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Author Topic: Simplest Question: Where do I deposit my US$?  (Read 201 times)
lwoodsusa
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September 09, 2018, 03:11:45 PM
Merited by OgNasty (1)
 #1

I have NEVER seen such a poorly introduced system.  EVERY article that I read assumes that I already have some Bitcoins and I want to buy something.  Great, but how do I initially set up the Bitcoin account with some "physical" money?  Never addressed in articles that I have read.  For example, I have $1000US that I want to convert into Bitcoin so that I can buy something using Bitcoins.  HOW?Huh?
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September 09, 2018, 07:36:38 PM
 #2

It's not that hard If you're using the right exchanges, the UI itself should be self explanatory. Assuming that you live in the U.S or EU, I suggest the following exchanges: Coinbase (best option probably), Gemini, Bitstamp, Bitfinex, Coinmama, BitPanda. (depends in your preferences when it comes to the payment methods).

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September 09, 2018, 07:58:24 PM
 #3

It is dependant on your location. You can buy on Local Bitcoin or exchanges (just remember never leave your crypto on an exchange, always move to a hard wallet.) There are many exchanges I use Kucoin, Kraken and a couple of others.

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September 09, 2018, 08:53:46 PM
Merited by OgNasty (1)
 #4

There are several avenues to convert your fiat currency to bitcoin, it all depends on your locality or country of residence. For instance, coinbase is a good website for anyone who is in US to buy or sell bitcoin, there are also other avenues such as escrows where you can easily buy bitcoin in most countries.

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September 10, 2018, 02:18:03 AM
 #5

those articles you read don't get into it because it is obvious and it would be off-topic to explain such an obvious thing!

lets say you want to go to Japan as a tourist and spend some money. on a website explaining the tourists spots and places where you can go and spend money is not going to also explain how you can convert your USD to JPY, they won't tell you "where you should deposit your US$"!!!
so the real question is, why do you expect a different approach for bitcoin? and why do you want to be told how to convert your USD to another currency called BTC while you don't ask the same question when it comes to JPY? the place where you do the conversion is also called the same: a currency exchange.

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September 10, 2018, 03:15:40 AM
 #6

There are crypto exchanges be it market trade or OTC that accept fiat or credit card deposit.  In some parts of the world, you can even find bitcoin atm machine where you can deposit fiat and get bitcoin into your wallet.  Simple solution, nothing complicated.

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September 10, 2018, 03:20:50 AM
 #7

May you've been using wrong terms to search?

I believe there are dozen if not hundred guides on "how to buy bitcoin" out there, and not buy stuff with bitcoin for sure.

To answer your question, getting FIAT to crypto has so many ways to do.

Some providers can even accept credit card, exchanging your bills to crypto.

Basic way would be to register on an Exchange like Bitfinex.
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September 11, 2018, 04:18:07 AM
 #8

There are crypto exchanges be it market trade or OTC that accept fiat or credit card deposit.  In some parts of the world, you can even find bitcoin atm machine where you can deposit fiat and get bitcoin into your wallet.  Simple solution, nothing complicated.
I agree, exchanges are the best way to go
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September 11, 2018, 04:55:38 AM
 #9

I have NEVER seen such a poorly introduced system.  EVERY article that I read assumes that I already have some Bitcoins and I want to buy something.  Great, but how do I initially set up the Bitcoin account with some "physical" money?  Never addressed in articles that I have read.  For example, I have $1000US that I want to convert into Bitcoin so that I can buy something using Bitcoins.  HOW?Huh?

Poorly introduced system? What are you talking about?

The answer you seek is HERE.

If your $1000 is in paper fiat you'll need to wire it to one of the exchanges. Alternatively, you could try to buy BTC from a BTC ATM or LocalBitcoins.com, but you'll get a terrible price.

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September 11, 2018, 07:19:45 AM
 #10

I have NEVER seen such a poorly introduced system.  EVERY article that I read assumes that I already have some Bitcoins and I want to buy something.  Great, but how do I initially set up the Bitcoin account with some "physical" money?  Never addressed in articles that I have read.  For example, I have $1000US that I want to convert into Bitcoin so that I can buy something using Bitcoins.  HOW?Huh?

Actually i dont know too😂😂 . I dont have experience yet to buy bitcoin and i dont know where i can buy it. All I know is if you got bitcoin you must secure your wallet and dont let anyone know your password remember all people is being different when it comes to money.
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September 11, 2018, 07:52:46 AM
 #11

Try the greenwallet wherein you need to put your money on it and it's dollar from there you can easily convert it to Bitcoin .... Where is your location anyway so we could suggest better.
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September 11, 2018, 08:29:03 AM
 #12

I have NEVER seen such a poorly introduced system.  EVERY article that I read assumes that I already have some Bitcoins and I want to buy something.  Great, but how do I initially set up the Bitcoin account with some "physical" money?  Never addressed in articles that I have read.  For example, I have $1000US that I want to convert into Bitcoin so that I can buy something using Bitcoins.  HOW?Huh?

Without looking back, lets start solving your issue now. There are exchange services available for you to buy bitcoin using your physical money. Visit "Coinbase" and create an account. Coinbase allows you to buy bitcoin using the physical money and they also provide a wallet service to hold your bitcoins. So take their service to buy and store bitcoins.

I have found a nice video which can help you to understand the coinbase service,

https://www.youtube.com/watch?v=dZv6FLX4NRE

Once you see the bitcoins in your wallet, you are all set to use the wallet and make payment wherever it is accepted!

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September 12, 2018, 06:34:04 PM
 #13

You can invest on bitcoin and for security you can use hardware wallet and you can use Coinbase, Gemini, Bitfinex these exchange.
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September 12, 2018, 07:19:28 PM
 #14

There are a lot of exchanges to choose from but the trick is to look for the right one that fits according to your needs. also see what are supported and legalized in your country and then make a move.
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September 12, 2018, 07:32:08 PM
 #15

When I just start with my bitcoin investment, I was using coinbase. I find it pretty easy to use. I transferred USD money from my bank account to coinbase, and once the money arrives, I started to buy bitcoin and ETH with it. You can sell bitcoin there and get your money back as well.

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September 12, 2018, 07:50:03 PM
 #16

It will depend on where you live and what sort of exchanges are offered in your country. At the same time make sure that you do check for the authenticity and at the same time see that theya are legit or not.
Silentsweeper785
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September 12, 2018, 08:47:41 PM
 #17

You just need to get the right exchanges that are approve in your country. For example, the people in the US, Coinbase would be the perfect one for them. See what is legalized in your country and then go for it.
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September 12, 2018, 09:16:32 PM
 #18

Rather than whinning here writing a simple question, which is "how to buy Bitcoin" on google would have come up with at least more than 100 answers which all explains how you can lay your hand on a Bitcoin. But, if you are so lazy to do so, just open an account on any of the exchanges and you'll know what I am talking about.
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September 12, 2018, 10:28:12 PM
 #19

In fact, you do not put $$$ "in the system".

You need to download a bitcoin wallet, such as Electrum (https://electrum.org/) and then you need to buy some bitcoins on an exchange.
You will pay with real money there.

Then, you will be able to withdraw these bitcoins from your account on the exchange to your wallet. These bitcoins can then be sent to any address that belongs to whatever seller you want. Smiley

However, I highly advise you to read a lot about how to safely store your bitcoins if you start investing serious money into it.
Get yourself a Trezor or Ledger wallet. Smiley This will save you a lot of hassle especially if you are a beginner !

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September 12, 2018, 10:43:05 PM
 #20

I have NEVER seen such a poorly introduced system.  EVERY article that I read assumes that I already have some Bitcoins and I want to buy something.  Great, but how do I initially set up the Bitcoin account with some "physical" money?  Never addressed in articles that I have read.  For example, I have $1000US that I want to convert into Bitcoin so that I can buy something using Bitcoins.  HOW?Huh?
Thats true almost nobody starts from that where to buy bitcoins but answer is very simple. Exchanges.
Locate one within your country, choose reputable one, then you deposit $ on exchange and exchange it for bitcoins. Then youy send bitcoins from exchange to your wallet software one/online one or mobile one or hardware one Tongue there a lot of different wallets.

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