Silk Road forums
Discussion => Newbie discussion => Topic started by: RealityCheck on March 18, 2013, 05:06 pm
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I'm not going to lie, I am very much confused by Bitcoin, even after reading older posts made by other newbie members, AND searching VIA Google.com for a better explanation of the currency. For example, say I wanted to buy something on SR, how would I go about syncing my BC funds up with someone who has something I want? I downloaded some Bitcoun program called Bitcoin wallet, was that necessary? How do I get funds onto BC?
I will continue reading up on BC, so by the time someone can answer my questions, I may have found the answers myself.
EDIT: So, I've decided to make an account on BIPS. Was this the right thing to do? I'm confused as to how Bitcoin wallet fits into all of this. How do I sync up Bitcoin with BIPS AND SR?
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u buy btc at the exchanger. when u have it u will withdraw it to your wallet (with the wallet address u create in the wallet itself). from the wallet u will push it to sr.
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welcome to the SR forums.
Well things are somehow like this: First of all you go to your account and choose to view prices in Dollars. Lets say you want to buy something that costs 150 $ today you could be buying it with 3 bitcoins, but after a month exchange is risen, and you get the product of 150$ with 2 bitcoins. So the exchange rate is not that unstable that you buy 1BTC today and tomorrow has the half value or so, this is not happening. Steadily the value of BTC is rising a bit every day.
So what you should do.
Choose the product 150USD of our example.
Buy bitcoins for 160 USD just to be sure that BTC will not lose value. if you buy the from Localbitcoins.com there is usually a comission 5-10% for the seller. so if you buy 160usd (3.2 BTC lets say) you will pay 168 for the 3.2 BTC coins. I hope i did not confuse you.
And the offline wallet is needless, once you get the coins you usually get them in the online wallet of the exchange site. From there to SR directly, check confirmations on blockchain.info and you are done
EDIT: In most cases you buy more. With bank transfer there are bank charges, which may be less efficient than buying from a fairly cheap and trustfull seller at localbitcoins.
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Thanks for the replies. I am confused still though. I don't think it's what you said that confused me, but rather, the entire process involved. So, are you saying if I buy BTC from a bank, then I will actually have to buy more than the required amount, in-order to achieve the right amount of funds needed to buy something from someone?
For example: If someone is selling a video game @ 1 BTC, and I decided to buy my BTC from a bank, then I would have to buy 1.2BTC to cover the fees and everything? But if I were to buy via the sites you gave me, then I wouldn't have to worry about paying the bank fees, so technically I could just buy the exact amount required, from someone selling BTC on https://localbitcoins.com (just for example) because they won't charge me any fees? How does the buying BTC from a site like https://localbitcoins.com work? How do you actually buy them? What is the method of purchase?
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you dont go to bank to buy BTC, they dont have :D There online exchange sites like mtgox.com. There you buy BTC or sell BTC and make them money. To buy BTC you have to make a deposit through bank (there are other options depending the country you live). and in that case the mtgox asks for id , to confirm you are the owner of bank account. of course these site have an axchange commision per BTC but it very small. The extra charge would be the bank charges for the deposit.
In localbitcoins, all you need is make an account. Though you may find varying paying methods. Some will accept Bank payments as well. But some will accept ONLINE payment, which could be Paypal, (and may ask you a bit fee for paypal) . Local bitcoins is a more private way to get the BTC and for samll amounts i think it is what you would go for. So you want to buy something that costs 3 BTC you go and buy exactly 3 BTC from localbitcoins, but at a bit higher price than the acyial value. But if until you deposit to the final wallet, the 150 will need 3.1 BTC and you have 3, what you would do? That is why i suggest go for 0.1 bitcoins or so.
regards
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u always want to buy a few more bitcoins as u need. thats because of the jumping rates.
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Look at my vendor page i have lots of easy options to get btc to silkroad - http://silkroadvb5piz3r.onion/silkroad/user/eb78a305c7
Its very simple, online bank transfer, buying ukash, paysafe card, moneypak e.t.c all anonymous ways and you dont need i.d. then i convert them to btc and put in your silk road account.
Some good suggestions about using exchange sites and local bitcoins.
Dont worry its daunting at first, but once its done its so easy you dont even think about it
Hope i helped
BitcoinBillionaires
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Look at my vendor page i have lots of easy options to get btc to silkroad - http://silkroadvb5piz3r.onion/silkroad/user/eb78a305c7
Its very simple, online bank transfer, buying ukash, paysafe card, moneypak e.t.c all anonymous ways and you dont need i.d. then i convert them to btc and put in your silk road account.
Some good suggestions about using exchange sites and local bitcoins.
Dont worry its daunting at first, but once its done its so easy you dont even think about it
Hope i helped
BitcoinBillionaires
You did, the way you explained it makes it seem like a much easier process. A few steps to learn, but nothing that isn't manageable for your average computer user. Thanks for the info. I favorited your page btw.
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No problem remember we were all newbies here once no harm in asking. :)
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You can figure out how much extra money you need to put down in order to cover the fees. Different methods have different fees associated with them. Another thing to consider is that bitcoins are always fluctuating in value, so what you paid for today might be worth less bitcoins when the transaction actually goes through tomorrow. Although most vendors on SR link their prices to the USD/BTC exchange rate so this isn't as big of an issue.
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If you're thinking of using the vendor BitcoinBillionaires wait until I report back with good news otherwise STEER WELL CLEAR.
Order placed 6pm on Thurs, still no coins despite 18 hours ago getting this message from 'Vendor'
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'They've been sent finally so whenever they show at your account lol
Kind Regards
BitcoinBillionaires
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No way does it take 18hrs for coins to transfer, I'm feeling like a mug. I'm not the only one so it seems....
Hopefully he'll come through but it's looking unlikely at the moment...
What's your excuse this time BitcoinBillionaires?
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Bitfloor is a good one, also try bitcopia.