Understanding Bitcoin

[FlyAway]

For those that would like a better understanding and how it works, watch this...

 

[wobina]

Interesting movie. I still don't understand how a Satoshi can be "programmed" to equal a property like a boat or car or whatever. For the most part when I use Bitcoin I want it to quickly turn back into either dollars or items as quickly as possible. xD I've lost Bitcoins before from places closing down etc. so I don't enjoy leaving them there as an "investment". There's the recent story about Quadriga's founder dying and suddenly all the Bitcoins are mysteriously missing too. 

 

[Ipon]

I have been surprised by making money on coin before and lost money a couple times. After losing money Nov 2018 I now just get some coin, buy my goods call it a day. Usually never more than five or ten bucks in my wallet anymore. I would LOVE to see BC rise hard again.

 

[Painful heart]

@FlyAway I’m going to need your help with bitcoin. Not through coinbase I’m locked out of it. Please pm me. 

 

[sweetmelissa589]

Still confused...  I cannot understand where to buy BC and what wallet, whatever that is, to use.  Some people say that their accounts get closed when making purchases, so I'm just not sure the best way to go about it.  Also..  can I buy BC with a prepaid CC?  This is all so confusing...

 

[Sunrise81]

@sweetmelissa589, look in the “Welcome to DBG” thread. There’s a lot of good info there. Also, use g00gle and y0utUbe and search how to buy BC and how to use BC and anything else involved. A lot of people have a really hard time with it in the beginning, but once they watch videos and such, they’re able to do it and then say “I can’t believe this was so easy.”

 

[aBBazaBBa123]

Where in the fuck can I buy BTC without ridiculous Id verification and outrageous fees! 3 months in trying to find a reasonable source and Im about to abandon ship, fuck figuring out BTC.  Rant over, i apologize.

 

[aBBazaBBa123]

Somebody please point me in the direction of a legit btc coin vendor who doesnt charge an arm and a leg, pretty please?

 

[Rippedmover]

Try the Cex.io app....don't do instant buy, simply click "trade at the bottom. I just bought usd $85 and my personal external wallet received $83. I use it constantly. Cheapest by far.

I'm at work and that's not detailed I know. I'll be glad to write clear instructions if one would like, as Cex.io is the cheapest and you can use debit card, credit card, bank etc. Mine is even a PP Mastercard....

 

[Sunrise81]

@Rippedmover, that would be awesome if you could do step by step on how you use this particular BTC app and wallet. I know a lot of people are still having issues trying to understand it. Thank you! 

 

[sweetmelissa589]

@Rippedmover Yes, please!  I'm having trouble understanding btc.  Can I use a prepaid card, as I'm a bit nervous linking my cc?  

 

[Rippedmover]

Easy and cheapest way to buy and use Bitcoin (Opinion)

Most companies/apps where you quickbuy bitcoin with a credit card or debit card charge anywhere from 10-25% overall (% of amount you buy then additional % when you move it to an external wallet -which you always always want to do because sending straight to a vendor/site from a bitcoin purchase app can get delayed) Here is the best, cheapest and easiest way I have found. I am a millennial so I've used btc hundreds and hundreds of times.

Download "Blockchain" app. It's free and user friendly. This is your external wallet. All bitcoin you purchase, you will want to immediately send to this app, and from here to the vendor. Go through the setup portion. In the settings I don't have facial recognition turned on because it can make the app slower, I use the passcode. You won't use this for anything but storing and sending/receiving bitcoin.

Download "Cex.io" app. This is what you use to purchase your bitcoin. It's free and Cex.io is a major banking/online trading company located in the UK. This app is secure, easy and customer service has always been incredible and immediate using the online chat option. I have to say I honestly can't remember the setup process but it wasn't all crazy intense wait-2-weeks. It's extremely easy but here's the kicker - I use my PayPal prepaid card (now it's personalized w my real name on it and the only bank account I use). This is the only app I could figure out how to use a prepaid card. Most prepaid Mastercards are found in the biggest chain gas stations. Paypal itself has a "cash card" that is basically a debit card linked to your regular paypal balance. This can also be used.

In the Cex.io app and click balance at the bottom, click deposit, then click usd or whatever currency you use. You put in the amount you are upload to you Cex.io app, select which card and submit. Within minutes that money is on the app. Click on Trade at the bottom. On the left side of the trade screen it says 'USD to spend' and enter in how much btc you ultimately want to buy. For every $100 I'd add an extra $2 just to be safe. Enter the amount and click Buy. Your btc will now be on the Cex.io app.....so go open your external wallet -blockchain app- and in the bottom corner it says Request. Open that and copy the address listed (your wallet address) and go back to Cex.io app. Click balance, withdraw, enter all the bitcoin amount you just bought and your wallet address and click withdraw. In a matter of 3-5 minutes your bitcoin is in your external wallet the (Blockchain app). From here click send at the bottom, copy and paste the vendors btc address and hit send. I think $700 in btc cost me $724 last week.

I would absolutely positively 100% use a regular debit card with Cex.io. It's a legitimate, secure trading platform. I had to go about the paypal ordeal bc of some issues I had with a bank. Seriously try it, set up a debit card. Credit card might charge a bit more but not much.

This is not as detailed as I wanted bc it's midnight where I am. I'll continue making it more detailed over time offline if it ends up helpful. I can actually do redacted screenshots if @2earls allows it.

Thanks and good luck!

Mover 

@Sunrise81

Sunrise - Setup Blockchain then Setup Cex.io above and I think you'll get it.

@sweetmelissa589 

I know you don't know me but I even set my mom up on Cex.io using a CC. You don't need to worry about prepaid with this one. Paypal Mastercard like I mentioned is more involved but only option I have. I would definitely had used debit card if I could have. This is more along the lines of E-trader or Fidelity Investments but based in London for Cryptocurrency. Highly secure.

 

[2earls]

@Rippedmover thanks for taking the time and effort to put together this information. Your mother must be a "cool mom" if she is using bitcoins whether you set it up or not. I couldn't get mine to even use a computer! 

I see no problem with posting screenshots and I would think @Admin would be all for it. I believe that more members would donate if they didn't think that bitcoins were intimidating or difficult so anything that proves otherwise is helpful. 

I read a couple reviews for Cex.io and they were positive.

 

[Rippedmover]

Ok guys I'll do it over the course of a few nights. I assure everyone - eventually btc will just click - so easy. You are buying online money in one app and putting it in your online wallet in another app. Simple simple. Hang with me cpl days.

 

[sweetmelissa589]

Easy and cheapest way to buy and use Bitcoin (Opinion)

Most companies/apps where you quickbuy bitcoin with a credit card or debit card charge anywhere from 10-25% overall (% of amount you buy then additional % when you move it to an external wallet -which you always always want to do because sending straight to a vendor/site from a bitcoin purchase app can get delayed) Here is the best, cheapest and easiest way I have found. I am a millennial so I've used btc hundreds and hundreds of times.

Download "Blockchain" app. It's free and user friendly. This is your external wallet. All bitcoin you purchase, you will want to immediately send to this app, and from here to the vendor. Go through the setup portion. In the settings I don't have facial recognition turned on because it can make the app slower, I use the passcode. You won't use this for anything but storing and sending/receiving bitcoin.

Download "Cex.io" app. This is what you use to purchase your bitcoin. It's free and Cex.io is a major banking/online trading company located in the UK. This app is secure, easy and customer service has always been incredible and immediate using the online chat option. I have to say I honestly can't remember the setup process but it wasn't all crazy intense wait-2-weeks. It's extremely easy but here's the kicker - I use my PayPal prepaid card (now it's personalized w my real name on it and the only bank account I use). This is the only app I could figure out how to use a prepaid card. Most prepaid Mastercards are found in the biggest chain gas stations. Paypal itself has a "cash card" that is basically a debit card linked to your regular paypal balance. This can also be used.

In the Cex.io app and click balance at the bottom, click deposit, then click usd or whatever currency you use. You put in the amount you are upload to you Cex.io app, select which card and submit. Within minutes that money is on the app. Click on Trade at the bottom. On the left side of the trade screen it says 'USD to spend' and enter in how much btc you ultimately want to buy. For every $100 I'd add an extra $2 just to be safe. Enter the amount and click Buy. Your btc will now be on the Cex.io app.....so go open your external wallet -blockchain app- and in the bottom corner it says Request. Open that and copy the address listed (your wallet address) and go back to Cex.io app. Click balance, withdraw, enter all the bitcoin amount you just bought and your wallet address and click withdraw. In a matter of 3-5 minutes your bitcoin is in your external wallet the (Blockchain app). From here click send at the bottom, copy and paste the vendors btc address and hit send. I think $700 in btc cost me $724 last week.

I would absolutely positively 100% use a regular debit card with Cex.io. It's a legitimate, secure trading platform. I had to go about the paypal ordeal bc of some issues I had with a bank. Seriously try it, set up a debit card. Credit card might charge a bit more but not much.

This is not as detailed as I wanted bc it's midnight where I am. I'll continue making it more detailed over time offline if it ends up helpful. I can actually do redacted screenshots if @2earls allows it.

Thanks and good luck!

Mover 

@Sunrise81

Sunrise - Setup Blockchain then Setup Cex.io above and I think you'll get it.

@sweetmelissa589 

I know you don't know me but I even set my mom up on Cex.io using a CC. You don't need to worry about prepaid with this one. Paypal Mastercard like I mentioned is more involved but only option I have. I would definitely had used debit card if I could have. This is more along the lines of E-trader or Fidelity Investments but based in London for Cryptocurrency. Highly secure.

Amazing information and so, so helpful!  Thank you so much for taking the time to write such a detailed post.  You have made buying bct sound possible for me and I'm sure this will help others too.  Thank you!

 

[FlyAway]

There are many ways now to buy bitcoin but most all go through an exchange (except peer to peer) in some way and in doing so ask for information about YOU. Buying BTC with anything linked to a bank account using a CC, debit card, PP or whatever, is going to have YOU and your info linked to the purchase of that bitcoin. Transactions are recorded on the blockchain and are public, any prying eyes can see what you do with it and whom it goes to. So whatever you do with your coin or how much gain you get from it, if & when you decide to cash in will be recorded and watched somewhere by somebody if they choose to track your activity.  Buying it the most convenient way is not always the best way, "they" have your identity and you've lost your anonymity. 

I pay cash through bitcoin ATM's when I buy coin and give up very little about myself. There aren't that many atm's around yet and they do differ from one to the next & most people aren't even near one but if you are close to one I would suggest try doing it that way. And, before I do anything else with my bitcoin, I take an extra step to somewhat insure my anonymity is preserved. Privacy may not matter much to you but it does to me.

 

[aBBazaBBa123]

@RippedmoverHave you used this CEX.IO recently? Im in the middle of the pain in the ass verification process.

 

[aBBazaBBa123]

Well I finally managed to score some btc without too much of a fee. I did what @Rippedmover using blockchain and CEX.IO, It took 2-3 days to complete all the ID verifications, no privacy at all. It cost me around thirty $ to purchase 288. Thanks for the help @Rippedmover, what a relief!!!

 

[Rippedmover]

Hey @aBBazaBBa123 DM me because it shouldnt have been that high. I believe you did the instant buy.....never instant buy....

I'm still working on this for everyone BTW