Silk Road forums
Discussion => Security => Topic started by: entreterra on May 31, 2013, 04:32 pm
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Up until now, I have used the Bitinstant-->moneygram--> to MtGox account for funding my account.
I finally have my own BTC wallet on an encrypted volume so I don't need to use a third party like MtGox to store my BTC.
I would like some clarification on how this works though, if anyone can offer any insight :)
With my original method, I used bitinstant to deposit money into MtGox and then bought BTCs on MtGox and could choose what price I wanted to buy them at (if it was close enough to the current market price).
Now, using the bitinstant form online, I can select to use moneygram to deposit coins directly into a BTC wallet address. How does this work? When I choose how much money I'd like to spend on the bitinstant form, does bitinstant just purchase BTC's automatically at the current market price and then depost coins into my wallet based on how much I spent through moneygram?
I'd just really like to eliminate going through a 3rd party exchange.
Thank you!
best,
entreterra
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it's as easy as it seems. just follow the same steps using your new bitcoin address and the coins should show up in your account within an hour or two.
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Are you using Bitcoin-qt?
Either way if your using an offline wallet make sure to route it through tor. You should be able to set the 127.0.0.1 ip and port 9050 or 9150 in the network settings of your client so you can make sure its torified. You may also want to change your btc address every so often.
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Just to clarify, when I use bitinstant to deposit money directly into a BTC wallet (to a BTC address), they will just deposit as many BTCs as based on the current market price?
So the only real benefit with MtGox is that it allows for a trading environment whereas going from bitinstant directly to a BTC address is simply to get coins directly?
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What is wrong with having BitInstant pay directly to an SR wallet? I've always done it that way... It's just a BTC address, it's not like a PayPal that reads "shootheroin420faget@lovenarcotics.com".