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OfflineAllGreyThumbs
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Which Bitcoin Wallet and Exchange?
    #23044371 - 03/25/16 11:09 AM (7 years, 10 months ago)

I'm finally going to get me some bitcoins.

I know there is tons of information about the different wallets and exchanges, but I'm curious what folks here typically use.

While I understand that online services aren't the most secure place to keep large amounts of coin, I'm seriously thinking about either Coinbase or Circle just to get started.  Without ever using coins before I still find the whole process a bit confusing, and I don't really plan to hold large amounts at first, so I'm thinking about going with a place that makes it simple to get started.  I've watched some videos and I think I understand how to open and account, link a bank account, and maybe send some coins.

If I end up using coins more often I might get a separate wallet service that allows me to hold the private keys.  I only vaguely understand what that means, but I have sort of gathered that it means I hold either files or papers that represent the coins myself instead of having them reside at the exchange service.

There is a lot to understand with Bitcoins, too much for me to fully absorb without having any direct experience with them.

Anyway, what do folks here use, or what would you recommend?

Any advice for someone getting their first wallet and coins?


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I only use drugs medicinally.  If I don't my knees hurt from kneeling down.


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Invisiblechopstick
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Re: Which Bitcoin Wallet and Exchange? [Re: AllGreyThumbs] * 1
    #23044398 - 03/25/16 11:21 AM (7 years, 10 months ago)

electrum is a good local wallet - make sure you write down the key so you can recover your BTC incase of computer loss.

coinbase/circle are both good options for purchasing BTC from your bank account.

Use localbitcoins if you want to buy em' with cash.


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Offlinenuneo
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Re: Which Bitcoin Wallet and Exchange? [Re: chopstick]
    #23117213 - 04/14/16 02:22 PM (7 years, 9 months ago)

I'd say localbitcoins, and I would just make a wallet (paper) with bitaddress, then reference with blockchain


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OnlinegeokillsA
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Re: Which Bitcoin Wallet and Exchange? [Re: AllGreyThumbs]
    #23120323 - 04/15/16 10:27 AM (7 years, 9 months ago)

I've been playing with Bitcoins for several years, been cognizant of them since they were trading at US$6 a piece (too bad I didn't buy any back then!), and even lost five figures worth of coin in the Mt Gox bankruptcy, the first major bitcoin exchange to fail.

After all that, I keep my coins separated between my private wallet, as well as managed wallets through Coinbase.com and Kraken.com.  Both Coinbase and Kraken have major financial backing, with Kraken offering trading between multiple cryptocurrencies including Ethereum, which is way more speculative than Bitcoin but definitely the hot new kid on the block.  The Ethereum blockchain is constructed in such a way that it offers a significantly wider application than Bitcoin.  Bitcoin has seniority and is used by many more people, but if you are truly interested in diversifying your asset base with cryptocurrency, picking up some Ether along with the understanding that the probability of future value is still significantly higher with Bitcoin versus Ether (and that both are still speculative), I would advocate holding a little of both.

Bottom line: Don't hold more cryptocurrency of any type, than you can afford to lose.


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Offlinenuneo
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Re: Which Bitcoin Wallet and Exchange? [Re: geokills]
    #23127793 - 04/17/16 03:26 PM (7 years, 9 months ago)

Quote:

geokills said:
Bottom line: Don't hold more cryptocurrency of any type, than you can afford to lose.




THIS is huge, a string of hacks have left a lot of people very upset..


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OfflineAllGreyThumbs
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Re: Which Bitcoin Wallet and Exchange? [Re: nuneo]
    #23130727 - 04/18/16 01:01 PM (7 years, 9 months ago)

I just went with circle because I was going to try to use a credit card.  That didn't work so I ended up linking a bank account and having to wait a few days to get coins anyway.

I'm not really speculating on coin prices or trying to make money.  I just needed to be able to spend bitcoins.

I thought about transferring to a personal wallet, but realisticaly I just transfer in what I want to spend and don't end up holding that much value for very long.

I'm happy now.  Got what I wanted, some new fangled paper products to try out.


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I only use drugs medicinally.  If I don't my knees hurt from kneeling down.


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OfflineExceed19_2000
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Re: Which Bitcoin Wallet and Exchange? [Re: AllGreyThumbs]
    #23138091 - 04/20/16 06:08 PM (7 years, 9 months ago)

I'm using Coinbase for the first time on the 14th of this month, and the single BTC is supposed to show up today. Its after 8PM, and it still isn't here. I'm on the East Coast, and 5pm is the close of business (or a business day), with 8PM being CA times 5pm equivalent at the latest. It's past that now...

So far, this has been a long time, (signing up, verifying bank account, making a bank account purchase), all of which has taken like 11 days in total.

Certainly not impressed, the speed is equal to me mailing a check to CA, someone cashing the check, and mailing me the money back in the mail on the other side of the USA.

I can purchase physical precious metals faster than this, and that's being shipped with a check clearing. I just don't get it.


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OfflineAllGreyThumbs
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Re: Which Bitcoin Wallet and Exchange? [Re: Exceed19_2000]
    #23139383 - 04/21/16 06:20 AM (7 years, 9 months ago)

You can supposedly buy bitcoins locally or with PayPal if you look around.

Now that I have an account it only takes me a few days to transfer more cash in so I don't feel the need to overpay for coins.  However if you are in a hurry it could be worth it.

To me it feels like growing mushrooms.  Before your first flush ever comes in you try to do everything you can to expidite the process, but once you've had a few good monotubs, it seems much less necessary to fret excessively.

Basically, relax.  In a few days you will have your coin.  In a week or two you will have whatever you needed the coin for.  In month this will all seem like no big deal at all as you move money around easily and regularly get whatever you want.


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I only use drugs medicinally.  If I don't my knees hurt from kneeling down.


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OfflineExceed19_2000
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Re: Which Bitcoin Wallet and Exchange? [Re: AllGreyThumbs]
    #23140595 - 04/21/16 01:56 PM (7 years, 9 months ago)

That is a great comparo between your first mushgrow and the BTC wait!

It is the same feels. :smile:


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OnlinegeokillsA
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Re: Which Bitcoin Wallet and Exchange? [Re: Exceed19_2000]
    #23165480 - 04/28/16 02:47 PM (7 years, 8 months ago)

Quote:

Exceed19_2000 said:
I'm using Coinbase for the first time on the 14th of this month, and the single BTC is supposed to show up today [...] So far, this has been a long time, (signing up, verifying bank account, making a bank account purchase), all of which has taken like 11 days in total.



If you link a credit card to your Coinbase account, your BTC purchases will clear immediately.


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··∙   long live the shroomery  ∙··
...π╥ ╥π...


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