Bitcoin for Dummies

[Sam Odom]

http://www.bitcointrezor.com/

That is neat...

[jjgold]

Just read this thread and you see why there are not many bit coin transactions in the United States

[TankHankerous]

I like to think of us as early adopters. I'm hoping it will be mainstream within 5 years....

[Sam Odom]

Sammy would NOT have thought just last yr that 5Dimes & Heritage would be doing bitcoins now

May not last... who knows

[TheMoneyShot]

Does anyone have the official BTC "LINK: trading price... like on wall street? I'd like to use something that's close to official so that when you do purchase a coin... you know you aren't getting ripped off by the site you are purchasing from. Thanks.

[jjgold]

http://www.investing.com/currencies/btc-usd

[Sam Odom]

Does anyone have the official BTC "LINK: trading price... like on wall street? I'd like to use something that's close to official so that when you do purchase a coin... you know you aren't getting ripped off by the site you are purchasing from. Thanks.

Nothing is Official ... Here is a good average: http://www.coindesk.com/price/

[TheMoneyShot]

Thanks guys. Another question...

I made myself a bitcoin wallet. Every time a log in and out of it... I have a new Bitcoin Uri and Address.

Is the address suppose to change every time you log in and out? Because I logged in and out 3 times... and I received 3 different Bitcoin Uri's and Addresses.

[Sam Odom]

TMS , it depends on the wallet... some you have to click a button to reset

[jjgold]

Most Americans will still go to ** as it is much easier

[ItsMeMrMattE]

big jump today. kinda kickin my self for trying to wait for a $350 range.

[NunyaBidness]

What TankH said...

Sammy uses the latest bitcoin core (64bit) wallet with encryption , plus a daily backup

You don't need to back it up daily. As long as your wallet is backed up once securely, you are fine. The amount of coins stored in your wallet is available in the blockchain.

[NunyaBidness]

Thanks guys. Another question...

I made myself a bitcoin wallet. Every time a log in and out of it... I have a new Bitcoin Uri and Address.

Is the address suppose to change every time you log in and out? Because I logged in and out 3 times... and I received 3 different Bitcoin Uri's and Addresses.

Yes, and you want to use different addresses every time you send and receive.

1) It helps preserve anonymity.
2) Every transaction is discrete. For example if two guys owe you 1 BTC, and you give them both the same receiving address, and then you receive 1 bitcoin, it's not immediately obvious who sent it to you.

[mindtrix]

when you say paper backup, do you mean paper with your BT uri and addresses?

I use Armory, which is a slightly more advanced bitcoin client. It automates the process for you and will not let you create a wallet without backing it up. I keep a paper backup of my wallet in my safety deposit box.

https://bitcoinarmory.com/

[zola]

when you say paper backup, do you mean paper with your BT uri and addresses?

Kind of. Except there is no URL. It's paper with the public/private address and usually a BIP encrypted password. The control/access to the funds on that particular address depend on that piece of paper. You can make as many copies if you want. But if you had 1 million dollars on a paper wallet with no other backups and set it on fire, you would literally have just burned 1 million dollars

The point of a paper backup is because anything connected to the internet is vulnerable to hacking or file corruption or whatever. But having a paper backup ensures that it cannot be stolen because it is not "accessible" with a login or password or anything like that. You would have to literally have the paper with the appropriate information.... It's called "cold storage"

[Domestic]

For newbies just getting the hang of things and not working with too many coins I'd recommend making a Blockchain.info wallet. (https://blockchain.info/wallet/new)
While it is not a desktop wallet you can still view/download/print your private keys.

[mindtrix]

i installed Armory but it made me download bitcore core. do i need both? TIA

[jjgold]

I will repeat if bit coin is not simplified it'll never be mainstream in the United States

It is extremely confusing to move money around

[Sam Odom]

It is extremely confusing to move money around

Maybe for you...

Same as paypal yet more anon

[eddycash]

Can I withdraw from heritage directly into a trezor?

[Optional]

Can I withdraw from heritage directly into a trezor?

Yes, you just log into it and get the receive address and give Heritage that like any other type of wallet works.