Silk Road forums
Discussion => Newbie discussion => Topic started by: hbdcman1 on July 18, 2013, 12:38 pm
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hello again, like i said before in a prevouis post im relatively new and thinking about making my first purchase next week and already have a few vendors in mind but now i need to know about buying bitcoins so i was thinking about buying from mtgox, so what do i need to do and what should i expect, i dont understand how to add funds to my mtgox account though and also how long does it normaly take them ie. buying your bitcoins then getting it sent to my SR wallet and such and such.
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Hi. :)
There is a lot of good info in the Buyers Guide linked on SR, that's a good place to start before putting real money into anything. To use some BC exchange sites like Bitbargain etc you need to upload ID. Then you'll need your purchase method, which varies from site-to-site. There are also independent sellers, etc. Try searching around for a couple guides but the Buyers Guide should cover it.
Once you purchase your coins and have them in a wallet, many people prefer to launder the coins through one or several other wallets before transferring them to their SR wallet. Waiting for the transfers to register through the BC network can take several hours so do it in advance of when you anticipate purchasing.
Then when you have transferred them to your SR wallet, you place your order and wait for it to be processed by the seller. Then they dispatch the order. During this time your BC are in escrow which basically means they are frozen awaiting confirmation of delivery of the package and are paid to the seller once you confirm.
Hope that helps.
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i read the buyers guide but have you used mtgox before and if so how did you do it like funding options and how do i upload my id i noticed that and i dont know where to start
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I personally have not used gox, but other similar online BC markets.
Usually the process goes as follows;
-make an account on the market site. (ID often needed, photo ID and proof of bank account etc)
-now you have a wallet on that site
-go to the buying area of the site
-search for the amount you need and payment option (bank transfer, WU, etc)
-submit buy request to BC vendor
-send payment
-receive BC (5mins-couple hours) in wallet on that site
-optional laundering via other wallets elsewhere
-send to SR wallet (takes a couple hours max I had was 11)
-place item order on SR
-order dispatch
-receive order
-fianlize payment on SR and leave feedback
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If you want speed then localbitcoins is the way to go. More expensive than the exchanges (depending on where you live).
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Thank you for the detailed process :)
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Thanks for the info - helpful :)
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thanks for the information !!!
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For nothing