View Full Version : Bitcoin, how to use it, etc
aceallenk
07-20-2016, 01:46 AM
Any advice as to how to use bitcoin would be appreciated. I set up my account and have confirmed it with bank acc. Question is how would a person move X amount of $xx to purchase merchandise ?
you both would need to have a bitcoin wallet or if you getting your bitcoins thru an exchange then you should have a "send bitcoins" option. at which point all you would need it the recvers bitcoin wallet address
aceallenk
07-20-2016, 02:16 AM
I'm confused, Bitcoin is worth $879.43 cad. Do I have to buy a bitcoin for this to make a small purchase of anything ? Or do i just add Canadian currency into my wallet, leave it there then when I want just send smaller amounts towards a purchase of merchandise from my wallet?.Providing I have an address as to where I wish to send currency?
mr_robot
07-20-2016, 02:19 AM
I'm confused, Bitcoin is worth $879.43 cad. Do I have to buy a bitcoin for this to make a small purchase of anything ? Or do i just add Canadian currency into my wallet, leave it there then when I want just send smaller amounts towards a purchase of merchandise from my wallet?.Providing I have an address as to where I wish to send currency?
you can buy a small amount if u want
North-IKS
07-20-2016, 02:51 AM
http://coindesk.com/information/
heres a little insight, hope helps
I'm confused, Bitcoin is worth $879.43 cad. Do I have to buy a bitcoin for this to make a small purchase of anything ? Or do i just add Canadian currency into my wallet, leave it there then when I want just send smaller amounts towards a purchase of merchandise from my wallet?.Providing I have an address as to where I wish to send currency?
no you can buy as much as .0000001 of a bitcoin and whoever is asking for bitcoin as payment should already have a bitcoin address to give you. look at my sig for an example of a bitcoin address
aceallenk
07-20-2016, 05:28 PM
Ok. so last night I purchased some bitcoin, say $100.00 worth. My payment method is through bank acc, but noticed it said it takes a few days for bitcoin to enter my wallet. I suspect this is normal ? Now next question is, say I have nothing in wallet and want to make a purchase using Bitcoin would I be able to make a purchase today and would that purchase then come directly out of bank acc to cover the bit coin purchase ? Or do you always have to have some bitcoin in wallet in advance to make a purchase when wanting to ?
haha11
07-20-2016, 06:09 PM
Ok. so last night I purchased some bitcoin, say $100.00 worth. My payment method is through bank acc, but noticed it said it takes a few days for bitcoin to enter my wallet. I suspect this is normal ? Now next question is, say I have nothing in wallet and want to make a purchase using Bitcoin would I be able to make a purchase today and would that purchase then come directly out of bank acc to cover the bit coin purchase ? Or do you always have to have some bitcoin in wallet in advance to make a purchase when wanting to ?
No, it will not work like that. You need to have balance to pay.
aceallenk
07-20-2016, 06:18 PM
No, it will not work like that. You need to have balance to pay.
What do you mean, balance ? So having bitcoin in wallet of bitcoin account is not the proper way to think of making a purchase using Bitcoin?
frodiddy
07-20-2016, 06:24 PM
sounds like to much bs if u ask me, I would just buy a prepaid credit card any buy ur subs with that, if buddy will only take bitcoin, well his loss move on to someone else!
haha11
07-20-2016, 06:54 PM
What do you mean, balance ? So having bitcoin in wallet of bitcoin account is not the proper way to think of making a purchase using Bitcoin?
Either bitcoin balance or $. Your wallet will show both. And when u pay, you can put bicoins or $ amount.
aceallenk
07-20-2016, 07:04 PM
sounds like to much bs if u ask me, I would just buy a prepaid credit card any buy ur subs with that, if buddy will only take bitcoin, well his loss move on to someone else!
Lol but somewhat true. Thought that with paypal once upon a time, so will learn Bitcoin also. But not to sure you'll find South with Vanilla.
aceallenk
07-20-2016, 07:15 PM
Either bitcoin balance or $. Your wallet will show both. And when u pay, you can put bicoins or $ amount.
Thanks Haha911 , got you their and thats what I wanted to know. I would have seen this had I used it once. But wanted to understand the bare bones a bit before trying to make any purchase, and then not being able to complete a transaction. I just want to be somewhat prepared.
Another question,, is it possible to add a credit card to bitcoin account for a payment method. can't seem to find that as an option. but do have bank account linked to bitcoin account.
haha11
07-20-2016, 07:49 PM
Thanks Haha911 , got you their and thats what I wanted to know. I would have seen this had I used it once. But wanted to understand the bare bones a bit before trying to make any purchase, and then not being able to complete a transaction. I just want to be somewhat prepared.
Another question,, is it possible to add a credit card to bitcoin account for a payment method. can't seem to find that as an option. but do have bank account linked to bitcoin account.
don't think you can add credit card or bank account to pay bitcoins. Better to always buy separately.....
Some bitcoin services will allow you to add a credit card to purchase bitcoins - even a prepaid credit card.
chuck7
07-20-2016, 08:32 PM
i also had no idea what bit-coin was so i googled it and when i went to set up account it asked if i wanted to buy via my bank account or a credit card (the difference being bank processing fee was 2% compared to credit card fee of 3.75%), so i signed up for bank account which takes a few days because they send a small amount to your bank twice over a couple of days and you than need those amounts to complete your bit-coin account to be able to buy bit-coins, than when i went to buy (you can buy for any amount) but in my case the bit-coins will not show up to pay for anything for 6 days, going forward if you know you want to pay via bit-coin just buy a amount to put into your bit-coin account to pay so you would not have that lag time in between, i' am now in that lag time period but should be good to go early next week, Hope this helps
cool-vibes
07-20-2016, 08:58 PM
Is purchasing bit-coin from your personal accounts the safest way of buying them. Just curious to know.
Is purchasing bit-coin from your personal accounts the safest way of buying them. Just curious to know.
The person that you are sending the money to - does not know who you are - they will just see a payment from your bitcoin address. In addition you can not see any details about who you are sending bitcoins to - all you see is their bitcoin address.
If you want to add an extra layer of security - some services do not require any identification to open an account - so you could open up an account under some phonie name and email address - then send some bitcoins to this address from your real bitcoin account.
Use this fake account to make payments.
Before sending any bitcoins to an address - make sure you verify the address you are sending to with them. If you send it to the wrong address - there is no way to stop the payment or to get your money back.
once you understand how bitcoins work you don't need to go to an exchange, you can just buy them from someone in your area,
at localbitcoins dot com.
pay attention to the price by going to btc-e dot com then you will understand how to buy low and sell high. buy 1 bit at say 650 then wait for the price to jump to like 670 and you just made an extra 20usd
aceallenk
07-20-2016, 10:41 PM
Thanks chuck7. I'm in that lagtime to, think it said 5 maybe 6 days. But need to be somewhat educated with this new Bitcoin in a week as will need to make a purchase for something new.
Also according to haha911 when making a purchase you can pay for a purchase either Bitcoin or currency. This is cool. probably preferred method.
Now my last silly question, theoretically !!! I supposeably can shift some cash or bitcoin to little Johnny to pay for a box with a cherry he is selling. The box with the cherry wasn't his but he was selling it anyways. You know Little Johnny, probably belonged to his neighbor and sold it many times over. Now how will Little Johnny know that cash or bitcoin came from me. How will Little Johnny know who paid for what and that I receive my box with the cherry in it . Can a comment be sent along with exchange or something ?
Thanks chuck7. I'm in that lagtime to, think it said 5 maybe 6 days. But need to be somewhat educated with this new Bitcoin in a week as will need to make a purchase for something new.
Also according to haha911 when making a purchase you can pay for a purchase either Bitcoin or currency. This is cool. probably preferred method.
Now my last silly question, theoretically !!! I supposeably can shift some cash or bitcoin to little Johnny to pay for a box with a cherry he is selling. The box with the cherry wasn't his but he was selling it anyways. You know Little Johnny, probably belonged to his neighbor and sold it many times over. Now how will Little Johnny know that cash or bitcoin came from me. How will Little Johnny know who paid for what and that I receive my box with the cherry in it . Can a comment be sent along with exchange or something ?
you can send little johnny your transaction report and anyone can see all bitcoin transactions as they happed from >blockchain dot info.
as far as putting a comment/messg it all depends on the wallet your use. i use a trezor hardware wallet and it let you put a tag on all transactions as well as a comment and even let you decide how fast the coins gets transferd which changes your fee from like .05cents to maybe .10 cents
i love my trezor wallet. just youtube trezor wallet
There are services that you can open up multiple bitcoin wallets within 1 minute without any ID. So what you do is name each wallet with the name or nickname of the person you are doing business with.
So let's say I want to send US$75 to aceallenk - I will open up a free bitcoin wallet and nickname it "aceallenk" and give him that bitcoin address. If he tells me he sent me $75 then I will open that wallet and see $75 in it and I know that he is the only one that could have sent it to me - because no one else knows that bitcoin address.
I can then go to that bitcoin wallet named "aceallenk" and send it to my main bitcoin wallet - so I add $75 to my main wallet and take $75 out of "aceallenk's" wallet reducing that balance to 0.
When you send bitcoins you don't have to worry about the value of bitcoins - it fluctuates by the second - it may be worth $700 for 1 bitcoin in the morning but by the afternoon 1 bitcoin may have gone up to $720 or dropped to $650. It is like the stock market the price goes up and down all day. So if you owe me US$75 all I care about is that I receive the equivalent of US$75 at the time you sent it - I don't care how many bitcoins that is. My wallet will show me how much I received in US$
If I leave that US$75 in my wallet and the price of bitcoins drop the next week it may be only worth $60 or if I get lucky it may be worth $100. If you don't want to gamble - then cash it in as soon as you receive it.
Just like the stock market you can google bitcoin and find what the current price is - or see a graphical chart of what the average price was yesterday, 2 hours ago, 3 months ago or 4 years ago.
bigbro
07-21-2016, 07:56 PM
sounds like to much bs if u ask me, I would just buy a prepaid credit card any buy ur subs with that, if buddy will only take bitcoin, well his loss move on to someone else!
:no:Have to agree with you frodiddy. Can't see myself moving to bitcoin anytime soon.
Coaster
07-21-2016, 07:58 PM
:no:Have to agree with you frodiddy. Can't see myself moving to bitcoin anytime soon.
Ya me too. Vanilla CC is easy.
bigbro
07-21-2016, 10:14 PM
Ya me too. Vanilla CC is easy.
Made my decision easier, when looking for new provider. No bitcoin for me. (At least not until I have to).
Opening a free bitcoin wallet is quick and easy - takes about two minutes. <br />
The hardest part is getting bitcoins into your wallet - but once you get the funds in there the rest is easy. In Canada...
im not sure about canada but if your in the US. you can get your bitcoins from coinbase or circle. these are 2 places that i have used to get bitcoins. you can use both bank deposits or plastic (debit/credit) cards to get bitcoins from them. if you use them they will have a send and recv option onlce you have an account with them. so they hold your wallet.
like jedi said earlier "Opening a free bitcoin wallet is quick and easy - takes about two minutes" anyone who has a smartphone can get a bitcoin wallet app and it's free
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