Bitcoin for Dummies

[sourtwist]

Looks like Heritage is jumping onboard the Bitcoin ship and its time for me to learn how it works. Im sure there are many others like me who weren't confident enough to get involved. Im sure many of you are aware of how this currency works, and I would like your input on how to get started.

I prefer learning from the guys here rather than just googling it because chances are you are using it for the same reasons I plan on using it. Any input is welcomed.

[Monitor-Tan]

on same boat

[NunyaBidness]

There really is no difference in using Bitcoin for gambling or any other purposes, assuming you're not planning on mining bitcoins (which is unprofitable at this point without special rigs.)

Sign up for an account at coinbase.com and buy some bitcoins.

You can send and receive coins using coinbase as your wallet if you would like.

I think its better to download a bitcoin client and keep your bitcoins on your own system: https://bitcoin.org/en/download

If you do that, it will take a few hours to download the entire blockchain, but you can use your computer for other stuff in the interim.

Once the blockchain is loaded, practice sending some tiny amounts of bitcoins to sites or even to yourself before you do anything major. When bitcoin transactions are initiated they can never be cancelled or disputed.

[NunyaBidness]

The whole thing seems a lot more complicated than it is, once you have the coins and the software its pretty easy to deal with, just play around with it and you'll be fine.

Make sure you create backups of your wallet in case your computer ever crashes.

[sourtwist]

Nunya, I have no idea what youre talking about. I feel like I have some sort of a mental block when It comes to stuff like this.

[ItsMeMrMattE]

nunya. what do you use/do to create a backup of your wallet? thats what has been holding me back for so long. the fact that if my comp fuxs up im screwed.

[NunyaBidness]

Not sure if you're trolling, but follow the post line by line.

Go to coinbase.com, sign up for an account.

[NunyaBidness]

nunya. what do you use/do to create a backup of your wallet? thats what has been holding me back for so long. the fact that if my comp fuxs up im screwed.

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/

[ItsMeMrMattE]

coinbase has officially stated that they do not support gambling transactions for US customers. i know there are plenty of ways to make this statement pointless, but do you still use it for these purposes?

[sourtwist]

Nunya, not trolling. If you think this is a simple thing that everyone can understand, you are mistaken. I am not afraid to say i dont know something, or I dont understand it.

When I get home tonight I will attempt to set ut up.

[I/O]

Nunya, not trolling. If you think this is a simple thing that everyone can understand, you are mistaken. I am not afraid to say i dont know something, or I dont understand it.

When I get home tonight I will attempt to set ut up.

What's wrong with cash?

[ItsMeMrMattE]

cash is the point of all players in offshore types. getting there is the difference.

[sourtwist]

Banned from the two money transfer sites. Using different names to send and to receive someone else has to pick up my money. Id like to be able to have more control over my money.

[jjgold]

coinbase has officially stated that they do not support gambling transactions for US customers. i know there are plenty of ways to make this statement pointless, but do you still use it for these purposes?

Thats not a good sign and others might follow suit

[ItsMeMrMattE]

more of a legality statement from them i would say. bitcoin is one of the best things that could ever happen for a worldwide legal acceptance of gambling markets.

https://nitrogensports.eu/blog/withdrawing-to-coinbase/

[TheMoneyShot]

I still don't understand the entire process. Probably until I actually do one... then I'll get it. But I don't think anyone wants to lose 1 BTC = the going rate... just to screw around and figure it out. Don't know how accurate it is??? Are you losing money on the back end? Like, does someone hold the transaction and you get screwed on the rate if the coin fluctuates either way? I mean losing a dollar here and there is perfectly fine... you probably lose that much on gas money funding an account... but if you start losing $10-$30 because you missed an important piece of information... I'd be pissed off.

[Sam Odom]

Simple solution...

use a personal wallet on your computer, web or smart phone as a '3rd party' between coinbase & books

[Sam Odom]

1. Open a coinbase acct
2. Get a wallet for your computer
3. buy from coinbase , send to computer wallet
4. from computer wallet to sports book

do not interact directly to or from coinbase & book - use computer wallet as a 'middle man'

If you want cash money

1. send from computer wallet to coinbase
2. send from coinbase to personal bank acct

[sourtwist]

Odom, I started this thread with the hopes of those things you call simple can be simplified for me, and the others who dont even understand the concept of coinbase. What is a personal wallet and how is it funded? Can you use bank cards?

[Sam Odom]

Wallet: https://bitcoin.org/en/choose-your-wallet

[NunyaBidness]

What's wrong with cash?

Sending cash involves going to a store, paying a fee, dealing with a clerk, lying about that you know the person you're sending to, and a papertrail.

Bitcoin sends instantly and the fee for sending $1000 is around 8 cents, versus $8 for a p2p.

[NunyaBidness]

coinbase has officially stated that they do not support gambling transactions for US customers. i know there are plenty of ways to make this statement pointless, but do you still use it for these purposes?

I don't use coinbase for anything, but its an easy entry point for most people.

Once you moved your funds off coinbase into your own wallet, I wouldn't deal with them again.

[jjgold]

It's never going to catch on until it's very simplified

[NunyaBidness]

Odom, I started this thread with the hopes of those things you call simple can be simplified for me, and the others who dont even understand the concept of coinbase. What is a personal wallet and how is it funded? Can you use bank cards?

Bitcoins are stored in a wallet.

A wallet is a file on your computer.

You use coinbase to purchase coins with your bank account or ***********. You can then send them to your wallet.

You can then send them from your wallet to anyone else.

[TankHankerous]

I use coinbase also.... Then I transfer them to my Trezor hardware wallet. It is currently the safest way to store bitcoins offline.

[NunyaBidness]

It's never going to catch on until it's very simplified

I agree completely, someone needs to create a paypal of BTC.

As I said in another thread recently, everyone who has bitcoin has some sort of knowledge of the underlying tech, whereas everyone has a *********** but has no idea what is going on under the surface with that.

IF the price stabilized, and people saw how easy and useful it is, it would explode overnight.

MoneyScam and EasternUnion should be put out of business by this technology.

[sourtwist]

Thanks nunya and odom...so I guess this isnt something I can get started on my phone, I need to use my comp.

How long does it take from the very beginning to be able to use Bitcoin for purchases? Does it take a couple days for my bank acct to be debited for the purchase of bitcoins ir is it quicker to use a bank card?

[Sam Odom]

It's never going to catch on until it's very simplified

Sammy could set you up with everything you'd need in <1 hour

After that... Takes <10 seconds to send btc from wallet to Nitro or vise versa

[Sam Odom]

Maybe you can buy locally person2person or ATM... However you will pay a premium

https://localbitcoins.com/

http://www.coindesk.com/bitcoin-atm-map/

[NunyaBidness]

Thanks nunya and odom...so I guess this isnt something I can get started on my phone, I need to use my comp.

How long does it take from the very beginning to be able to use Bitcoin for purchases? Does it take a couple days for my bank acct to be debited for the purchase of bitcoins ir is it quicker to use a bank card?

Yeah, you can download a wallet for your phone and buy the coins locally, but I would reccomend you don't for your first time.

If you attach a DC to your coinbase account your coins will be available immediately, otherwise its like 4 days.

[Sam Odom]

Believe you can only use Vi Sa c.card... That is the only card Sammy could use

[ItsMeMrMattE]

price stabilization is key for wide spread, long term acceptance in my opinion. would love to hear other posters opinion on what price that would be.

[TankHankerous]

http://www.bitcointrezor.com/

Got mine a couple of weeks ago... this is a must have device if you plan on storing your coins long term. It is not safe to keep your coins on online exchanges, even coinbase. Always create back up wallets and learn about all the different types of wallets you can have.

[Sam Odom]

What TankH said...

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

[TheMoneyShot]

http://www.bitcointrezor.com/

Got mine a couple of weeks ago... this is a must have device if you plan on storing your coins long term. It is not safe to keep your coins on online exchanges, even coinbase. Always create back up wallets and learn about all the different types of wallets you can have.

Nice post Hank. This is a perfect example why I'm so skeptical about BTC. Hackers are probably well aware of flaws everywhere. It won't take much time until you see a top story in the news... about how someone lost all of their BTC's because of a major hack. And do you think the American Government would care to fight for you BTC $$$$$$ back??? I don't think they would care at all. It's not even a legal currency in USA. This is where it could get ugly if someone hacked you.