Silk Road forums

Discussion => Security => Topic started by: iamarobot on May 20, 2012, 05:23 am

Title: Can somebody please explain the procedure when dealing with bitcoins?
Post by: iamarobot on May 20, 2012, 05:23 am
Hello everyone,

Obviously I'm new here so I appreciate your patience. I want to purchase some bitcoins (got my eye on BTCKing) but I don't understand how to work with them once I have them. Suppose I contact a provider for 20 coins, he gives me some deposit address, I go to the bank and dump some cash there, everything is good. How do I get my coins now? My provider needs an address to send them to so how do I get one?

I've been reading about "ewallets", but I'm hesitant to give my coins to a third party. Can't I just keep my information in text files on my secret USB? And what information is this anyway? I believe for each address I have a public and private key but I don't know how those come into play. Are these keys the PGP (GPG??) I keep reading about?

Lastly, as far as obscurity goes, would it be advisable to distribute my coins among a bunch of addresses, then pay in chunks from each of them? It sounds like that would make it harder to trace coins, but considering how incompetent I am at this stage that might be totally wrong.

If somebody could please clarify things for me I'd be really grateful. Thanks for reading!
Title: Re: Can somebody please explain the procedure when dealing with bitcoins?
Post by: promethean on May 20, 2012, 06:12 am
I went through BTCKing the other day and it worked out marvelously. BTCKing gave me the information and deposited the cash into my local bank and probably a half hour later my btc I requested were already in my SR account. So I didn't need to give BTCKing a third party address.