Bitcoin noob | Bitcointalksearch.org

g1974ak

newbie

Activity: 14

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Quote from: Coleio on July 16, 2015, 10:02:02 AM

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

Use coinbase as your bitcoin wallet. They offer the possibility and in a safe way, with excellent prices too, to buy and sell bitcoin from within your wallet. There is only a problem. Your country must be in the countries on which this service is abilitated. Se the list at the site before to be sure.

Coleio

newbie

Activity: 6

Merit: 0

I've downloaded bither but not exactly using it. So do I get a new private key each time I make a deposit to my wallet? Also on bither trees a plus button, when I click it it gives me an option to create a hd account. I presume that's what I need to do?

turvarya

hero member

Activity: 714

Merit: 500

Quote from: Coleio on July 21, 2015, 06:49:54 AM

That's exactly what support said, I can screenshot it if you like.

Anyway I'm setup on localbitcoin.com and I'm wondering could someone explain wallets. I downloaded one and didn't even need to sign in. I haven't explored localbitcoin much so if I don't sign in to a wallet how do I send funds to the wallet? And what are private keys, obviously some sort of security protection but when I downloaded the app I didn't get any. Do I get them Persepolis to the wallet or what way does it work. Also do I have to encrypt the keys because tht all sounds really confusing?

I use Kraken for about an year now, so, I know how the limits work.

The private key is your password to the Bitcoin on the blockchain. They are just very big random numbers generated on your device, but seriously you, don't really have to worry about that too much. Just make sure, you follow the backup routine off your wallet. I guess wallets don't just show private keys, so you don't give them away accidentially.
Which wallet do you use?

Coleio

newbie

Activity: 6

Merit: 0

That's exactly what support said, I can screenshot it if you like.

Anyway I'm setup on localbitcoin.com and I'm wondering could someone explain wallets. I downloaded one and didn't even need to sign in. I haven't explored localbitcoin much so if I don't sign in to a wallet how do I send funds to the wallet? And what are private keys, obviously some sort of security protection but when I downloaded the app I didn't get any. Do I get them Persepolis to the wallet or what way does it work. Also do I have to encrypt the keys because tht all sounds really confusing?

turvarya

hero member

Activity: 714

Merit: 500

Quote from: Coleio on July 20, 2015, 12:56:16 PM

Quote from: RodeoX on July 16, 2015, 12:01:33 PM

I second many of the suggestions above. Get a better wallet. If you are an android user I would recommend this one: https://play.google.com/store/apps/details?id=de.schildbach.wallet
This one uses a system that keeps your private keys hidden from the wallet operator. And MAKE SURE YOU CREATE A BACKUP OF YOUR PRIVATE KEYS!!!!! If you lose your keys there is absolutely no way to recover your money. Keep that backup in an extremely safe place like a bank vault.

Do set up an account at a recognized exchange. You will need to fund it and give your identity in the process. In most countries you and the exchange are legally required to do this. If you find an exchange that requires no identity papers then all you can say for sure is that you are dealing with criminals. You can guess what is going to happen when you send them money.

It is a hassle to set up, but once it's all done it is easy to get bitcoins when you want them.

I don't know about this stuff so I downloaded the kraken app. Didn't know how it worked so I emailed them, they told me to sign up and that I needed to deposit a minimum of 2k to start using it..

2k USD is the max limit per day(on Tier 2)
I think, you or the support got something confussed there.

ikydesu

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Activity: 686

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Quote from: Coleio on July 20, 2015, 01:08:04 PM

I'm using my iphone and the bitcoin website suggested bither as the most popular one. Localcoin or whatever it's called sounds good as I'm only buying small amounts. There's a lot of recommendations regarding wallets here, what's the easiest one for iphone, preferably one that explains everything including keys etc...

Thanks, Cole

https://bitcoin.org/en/choose-your-wallet you can see breadwallet on iOS option is have all security, just click on breadwallet icon and you can see the feature.

gentlemand

legendary

Activity: 2604

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Welt Am Draht

Quote from: upsidedown75 on July 20, 2015, 01:12:06 PM

If you come from a European country and if you have a SEPA bank account then you should not choose Kraken, but rather anycoindirect.eu (The Netherlands) or bitstamp.com (UK).

Why? Kraken has a good rep. Is that just because of low volume?

Somekindabitcoin

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Activity: 518

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Try Bitquick, fast and easy. That's all. Simple Tongue

upsidedown75

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If you come from a European country and if you have a SEPA bank account then you should not choose Kraken, but rather anycoindirect.eu (The Netherlands) or bitstamp.com (UK).

Coleio

newbie

Activity: 6

Merit: 0

I'm using my iphone and the bitcoin website suggested bither as the most popular one. Localcoin or whatever it's called sounds good as I'm only buying small amounts. There's a lot of recommendations regarding wallets here, what's the easiest one for iphone, preferably one that explains everything including keys etc...

Thanks, Cole

Coleio

newbie

Activity: 6

Merit: 0

Quote from: RodeoX on July 16, 2015, 12:01:33 PM

I second many of the suggestions above. Get a better wallet. If you are an android user I would recommend this one: https://play.google.com/store/apps/details?id=de.schildbach.wallet
This one uses a system that keeps your private keys hidden from the wallet operator. And MAKE SURE YOU CREATE A BACKUP OF YOUR PRIVATE KEYS!!!!! If you lose your keys there is absolutely no way to recover your money. Keep that backup in an extremely safe place like a bank vault.

Do set up an account at a recognized exchange. You will need to fund it and give your identity in the process. In most countries you and the exchange are legally required to do this. If you find an exchange that requires no identity papers then all you can say for sure is that you are dealing with criminals. You can guess what is going to happen when you send them money.

It is a hassle to set up, but once it's all done it is easy to get bitcoins when you want them.

I don't know about this stuff so I downloaded the kraken app. Didn't know how it worked so I emailed them, they told me to sign up and that I needed to deposit a minimum of 2k to start using it..

MF Doom

hero member

Activity: 560

Merit: 500

Quote from: Coleio on July 16, 2015, 10:02:02 AM

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

Follow this link if you want to go through coinbase. I do all my buying and selling through them, its easy, secure, and when you sell you usually see the fiat into your bank account within 1-2 days. I'll split the referral bonus with you if you sign up! (I'll send you $12.50!)

https://www.coinbase.com/join/mfdoom

turvarya

hero member

Activity: 714

Merit: 500

Quote from: anderson00673 on July 16, 2015, 12:35:33 PM

Kraken fees are pretty high, I don't recommend them. For small purchases in the EU, look for an exchange that takes bank transfers. It is the cheapest way to go usually. They say coinbase, but they take ach. I think it is different in the eu.

One thing I also recommend is that if you are starting out it is a good idea to play some faucets to get some dust. It is a waste of time as far as actually making money, but you can use it to learn about wallets and things. Once you feel comfortable with that you can move on to real money (and stop using faucets because they are a waste of time). The best faucet is moonbitcoin because you don't have to keep going back every five minutes. You can just pop in once a day or whatever and collect a decent amount of satoshis. Good luck!

Which exchange is cheaper than kraken?
Which exchange doesn't take bank transfers?

I really wouldn't recommend faucets.
I also wouldn't recommend localbitcoin. It might be nice to use at first, but it get's annoying if you do it several times, so the time that you initially spend to register an account on an exchange pays off pretty fast, not even speaking about the involved fees/higher prices.

Argwai96

legendary

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Thug for life!

I would suggest to find a localbitcoin trusted seller on your location and get the bitcoin from him or her, you will be surprise how helpful most bitcoin seller could be when it comes to gaining a new client.

anderson00673

sr. member

Activity: 308

Merit: 250

Kraken fees are pretty high, I don't recommend them. For small purchases in the EU, look for an exchange that takes bank transfers. It is the cheapest way to go usually. They say coinbase, but they take ach. I think it is different in the eu.

One thing I also recommend is that if you are starting out it is a good idea to play some faucets to get some dust. It is a waste of time as far as actually making money, but you can use it to learn about wallets and things. Once you feel comfortable with that you can move on to real money (and stop using faucets because they are a waste of time). The best faucet is moonbitcoin because you don't have to keep going back every five minutes. You can just pop in once a day or whatever and collect a decent amount of satoshis. Good luck!

turvarya

hero member

Activity: 714

Merit: 500

Quote from: ikydesu on July 16, 2015, 12:19:07 PM

Quote from: Coleio on July 16, 2015, 10:02:02 AM

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

I think kraken is charge % fees for buy.
You can use Circle App, Coinbase or meet people around you to buy bitcoin through LocalBitcoin.com.

And store your coins on your wallet(desktop, hardware wallet, or paper wallet), just don't store your coins on web wallet or exchanger. I suggest you, use electrum: https://bitcointalksearch.org/topic/electrum-20-release-973768 or if you want to store for long long time, use paper wallet.

Quote from: turvarya on July 16, 2015, 11:55:44 AM

-snip-
Could you explain, what exactly you mean by this sentence?
The only bitcoin-related kraken, I know, is https://www.kraken.com/
Nothing to download there and no fee for just registering.

Maybe OP downloaded iOS app: https://itunes.apple.com/us/app/kraken-bitcoin-exchange/id914671502

When I get this right, you still have to register on the website to use this app.
The 2k fee still doesn't make sense.
This is how fees work:
https://www.kraken.com/help/fees

you have to pay a fee of 0.35% for the first 5k USD you spend. That doesn't mean you have to spend 5k. It just means that after you reached 5k you have to pay less fees.

ikydesu

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Activity: 686

Merit: 500

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Quote from: Coleio on July 16, 2015, 10:02:02 AM

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

I think kraken is charge % fees for buy.
You can use Circle App, Coinbase or meet people around you to buy bitcoin through LocalBitcoin.com.

And store your coins on your wallet(desktop, hardware wallet, or paper wallet), just don't store your coins on web wallet or exchanger. I suggest you, use electrum: https://bitcointalksearch.org/topic/electrum-20-release-973768 or if you want to store for long long time, use paper wallet.

Quote from: turvarya on July 16, 2015, 11:55:44 AM

-snip-
Could you explain, what exactly you mean by this sentence?
The only bitcoin-related kraken, I know, is https://www.kraken.com/
Nothing to download there and no fee for just registering.

Maybe OP downloaded iOS app: https://itunes.apple.com/us/app/kraken-bitcoin-exchange/id914671502

RodeoX

legendary

Activity: 3066

Merit: 1147

The revolution will be monetized!

I second many of the suggestions above. Get a better wallet. If you are an android user I would recommend this one: https://play.google.com/store/apps/details?id=de.schildbach.wallet
This one uses a system that keeps your private keys hidden from the wallet operator. And MAKE SURE YOU CREATE A BACKUP OF YOUR PRIVATE KEYS!!!!! If you lose your keys there is absolutely no way to recover your money. Keep that backup in an extremely safe place like a bank vault.

Do set up an account at a recognized exchange. You will need to fund it and give your identity in the process. In most countries you and the exchange are legally required to do this. If you find an exchange that requires no identity papers then all you can say for sure is that you are dealing with criminals. You can guess what is going to happen when you send them money.

It is a hassle to set up, but once it's all done it is easy to get bitcoins when you want them.

turvarya

hero member

Activity: 714

Merit: 500

Quote from: Coleio on July 16, 2015, 10:02:02 AM

Hey, so I heard about bitcoin a while ago and figured I'd give it a go, basically just wanted to buy some stuff with bitcoin but apparently it's a lot more complicated than just exchanging money for bitcoins. I downloaded kraken and found that if I wanted to start I'd have to pay a fee of 2k just to get started.

Also the wallet I got "bither" is pretty confusing. I don't have a clue about api's or qr codes. I just want to buy around €500 worth of bitcoins, store them on a wallet I can actually understand and buy stuff, without all the technical stuff that goes along with it. Is that possible?

Could you explain, what exactly you mean by this sentence?
The only bitcoin-related kraken, I know, is https://www.kraken.com/
Nothing to download there and no fee for just registering.

gentlemand

legendary

Activity: 2604

Merit: 3056

Welt Am Draht

Which area of the world are you in? That's rather a big factor in choosing where to buy.

Localbitcoins will always cost more than an exchange. If you're in the EU then you should be able to get cash onto an exchange very rapidly.

You don't have to download Kraken and you definitely don't have to pay a fee to use it. You only pay a small percentage when you buy from there.

Stick to the best known wallets. If you plan to hold for a long time then look into paper wallets or hardware wallets like Trezor. Phone wallets like Mycelium work well too.

Having your coins in an online wallet like blockchain.info is a little dodgy because the weak point in security will always be the machine you access them with.

Topic: Bitcoin noob (Read 1251 times)