bj (OP)
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June 19, 2013, 05:36:24 PM |
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I am reading documentation and listed recommending readings for newbies and I get the basics, but I don't get the details.
1. The only way to purchase bitcoins is from someone who has them, right?
2. And am I suppose to do formulations to figure out how much I want?
3. I can't just buy $1,000 USD worth of bit coins or $1,000 pesos of bit coins?
4.And I am not able to find out how to receive actually cash for these? How do I cash out? money gets sent to bank? Debit Card?
5. I downloaded bitcoin-qt and i am out of sync it says.
Basically what I am saying is that all of the general overview makes sense, but I can't seem to find details on how to do this. What's the process?
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infested999
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June 19, 2013, 05:44:29 PM |
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1. Yes Obviously 2. No you just have to know what the price of 1 Bitcoin is (currently $105) 3. You can buy whatever you want, they cost about $105 each. You can buy as little as 0.00000001 Bitcoins. 4. You have to find someone else like you who is buying Bitcoins and send it to them. 5. Yes, it will take 8 hours to sync. A simpler way would be to use MultiBit instead of bitcoin-qt and you don't have to sync. |
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:)
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June 19, 2013, 05:48:54 PM |
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Dude.. use google.
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edd
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June 19, 2013, 05:49:26 PM |
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Bitcoins can be earned by providing goods or services in exchange. These "goods" can include more traditional currencies like dollars or pesos. Most bitcoiners use the current or weighted rate of exchange at one of the larger trading sites (Mt. Gox, BTC-E, etc) when determining the value of their bitcoins. If you want $1000 worth of BTC, simply divide it by the rate. For example, at BTC-E, $1000 will get you 9.49667616 BTC right now. If you wish to trade your bitcoins for fiat, reverse the process. LocalBitcoins.com is a popular site for finding BTC buyers and sellers near you. 5. I downloaded bitcoin-qt and i am out of sync it says.
It will take a while for it to sync. The blockchain is quite large at this point. |
Still around.
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bj (OP)
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June 19, 2013, 06:40:30 PM |
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Dude.. use google.
i have been using google. |
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bitcoinbear
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June 19, 2013, 06:55:56 PM |
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I am reading documentation and listed recommending readings for newbies and I get the basics, but I don't get the details.
1. The only way to purchase bitcoins is from someone who has them, right?
2. And am I suppose to do formulations to figure out how much I want?
3. I can't just buy $1,000 USD worth of bit coins or $1,000 pesos of bit coins?
4.And I am not able to find out how to receive actually cash for these? How do I cash out? money gets sent to bank? Debit Card?
5. I downloaded bitcoin-qt and i am out of sync it says.
Basically what I am saying is that all of the general overview makes sense, but I can't seem to find details on how to do this. What's the process?
1. You can buy bitcoins from other people that have them, or you can sell items to people who have bitcoins, or you can borrow bitcoins (but you will have to do one of the other things to get some to pay them back later) or you can have your computer process bitcoin transactions and get paid new bitcoins (a process called "mining", but you would need to have some specialized hardware to do that). 2. If you want to buy something worth 250 USD and bitcoins cost 107.20 USD/BTC, then you would buy 250/107.2 = 2.3321 BTC. It is a simple formula, if you have the USD amount, divide by the exchange rate to get the BTC amount, or if you know the BTC amount you just multiply by the exchange rate to get the USD amount. It is the same as converting between USD and EUR or any other currency. 3. Sure you can, remember that bitcoins are divisible down to 8 decimal places, so you could trade a US penny for 0.00009328 BTC, or you could send somebody 1000 USD and have them send you 9.32835820 BTC. 4. You can trade with somebody directly or you can use one of the exchange site (mtgox.com, bitstamp.net, campbx.com, or many more), each exchange site has a different selection of ways to cash out to your bank account. 5. Yes, bitcoin-qt takes a long time to sync with the network, essentially it is going through the entire 5 year history of bitcoins and validating every single transaction. Once it gets synced keeping it up to date does not take so much time. Meanwhile, if you want to use bitcoins you could check out a webwallet like blockchain.info/wallet, they are secure and seem to be the most used webwallet. |
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dirty dog
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June 19, 2013, 07:37:56 PM |
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Hi 1: download a good wallet, I use MultiBit which I find super easy to use. 1.1: If you use MultiBit wallet you will find the current $ to Bitcoin rate in the top right hand corner. If there is no exchange displayed go to "view" and select preferences. Now select Bitstamp for exchange, and USD for currency. Now at a glance you will always know what the spot price of Bitcoin is in USD. 1.2: Now go to file and select new wallet. 3: Now your wallet is totally empty which is not so good. So you probably want to earn some BTC so you can practice what's going on. There are loads of sites that offer free bitcoin. please note that the payments that they make are miniscule, none the less that does not matter it gives you a great feeling when you see that 0 balance disappear and have something in it. I normally go to http://www.bitvisitor.com please note that they only payout once you have earned 100 uBTC so you will have to visit about 10 sites before payment. now when you go to bitvisitor or similar site they ask you for your walett address, the first time I freaked and said I'm not giving anybody my wallet address, are you crazy, well turns out its quite safe to give out your BTC address, without it no one can make a payment to you. To find your wallet address in MultiBit wallet is easy: Make sure your wallet is selected and click on "request" then click on the copy address icon. Now go to bitvisitor (or similar sit) and paste the address. After doing the above you should have a few uBTC which again is a bit useless, so feel free to donate them to me on 1Pp9vPSc5isoknrryxJXtX1dN3sEA6Xkvw use the send button in your bitcoin wallet. Please note that every time you send BTC there is a 0.0005BTC charge that goes to the miners that make the transaction happen. If you do not pay this 0.0005 BTC then you may find that your transaction takes along long long time to go through. In order to enjoy BTC you really need some proper BTC which you wont find on free BTC sites, so you will have to buy some with some proper fiat currency. If you are in The USA you can use one of the big exchanges like mtGox to purchase, but if you don't live in a $ or Euro currency Country, it becomes difficult to get money into the big exchanges, I live in South Africa, and the only way I can do it is to do a wire transfer from my bank which is so super expensive and slow that it makes it unfeasible, and point less unless I am going to throw some serious money at it. So what to do. Look for a local exchange. When I type in google "buy bitcoin in South Africa" it brings up a very nice small exchange that allows me to buy AND SELL in my local currency. I pay a small premium (about 15%) to the spot price of mtGox but this is way cheaper than trying to use USD. Further more if I sell BTC I get a premium price so it balances out. also try https://localbitcoins.com or local ebay equvilant (we use bidorbuy) Once you have bitcoin have some fun. |
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iram9176
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June 20, 2013, 03:51:14 AM |
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Thanks nice info.
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bj (OP)
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June 20, 2013, 12:33:04 PM |
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Thank you Dirty Dog! 1. You can wire transfer into your wallet a fiat currency which translates to bitcoins? or that just gives me (e.g. USD) in my wallet to go and purchase bitcoins from someone that already has them? 2. Can you transfer into wallet with any currency? pesos, bolivar, etc...? Can you transfer out any currency? pesos, bolivar, etc...? 3. I read that the bitcoin is "volatile" and I shouldn't keep money in there for a long time. What does that mean? 4. The only real way to get bitcoins is to earn them or buy them or trade for them, right? I understand how to earn them from different websites. But to buy them is really only by having wired money into my wallet so I can purchase them from someone who is selling (as opposed to buying from "bank" or "casa de cambio" or "exchange house", right? THANKS FOR YOUR DIRECT EXAMPLES... VERY HELPFUL (and yes, i was screaming my thank you's!) lol Hi 1: download a good wallet, I use MultiBit which I find super easy to use. 1.1: If you use MultiBit wallet you will find the current $ to Bitcoin rate in the top right hand corner. If there is no exchange displayed go to "view" and select preferences. Now select Bitstamp for exchange, and USD for currency. Now at a glance you will always know what the spot price of Bitcoin is in USD. 1.2: Now go to file and select new wallet. 3: Now your wallet is totally empty which is not so good. So you probably want to earn some BTC so you can practice what's going on. There are loads of sites that offer free bitcoin. please note that the payments that they make are miniscule, none the less that does not matter it gives you a great feeling when you see that 0 balance disappear and have something in it. I normally go to http://www.bitvisitor.com please note that they only payout once you have earned 100 uBTC so you will have to visit about 10 sites before payment. now when you go to bitvisitor or similar site they ask you for your walett address, the first time I freaked and said I'm not giving anybody my wallet address, are you crazy, well turns out its quite safe to give out your BTC address, without it no one can make a payment to you. To find your wallet address in MultiBit wallet is easy: Make sure your wallet is selected and click on "request" then click on the copy address icon. Now go to bitvisitor (or similar sit) and paste the address. After doing the above you should have a few uBTC which again is a bit useless, so feel free to donate them to me on 1Pp9vPSc5isoknrryxJXtX1dN3sEA6Xkvw use the send button in your bitcoin wallet. Please note that every time you send BTC there is a 0.0005BTC charge that goes to the miners that make the transaction happen. If you do not pay this 0.0005 BTC then you may find that your transaction takes along long long time to go through. In order to enjoy BTC you really need some proper BTC which you wont find on free BTC sites, so you will have to buy some with some proper fiat currency. If you are in The USA you can use one of the big exchanges like mtGox to purchase, but if you don't live in a $ or Euro currency Country, it becomes difficult to get money into the big exchanges, I live in South Africa, and the only way I can do it is to do a wire transfer from my bank which is so super expensive and slow that it makes it unfeasible, and point less unless I am going to throw some serious money at it. So what to do. Look for a local exchange. When I type in google "buy bitcoin in South Africa" it brings up a very nice small exchange that allows me to buy AND SELL in my local currency. I pay a small premium (about 15%) to the spot price of mtGox but this is way cheaper than trying to use USD. Further more if I sell BTC I get a premium price so it balances out. also try https://localbitcoins.com or local ebay equvilant (we use bidorbuy) Once you have bitcoin have some fun. |
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bj (OP)
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June 20, 2013, 12:35:20 PM |
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another question, (sorry) could this be used (instead of Western Union) to send money to a relative in say Cuba or some other country? If so, what would be different in this process then doing it through a bank to bank wire? Fees?
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r3wt
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June 20, 2013, 12:39:36 PM |
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another question, (sorry) could this be used (instead of Western Union) to send money to a relative in say Cuba or some other country? If so, what would be different in this process then doing it through a bank to bank wire? Fees?
yes, provided they understand the technology and know how to use it, and that someone in cuba is willing to buy them. be careful if you are in the US. i think there is like an embargo with cuba or something. don't want you to get in trouble |
My negative trust rating is reflective of a personal vendetta by someone on default trust.
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bj (OP)
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June 20, 2013, 12:48:46 PM |
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ok thanks! of course government laws would need to be followed. But a common thing here is people send money to their families in the "old country". There are normally fees to send and depending on the country, large fees to receive. I just wasn't sure if this would be a different process to decrease "if possible" the fees for transactions. another question, (sorry) could this be used (instead of Western Union) to send money to a relative in say Cuba or some other country? If so, what would be different in this process then doing it through a bank to bank wire? Fees?
yes, provided they understand the technology and know how to use it, and that someone in cuba is willing to buy them. be careful if you are in the US. i think there is like an embargo with cuba or something. don't want you to get in trouble |
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elebit
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June 20, 2013, 12:54:09 PM |
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could this be used (instead of Western Union) to send money to a relative in say Cuba or some other country?
Is there anyone on Cuba interested in receiving Bitcoins? They would need to have access to someone who trades in Bitcoins, otherwise they won't be of much value to them. On the other hand, given that Cuba is very strictly controlled, perhaps there is interest in a peer-based currency? |
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r3wt
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June 20, 2013, 12:54:32 PM |
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ok thanks! of course government laws would need to be followed. But a common thing here is people send money to their families in the "old country". There are normally fees to send and depending on the country, large fees to receive. I just wasn't sure if this would be a different process to decrease "if possible" the fees for transactions. another question, (sorry) could this be used (instead of Western Union) to send money to a relative in say Cuba or some other country? If so, what would be different in this process then doing it through a bank to bank wire? Fees?
yes, provided they understand the technology and know how to use it, and that someone in cuba is willing to buy them. be careful if you are in the US. i think there is like an embargo with cuba or something. don't want you to get in trouble well yeah, it would work in principal. you might want to inquire to your relatives in cuba first. due to embargoes with the us it might be difficult for them to spend the bitcoins at various bitcoin stores, as alot of them are based in the us. That is unless someone in cuba is willing to buy them. |
My negative trust rating is reflective of a personal vendetta by someone on default trust.
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bitbitcoins
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June 20, 2013, 01:21:03 PM |
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klaatu
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June 20, 2013, 01:23:51 PM |
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read. read. read.
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bj (OP)
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June 20, 2013, 01:27:18 PM |
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bitcoin stores... that is where they would to go exchange bitcoins? could they receive the bitcoins and purchase "pesos" (with some bitcoin online exchange) and deposit those pesos into their local bank account? Or receive a check in local currency to be deposited?
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edd
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June 20, 2013, 02:43:55 PM |
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1. You can wire transfer into your wallet a fiat currency which translates to bitcoins? or that just gives me (e.g. USD) in my wallet to go and purchase bitcoins from someone that already has them?
2. Can you transfer into wallet with any currency? pesos, bolivar, etc...? Can you transfer out any currency? pesos, bolivar, etc...?
If you're referring to the wallet created by the bitcoin client you downloaded onto your personal computer, then no, you can't transfer anything into it other than bitcoins. If you have an online account (eWallet) with a third party like an exchange site, they may let you wire certain types of funds. Many of them are currently having legal and regulatory problems due to increased paranoia by their banking institutions and have discontinued this service. 3. I read that the bitcoin is "volatile" and I shouldn't keep money in there for a long time. What does that mean?
The rate of exchange can vary greatly from day to day. Several weeks ago it held at around $120 per bitcoin for quite a while and then it fell to less than $100 per bitcoin. Over the last few days, it has slowly climbed back up and is around $110 per bitcoin as I write this. No one can guarantee the value you might get for your bitcoins when or if you decide to exchange them. 4. The only real way to get bitcoins is to earn them or buy them or trade for them, right? I understand how to earn them from different websites. But to buy them is really only by having wired money into my wallet so I can purchase them from someone who is selling (as opposed to buying from "bank" or "casa de cambio" or "exchange house", right?
Mining is possible but not profitable at the moment unless you have access to cheap (free) electricity and/or specialized mining equipment (ASICs). You don't have to wire money anywhere if you can find a person willing to trade with you in person. Try https://localbitcoins.com/As far as I know, there isn't a casa de cambio in Cuba (or anywhere else) currently trading bitcoins.  |
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dirty dog
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June 20, 2013, 03:48:34 PM |
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Hi:
Ok I'm not sure if I am understanding you correctly. But let me see. First of all I'm based in an obscure country so I have not used mtGox but rather use my local small exchange, hear is the process I go through to obtain Bitcoin.
I go to my local exchange website on the website there is listed Bitcoin for sell at various prices and quantities (in my local currency) I naturally choose the cheapest price and click on BUY and the amount, (lets say 1BTC.) Once I have pressed buy, there is an instruction to send fiat money (in local currency) to a local bank account, I then send this money via EFT, once the seller has received the money the exchange releases the BTC to my wallet (I have given the wallet address to the exchange) I now have BTC in my wallet. I always want to use an exchange or some third party to do the transaction rather than buying/selling directly with an unknown person to prevent that person from just taking my money and then not depositing the purchased BTC. this 3rd party (the exchange) ensures that there is no fraud. PS I have read on the internet that if you are selling BTC you should not accept Paypal or Credit card transactions from people you do not know as that person can reverse the payment days or weeks later, thus defrauding you of the bitcoin you sold.
Once you have BTC in your wallet you can send that BTC to anyone in the world at almost no cost (0.0005BTC) providing the other person has a wallet. The process is very easy. The person you are sending to would email you their wallet address, you go to your wallet and select the "send" option, now paste in the wallet address of the person you are sending to and the amount of BTC you are sending and press the send button. DONE.
The person now receiving the BTC will receive the BTC into their wallet (should take a few minutes). This person now can either send the bitcoin to someone else, or spend the bitcoin at a website that accepts BTC as payment (very few places). or that person can SELL the bitcoin in his local currency at a local exchange that operates in his currency.
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