Silk Road forums

Discussion => Newbie discussion => Topic started by: Ashwinder on May 30, 2013, 12:41 am

Title: Regarding Bitcoins
Post by: Ashwinder on May 30, 2013, 12:41 am
So I'm at the 'complete newbie' stage right now, got the PGP sussed and now on to the bitcoins. So, do I need to get my own wallet from somewhere like blockchain or easywallet, if I'm going to buy BTC from Mt Gox for example?
Is a wallet something I need or do my BTC just hang around my Mt Gox account until I send them on their way to SR?
Am I obsessed with Mt Gox, and might there be a better way for a UK dweller who is able to do bank transfers, etc?
This is really a question for the security forum I suppose but I'm stuck in newbie-limbo-probation for now - besides, this is a VERY newbish question so it kinda belongs here   :-\
Title: Re: Regarding Bitcoins
Post by: dirtybiscuitzz718 on May 30, 2013, 12:47 am
I know nothing of getting coin in the UK, but I do advise you open a couple ewallets..and probably a desktop wallet as well.
Title: Re: Regarding Bitcoins
Post by: Ashwinder on May 30, 2013, 12:56 am
Cool, will look into the ewallets.

Right now the process is looking like;
1)Fund my Mt Gox account with money from bank transfer,
2)Buy some BTC on MtGox marketplace,
(I'm a bit confused as to where the BTC will be sitting between steps 2 and 3...I think it may be possible, if inadvisable, to skip step 3 - I will not skip it!)
3)Remove the BTC to my ewallet or desktop wallet,
4)Do stuff with my BTC.
Title: Re: Regarding Bitcoins
Post by: goldenone on May 30, 2013, 02:45 am
Its exactly as you described, step 3 is necesary for biggest security, if u left ur coins in a web service they can dissapear any day.
Title: Re: Regarding Bitcoins
Post by: Ashwinder on May 30, 2013, 10:29 pm
Its exactly as you described, step 3 is necesary for biggest security, if u left ur coins in a web service they can dissapear any day.
Gotcha, thought along those lines. Wallet it is...although I doubt I'll have coins lying around for long anyway  8)
Title: Re: Regarding Bitcoins
Post by: Shaggy Shaman on May 30, 2013, 10:43 pm
As of today though, Mt. Gox requires ID verification for anyone transferring paper currency to/from them. You may want to buy your BTC another way.
Title: Re: Regarding Bitcoins
Post by: sk0rt on May 30, 2013, 11:04 pm
Don't use MtGox - it's already too big. You should use (if you're in the UK) a SEPA transfer to your IBAN / SWIFT code. It's a pan-European no-fees fast transfer method. Oh and I suggest Bitstamp or Intersango.

My account was verified within one day, I cashed out bitcoins at $130 each and then did a SEPA transfer to my own bank.

Perfect, no fees, goes in as GBP into my account.

There's also Intersango (I think used to be Britcoin?) but they kinda suck. They have little activity so it's really hard to buy/sell at anything near the current rates and it takes way longer for them to authorize a withdrawal.
Title: Re: Regarding Bitcoins
Post by: Ashwinder on May 30, 2013, 11:57 pm
Don't use MtGox - it's already too big. You should use (if you're in the UK) a SEPA transfer to your IBAN / SWIFT code. It's a pan-European no-fees fast transfer method. Oh and I suggest Bitstamp or Intersango.

My account was verified within one day, I cashed out bitcoins at $130 each and then did a SEPA transfer to my own bank.

Perfect, no fees, goes in as GBP into my account.

There's also Intersango (I think used to be Britcoin?) but they kinda suck. They have little activity so it's really hard to buy/sell at anything near the current rates and it takes way longer for them to authorize a withdrawal.
Perfect, I love this reply! Can't give karma yet  :( I've had a look at the Bitstamp site and it seems dead simple really, big friendly letters all over the place  :D
I was already turned off from Mt Gox after the ID thing - don't think I'll be doing that!
Title: Re: Regarding Bitcoins
Post by: Shaggy Shaman on May 31, 2013, 12:17 am
Sweet! Another new happy bitcoin introductee.  ;D
Title: Re: Regarding Bitcoins
Post by: Ashwinder on May 31, 2013, 12:20 am
Sweet! Another new happy bitcoin introductee.  ;D
Yeah I'm happy, just reading up on the SEPA thing, seems like I'll be able to do it pretty easily from my bank so that's all well and good, think I can see the light at the end of the tunnel now  :D
Title: Re: Regarding Bitcoins
Post by: Ashwinder on June 01, 2013, 02:05 am
And so the saga continues...intersango don't seem to be doing gbp any more and my bank seem a bit clueless as to how to do a SEPA transfer anyway...
There's a seller on localbitcoins with 100% feedback, 750 trades...takes normal regular bank deposit. That seems like it might be the easiest way to do this - not gonna have the cash for a while anyway but I shall be prepared when the time comes!  8)
Title: Re: Regarding Bitcoins
Post by: terpene on June 01, 2013, 11:14 am
I was going to mention localbitcoins.

terp
Title: Re: Regarding Bitcoins
Post by: Moloch on June 01, 2013, 11:42 am
localbitcoins.com is the best I have used. Takes a day for the payment to go through via SEPA, but it is by far the most straight forward. And, you can meet people locally, and pay cash. I would recommend it.
Title: Re: Regarding Bitcoins
Post by: eleanorrobot on June 01, 2013, 06:36 pm
bitbargain.co.uk is the only way to go
Title: Re: Regarding Bitcoins
Post by: Hooper1888 on June 01, 2013, 06:37 pm
Amen to that.
Title: Re: Regarding Bitcoins
Post by: terpene on June 02, 2013, 10:08 am
bitbargain.co.uk is the only way to go

Why? Let us have your experience please.

terp
Title: Re: Regarding Bitcoins
Post by: weeal on June 02, 2013, 12:50 pm
Hey folks am fairly new to to silkroad and this forum i have had to sign in with another name as silkroad alias taken?? someone help can i fix this thanks.
Anyhow back to matter of coins in UK when i first got coin it was similar to above through transwire via sepa to bitstamp then to wallet then the road all in all it took 3 days to clear then couple of hours to wallet then the road which i was happy enough with as only cost £1.50 ish,
then next time, transwire stopped doing this with all the probs with coin in uk  usall uk eh,
anyway eventually found Britcoin uk vendor via bank transfer which is easy, fast & cheapest way by far also if unsure they start at 0.25 coins if unsure check out there vendor page as my most go to for coin and when i first went they were only 1.0 coin up but please believe me.
But he only one man outfit but my most popular and if he not about Bitbargin.co.uk next best to britcoin uk
P.s also tried ukash voucher when trying to jump right in at start not knowing much and cost me so also be patient and do homework lol
Title: Re: Regarding Bitcoins
Post by: bobmoss on June 02, 2013, 01:12 pm
helpful hintz:  'multibit.org' has a great wallet. 'coinbase.com' will link to your bank account for BTc purchase & conversion back to $$$.
www.bitboinity.com/markets has the best live chart for BTc price variations.
Title: Re: Regarding Bitcoins
Post by: eleanorrobot on June 02, 2013, 07:17 pm
bitbargain.co.uk is the only way to go

Why? Let us have your experience please.

terp

Can use bank transfer/pingit/etc so it's instant, prices are roundabout the same as the conversion rate recently (only £2 more per bitcoin).

You request to buy and they have to respond within 3 minutes (the top sellers always do), then coins are sent into escrow, you have a short time to send the money via bank transfer while the coins are held by bitbargain, once you have sent the money you click to alert the seller and the seller checks their account and releases the coins.

I have never had a bad experience, and it has always been about a 20 minute job for me. If there is a dispute, you have to prove to bitbargain you sent the money and then they will release the coins to you.

Good luck!
Title: Re: Regarding Bitcoins
Post by: blingblingRing on June 02, 2013, 07:25 pm
I know the OP is from UK but what is the best and fastest way to get bitcoins within the USA?
Title: Re: Regarding Bitcoins
Post by: terpene on June 04, 2013, 04:21 pm
bitbargain.co.uk is the only way to go

Why? Let us have your experience please.

terp

Can use bank transfer/pingit/etc so it's instant, prices are roundabout the same as the conversion rate recently (only £2 more per bitcoin).

You request to buy and they have to respond within 3 minutes (the top sellers always do), then coins are sent into escrow, you have a short time to send the money via bank transfer while the coins are held by bitbargain, once you have sent the money you click to alert the seller and the seller checks their account and releases the coins.

I have never had a bad experience, and it has always been about a 20 minute job for me. If there is a dispute, you have to prove to bitbargain you sent the money and then they will release the coins to you.

Good luck!

Does your bank ask you to use some digital contraption to add a new payee? Mine does - I'm not usre how long it'd take to set up a new payee and still make the time limit? How long is a short time?

Cheers

terp
Title: Re: Regarding Bitcoins
Post by: MedicineWoman on June 04, 2013, 07:15 pm
To help out newbs, I wrote up a simple guide for ANONYMOUSLY buying bitcoins using cash, and transferring to the Road:
http://silkroadvb5piz3r.onion/silkroad/item/2f9f85aa35

There is nothing to buy, and nothing to download. The guide is designed for buyers, not vendors, and it assumes no previous knowledge or computer skill.

View the information for free, and if moved, donate!

The bitcoin scene changes frequently. By putting this info in a listing, I can update it in one place rather than in many forum posts.

Enjoy,
MedicineWoman