Qustion Starting with BitCoins

[taxik]

Hello,

i am new to BitCoins, and i want buy one ASIC USB Miner. But before it i need know more things. So first: What wallet is best (online and offline). How works Offline wallet ? And if it possible exist trustable online wallet for bitcoins? And how i can convert BitCoins to USD and then send to PayPal? (i heard its very dangerous if you want change bitcoins on Paypal "directly")

Basically what Wallet do you recommend ?


Thanks

P.S. I have router (TL-WR1043ND) with DD-WRT and atheros processor (400Mhz and 32MB RAM). Is possible to run BitCoin miner client on it? Because it have USB port too and i want buy ASIC USB Miner


 Thanks

[DannyHamilton]

- snip -
i need know more things. So first: What wallet is best (online and offline).

What car works best?

The question can't be answered.  Different cars are better for different people who have different needs.

The same is true of bitcoin wallets.

The question can't be answered.  Different wallets are better for different people who have different needs.  You really need to take some time to learn about some of the more popular wallets so you can decide which one is best for your needs.

Here are a few of the most popular to look into:

• Paper wallet
• Armory
• Bitcoin-Qt
• Electrum
• MultiBit
• https://blockchain.info/wallet

How works Offline wallet ?

They each work differently.  Which one are you asking about?  What do you want to know about it?

And if it possible exist trustable online wallet for bitcoins?

If you take the proper precautions, https://blockchain.info/wallet is about as trustable as the Electrum and MultiBit wallets.

And how i can convert BitCoins to USD and then send to PayPal? (i heard its very dangerous if you want change bitcoins on Paypal "directly")

There are many methods to exchange Bitcoins to USD.  Which method is best for you will depend on where you are located, how many bitcoins you are exchanging, and what risks you are willing to accept.

Here are a few for you to look into:

• CampBX
• BTC-E
• Bitstamp
• Coinbase
• Localbitcoins
• Bitcointalk.org Currency Exchange Forum
• Send the bitcoins to me, and I'll send you USD

Many people are willing to buy the bitcoins from you by paying with a GreenDot MoneyPak.  You can then load the MoneyPak funds into PayPal.

Basically what Wallet do you recommend ?

I recommend all the wallets I listed above depending on the needs of the user.

[taxik]

Thanks for reply So what about MtGox is it trustable or not? I think you can change BTC to USD there.

Thanks

[DannyHamilton]

Thanks for reply So what about MtGox

I avoid it.

is it trustable or not?

That depends on what you are trusting them for. So far, they seem to be reliable about sending people the bitcoins that they attempt to withdraw.  On the other hand, if they get shut down for some reason, you may find it very difficult to get your bitcoins back.

I think you can change BTC to USD there.

You can, but at the moment they have a reputation for taking a VERY long time to transfer those USD to your bank account.  There are reports of it taking several months to get your cash from them.  If they get shut down, you may never get the cash.

[taxik]

Thanks again for answer Thats all for now, i think

[monbux]

Thanks for reply So what about MtGox is it trustable or not? I think you can change BTC to USD there.

Thanks

Use BTC-e it's what I use.  Cheaper Bitcoin prices too.

[taxik]

Looks good, thanks !

[taxik]

Hello its again me I need to know something about fees. What is fee if i send money from my BitCoin wallet to somebody ? 0.005 ?

Thanks

[smirno]

Hello its again me I need to know something about fees. What is fee if i send money from my BitCoin wallet to somebody ? 0.005 ?

Thanks

miner fee i think

[DannyHamilton]

Hello its again me I need to know something about fees. What is fee if i send money from my BitCoin wallet to somebody ? 0.005 ?

Thanks

It depends on the wallet.  Sometimes some wallets will let you create a transaction with no fee at all.  When a fee is required, it is often 0.0001 bitcoin per kilobyte.

[taxik]

Hello its again me I need to know something about fees. What is fee if i send money from my BitCoin wallet to somebody ? 0.005 ?

Thanks

It depends on the wallet.  Sometimes some wallets will let you create a transaction with no fee at all.  When a fee is required, it is often 0.0001 bitcoin per kilobyte.

Thanks, so i can set settings in Electrum (default is 0.0005BTC per KB) to 0.0001BTC?

Thanks

[DannyHamilton]

Hello its again me I need to know something about fees. What is fee if i send money from my BitCoin wallet to somebody ? 0.005 ?

Thanks

It depends on the wallet.  Sometimes some wallets will let you create a transaction with no fee at all.  When a fee is required, it is often 0.0001 bitcoin per kilobyte.

Thanks, so i can set settings in Electrum (default is 0.0005BTC per KB) to 0.0001BTC?

Thanks

Like I said, it depends on the wallet.  I'm not sure if the latest version of Electrum allows the new 0.0001 BTC per KB fee or not.  That's probably a good question for the Electrum sub-forum.  If you don't get an answer quickly here, I'd suggest asking again over there:
https://bitcointalk.org/index.php?board=98.0

[taxik]

Thanks again, and next important thing. Where i can get actual price of Bitcoin to USD?

[DannyHamilton]

Thanks again, and next important thing. Where i can get actual price of Bitcoin to USD?

There is no "actual price".  Bitcoin is freely traded on open markets.  The "actual price" is any price that any one person is willing to pay and another person is willing to accept.

There are several internet based currency exchanges where a large number of people post "ask" orders indicating how much of your currency they want in exchange for the bitcoins they own.  Others post "bid" orders indicating how much of their currency they are willing to give you in exchange for the bitcoins you own.  Whenever there is an overlap between an "ask" and a "bid", that overlap is the "current actual price" at that moment in time for that exchange.  The various exchanges have various "current" exchange rates that are effected by variables that are specific to that market (such as fees charged by the exchange service, difficulty getting currency into or out of the exchange service, delays on withdraws, and volume of bitcoin exchanged).

Many people use the published trades from these internet exchanges as a starting point for negotiating the exchange rates they are willing to accept for personal trades that occur outside these exchanges.

For some examples take a look at:
https://btc-e.com/
https://www.bitstamp.net/
https://campbx.com/
https://www.mtgox.com/

[taxik]

Thank you very much, you helped me a lot. And what is your price if i sell you for example 1BTC?

[gubbyfish]

Thanks for the great advice in this tread. Its helping a lot.

[DannyHamilton]

Thank you very much, you helped me a lot. And what is your price if i sell you for example 1BTC?

I am generally willing to pay with U.S. dollars to purchase bitcoin at 5% less than the current MtGox rate.  At this very moment MtGox is $112.60, which means I would pay $106.97 for 1 BTC.

I am always willing to sell bitcoin for U.S. dollars at 5% more than the current MtGox rate.  At this very moment MtGox is $112.60, which means I would require a payment of $118.23 for 1 BTC.

I'm usually willing to negotiate if you are buying/selling a large amount or if I'm in a hurry.

[lexcat]

I am using coinbase for buying and selling right now.

[Ipsum]

I am using coinbase for buying and selling right now.

Same, though the transaction size limits are frustratingly small.