About to buy my 1st Bitcoin - page 4.

agustina2

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Quote from: USB-S on December 04, 2015, 06:44:31 AM

Where do you live? Does you perhaps have a bitcoin atm near you? Maybe some other exchange?

However congratulations op for joining the club. I wish you a long hold with many profits.
Just to be safe you I would store that bitcoin in a cold wallet.

There's an other exchange here but I want to try the Coinbase system as I see it has better rates. So the process will be Coinbase Exchange then Cash it out to our local exchange.

Quote from: Mickeyb on December 04, 2015, 06:50:45 AM

For an online wallet like Coinbase, up to 1 BTCs would be a maximum that I would store in it. 1 bitcoin is not that much of money and for some non-technical people it's much easier to just leave it in Coinbase than to go through all the trouble of learning and setting up their own wallet.

As long as you don't send your funds to the online gambling sites, etc, Coinbase is good enough I guess up to 1 BTCs.

There you go. Some are just overacting that even a 1000 satoshis are required to store in an offline wallet. Its fine for holding job but for circulating much better to use online wallet.

DashCoinDark

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Nice that you are buying your the first time 1 bit[Suspicious link removed]d luck having it.

If you are planning to purchase something, becareful with scams.

Mickeyb

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Move On !!!!!!

Quote from: Amph on December 04, 2015, 06:10:50 AM

Quote from: Sir_lagsalot on December 04, 2015, 05:07:00 AM

Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees Cheesy

I never keep over a bitcoin in my coinbase account, let me tell you that.

AFAIk coinbase is safe enough as an exchange, because they have insurance that cover your funds, not like other exchange, and they are directly regulated with IRS

so if you really want to store online, they should be your first choose, betetr than blockchain.info for sure

For an online wallet like Coinbase, up to 1 BTCs would be a maximum that I would store in it. 1 bitcoin is not that much of money and for some non-technical people it's much easier to just leave it in Coinbase than to go through all the trouble of learning and setting up their own wallet.

As long as you don't send your funds to the online gambling sites, etc, Coinbase is good enough I guess up to 1 BTCs.

Altcoinmoney

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Sounds good, I would advise to get as much bitcoins as you can and the bitcoins you don't use, keep them safe in an offline wallet

Make sure to make back ups as well

USB-S

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In XEM we trust

Quote from: agustina2 on December 04, 2015, 06:37:14 AM

Quote from: joe101 on December 03, 2015, 04:02:04 PM

Finally! I have found an easy way to buy bitcoin.

Someone introduced me to coinbase. I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this. It's about time i can easily buy bitcoin from my bank,

So my question is: Once i buy my first bitcoin, what exactly do i do with it?

Do i leave it in my coinbase account? Is it safe there?

Or do i transfer it to my desktop computer?

I'm not familiar with this yet. I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.

What is everyone's advice?

You can stored it in Coinbase. Well no harm if you trust that exchange. If you will circulate it much better if it's on that wallet rather than in a offline wallet to prevent hassle. They will not run your 400usd amount of bitcoin as it's only 1% of their entire income lol.

Good thing your country is supported by Coinbase. I like to do buy/sell in coinbase as it have better rates than my usual exchange site but unfortunately our country is not in the list of supported countries.

Where do you live? Does you perhaps have a bitcoin atm near you? Maybe some other exchange?

However congratulations op for joining the club. I wish you a long hold with many profits.
Just to be safe you I would store that bitcoin in a cold wallet.

agustina2

legendary

Activity: 2436

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Quote from: joe101 on December 03, 2015, 04:02:04 PM

Finally! I have found an easy way to buy bitcoin.

Someone introduced me to coinbase. I signed up to it and i entered my banking details.

I uploaded 400 dollars to my usd account, and now i am finally going to purchase my first bitcoin.

I am very happy about this. It's about time i can easily buy bitcoin from my bank,

So my question is: Once i buy my first bitcoin, what exactly do i do with it?

Do i leave it in my coinbase account? Is it safe there?

Or do i transfer it to my desktop computer?

I'm not familiar with this yet. I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.

What is everyone's advice?

You can stored it in Coinbase. Well no harm if you trust that exchange. If you will circulate it much better if it's on that wallet rather than in a offline wallet to prevent hassle. They will not run your 400usd amount of bitcoin as it's only 1% of their entire income lol.

Good thing your country is supported by Coinbase. I like to do buy/sell in coinbase as it have better rates than my usual exchange site but unfortunately our country is not in the list of supported countries.

RobinHoodster

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Oh wow you have money that is good that you are buying bitcoins now.

I can afford it for know so I am just gona wait that the price will go down.

Bitcoin Market

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It is better not to leave it in the exchange if you do not want to trade bitcoin. Trading is not for most people, especially it is your fist bitcoin.

Amph

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Quote from: Sir_lagsalot on December 04, 2015, 05:07:00 AM

Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees Cheesy

I never keep over a bitcoin in my coinbase account, let me tell you that.

AFAIk coinbase is safe enough as an exchange, because they have insurance that cover your funds, not like other exchange, and they are directly regulated with IRS

so if you really want to store online, they should be your first choose, betetr than blockchain.info for sure

1Referee

legendary

Activity: 2170

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Whatever exchange you use, and no matter how trusted it is. Never leave any of your coins in your exchange account, unless you are actively trading. If you're not trading, then send it to your offline wallet, and securely store the wallet file in a USB stick. You can even encrypt the wallet file before saving to your USB stick, if you so wish.

Sir_lagsalot

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Activity: 392

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Coinbase isn't very safe, if you ask me. Use bitcoin-qt or electron. Pretty much the best out there. Only just coinbase if you're poor and don't have anything to lose and you want to use them so they can post your transaction fees Cheesy

I never keep over a bitcoin in my coinbase account, let me tell you that.

yoona

sr. member

Activity: 493

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Live by your own rules

Here we go, first impression to know bitcoin and they don't know what to do. Its often happened, confuse what should i do with this coin etc etc some people know bitcoin as investment plan only. Do your own research about bitcoin and decide what have to do.

MaxTax

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Quote from: joe101 on December 03, 2015, 04:02:04 PM

So my question is: Once i buy my first bitcoin, what exactly do i do with it?

Do i leave it in my coinbase account? Is it safe there?

Or do i transfer it to my desktop computer?

I'm not familiar with this yet. I plan to always keep a balance of 1 bitcoin in my account for 5 years to 10 years,

the rest of the bitcoin i buy i will spend online.

What is everyone's advice?

For the amount that you're not going to spend it's best to place that in an offline wallet

The rest you could keep in your online wallet. Make sure to make backups of your private keys

LuckyYOU

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Activity: 280

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It honestly depends on what YOU want to do with it.

If you're going to spend a certain amount, you can place the rest that you're not going to use in your offline wallet.

If you're going to save it up then it's best to put it all in an offline wallet.

ranochigo

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Crypto Swap Exchange

Quote from: Dissonance on December 03, 2015, 05:13:31 PM

Quote from: unholycactus on December 03, 2015, 05:04:01 PM

Just in case you haven't understood with all the posts above, it is not safe to leave your coins on Coinbase.

You should transfer your funds to a wallet where you and you alone control the private keys.

Guys is alot safer for a new user to leave it on coinbase then expect him to download the blockchain himself , secure it himself and backup his private keys himself.

Coinbase only covers insurance IF they are at fault, eg. inside hack. It would be impossible for them to cover if the computer have malware and the account gets compromised. SPV wallets are secure enough for most people, Bitcoin Core does not offer significant advantage if you are not going to process hundreds of payments daily or use the RPC.

It is easy for anyone to backup their private keys or when using HD wallets, a seed. It can easily be restored in case of a hard drive failure.

bitlancr

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Really depending on if you're going to spend it by trading or buying altcoins or not, if not then best things you can do is safe it on a desktop wallet.

If you're going to use your bitcoin then you could just leave it in your coinbase wallet. I wouldn't leave it there if you're just going to let it sit there.

And yes like everyone said here, make back ups of everything, your private keys.

Altynbekova

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Quote from: cryptoclone.com on December 04, 2015, 03:20:53 AM

Learn about bitcoin/altcoin trading as well as arbitrage trading, there are many useful tools out there that will allow you to make a lot of profit by these methods, and before you know it you will have 10 bitcoins instead of only 1!

Yeah very true if I was you I will do this what cryptoclone.com said.

Or research more about bitcoin the use with it.

1 bitcoin is good to have, but having more is better so just learn how to trade and that stuff so that you will get more bitcoins.

cryptoclone.com

newbie

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Learn about bitcoin/altcoin trading as well as arbitrage trading, there are many useful tools out there that will allow you to make a lot of profit by these methods, and before you know it you will have 10 bitcoins instead of only 1!

icezer0z

full member

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Safest thing to do with a bitcoin, especially if you are keeping 1BTC for 5-10yrs, is cold storage.

Like I said, its the safest thing to do IF you can actually put your cold storage (piece of paper with a QR code and BTC address on it, backed by encryption (password)) somewhere safe.

EX:
> Safe at home
> Bank, Safety Deposit Box

This will allow no security threats via WAN or internet.

Coinbase is secure but for the user , YOU, it can become 'hacked' at any given time and you can lose your BTC. It has not happened yet and I hope to God that it does not. Just to make you aware it can happen.

Another easier method would to be putting your BTC on a local machine at home or on your phone. That can be done by downloading a wallet and making an encrypted backup and uploading the backup to a Flash Drive, Cloud (can become compromised), Printout of QR Code.

MAKE BACKUPS!! Cannot stress this enough!

Hope this helps

yenxz

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Coinbase is safe,you can put your bitcoin there, and if you want try your first trade,just wait for bitcoin price higher than you buy first,and then sell your bitcoin,or you can use it for any payment.

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