or MAC.

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February 16, 2017, 04:19:06 PM
 #27

There are many ways to purchase your first bitcoin. You can use either localbitcoin website and find a seller in your area with good reputation or you can use the service of coinbase. In both cases, contact the seller to know their rules and regulation before starting the trade and you should not face any issue.

However, strictly don't use paypal to buy bitcoin because they might block your account for trading crypto currency as it is against their policy. I recommend Coinbase as it is a very old company and trusted one. For localbitcoin, always check the seller reputation and you are good to go.

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February 16, 2017, 04:33:25 PM
 #28

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.

What you said is the perfect reply, because even if anyone gives you full detail you wont be able to understand it properly so better to wait for some time and take time to first get full detail about bitcoin and its process and how to use the wallet, after that when you are fully satisfied go on and buy bitcoin but remember one more thing is just dont go for buying btc in one shot better to split and buy, like buy 20% today and then wait for some days and then buy back 20% if you find the price going down, like this your buying price will also get low as if their is any selling and price is going down then you should be able to buy back and average your buying price.














 

 

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JimmyButlerCollector
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February 16, 2017, 06:41:27 PM
 #29

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.

What you said is the perfect reply, because even if anyone gives you full detail you wont be able to understand it properly so better to wait for some time and take time to first get full detail about bitcoin and its process and how to use the wallet, after that when you are fully satisfied go on and buy bitcoin but remember one more thing is just dont go for buying btc in one shot better to split and buy, like buy 20% today and then wait for some days and then buy back 20% if you find the price going down, like this your buying price will also get low as if their is any selling and price is going down then you should be able to buy back and average your buying price.

I trade stocks for a living, I have an idea of this process lol:)
When you factor in the volatility of bitcoin, I'd even go with 10% every month!
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February 16, 2017, 09:35:13 PM
 #30

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.

What you said is the perfect reply,

I disagree - that's terrible advice.

I respect Holliday implicitly. However, his advice is completely inapplicable to someone "Looking to purchase my first bit coin". If the proposition was 'looking to put huge fraction of my net worth into Bitcoin', then Holliday's would be appropriate advice. But if everyone looking to kick the tires with a moderate amount of money first spend two weeks studying, most will never make that leap.

The answer for 'first Bitcoin' is something akin to 'create an account on Coinbase, and buy'. Once that is done, the person has 'skin in the game', and an actual concrete incentive to start the process of educating themselves.

By all means, one should spend that effort. But that need not precede My First Bitcoin.

Anyone with a campaign ad in their signature -- for an organization with which they are not otherwise affiliated -- is automatically deducted credibility points.

I've been convicted of heresy. Convicted by a mere known extortionist. Read my Trust for details.
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February 17, 2017, 07:48:11 AM
 #31

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?

More study about the information regarding in bitcoin, keep on reading at the bitcointalk forum and ask if it is necessary to the member in the thread, because with this it will benefits you in the long run. Just know the basic usage of bitcoin, basic en cashing of bitcoin etc.

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February 17, 2017, 07:57:57 AM
 #32

usa citizens need to use coinbase or in alternative there is localbitcoin, you just need to give your wallet bitcoin adddress to receive your coins

for european i find kraken the bext exchange, no hassles, you do a sepa in 1 business day and buy your amount of coin, after that send them to your local wallet

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February 17, 2017, 08:14:48 AM
 #33

I feel you should really do some good reading from your first post it shows you just heard of Bitcoin and decided to jump in the wagon, it could be risky for you if you decide to do it without proper knowledge. Secondly your question on your changing address shows you really are not even aware of the basis, but as many users have said and I think you would have gotten by now it's normal. I think you will be really better of doing a transaction here rather any where else, one you will be guided by people, two trust rating can help you, plus you can take help of escrow which is a must, yahoo62278 is one whom I can suggest. If you do a transaction outside this forum and things go wrong, no one would be able to help you. Make your transaction wisely.

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KuromaYoichi
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February 17, 2017, 08:30:24 AM
 #34

Are you really that new? never read or know how bitcoin works before? you can buy bitcoin at your country's local exchange using fiat.

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?

yes it's normal, it's feature so that one cannot track your transaction history. You can still use the old one though.

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February 18, 2017, 07:03:42 AM
 #35

I am using a site to buy bitcoins on my own capacity. I know they are trusted because they are partnered with the banks, and remittance centers. I know that I do not need to worry. You should make sure that the site or person you will be getting ypur bitcoin is trusted. Be careful pf the scammers!
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February 18, 2017, 07:26:17 AM
 #36

Bitstamp is a good place to buy the first Bitcoin. Very trustful place and very low prices.
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February 18, 2017, 01:35:02 PM
 #37

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?

first think first, what kind of bitcoin wallet you use? to buy bitcoin, you only send your btc wallet address into the seller, you pay the money that equal with the btc amount that you want, wait the process until its completed and you have your first bitcoin in your wallet. you don't have to use or give your email address and that is not necessary unless you want to register in market exchanges and you want to buy bitcoin from that exchanges.

my suggestion is better you find your friend and buy btc from your friends because this is your first time to buy bitcoin. but before you buy bitcoin, just make sure that the price is not too high so you can get much of bitcoin so you sold it when the price is increase soon.

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AicecreaME
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February 18, 2017, 02:06:22 PM
 #38

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?

First you have to find someone who is trustworthy enough that is selling bitcoin, then ask him if what is the type of transaction that he wants, for you to be able to buy bitcoin to him. But like what the others said already in your post, it would be better if you will have enough knowledge before you buy bitcoin, it is necessary for you to avoid those scammers out there and can't be easily fooled by someone.

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jak3
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February 18, 2017, 02:20:47 PM
 #39

no with bitcoin you get an highly secure encryption system where you have to just give your bitcoin address to any other person and they can deposit bitcoins on your bitcoin address its same as your bank account numbers just more secured and publicly viewable


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February 18, 2017, 02:21:37 PM
 #40

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 the same using coinbase email can detect to send in your wallet according to coinbase and also here in my country we can send bitcoin using email.. but the best to use is to send your wallet bitcoin address which is all people are using it even dealing here in our forum.. and out side of this forum..


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