I have read about bitcoin and I have looked at video tutorials but somehow I can' put it all together. I'm tired of waiting 2-3 weeks for checks. Can someone give a bitcoin 101? Step by step? I would forever be grateful
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1 Download mycelium or edge wallet
2 join coinbase, Gemini and bitpay or google btc atm near me
send btc #2 to #1 to book
Withdrawals book to #1 to #2
EnjoyComment -
You need a way to buy and sell Bitcoin. You use an exchange for that normally. Most people choose Coinbase.com or Gemini.com to get started.
I'd use Gemini personally but not too much difference between them really when getting started.
Then you need a bitcoin wallet you own and control 100% yourself. (not like the wallet an exchange lets you use on their site. Which they control)
You need to decide if you want one on your phone, your computer, or an online website interface.
From Kona's suggestions above. Edge is an app for your phone you will find in your appstore. Mycellium is one you download to your PC desktop. www.Blockchain.com/wallet is an online web interface wallet.
All are very easy to register for, and once you do a send or two you will find they are simple to use too.
When wanting to deposit, you either use ACH or Wire to deposit to the exchange in US$. Then you exchange those US$ for bitcoin which will appear in your exchange wallet.
Step 2 is to send it to your own wallet. You do that by looking for a RECEIVE address in your own wallet, and then entering that on your exchange site to send it there.
Step 3 is go to your bookmaker and click depsoit/bitcoin and they will give you their receive address. Go back to your own wallet and click SEND and enter the bookmakers receive address.
Hopefully that is step by step enough to get your started.
Try it with a small amount and you will find most of your confusion and worry about not understanding will melt away fast..Comment -
Use the advice from the posters above. We all want to learn something new fast.... it takes time. Took me 60 days to feel comfortable using Bitcoin. We all made mistakes along the way....Comment -
Intimidating for everyone at first. Very simple later on since it's just a few clicks.Comment -
For anyone who is in the US, I recently switched from Gemini exchange to ItBit exchange for selling. ACH withdraw for $1520 and $2800 were in my account next day. No experience transferring to buy or experience withdrawing BTC from ItBit. I hear they only send bitcoin withdrawals a couple times a day.
The reason I switched is due to the fees. Gemini takes 1.00% fee when you trade if <$25,000/month volume, which is most people, whereas ItBit only takes 0.25% when you buy/sell. So when I sold roughly $5000 this month, thats a savings of $37.5. The fees add up.Comment -
Wow. Fuk.
Only glad I’ve kept receipts but Jesus Christ never using them again.
Seriously though FUK. I don’t want any relationship to bitcoin damn it. Fuk fuk fuk. I don’t want to trigger an audit. Fuk. Stupid penetrating company.
Freaked out and rushed to my car where I’ve kept all purchase receipts of past 6 months. Have $5000 in receipts, so I’m covered.
THANK YOU for commenting that. I was about to sell more to these shady fuks tomorrow.
Now I will have to reach out to them and ask if I transfer back the cash and rebuy bitcoin, will they report me having basically a 1:1 cash basis instead of the 0 cost basis and sells $4500 for profit, if you understand what I’m saying.Last edited by eaglesfan371; 03-04-19, 05:12 AM.Comment -
No problem. Always trying to help. I've been with Gemini for a long time... Must be 2-3 years now. Never once had a tax form. Never once had my acct on review or hold. I'd gladly pay the 1%.
Never once had to send in an ID or Driver's license to Gemini. Sure they have your SSN.... but no photo ID.
At coinbase... they wanted my ID.... and I just stopped using them. They charge way too high of a fee.Comment