Questions - New to Bitcoin

[MoonCoin691]

Hello,

I'm sure these questions have already been answered before... but I've searched vigorously and could not find the answers I'm looking for.

So please bare with me.

I'm new to Bitcoin... I've heard about them in the past, but I never ever thought that I'd actually have anything to do with them.
So when I say new, I mean today is the first day I've ever actually looked into purchasing some. So today I've pretty much been scavenging the internet trying to absorb as much information as possible.

The reason why I need Bitcoins is because I've recently stumbled upon a website that deals solely with Bitcoins. Now, my first purchase is most likely going to be a test run. The amount I'm looking to buy is about 106 US dollars worth. I'm located in the US by the way. So my questions are, how does the whole wallet thing work? Can I just get a wallet from anywhere? Will it be secure?

Also, can I buy Bitcoins with a debit card? If so, how do I buy Bitcoins with a debit card? I really don't feel comfortable routing my bank account to a "Bitcoin vendor".. so just letting you know that's not an option for me. I'm mainly looking to purchase with a debit card.

Here's what I've found out so far... The only place that you can purchase with a debit card seems to be Virwox.com..and it seems like it's a rather tedious transaction. You have to purchase  "Second Life Lindens" and then exchange those for Bitcoins. Does anyone have any experiencing with this? Also, after the fees how much Bitcoin do you come out with in the end? The limit for a new member is 104$. So if I put in 104$ how much Bitcoin would I end up with after all the transactions and fees?

I almost forgot... how long does this process usually take for a first time member? Is there a waiting time?

Is there an easier way...or is this my best bet?

Any help would be very appreciated.

[Crypto.Savage]

Hey, I've never used Virwox.com so wouldn't be able to help you there. However I would advice trying https://localbitcoins.com. Great site and which I've used before to both buy and sell and works great. Many different options for payment all dependent on the seller but check it out and see if that works in your area. Also check and see if there are any local bitcoin meet ups on meetup.com. If so someone there might be willing to sell. As always be careful and  try and use escrow services whenever possible. Hope that helps cheers

[silvestar]

The fee at Virwox is terrible, and you can find it here. https://www.virwox.com/help.php#_Commissions_and_Discounts
As you said, you need to do two trades (USD -> SLL and SLL -> BTC), and you will be charged 2 times the transaction fee. 

[BurtW]

Sign up for an account on and then find a local seller on https://localbitcoins.com, meet them at a coffee shop, pay with cash, no muss no fuss.  The BTC you buy will be instantly transferred to your localbitcoins.com account.  I have met a lot of very nice people this way.  The seller may be able to answer your questions.

Once the BTC are in your localbitcoins.com account then you can spend them directly from there so (for now) you would not need any other wallet.

[harkonnen]

Hello,

I'm sure these questions have already been answered before... but I've searched vigorously and could not find the answers I'm looking for.

So please bare with me.

I'm new to Bitcoin... I've heard about them in the past, but I never ever thought that I'd actually have anything to do with them.
So when I say new, I mean today is the first day I've ever actually looked into purchasing some. So today I've pretty much been scavenging the internet trying to absorb as much information as possible.

The reason why I need Bitcoins is because I've recently stumbled upon a website that deals solely with Bitcoins. Now, my first purchase is most likely going to be a test run. The amount I'm looking to buy is about 106 US dollars worth. I'm located in the US by the way. So my questions are, how does the whole wallet thing work? Can I just get a wallet from anywhere? Will it be secure?

Also, can I buy Bitcoins with a debit card? If so, how do I buy Bitcoins with a debit card? I really don't feel comfortable routing my bank account to a "Bitcoin vendor".. so just letting you know that's not an option for me. I'm mainly looking to purchase with a debit card.

Here's what I've found out so far... The only place that you can purchase with a debit card seems to be Virwox.com..and it seems like it's a rather tedious transaction. You have to purchase  "Second Life Lindens" and then exchange those for Bitcoins. Does anyone have any experiencing with this? Also, after the fees how much Bitcoin do you come out with in the end? The limit for a new member is 104$. So if I put in 104$ how much Bitcoin would I end up with after all the transactions and fees?

I almost forgot... how long does this process usually take for a first time member? Is there a waiting time?

Is there an easier way...or is this my best bet?

Any help would be very appreciated.

Try coinbase.com. This is only site that I use to buy bitcoins.
Of course, they are using ACH transfer(routing your bank acct). But they well known and they are not going to do anything stupid against your account. Setting up an account with them takes more than a week. They are required by law to verify your identity. Once you get verified account, you can buy bitcoins from them, but again it will take another 10 days to complete transaction. They say it's the bank that slows the transaction. And I think this is good/safe buffer to protect you. If you see some suspicious transaction in pending, you can cancel it anytime.

[DannyHamilton]

So my questions are, how does the whole wallet thing work?

As a brand new user, the easiest wallet to get up and running with quickly is https://blockchain.info/wallet

On that site you are able to set up Two Factor Authorization, choose your own password, and receive a backup of your wallet so you can still access your bitcoins if the website disappears.  Eventually, you will want to take the time to research some of your other options and make decisions about increased security.  Some wallets to look into are:

• Armory
• Bitcoin Core
• Electrum
• MultiBit

Can I just get a wallet from anywhere? Will it be secure?

No.  There are many scammers in the world.  Some will have created very "official" looking wallets that will steal your bitcoins.  You should make sure that any wallet you choose is open source, and well known enough for the source code to have been reviewed by multiple bitcoin experts. Then you should make sure you know the proper location to download the wallet.  If you choose to download a complied and ready to install wallet, it would be good to understand how to confirm the digital signatures or checksums of the wallet.

Also, can I buy Bitcoins with a debit card?

This will be difficult, time consuming, and expensive.

Debit card transactions are reversible.  You could be a scammer or thief and using a debit card number that is not yours.  When the real owner of the debit card calls the bank and complains, the bank will take the payment back from the person or company that supplied the bitcoins.  Then they will have neither bitcoins nor cash.  Most bitcoin holders are aware of this risk, and will therefore refuse to deal with someone that wants to pay with a reversible payment method.

Your best option for using a debit card would be to withdraw the cash from the account.  There are several non-reversible payment options once you have cash:

• Purchase a USPS Money Order and mail it to the bitcoin seller
• Mail the cash to the bitcoin seller
• Send the payment with Western Union
• Send the payment with MoneyGram
• Purchase a GreenDot MoneyPak, Gift Card, or other non-reversible payment card
• Meet with the seller and hand the the cash.

If so, how do I buy Bitcoins with a debit card?

As you've already discovered, Virwox is probably your best option if you absolutely insist on using a debit card.

I almost forgot... how long does this process usually take for a first time member? Is there a waiting time?

I've never used Virwox, so I don't know how long that process takes, but I wouldn't expect it to be fast or convenient.

Is there an easier way...or is this my best bet?

For debit card, that's probably your best bet.

As for an easier way, don't use a debit card.  I've listed several other options above. You can find sellers that will accept cash, USPS Money Orders, Western Union, MoneyGram, and non-reversible payment cards at localbitcoins.com or in the "Currency Exchange" sub forum here.

[cococoin]

Hey, I've never used Virwox.com so wouldn't be able to help you there. However I would advice trying https://localbitcoins.com. Great site and which I've used before to both buy and sell and works great. Many different options for payment all dependent on the seller but check it out and see if that works in your area. Also check and see if there are any local bitcoin meet ups on meetup.com. If so someone there might be willing to sell. As always be careful and  try and use escrow services whenever possible. Hope that helps cheers

Not quite believe hosting.

[silvestar]

+1 for localbitcoins. It is the best as you don't need to go through the long verification. 

[SimplyBTC]

local bitcoins is great to purchase from. We use plastic wallet cards to store our funds as 'cold storage' is the safest method.

[MonkeyDOH]

how does the whole wallet thing work? Can I just get a wallet from anywhere? Will it be secure?

Once you've installed a Bitcoin wallet on your computer or smartphone, it will generate your first Btc address to pay and get paid.

[noviapriani]

Is the root of it all "security through improbability?"
Yes. There are infographics out there comparing the probabilities of different things to that of a Bitcoin address collision.......

[noviapriani]

Bit pay supports many currencies as well. Coinbase only USD. You could use both in other countries to accept payment but if you are looking to instantly trade for fiat or do so with ease then bit pay is your option if outside the US.