Topic: Need some guidance about crypto-currencies (Read 306 times)

many thanks for your feedback. a few more questions plz.

1. I'm from Pakistan and will be using a debit card for the payment.
2. Could you please explain or direct me where I can read as to how these wallet apps work and their security features? On these wallets, is the currency stored on their servers?
3. What is the most secure and cheapest exchange that you would recommend plz?
4. What are paper wallets? Are they secure and can be used for all crypto-currencies? Would it take a lot of time to convert the coins to paper wallet and vice-versa?

many thanks for your quick and detailed feedback. A few more queries please.

-is there any website where I can do a quick comparison as to which website would cost me cheaper to buy the bitcoin from? I would be using a debit card to buy it.
-I would like to buy a little since have reservations on crypto-currencies. The only reason am buying it is that maybe it would turn to diamond in the coming years (and might use it to pay for my children's education) but have also in mind that it might turn into dust
-I'm not planning to immediately move to a hardware wallet because of its non-availability locally, plus its a little costly. Is it not reliable at all to keep it on the exchange? I plan to buy in due course of time a few other crypto-currencies and maybe then at a later stage would buy a hardware wallet to store them all and sleep on it for a few years. Please advise on this in detail, if possible.
-I read the story of ethereum crash somewhere which made someone a millionaire overnight. Personally not so lucky, but would still want to try my luck. Is there such a place/exchange where I can mention my target price (as is done in stocks?) so if a currency goes down, its automatically purchased? I would like to know if this process can also be done for the purchase of BTC as well?

1. LocalBitcoins is about trading with other people and not with the service itself so It's only safe while you are trading with trusted members. I can't tell you where else you could buy at the lowest fees because you haven't mentioned the payment method you are using or where are you from but some reputable exchanges: Kraken, Coinbase, Bitstamp.

2. The transactions are done within the site, doing off-site transaction inside the site will only expose you to less secure transaction and you could get scammed. Its better to keep them on the exchange as long as you are trading, when you are done, withdraw them to Electrum wallet. (Electrum.org to download it)

3. After having bitcoins, just head to Bittrex, Binance, Poloniex etc. these are the top exchanges right now. You can exchange your BTC to altcoin in a click of a button and unlike Localbitcoins, everything is safe and It doesn't matter If people there are trusted or not because crypto currencies are not reversible.

4. Holding your bitcoins for long term is definitely a good strategy but keep in mind, exchanges get hacked all the time so Its better to store them in a Paper wallet (If you plan for not using them for several years) otherwise just go with Electrum as I suggested above.

There are few sites that allow you to buy with credit card but isn't available every where so it's better if you use localbitcoin. For security it is completely secure how it works is you open a trade with the seller send the funds to the details he provided until then the funds will be with the site holding as escrow after you made the payment submit the proof if the seller tries to scam dispute it and you are totally safe as the seller can't take the funds until the dispute or trade isn't completed. Whatever happens never send the funds without opening a trade.

You can use online wallets or desktop wallets both have their own risks involved.

No he won't do that as he will be in a risk just complete the trade and withdraw from your local bitcoin wallet. Most exchanges have been hacked by now they did upgrade their security but as you are a long term investor i wouldn't recommend you to store on an exchange.

You can use a exchange like bittrex or poloniex or you can exchange instantly using changelly or shapeshift. On exchanges you can either buy at the current price or place a bid if the price reaches your bid your order get's proccessed.


If you are gonna buy a large amount of coins use this : https://trezor.io this is the most secure wallet.

Hope this helps you if you have any more questions feel free to ask me or someone else will surely assit you.

hello everyone



I've been reading about bitcoin and its a little confusing for me. Would appreciate if someone could either guide me or point me to the right direction to study about it.


-Where to buy bitcoin (through debit card) at the lowest fees? I'm from Pakistan and there is this website localbitcoins.com. Is it secure?
-Once I buy it from somewhere, how do I secure it? I read about bitcoin wallets. Can I directly ask the seler @ localbitcoins.com to send it to my wallet at the exchange? Will my coins be sucure at the exchange?
-How to buy other crypto-currencies from? What are the best and secure exchanges and how does it actually work?
-I'm buying it from an investment point of view to keep it for a few years. In this scenario, what would you advise and will storing the coins @ the exhange be wise or should I store them somewhere else.



Many thanks in advance for reading and responding.