Silk Road forums

Discussion => Newbie discussion => Topic started by: nightbuff on June 27, 2013, 06:29 am

Title: depositing money
Post by: nightbuff on June 27, 2013, 06:29 am
Hi guys, i am completely new to silk road and i was wondering how i could deposit money into my account... it's telling me send it to an address which contains a bunch of numbers and letters... i don't know what to do with this address or what to do from there... any help will be greatly appreciated!
Title: Re: depositing money
Post by: Choniven on June 27, 2013, 06:37 am
Firstly, you need to find a site that will convert your real money to bitcoins.  This could be a site like Mt. Gox or Spendbitcoins.

When you deposit your real money they will ask you for a BitCoin address to send the BTC to.  You can provide either your BTC address on Silk Road or use a third party wallet service such as StrongCoin, Coinbase or Blockchain.

If you use the SR wallet, the money will appear straight onto Silk Road (after a time period of about an hour).

Otherwise if you have them deposited to a third party wallet, you will then need to transfer them from there to your Silk Road wallet (which will incur a transaction fee).

 :)
Title: Re: depositing money
Post by: m1ddle on June 27, 2013, 06:39 am
You need to convert your local currency (e.g. US Dollars) to Bitcoins. You need someone to exchange your money for BitCoins. The popular exchanges are MtGox, bitinstant, etc.

Once you have a Bitcoin(s), you can send your funds across to Silk Road, which can be used to buy tshirts and candy.

It's kinda like funding a Paypal account before buying something on eBay.

Just a few pointers:
- You will need to create a Bitcoin wallet, either from the software you download, or an online site that enables it.
- You are better to find an anonymous bitcoin exchange.
- You should always communicate with vendors (sellers) on here using PGP encryption, so people can't steal your identity and intercept your tshirts and candy.
- Using Tails is recommended - it's a complete operating system that boots from a DVD/USB, and includes encryption software & automatically connects to Tor.
Title: Re: depositing money
Post by: splinter30 on June 27, 2013, 07:01 am
Before attempting to deposit any money, make sure that you have your address "Exactly" as it appears in your account. Check and double check, you don't want your money going to someone else.

Go to bitinstant and choose local cash deposit and then bitcoin wallet address. After doing this it will walk you though the rest of your needed information and give you a choice of locations to go and deposit money. Print off your receipt and take it to the location of your choice. Make sure that you deposit more money than what you really need. I would say at least 10% to 20% more. Bitinstant is affiliated with zipzap and they charge a fee, it will tell you this fee on your receipt.

I would also recommend going to some btc to usd convertor to see what the current rate is so you know how much you need. I personally would never deposit more than I am planning on spending. But that choice is up to you.

Good luck and happy bitcoining.  :P