TUTORIAL - Bitcoin: A tutorial on how to stay safe purchasing and spending Bitcoins

OGTitan · Feb 4, 2016

rGrimes said:
So, if you had a legit wallet with localbitcoins, could you buy bitcoin from yourself with a second anonymous account?

Yes

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tmj465 · Feb 5, 2016

rAJJIN said:
If its for buying legal Items coinbase has what is called a Shift card.
Its basically a Visa Bitcoin debit card.
You can use it anywhere that accepts visa and also ATM machines.

Look it up. I'm sure there is a youtube video.

Great info, rAJJIN, thank you! I'm going to look more into that.

Big A · Feb 6, 2016

So to cash out, I have to sell my bitcoins, as I would with shares? So I have to wait for someone to buy them? So I could be waiting a while?

OGTitan · Feb 6, 2016

Big A said:
So to cash out, I have to sell my bitcoins, as I would with shares? So I have to wait for someone to buy them? So I could be waiting a while?

That's one way. You could also move them over to a BTC debit/ATM card. There's some better ways but I won't discuss them here due to possible legality issues.

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rAJJIN · Feb 6, 2016

Another place I have used recently that is faster with less restrictions then Coinbase is circle.

To cash out with them you just click cash out and it goes into your bank account that you have linked.

I also just ordered that shift card from coinbase.
All for legal buys of course. They require a lot of personal Information such as a bank would.

rAJJIN · Feb 6, 2016

Big A said:
So to cash out, I have to sell my bitcoins, as I would with shares? So I have to wait for someone to buy them? So I could be waiting a while?

I think there are a lot of big exchanges getting in... or maybe already have.
Big investers like citi bank and JP morgan.
You would cash out through the exchange. Or you can sell them.
I see guys on Local bitcoins Marking them up and selling them by the thousands. I think that is how guys are trying to stay anounymous and not give so much real info. They buy from an individual instead of the exchanges.

OGTitan · Feb 6, 2016

I should mention I'm speaking of ways to cash out when BTC is not "clean". If you're doing legitimate things, cashing out via exchanges is fine.

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anabisi · Feb 9, 2016

Good stuff. .opened up my account

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OGTitan · Feb 9, 2016

anabisi said:
Good stuff. .opened up my account

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Sweet. Enjoy!

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NWill135 · Feb 16, 2016

Don't you need to buy from someone that is selling the BTC at a price similar to the price you googled online? Or else won't .76 BTC be more than $300 from different sellers?

OGTitan · Feb 16, 2016

NWill135 said:
Don't you need to buy from someone that is selling the BTC at a price similar to the price you googled online? Or else won't .76 BTC be more than $300 from different sellers?

If a seller requires $300 from you, you get the conversion rate which for simplicity's sake we'll say it's 1BTC. Your BTC seller is charging you a fee essentially, so whatever you pay over $300 is your fee (similar to WU/MG). Just find the highest rated one with the least amount of markup you want. You don't have to buy from the lowest. I frequently don't because I have a guy I trust to get me my BTC within the hour. I'll pay a little more for that.

Userat204 · Feb 18, 2016

Very good info, there are some apps around for android and iphone/iPad etc that make things pretty simple but I'm guessing most of them are for legal purchases? I have looked over some of them but it's been a while,

Thanks for the layout on this, it can be a fairly easy process especially after doing this a few times it will feel more natural and you don't get caught up on unnecessary numbers etc that you don't need to worry about, but you have laid this out well and made it so u can copy the info and easily make a first time purchase and transfer without any confusion, great job, this is info ppl really should be looking for and a process that can be very convenient for all, great job and very much appreciated.

OGTitan · Feb 18, 2016

Thanks! I hope this helps people to see how easy, convenient, and safe it is.

I can promise Sponsors are going to make the transition to ONLY BTC in awhile. It's just too unsafe for them anymore to keep accepting money via MG/WU.

rAJJIN · Feb 20, 2016

baxxtor said:
My main problem with Bitcoin is the value fluctuates so much that by depending on the time it takes to acquire it may have lost its value.

Or gained value.
It's went up a good bit in the past week.