Topic: BLOCKCHAIN account- Newbie - how to get one? (Read 619 times)

SEPA (Single Euro Payments Area) transfers are typically only available within the EU and only for the EURO currency. Since the United Kingdom is no longer a member of the EU, it is important for the OP to confirm with his bank whether SEPA transfers are possible. (I'm just assuming he is from the UK since he mentioned Pounds.)

The currency you have is bitcoin. There is no "euro bitcoin" or "pound bitcoin". There is just bitcoin. If you want to sell bitcoin for GBP, then you should select that you want to receive GBP.

I have absolutely no idea how the UK banking system works, but I would be surprised if someone can transfer you EUR and your bank automatically changes it in to GBP. Rather, you would need to trade with someone in the UK who already has a UK bank account. Maybe I'm wrong though.

I know you are being more than helpful, thank you for that, but it is still very confusing. I want to keep it very straightforward, ive decided i just want rid of it, as this currancy isnt for me ( i will not be using that casino again )

I dont know what currancy is it, i know they the casino is in euro ..and i want UK pounds into my bank account.

As for trader and exact price want to sell...im not that bothered really, happy to pay a small fee for the current rate of exchange. All this contracts limits...really is confusing ..do i have to do all that. 

If your saying, Euro, then i will pick SEPA Transfers then..and ...assume..the bank transfers it automatically into my bank account into pounds.

Ok,  bank transfer I pick.  Ok, got it I will look for that.

Hosse -you mentioned - BNB - and to change to whatever currency...well like say, it 'was' Euro on the site...i want pounds...but, will assume i keep it too euro and let the 'bank' automatically work it out...right.

Before you create an offer, search for existing offers from other people looking to buy bitcoin. You will probably do better picking an already existing offer from a reputable trader, as opposed to a brand new account posting an offer with no trading history.

The first box in HodlHodl is the price you want to sell at. You an either choose an exact number (e.g. I want to sell at a rate of 16,000 EUR per BTC), or you can choose to fix your rate to the current market price (e.g. I want to sell at the current price per EUR on Binance, + 1%).

You then set your contract limits - how small or large a trade you would be willing to accept.

If you are dealing in EUR, then I assume you would pick European SEPA transfers, but I can't confirm.

The currency for the amount will be the same currency as however you have priced what you want to sell in the first box. If you price it in EUR, then you will choose an amount in EUR, and not in BNB (which is another altcoin you want nothing to do with).

Once you confirm your payment method as a bank transfer, you should put your bank details in to the "Payment details" box. There will be a question mark symbol next to these boxes you can click on to get more info. You can also get more info about the whole process here: https://hodlhodl.com/pages/faq#what_does_offer_mean

Forget about the casino. You withdrew bitcoin, not fiat. Now you have bitcoin and you can sell it for any currency you want.


Isn't the currency set to BNB?
As said, you should change the "Currency" to the currency you want change your bitcoin to.

Thank you all for explaining.

Must say i do not like the idea of meeting re bitcoin / shame i cannot see a bitcoing atm..now that would be great.

I wont keep emailing - famous last words - i only have a small amount, and i do want this amount into my bank account.

SO - i joined HodlHodle - aware one at least has said has no experience of it but,  ..and im really hoping here..this is all very straightforward..a..little trusting perhaps...but such a low amount really..

HodlHodl,

To SELL,

CURRENCY -  so...whart is it...mine was Euro from casino..now its all numbers....but...do i put down euro?

PAYMENT METHOD - well thats a biggie...long list....i see a couple of banks there TSL i think...but didnt see mine....so....which do i pick?

AMOUNT  - states BNB   ( so...i want sell around 200euro )


SO......what do i type in....and then....i press the button..and someone will decide to accept? ( see if they have a good history etc ( watch a little on youtube )....and...thats it. A few clicks, agree trade etc,  bobs your uncles I have cash into my bank account?

( i havent put in my bank details? )


So..Im guessing..its not the simple? or..is it?

You're not expected to know all this. Take your time and read reputable sources of information (not YouTube) before you decide how to proceed. There is no rush.

Because everything is public as I said above, Coinbase can look at your coins and see where they came from. And because Coinbase maliciously decide that bitcoin which come from a casino are somehow "tainted", then you may run in to problems if you try to use them.

Banks which say they don't deal with bitcoin usually mean they will not send or receive money from known bitcoin services, such as Coinbase or Binance. As I said above, they do not know if you sold bitcoin to another person based on simply receiving a bank transfer from another individual's account, unless the individual labels it as such.

It's up to you, but I strongly advise everyone to avoid centralized exchanges like Coinbase. Handing your personal information and KYC documents to a complete stranger is never safe, and as above, they may decide simply to freeze your account with your coins inside because your coins came from a casino.

Using a platform that requires KYC procedures, like Coinbase, can be seen as more trustworthy because it means that the platform is following regulations and has a verified process for verifying the identity of its users. However, this may not be true for all platforms. For example, Binance or KuCoin have been known to operate without KYC procedures for smaller deposit amounts and still have a large user base. In fact, Binance is one of the most popular exchanges in the world. On the other hand, there were some fully regulated exchanges, such as the infamous FTX Exchange, that have gone out of business due to poor security and a lack of transparency in their operations.

Let me try to explain this. For the majority of bitcoiners, a bitcoin is a bitcoin regardless of its origin, unless it was obtained through illegal means such as the black market or hacking. However, centralized services like exchanges may have their own policies in place, including requirements for identity verification and proof of funds, which may include compliance with local laws and regulations based on the country in which the exchange is registered. Like most other centralized exchanges, Coinbase is regulated and licensed to operate as a money transmitter in various jurisdictions, including the U.S. and Europe. As such, they are required to verify the identities of their customers and may request identification documents or other information. If you want to trade bitcoin on these exchanges, you must follow their rules. (It is essential to carefully review their terms of use before using these services.)


I am not familiar with HodlHodl, as I have never used them. I usually use a local exchange to transfer fiat to my bank account. If I need cash without too much hassle, I just find someone in my area who wants to trade in person and we meet up at a coffee shop or other public place to complete the trade. Is that something that you could do as well? Since a few hundred pounds is not a large amount, it should not be difficult for you to find a buyer in your local area. Have you tried posting on your local board on this forum? If you are willing to disclose your approximate location, that could be a good place to start. If you prefer complete anonymity, you could also consider using a Bitcoin ATM. There are many options available for selling bitcoin, as it has been around for over a decade and has spread to virtually every part of the world.

( thanks once again reply, i see your replying as i type etc sorry about that )

OK, well thats good to know then, that chances are it wont disappear or be held up once it is sent. I say the bank doesnt deal with bitcoin..im likley mistaken, its a highstreet bank and perhaps just meaning some transactions etc..

ACTUALLY, thinking about it, surely it would make more trusted sense to go with Coinbase / where you need KYC...because thats more trusting isnt it.

Oh right re transparency...so its really open isnt it for misuse then..maybe its a good thing who knows...seems to be working highs and lows...from what reading at a low right now, so expecting a high soon. ( i realise im not getting the hang of this at all )

Ok, so posted there, whilst you kindly posted a reply.

SO, escrow - but HodlHodl has it built in - this is very confusing..how am I meant to know all this and what to pick.  I dont want giftcards etc...just want to see..£100 in my current account at this stage.

Coinbase is out then?  because of it being casino funds.  BUT...WHY - ( Is this really an issue..that even though this is now my legit monies  it's still suspect because came from a casino? ..isnt it just a series of numbers now? )


( i must refrain from replying all the time , sorry for doing so, but one email reply leads to another...even your reply of,. protects being scammed etc,  and built in enscrow.   Can i not just sign up HodleHodle, type in my bank details...click a few buttons, send..£100 bitcoins...and receive into my bank account £100. simple as that? )

I have no experience with "DanskaBank", but when you are trading peer to peer using a bank transfer then the money is sent from the other party's bank account directly to your bank account. It does not come from a centralized bitcoin company or exchange. All your bank will see is a standard transfer from one individual to another. Provided the other party doesn't label the transaction as "Bitcoin" or something like that, then your bank will have no idea what the payment for.

Oh my goodness this is not straightforward.

I have been looking on hodelhodel and youtube info.

Can i just confirm. IF -i succeed in transferring a small amount say, £100 of bitcoin - as test - once the 'contract' between the buyer is made ( and assuming i ..put in the correct number - how much is £100..i mean it jumps up and down for a start? ) ....D i put in my bank details. I am with DanskaBank. I'm sure i read they dont deal with bitcoins etc - but they are the same as most high street banks, barclays, santander ( i think i have an old santander account i could re-setup perhaps ).....BUT...is is a simople case of, the 'buyer'/contract etc goes through ( in minutes it appears ), accepts me £100 bitcoin..and that goes directly into my Danska bank account - which i can then view on my mobile to see, yep, theres the £100 ( a fee deducated..i think the site says 0.03% or something ).

OR..can something go wrong. The bank declines?  

If you are willing to change it for gift cards to somewhere you would be spending cash anyway, then buying gift cards via somewhere like Bitrefill will be a very easy and straightforward option for you. If you want to swap it for actual fiat, then you would be best served doing it via an escrow. You send the bitcoin to an escrow, the other party sends you the fiat, then once you've confirmed you've received the fiat, the escrow releases the bitcoin. This protects you from being scammed (provided you choose a reputable and trustworthy escrow). The two other sites I listed above (HodlHodl and AgoraDesk) have built in escrow functionality.

The very nature of bitcoin is that every transaction is public. By telling us exactly how much you received, I can easily perform a search for any transactions involving that exact amount over the last 7 days. Yours was the only one. To protect your privacy in the future, be less specific with the values you are talking about.

Thank you all for your replies.

I am still 'buzzing' that i have bitcoin actually as I really didnt expect ever to receive. My 2nd withdrawal is still pending..but thats my nature to be suspect I suppose which leads a lot! of messages.

I will try and refrain from clogging up this forum, and ok I will not go with a 2nd wallet names, as youve said, this one working ok.


I will be re-reading about converting then. A little put off by some of your comments...particularly saying, ...as it comes from casino...suspect etc... i thought now that these 'numbers' are all mine..then its as good as anyones bitcoin. And i can spend it, convert it, and it will be accepted.  All this about 'trusting someone' re changing for cash etc....a bit of a worry, I was hoping the worry part is over with. I have my monies, and i can just convert it - for a fee - to 'cash' and appears in my bank account.

Also, one comment there, from OELEO, saying, ' i can see your output..etc'  - now ive nothing to hide..but not too keen on people able to see?  

I did intend to carry on with the slots, wining a little more as I waited for my withdrawals ( thinking never gonna get the monies anyway ) , thinking i can with luck withdraw a little more over time -unless runs out / or I ( foolishly ) deposit some more cash in....but some of the recent comments are a little worrying.

At this stage, i want to just cash out a couple hundred, and perhaps cash out again if they accept my 2nd withdrawal - and proceed like that.

thanks re update on Electcash..OK..steer clear...seemed all legit and reading youtube comments all positive...but ok, no need for that then.

There is really no reason to create one additional wallet. Your Electrum wallet can generate as many addresses as you need. You begin with 20. You can safely withdraw coins to any of the addresses in your "Addresses" tab on Electrum as long as you have the correct seed/private keys, which is a requirement for spending your BTC. Compare it with the cash you carry in your physical wallet. You are not going to have one wallet for your 1st £100 bill, a second one that carries the other £100 bill, and a third one for your 10s and 20s.   

It's good that you are asking questions. Some beginners make serious mistakes and only then ask what did I do wrong? As mentioned above, forget about ElectrumCASH and don't send your coins to someone before understanding the risks.
   
As long as there are alternatives where you don't have to, consider them first. Would you be comfortable sending me a copy of your passport, a bank statement, and a picture of a utility bill as proof of address? You probably wouldn't, right? Sending the same things for KYC purposes to a company that holds countless of personal records is not safer if you consider how many of them have been hacked, leaked the data, or sold it to other scammers on the black market.

Absolutely fine, you can have as many wallets as you want. But if you want to move bitcoin between the wallets, you will need to make a transaction and pay the transaction fee. I don't really see anything to be gained by you setting up another new wallet now. Your current set up seems to be working fine.

No, you don't. This is a wallet for a completely different cryptocurrency called BCash, which is not bitcoin and is generally set up to scam newbies such as yourself in to buying this fake not bitcoin. You do not need to download any software in order to sell your bitcoin.

It is much safer for you if you don't start sending your ID to random websites or internet strangers. Check out the links I gave above about where to start.

Electrumcash is a wallet for Bitcoin Cash which mean there's no relation if you don't have any Bitcoin Cash.

There's many exchanges out there, centralized exchange (need KYC) maybe like Binance, Kucoin, Coinbase, Kraken etc. Decentralized exchange or P2P platform e.g. Bisq, localcryptos, or hodlhodl.

Since you said your funds come from casino, it's better to use decentralized exchange because you might have a problem with centralized exchange since casino funds is a high illicit money.

You can do conversions using this site: http://preev.com/btc/gbp

Currently, that is worth £307.

I can see your output on block explorers, and it already has >400 confirmations. It cannot disappear until you spend it.

If you are not planning on trading long term and are just looking for a single one off trade, then your best bet will probably be to find a reputable and trusted person on either the currency exchange board of this forum or on a peer to peer marketplace such as HodlHodl or AgoraDesk. I would of course suggest that instead you hold the bitcoin long term, or even you just spend it directly with any local merchants who accept bitcoin, or use it to buy gift cards at somewhere like Bitrefill.

HI decodx

two further questions to ask then shortly.  (  I am liking having this bitcoin, but find it a little...stressful ( too strong a word )..but checking the 'markets' I mean you could lose the lot over night!! but quite like the 'fun' of seeing the price rise a little (low though isnt it compared to even Oct.  I will definately want to keep a small amount in my wallet though I think hould the other withdrawal be processed ).

Decodx, I do not wish to share the casinos name ( isnt it just as well, seeing as for a few messages there i was less than impressed with them!!! and turns out it was my error ), but also I can never ever recommend a site to anyone. It's a mugs game.  I enjoy slots, lotto and the like but i cannot really afford too, i justify it to myself because its my 'treat', im not one for going to the pub, spending a tenner on a drink or even take-aways or meals out. Each to their own i guess. I lose more than win, as previously mentioned i am on Gamstop - hence turning to 'casinos not on gamstop'.  But, as also mentioned a few times, the casino is among a long list of 'out of the box sites' - same games, same stock emails/registration processes - previously listed a few, plenty more. Not sure how it works.

As to my questions then , if anyone could advise.

My Electrum wallet. As i made the mistake going into the wrong wallet name, I think i will make a new one. ( i have the 12 words written down for both previous wallets..but as they were really me working it out as i go along' i think i might do another..in the hope i might have future winnings seeing as now appears simple process to withdraw- if the casino stays good. )

Going in, front screen, passoword for current wallet name or 'create new wallet'.  SO, its ok isnt it...i create new wallet..i dont want to mess about much/lost the monies in there...but i create new, and get 12 new words i guess. AND THEN, do i use that 'seed method' again. 

And, thats it. It's ok to have several wallets, i can skip between?

My final question is,  and it is final honestly!  - so......I want to now convert say £200 bitcoins into cash and i want to put this cash into my bank account ( i take it all banks will accept ).

I have been looking on this forum  /on youtube ( people expect that you know things even an idiots guide ).

Apparently i need to download a ElectrumCASH wallet? something like that?

and then theres this peer to peer.   

I dont mind joining something, sending my ID etc..i fully expect to do that seeing as dealing now with cash in the long run, so can i please get advise and where to start.

I dont want anything complicated ( note my misakes with the wallets! ), literally, just want to get £200 worth of my bitcoin into cash so i can then put it into my mastercard/bank account. And then, do it again once i get another withdrawal....and with luck..any future winnings do the same.

THANKS again for your time and advice. ( has the bitcoin moved up or down in the time i wrote this message!! i will check!! )