Silk Road forums

Discussion => Newbie discussion => Topic started by: sitra11ahra on July 04, 2013, 05:20 pm

Title: btc basic instructions
Post by: sitra11ahra on July 04, 2013, 05:20 pm
Hey so I just signed up for sr a few days ago and have been getting some money together for my first purchase this weekend. The thing that confuses me is the basic procedure behind using btc. Before I post my query Id just like to suggest that a sticky thread be made by some veteran types with names of reliable btc providers (not just one dedicated to indentifying scams although that thread has been very helpful) and an idoits guide to buying btc and and getting them on your silk road account. Ive been looking into bitinstant or local bitcoins, but some of the information Ive been reading on the process is confusing and seems even contradictory at times. For example I read one story where someone talked about using bitinstant, but bought the coins at walmart and then had them sent to his tormail. Similarly I heard people using one site and then having the coins sent from that site to another one such as mt. gox and then to sr. Is all that necessary and why? And why/how would you send them to a tormail account (just signed up for mine) or buy them at walmart? Someone help me out please I dont want to miss out because of my lack of technical understanding
Title: Re: btc basic instructions
Post by: IAMWalrus on July 09, 2013, 04:18 pm
I am in the exact same spot as you sitra. I will share with you the closest thing to a dummy's guide I have found if I can find the like (I printed the post).

Walrus
Title: Re: btc basic instructions
Post by: jlranier on July 09, 2013, 04:39 pm
I'm no expert and have no personal experience but my understanding of it is this:

1. Download btc and generate an address to send coins to. Also download blockchain onto your phone and pair it with a wallet that you start on blockchain.info. I recommend using the blockchain address to send btc to when you buy them since you can keep your phone with you and check for them and use it to receive payments from people.

2. You either find a vendor on here or use a service like localbitcoins for the best service in my understanding. Some vendors on here take Moneypaks at ~10% fee and put bitcoins in your account. Others sell via Western Union. Many have a minimum order though. I'm not sure what people on localbitcoins charge if anything for bank deposits or cash. From everything I've read though it's a very reliable service, easy and discreet. Have the vendor or btc seller send the coins to your blockchain wallet address listed on your phone.

3. Now with the btc in your blockchain, I recommend sending them to the address you started on your computer. I don't think it's required though. Once you identify an item you want to buy on here or if you want to put coins in your SR account while they have good value, go to your account on SR main page and use the address on the deposit tab to send coins to.

4. Wait 12-24 hours and enjoy your coins!
Title: Re: btc basic instructions
Post by: IAMWalrus on July 09, 2013, 04:45 pm
Here is the link I mentioned:

http://dkn255hz262ypmii.onion/index.php?topic=112010.msg765668#msg765668

jl, can you provide web addresses for the downloads you mention?
Title: Re: btc basic instructions
Post by: jlranier on July 09, 2013, 04:50 pm
Here is the link I mentioned:

http://dkn255hz262ypmii.onion/index.php?topic=112010.msg765668#msg765668

jl, can you provide web addresses for the downloads you mention?

Well blockchain.info has the online version of the wallet for your phone and then you can download the app for an Android/iPhone and pair with your account by scanning the QR code that's online. For the computer bitcoin address, just go to bitcoin.org and choose one of those wallets. I use Bitcoin-qt personally.
Title: Re: btc basic instructions
Post by: IAMWalrus on July 09, 2013, 06:19 pm
Thanks jl