Bitcoin Info/ Safer Transactions

[rasetreydir]

I'd like to learn a little more about Bitcoin and how it works and what's the best way to start a Bitcoin account (or whatever it's called). I know there are Bitcoin brokers that seem legitimate but charge a fee for transactions. Can you just use a site to convert your cash directly to Bitcoin? Something tells me this is how we'll be paying in the next couple of years because of the lack of traceability and increased anonymity because it seems even just with WU or MG or RIA  things are still being tracked/recorded (i.e. names, addresses, amounts). I don't need a 1,000 word essay response, just a briefing to get me looking in the right direction.   Any advice on this topic would be greatly appreciated. Thanks in advance

 

[Big Drew 1174]

I'd like to learn a little more about Bitcoin and how it works and what's the best way to start a Bitcoin account (or whatever it's called). I know there are Bitcoin brokers that seem legitimate but charge a fee for transactions. Can you just use a site to convert your cash directly to Bitcoin? Something tells me this is how we'll be paying in the next couple of years because of the lack of traceability and increased anonymity because it seems even just with WU or MG or RIA  things are still being tracked/recorded (i.e. names, addresses, amounts). I don't need a 1,000 word essay response, just a briefing to get me looking in the right direction.   Any advice on this topic would be greatly appreciated. Thanks in advance

There is a lot of info out there about bitcoin, bitcoin wallets, bitcoin exchanges, and other cryptocurrencies  just use google and do some reading on bitcoin forums but the easiest way to get started is open a Coinbase account and then find a second wallet like Electrum, both are Free to open accounts.   

The reason you want to do it this way is because coinbase is an exchange and they are very strict about sending to certain places, so if you have a second wallet you can always use Coinbase to buy your bitcoin > then send to 2nd wallet > then send to your recipient as this give you an extra level of security and will keep you from getting banned from coinbase in the event you pay for something Coinbase doesn't like.

For cashing out your bitcoin into cash you can use bitpay and if you use google you can find some other services too.  

You will always have to pay the provider a fee when buying or cashing out because they have to make their money too but some are cheaper than others!

I hope this helps you out some and let me know if you need any other info or help!    

Take care and have a great day!

Big Drew 

 

[scot9k]

What Big Drew said is perfect and the best way to get started without over-complicating things. Just be sure to follow his suggestion on using Coinbase only to purchase the coin and then send them to your own personal wallet like Electrum.

Only other thing I can add is the website coindesk.com is a good resource for checking the current value of btc and also has a currency converter/calculator which is very handy.

 

[rasetreydir]

Thanks for the info. That seems easy enough.

 

[PTFC]

I'd also like to say thank you for the info in this thread. The whole bitcoin thing and having to do a load of research when my brain is foggy was a really daunting prospect. I'll go ahead with the instructions here which will (hopefully) get me up and running.

Good for you! Let us know how you get on!