Topic: Totally newbie bitcoin user question (Read 386 times)

Yes obviously, binance is totally safe secure exchange in cryptocurrency world. You can buy and sell your crypto instant with zero fees. There is more features in binance like P2P etc. I personally used binance over 3 years. I also recommend you to use binance for buying/selling and also saving your fund.

I will advice you to try binance

Binance is a safe and secure platform to buy and sell cryptocurrencies quickly using our streamlined buy/sell process. You're just three steps away from your first Bitcoin.

https://www.binance.com/en/buy-sell-crypto

OK… So if I am Porten wallet into another, could I send the money that is in the new wallet somewhere, or what I have to send it from the old walletOK… So if I imported one wallet into another, could I send the money that is in the new wallet somewhere, or would I have to send it from the old wallet??

You need to know how a bitcoin wallet works.
Your bitcoin are on the blockchain, not on your wallet. Your wallet only include your keys and use them for making transactions. All your keys (private keys, public keys and addresses) are all derived from your seed phrase.
When you export your seed phrase from a wallet and import it into another wallet, you actually move your keys to a new wallet and use the new tool which does the same thing. In this case you don't make any transaction. The balance that is shown in your old wallet can be seen on your new wallet too.


Yes.

Could I am poured one wallet to another wallet and then the wallet that I am poured into would have the balance from the other wallet? Also, where do the fees  come from when I’m buying bitcoin? Because as I said earlier when I did my mock order, I was still only paying $50, which is how much I said I wanted to buy in the first place. Are  fees assessed in the amount of bitcoin that I received, meaning I would receive less due to fees?

Correct.
You can have control over the fee when you make a transaction yourself.

As I said in my previous post, the fee you pay when buying bitcoin varies from one service to another. It's usually a percentage of the total amount of bitcoin you buy.

For making any bitcoin transaction, you have to pay the network fee.
If you import your wallet from one wallet to another one, you don't make any transaction and you don't pay any fee.

I don’t think it matters how quick anything happens when I’m buying bitcoin, because it doesn’t look like I can choose any faster or slower method for that matter when I’m buying it. Is that correct? So what can I do to get away with having no fees, or little fees when I buy bitcoin? Because all of that just confused me. :-) I think I need to reread the bitcoin for dummies book, unfortunately that was put out in 2016. :-) another question though that  may answer my earlier question, if I import a Wallet from another service into a service, would that wallet contain the transactions that I have made with it? Like if I do it on an app that charges me no fees, could I import that wallet into my primary bitcoin use app?

Wow, I'm so amazed at this development; yeah I never knew there's an app or something that allows users with disabilities like this to access crypto, even without the supervision of another  sound person, it's really an added advantage. I didn't see this thread early enough but atleast you've had so many suggestions to go with which can fetch whatever you want, so appalling
I know how it feels but no worries, we're like a family here; whatever complaints you have just feel free to lay it down and someone will be there to respond,kudos for your courage.

Third parties like moonpay or any other service usually charge you fee when trading bitcoin with fiat. It varies from one service to another service.
I haven't ever used moonpay and I don't know how much fee they charge you.

The other fee is the fee you pay for making a transaction. That's called transaction fee or network fee.
Note that bluewallet or other non-custodial wallets don't charge you any fee for the transactions you make and all the fee is paid to miners.

The transaction fee depends on following factors.

1. How fast you want you transaction to be confirmed
2. The network state
3. Number of inputs and outputs.
4. Addresses type.


The minimum fee rate you can use for a transaction is 1 sat/vbyte. Therefore, the minimum fee you can pay depends on number of inputs and outputs and addresses type.
Note that with paying the minimum transaction fee, there's a probability that your transaction takes a very long time to be confirmed.

Assuming that you have received all the fund in a single transaction and you want to spend all the fund to a single address, your transaction has 1 input and 1 output.

If your address is legacy (addresses that start with 1), the transaction size would be around 230 vbyte and the minimum fee would be around 230 satoshi.
If your address is nested segwit (addresses that start with 3)*, the transaction size would be around 160 vbyte and  the minimum fee would be around 160 satoshi.
If your address is native segwit addresses that start with bc1), the transaction size would be around 140 vbyte and the minimum fee would be around 140 satoshi.

Note that if your transaction includes more inputs or more outputs, it will be larger in size and you have to pay a higher transaction fee.


* Not all address that start with 3 are nested segwit.

A thousand  thank you’s for that application recommendation. BlueWallet on iOS works fantastic. Now, here’s a question about fees. What would have the lowest amount of processing/network fees? From what I’ve seen, the network fee seems to be standard at about $.20, though I only checked two apps, and they use the same payment processor interestingly enough, moon pay. And, do the fees vary from day to day/time to time or even from transaction a transaction? For example, if I did it on BlueWallet the transaction fees would be about four dollars and some change,  but if I did it on the Bitcoin.com app it would be about $6.37. Naturally I want to do it on BlueWallet, because it’s lower… also how did the fees get charged, because from what I’ve seen, though I haven’t actually submitted the transaction, I did $50 in bitcoin, and all I would pay is $50, but it said something about having to charge fees. I’m so confused. :-) Also, how much would you receive when you actually do a transaction, would it be a little bit less than what you actually paid, or a little bit more, or does a very even been? Sorry for all the questions.

If you were on Android or Windows, I would suggest electrum.
I think bluewallet should be a good alternative to electrum for iPhone users.

Disclaimer:
I haven't ever used bluewallet on iPhone. So do your own research before using that.
And wait. Others may have better suggestions for you.

OK so what would be a good open source  app to use on iOS if anybody knows? Sorry if I’m being redundant.

Bitcoin.com wallet is close-source and we don't know how much secure it is. Since we don't have any information about it, it's better to assume that it's not secure and go for an open-source wallet.

All your private keys can be derived from your seed phrase (a series of 12 words).

Would  the Bitcoin.com app be secure enough to store bitcoin for more than a couple days? That’s the main app I think that I would be using on iOS anyway. I don’t even know where the private keys are in that app.

You just need to know cut / copy / paste to know about your transaction status using blockchain explorers. You get the TXid from your wallet under the transaction history which is something random alpha numbers but longer than Bitcoin address.

I never said it wasn’t wrong. I just asked if anybody would be willing to kind of test it out with me. I apologize for offending anybody in return. How do you use the Blockchain? The TX ID? It sounds like to use the Blockchain you need to know a lot about coding and things like that, which I don’t. :-)  Is the Blockchain user friendly enough?

To test you want real money of someone else's instead of yours, which isn't wrong?

You can store Bitcoin for years if you control the private keys of your wallet so it totally depends on the wallet you're choosing and if you are going to use custodial wallet then don't keep too much for long time.

You can refund the Bitcoins to the address from where you received which can be found using the TXid on any blockchain explorer.

What do you need help believing? For me anyway, the best accessible app is the bitcoin app. It seems to do everything that I wanted to do. I am blind as well.

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You didn’t offend me at all. No it’s not a scam, however I understand your skepticism. I just want to test it out and see how it works before I end up spending my actual money to get some. Also, I’ve heard that it’s not good to store bitcoin for several days at a time. And actually if somebody were to send me some, I’m not sure how I would get that back to them. Is there a refund option or something?
[moderator's note: consecutive posts merged]

I have read this kind of proposal on Reddit, by a blind bitcoin enthusiast by name Micheal Staffen. He said

Is this a new trick to get some bitcoin?

Sorry if you are actually asking to test it out but no legitimate user who wants to buy Bitcoin won't be asking to send some bitcoin for testing. You found the app right? Then there is no hurry just try it when you actually buy Bitcoin and let us know.

BTW, I didn't mean it to hurt you personally.