Silk Road forums
Discussion => Newbie discussion => Topic started by: msm8358 on May 06, 2013, 11:03 pm
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I'm still a bit confused about the bitcoins. There's an app I downloaded called Bitcoin, which appears to be an online wallet. Can I buy through them, or it the bitcoin app primarily a place to hold and send coin? Am I better off deleting the bitcoin thing and using one of the venders you all have suggested.
I really want to make a purchase, but I'm scared that I'll screw it up somehow. I know I'm probably over-complicating things, but that's what I do...
thanks for your help.
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Look up some of the bitcoin guides on youtube, they can't fail you. The app is essentially a wallet that holds coins that are sent to you. coins are sent via an address that is unique to you (kind of like an account number). An essential thing you need to know are that once you have the app the address is unique to that app, so loosing it, deleting it, ect. will make you a poor sad person who has lost all of their cash. There are alternative online BTC wallets that you can use that help to prevent this but even then you are still subject to phishing and other scamming attempts.
tl;dr
Wallet holds coins and has an address that is unique for receiving coins (Like a bank account number, except you are the bank)
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As far as purchasing and depositing BTC into your account I'm working on that myself. From what I understand you can purchase them via a variety of websites called bitcoin exchanges. I just made my first attempt at buying coin through bitinstant, so far they have been anything but instant. Currently I am waiting on an email with instructions on how to deposit my coins that I recently sent a moneygram for.