Beginner question

[vegasreb]

Hello -- I am completely new to crypto currency.   About a week ago I purchased some Bitcoin on one of the on-line exchanges to try to learn the mechanics of how it works.    There are so many tutorial resources available, but I don't really understand them.  I need to learn by doing.

My initial question is:  is the Bitcoin that I purchased represented by any unique digital information, so that I can point to what is "mine"?  If so, how do I get that unique digital information?  I've asked the support team at the exchange this question, but I can't get an answer.   Appreciate any guidance on this question that anyone can provide.   Thanks.

[NeuroticFish]

Bitcoin is "yours" only if it's in a wallet you are controlling.
And you are controlling a wallet only if you have its private key or seed.


There are multiple types of wallets.
If you kept your coins at an exchange, that's not your coins, since you have only an account (the exchange holds the private keys).
If you have your coins at an online wallet, most probably you have, again, just an account.
If you have a local wallet installed by yourself and was told to keep safely a seed, then you have your own wallet and the money is yours (!! as long as you are not careless and allow the private keys get into others' hands too !!)

[cryptoaddictchie]

My initial question is:  is the Bitcoin that I purchased represented by any unique digital information, so that I can point to what is "mine"?  If so, how do I get that unique digital information? 

If you purchased the coins to the exchange, the digital information you can get is the amount of coins on your wallet. Means its inside your purse that controlled by an exchange. Im thinking that you are purchasing a form of digital coupon like most of virtual currency in games and gift cards, that has particular set of number or code for it. Its not the same with bitcoin since its not a form of currency that can be quantified on such occasion like (for example) a code 12949ANFOE= worth $100 of btc no, it isnt.

[vegasreb]

So there is nothing analogous to a serial number on a currency bill, got it.  Thanks.

[cryptoaddictchie]

So there is nothing analogous to a serial number on a currency bill, got it.  Thanks.

There is particular code but that only refers to the transaction of your purchase bitcoin. It can be a suffice to the code your looking for same with other currency code.
Check below.

Transaction hash (txid) is an identifier used to uniquely identify a particular transaction. All on-chain transactions (the transactions from or to external addresses) have a unique txid that can be seen in transaction details. A transaction hash usually looks like a random set of letters and numbers. All on-chain transactions (depositing and withdrawing of funds) have a unique txid that can be found in transaction details.

[Lucius]

My initial question is:  is the Bitcoin that I purchased represented by any unique digital information, so that I can point to what is "mine"?  If so, how do I get that unique digital information? 

There is a way to prove ownership of the particular coin address where the quantities of coins are located, and anyone can do that if they are in full control of private key/s for that address. This option is called message sign, and that way you can add specific message to any address, and by that prove that you are owner of that address/coins. As far as I know most crypto exchanges do not allow this option, and because of that we say "not your private keys, not your coins".

So if you want to sign message, first step is to move coins to wallet that is allow you to control private keys, and then follow few simple steps to sign/verify address. On this link you can find more info how to do that with various crypto wallets.

One more important thing is to always check that you download crypto wallet from legitimate source, there is many fake wallets and scams in crypto world.

[hosseinimr93]

You should own a private key.

If you have bought bitcoin from an exchange and your bitcoins are now stored in that exchange, you don't own anything other than a fake number shown in your profile as your balance.
So, if you don't have a private key, the answer to your question is that you own nothing.
To be more clear, it's like that you have given your money to someone and have trusted him to pay back that money whenever you want, but there is no contract between you. That person can break the promise at any time.

Now you should move your coins to a personal wallet which gives you the private key. If you do so, you own bitcoin and what proves that you are the owner of those bitcoins is your private key.

[nakamura12]

All you need to have so that you can that it is yours is you use a wallet (depends on what kind of bitcoin wallet you use) that you have access meaning you have the details needed before you can do any transaction. Example: Bitcoin Wallet A has 1 bitcoin stored and to be able to spend (for example) the 1 bitcoin is to open the using the details you need to save when creating a new wallet. There are some wallets that you don't have the full control but you can still manage your funds which is custodial wallet and the private key is stored by third party.

[vegasreb]

Thank you all for your replies, that is helpful.

[Findingnemo]

Thank you all for your replies, that is helpful.

So now you moved to your bitcoin to your wallet or still holding in exchange?

If not yet means I suggest you move it to any wallet which gives your private keys like electrum or Coinomi are better for beginners.

[vegasreb]

I'm trying to move it from the exchange to a wallet but I don't know how.  I e-mailed customer support at the exchange where I bought and asked them to tell me how to move the BC to a wallet, but they weren't helpful.   So I'm e-mailing customer support at the website where I got my wallet and they're a little more responsive, but it's kind of slow-going.   Hopefully I will figure this part out eventually.

[hosseinimr93]

I'm trying to move it from the exchange to a wallet but I don't know how.  I e-mailed customer support at the exchange where I bought and asked them to tell me how to move the BC to a wallet, but they weren't helpful.   So I'm e-mailing customer support at the website where I got my wallet and they're a little more responsive, but it's kind of slow-going.   Hopefully I will figure this part out eventually.

Which exchange are you using?

You need to withdraw your coins form the exchange. Try to find "withdraw" button.

Before withdrawing your bitcoin from the exchange, you should create a wallet.
I recommend you to use Electrum. Download it from https://electrum.org/
Before installing  Electrum, don't forget to verify your download. Visit the link below.
https://bitcoinelectrum.com/how-to-verify-your-electrum-download/

Create a standard wallet on Electrum. Electrum will give you a 12-word phrase. Save that in a safe place. After you create the wallet, you can get a receiving address from Electrum. You should withdraw your coins from the exchange to that receiving address.  

Do every step very carefully.
Download Electrum only from its official website.
Do not forget to save those 12 words in a safe place.
Triple check the address you will send bitcoins to.

[vegasreb]

I bought this BC on Coinbase.   I just looked for a "WITHDRAW" button or function and couldn't find one.   I've set up a wallet at BRD and if they can't help me move the BC there then maybe I'll try an Electrum wallet. 

BTW, you mentioned that Electrum would give me a "receiving address" -- BRD gave me a "QR code" -- is that the same thing? -- thanks

[hosseinimr93]

I bought this BC on Coinbase.   I just looked for a "WITHDRAW" button or function and couldn't find one.

There might be a "send BTC" button.

I've set up a wallet at BRD and if they can't help me move the BC there then maybe I'll try an Electrum wallet.  

I haven't ever used that wallet, but according to Cryptocompare, you don't have access to your private key. So it is not recommended.
You can use Coinomi too.

BTW, you mentioned that Electrum would give me a "receiving address" -- BRD gave me a "QR code" -- is that the same thing? -- thanks

Any bitcoin address can be in form of QR-code.
Try to scan it with a QR code reader. It should start with 1, 3 or bc1.

[LbtalkL]

There is a way to prove ownership of the particular coin address where the quantities of coins are located, and anyone can do that if they are in full control of private key/s for that address. This option is called message sign, and that way you can add specific message to any address, and by that prove that you are owner of that address/coins. As far as I know most crypto exchanges do not allow this option, and because of that we say "not your private keys, not your coins".

So if you want to sign message, first step is to move coins to wallet that is allow you to control private keys, and then follow few simple steps to sign/verify address. On this link you can find more info how to do that with various crypto wallets.

One more important thing is to always check that you download crypto wallet from legitimate source, there is many fake wallets and scams in crypto world.

This is the thing that needs to be done and the best option to claim or provide ownership on a particular bitcoin address. To OP I use brainwalletx (try in your own risk)[/b] before it is pretty easy as long as you own your private keys but it is better if you generate offline or if your wallet has sign/verify option just do it within the wallet for security. Anyways, just look into that thread Lucius provided and you're good to go.

[UserU]

I bought this BC on Coinbase.   I just looked for a "WITHDRAW" button or function and couldn't find one.   I've set up a wallet at BRD and if they can't help me move the BC there then maybe I'll try an Electrum wallet.  

BTW, you mentioned that Electrum would give me a "receiving address" -- BRD gave me a "QR code" -- is that the same thing? -- thanks

Well, if you don't mind an "online" faucet-cum-wallet, I would highly recommend Freebitcoin. It's very famous here as well as being one of the most populous faucet.

While the caveat is that don't own the private key although you can skip the setup process since deposits and withdrawals are pretty swift, you earn compounded interest (4.08% per year) just by keeping a balance of 0.0003 BTC minimum. Not bad if you're slowly accumulating Bitcoin.

[Lucius]

I bought this BC on Coinbase.   I just looked for a "WITHDRAW" button or function and couldn't find one. 

Here are easy instructions how to withdraw crypto from Coinbase :

   1. Navigate to your Portfolio page on the main navigation bar
   2. Select the Send button for the cryptocurrency wallet that you'd like to send from
   3. On the send dialog, select Wallet Address if you're sending to a cryptocurrency wallet external to Coinbase or Email Address if you're sending via email
    4.Enter the amount of cryptocurrency you'd like to send in the Amount field. Alternatively, you can specify the amount you would like to send in your local currency. Note that the funds will always be sent as cryptocurrency, not your local currency
   5. Select Continue
    6.Confirm the details of the transaction and complete the send

If you want to try Electrum, visit this link : https://electrum.org/#download and download installation file for your operating system. You can find all the necessary information on this link : https://bitcoinelectrum.com/creating-an-electrum-wallet/

Take enough time to study everything before making a transaction, because there is no need to rush.

[jademaxsuy]

Hello -- I am completely new to crypto currency.   About a week ago I purchased some Bitcoin on one of the on-line exchanges to try to learn the mechanics of how it works.    There are so many tutorial resources available, but I don't really understand them.  I need to learn by doing.

My initial question is:  is the Bitcoin that I purchased represented by any unique digital information, so that I can point to what is "mine"?  If so, how do I get that unique digital information?  I've asked the support team at the exchange this question, but I can't get an answer.   Appreciate any guidance on this question that anyone can provide.   Thanks.

It is yours. If your bitcoin is still in exchange site then there is a chance your bditcoin will be stoleb since you don't have the full control of the address that is used gk store your bought bitcoin. You should create a new bitcoin wallet and you have full control of it meaning you have the private key of the said wallet address then the bitcoin is yours.

[The Cryptovator]

I will suggest to OP read this article to know more technical questions. How work bitcoin. If you bought from exchange means you just bought a algorithm on exchange. Because your bitcoin transaction wasn't broadcasted on the bitcoin blockchain. When you will broadcast a transaction on your bitcoin which you have full control of private keys then that transacted amount is spendable for you. All the balance will remain on the blockchain and its public. But only you (if you are holding private keys of spendable transactions) can spend it. For know more details you should read also bitcoin whitepaper and read more information on https://bitcoin.org. Overall I can say any sent & confirmed transaction to your own btc address which is full control by you including private keys, that amount is your's, you are the owner & only you can spend it.

I've set up a wallet at BRD and if they can't help me move the BC there then maybe I'll try an Electrum wallet.  

I am not sure if BRD give you private key access nor I had used it. I will suggest for Electrum or Ledger Hardware wallet. Start with good practice, Electrum is non custodial wallet and all the access of fund only with you. More safer is Hardware wallet. So don't be on hurry and learn more as much as possible before happen any accident or incident. And please always verify original sources before download anything on your device. Simply you may ask on forum to get correct answers.

[o_e_l_e_o]

To OP I use https://brainwalletx.github.io/

Bad advice. You should never be using an online website to sign a message, as doing so necessitates that you enter your private key in to the website, therefore exposing it. All coins stored under a private key which you have entered here (or any website for that matter) are at risk.

Well, if you don't mind an "online" faucet-cum-wallet, I would highly recommend Freebitcoin.

Web wallets are a poor choice, regardless of how trusted or reputable they are. Use it to store your faucet winnings, sure, but recommending one for a long-term hold is bad advice. There are too many risks, too many things which can go wrong, which simply aren't an issue with your own wallet where you control your private keys. If OP was content with a custodial wallet, then he might as well just leave his bitcoin in Coinbase. The whole point of withdrawing is to get control of your own coins.