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Author Topic: Some newbie questions  (Read 582 times)
The Guy Behind The Guy
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December 19, 2011, 04:01:20 PM
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Hi, I learned about Bitcoins over the weekend and read a few faq's but I'm still confused about how (or limitations of how) bitcoins are exchanged in practice.  Please correct any statements of mine below that are incorrect, this is to the best of my fuzzy understanding so far.

1.  As I understand it, I can use bitcoin software to run on a PC to make and receive bitcoin payments.

2.  Also one can open a wallet/account thru services like dwolla and MtGox, and send and receive bit coin payments via an online account.

3.  Assuming 1 & 2 are correct so far if I was to purchase bitcoins via services like dwolla and MtGox could I then use those online services to transfer bitcoins on the online account to the bitcoin program on my PC ? 

Just to give some idea of where I think I'm going with this: I'd like to purchase Bitcoins via services like Dwolla and MtGox because it appears to me to be the simplest and most painless way to acquire bitcoins.  However, I'd like to control the ability to transfer bitcoins myself, without relying on these online services, so ultimately I'd like to have them transferred to a bitcoin program on my PC.

Does any of this make sense?

Thanks in advance.
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December 19, 2011, 04:06:48 PM
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Dwolla isnt an exchange. Its a payment processor (think Paypal). You cant use it to buy bitcoin directly, you can use  it to fund your dollar account on some bitcoin exchanges.

Other than that, yes you basically got it right. You buy bitcoins on an exchange like Mt Gox or may I suggest, http://www.cryptoxchange.com/ (probably easier to fund, but volume is still frighteningly low). Then you can move those bitcoins to your bitcoin wallet on your PC. If you are thinking non trivial amounts, read the faqs on backing up and securing your wallet.

Gabi
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December 19, 2011, 04:17:21 PM
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Does any of this make sense?

Thanks in advance.

Yes to all (except of  course that Dwolla is not a bitcoin exchange itself  Cheesy)

Remember to backup your wallet and do not lose it
The Guy Behind The Guy
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December 19, 2011, 04:32:06 PM
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Does any of this make sense?

Thanks in advance.

Yes to all (except of  course that Dwolla is not a bitcoin exchange itself  Cheesy)


Right, but I will need to fund the MtGox acct somehow.
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December 19, 2011, 04:37:27 PM
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Dwolla isnt an exchange. Its a payment processor (think Paypal). You cant use it to buy bitcoin directly, you can use  it to fund your dollar account on some bitcoin exchanges.

Other than that, yes you basically got it right. You buy bitcoins on an exchange like Mt Gox or may I suggest, http://www.cryptoxchange.com/ (probably easier to fund, but volume is still frighteningly low). Then you can move those bitcoins to your bitcoin wallet on your PC. If you are thinking non trivial amounts, read the faqs on backing up and securing your wallet.

Thanks, this is exactly the sort of break down that I was looking for.  I'll have a look at http://www.cryptoxchange.com/.

One more quick question.  Does a "connection" of sorts have to exist for a bitcoin transaction to take place?  For example, let's say I want to send you 50 bitcoins, and let's say you've provided me with your address (from which I gather is a public key).  Do you have to be aware of the transaction for it to take place.  Can you be offline when I send it?  In other words, can I send you the 50 bitcoins without having to worry about when you'll be around or online to collect it?
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December 19, 2011, 05:22:48 PM
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Thanks, this is exactly the sort of break down that I was looking for.  I'll have a look at http://www.cryptoxchange.com/.

One more quick question.  Does a "connection" of sorts have to exist for a bitcoin transaction to take place?  For example, let's say I want to send you 50 bitcoins, and let's say you've provided me with your address (from which I gather is a public key).  Do you have to be aware of the transaction for it to take place.  Can you be offline when I send it?  In other words, can I send you the 50 bitcoins without having to worry about when you'll be around or online to collect it?

The other person does not need to be online nor does he/she need to know about the transaction. The bitcoins are sent to the network. The next time this person opens her client the bitcoins will show up there.
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December 19, 2011, 06:22:47 PM
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Dwolla isnt an exchange. Its a payment processor (think Paypal). You cant use it to buy bitcoin directly, you can use  it to fund your dollar account on some bitcoin exchanges.

Other than that, yes you basically got it right. You buy bitcoins on an exchange like Mt Gox or may I suggest, http://www.cryptoxchange.com/ (probably easier to fund, but volume is still frighteningly low). Then you can move those bitcoins to your bitcoin wallet on your PC. If you are thinking non trivial amounts, read the faqs on backing up and securing your wallet.

Thanks, this is exactly the sort of break down that I was looking for.  I'll have a look at http://www.cryptoxchange.com/.

One more quick question.  Does a "connection" of sorts have to exist for a bitcoin transaction to take place?  For example, let's say I want to send you 50 bitcoins, and let's say you've provided me with your address (from which I gather is a public key).  Do you have to be aware of the transaction for it to take place.  Can you be offline when I send it?  In other words, can I send you the 50 bitcoins without having to worry about when you'll be around or online to collect it?
Who make the transaction must be online, to send it to other nodes so that eventually it will be put in a block in the blockchain.

The partner is not required to be online, transactions are registered in the blockchain, that is the same for everyone
The Guy Behind The Guy
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December 20, 2011, 05:02:30 PM
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The other person does not need to be online nor does he/she need to know about the transaction. The bitcoins are sent to the network. The next time this person opens her client the bitcoins will show up there.


Who make the transaction must be online, to send it to other nodes so that eventually it will be put in a block in the blockchain.

The partner is not required to be online, transactions are registered in the blockchain, that is the same for everyone

Thanks for the answers, bitcoins are so cool Grin  I have so many more questions, a bit more technical in nature but they'll have to wait!


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