Silk Road forums

Discussion => Security => Topic started by: opentoe on March 19, 2012, 02:11 am

Title: Is this how it works?
Post by: opentoe on March 19, 2012, 02:11 am
Brand new to Bitcoin. Reminds me of old school arcades and using their own tokens.

Anyway I downloaded and installed the Bitcoin Wallet at bitcoin.oeg. Under "receive coins" it shows an address. I assume this is my address to use when I'm buying bitcoins? Ok, so here is what I think the procedure is, and I would really love people to let me know if this is not the way to do it.

Find a place that will take a payment of sorts (cash, money order, etc) and exchange for bitcoins using the address in my bitcoin wallet.
Now if I want to make a purchase from Silk Road, would I need to pay myself bitcoins using my Silk Road address or would I be able to send the bitcoins directly to the seller? On the Silk Road site it says, "To deposit bitcoins, send them to this address". And lists my Silk Road address. Also, if I wanted to purge my Silk Road account I could always send those bitcoins back to myself using my bitcoin wallet address, right? I guess I'm just confused on how people get paid, directly through my wallet or through my balance on Silk Road.

Also, I've been reading LOTS on how to buy bitcoins. My god, the information is nuts out there. I've read that get-bitcoins.com is reliable enough to use, but how or what other way is easiest to buy some bitcoins? Are there exchanges only online? Sorry for the questions all over the place but I'm excited to finally be anonymous to some degree finally! And the more reading I do, the more confusing sometimes. Thanks.

Title: Re: Is this how it works?
Post by: jaqk329 on March 19, 2012, 02:53 am
People get paid thru your wallet on SR. ie, you send to your wallet, then make a purchase, then SR holds your btc in limbo till you receive the goods and hit the finalize button(which you can also do as soon as the seller marks it "in transit").  You can send coins to vendors on SR, but that is called out of escrow and they really don't have to do jack if you send thru this way, tho most reputable vendors will honor these transactions. 

Don't blindly send anyone coins though, and its always safer to not send coins directly to SR from your wallet, use a medium.  There are many posts on this.  Instawallet still works but has gone thru management recently, so I would look around to see other options.  But essentially you buy the coins from get-bitcoin (also has been slow recently), send them directly to instawallet, (bypassing the need to send to your own bitcoin wallet), and then to your account on SR.  Then make a purchase.  Then it will say "processing" until the vendor updates it to "in transit" at which point you can finalize or wait until the goods arrive(best choice).  The vendor doesn't get paid until you finalize the transaction.   Hope this helps.
Title: Re: Is this how it works?
Post by: opentoe on March 19, 2012, 03:07 am
People get paid thru your wallet on SR. ie, you send to your wallet, then make a purchase, then SR holds your btc in limbo till you receive the goods and hit the finalize button(which you can also do as soon as the seller marks it "in transit").  You can send coins to vendors on SR, but that is called out of escrow and they really don't have to do jack if you send thru this way, tho most reputable vendors will honor these transactions. 

Don't blindly send anyone coins though, and its always safer to not send coins directly to SR from your wallet, use a medium.  There are many posts on this.  Instawallet still works but has gone thru management recently, so I would look around to see other options.  But essentially you buy the coins from get-bitcoin (also has been slow recently), send them directly to instawallet, (bypassing the need to send to your own bitcoin wallet), and then to your account on SR.  Then make a purchase.  Then it will say "processing" until the vendor updates it to "in transit" at which point you can finalize or wait until the goods arrive(best choice).  The vendor doesn't get paid until you finalize the transaction.   Hope this helps.


Instawallet replaces the bitcoin wallet?