Local Bitcoin

cubano · Jun 5, 2017

For you guys who use Local Bitcoins to get your bitcoins, do you also use it as your wallet? I usually use it to get my bitcoins but then transfer to my wallet (Multibit) but this just seems like an extra unnecessary step if I can just use Local Bitcoin as my wallet.

eaglecall · Jun 5, 2017

huh?

I use bitcoins bit I don't know what you just asked. I pay what I need to pay and whatever is left I leave it there in bitcoin. In fact, last time I used it, I left a few bucks there, price has quadrupled since then so now I have free money there

pupeye · Jun 5, 2017

I transfer them.

Motorboat · Jun 8, 2017

Hey bud,
You can use the wallet there.
It's could for receiving and sending bitcoins.
But if you start to accumulate a good amount of Bitcoin then I would move it to a hardware wallet.
The risk with leaving it on local bitcoins is that you are trusting their security that they will but get hacked and lose your bitcoins

Like Mt Gox, was an exchange that had everyone's bitcoins.
People traded them on the sight and had accounts.
They got hacked and robbed for something like $450 million Bitcoin and people lost millions worth of Bitcoin.

If you move it to a hardware wallet, it can't be hacked.

TODouble2 · Jun 8, 2017

Motorboat said:
Hey bud,

You can use the wallet there.

It's could for receiving and sending bitcoins.

But if you start to accumulate a good amount of Bitcoin then I would move it to a hardware wallet.

The risk with leaving it on local bitcoins is that you are trusting their security that they will but get hacked and lose your bitcoins

Like Mt Gox, was an exchange that had everyone's bitcoins.

People traded them on the sight and had accounts.

They got hacked and robbed for something like $450 million Bitcoin and people lost millions worth of Bitcoin.

If you move it to a hardware wallet, it can't be hacked.

What would you consider a hardcore wallet? I never know if I should leave them in Coinbase or another wallet like blockchain.

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Motorboat · Jun 8, 2017

TODouble2 said:
What would you consider a hardcore wallet? I never know if I should leave them in Coinbase or another wallet like blockchain.

Sent from my iPhone using Tapatalk Pro

A hardware wallet is like a little drive that stores your bitcoin or ethereum on a small drive.

It's offline, so they are actually in your possession. And are set up so that even if someone has hacked you and watching your key strokes they can't get your pin.

It's just like a wallet online you can send and revive Bitcoin from it. You just plug it into the USB port on your computer.

The good hardware wallets are :
The Keep Key wallet
The Trezor

You can find them on amazon.

cubano · Jun 8, 2017

Motorboat said:
Hey bud,
You can use the wallet there.
It's could for receiving and sending bitcoins.
But if you start to accumulate a good amount of Bitcoin then I would move it to a hardware wallet.
The risk with leaving it on local bitcoins is that you are trusting their security that they will but get hacked and lose your bitcoins

Like Mt Gox, was an exchange that had everyone's bitcoins.
People traded them on the sight and had accounts.
They got hacked and robbed for something like $450 million Bitcoin and people lost millions worth of Bitcoin.

If you move it to a hardware wallet, it can't be hacked.

Thanks MB. That makes sense. I don't think I'll ever work up a large balance (just use it to receive and send when I need some goodies). And by the way if anyone out there uses Multibit, make sure you adjust the fees to a higher amount. It automatically default to a minimum fee and my transfer got stuck for 2 weeks before it was finally went thru.

TODouble2 · Jun 8, 2017

Motorboat said:
A hardware wallet is like a little drive that stores your bitcoin or ethereum on a small drive.

It's offline, so they are actually in your possession. And are set up so that even if someone has hacked you and watching your key strokes they can't get your pin.

It's just like a wallet online you can send and revive Bitcoin from it. You just plug it into the USB port on your computer.

The good hardware wallets are :
The Keep Key wallet
The Trezor

You can find them on amazon.

great. i had no idea about this.. thank you

bigNsmall · Jun 8, 2017

Hey Motorboat thanks for referencing the book Digital Gold. Just picked it up..looking foward to reading it.

Motorboat · Jun 8, 2017

bigNsmall said:
Hey Motorboat thanks for referencing the book Digital Gold. Just picked it up..looking foward to reading it.

It's awesome! I listen to books as I drive, that one is really good and is really a good story as well as you learn about bitcoin.

The other book The internet of money is a great "case for the explosion of bitcoin"

If you like Digital Gold. There is a book called "American Kingpin", the search for the creator of Silk road. Freaking great book, Has some bitcoin references but also a lot of the FBI and DEA trying to catch this guy.

Motorboat · Jun 8, 2017

TODouble2 said:
great. i had no idea about this.. thank you

No worries. I am all into it, lol
Glad to share my knowledge

jcc80 · Jun 8, 2017

Motorboat said:
A hardware wallet is like a little drive that stores your bitcoin or ethereum on a small drive.

It's offline, so they are actually in your possession. And are set up so that even if someone has hacked you and watching your key strokes they can't get your pin.

It's just like a wallet online you can send and revive Bitcoin from it. You just plug it into the USB port on your computer.

The good hardware wallets are :
The Keep Key wallet
The Trezor

You can find them on amazon.

Very cool of you to share that. I'd never heard of it.

Sent from my SM-G950U using Tapatalk

2thmaker · Jun 9, 2017

I must be out of the loop I have no clue what bitcoin is.

kubes · Jun 9, 2017

2thmaker said:
I must be out of the loop I have no clue what bitcoin is.

Digital currency

Michael30 · Jun 9, 2017

Man I REALLY would like to learn how to purchase and use bitcoin. But unfortunately my computer skills are soarly lacking. So until I can con one of my friends into holding my hand through the whole process. I'm out of luck! Lol.

readyset · Jun 9, 2017

Michael30 said:
Man I REALLY would like to learn how to purchase and use bitcoin. But unfortunately my computer skills are soarly lacking. So until I can con one of my friends into holding my hand through the whole process. I'm out of luck! Lol.

It's not hard bro. First get a bitcoin wallet. Then you can buy using an exchange (some wallets like coinbase have their own), buy from a seller (all over the web) or find a bitcoin ATM.

Each wallet has an address. You use that to receive your coins. Then use another persons address to send. Just like PayPal or cash app or any of those apps.

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Joenoarms · Jun 9, 2017

Have any of you guys heard bad things about coinbase? I've been using them but I'm now hearing that's not the best place for guy like us because they eventually ban you. Just rumors so far but it is concerning.

kingjmack · Jun 9, 2017

Joenoarms said:
Have any of you guys heard bad things about coinbase? I've been using them but I'm now hearing that's not the best place for guy like us because they eventually ban you. Just rumors so far but it is concerning.

Coinbase has only worked well for me one time. Almost everytime after the first one, it has been rejecting my funding methods. I'm looking for another way as we speak

jcc80 · Jun 9, 2017

Joenoarms said:
Have any of you guys heard bad things about coinbase? I've been using them but I'm now hearing that's not the best place for guy like us because they eventually ban you. Just rumors so far but it is concerning.

Coinbase is currently pissing me off. I switched phones AND phone number, and they want to text you an activation code if you want to log in on a new device.

So there is a verification process of using webcam to take a picture of your self, and your ID. Their shitty software does not recognize that I am the same person as the picture on my ID. I have been waiting almost two weeks now for their shitty customer service to merely read my email requesting that an actual human being compare the photos. So meanwhile, they're sitting on a couple hundred dollars of mine and I can't freakin access it. Definitely going to find a different exchange for my next BTC purchase.

And yes, I have heard of them banning people for sending bitcoin to vendors they deem risky (research chemicals, nootropics, etc). So it's best to send the bitcoin first to a personal bitcoin 'wallet like Blockchain. Or perhaps something like MB suggested earlier.

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cubano · Jun 9, 2017

Michael30 said:
Man I REALLY would like to learn how to purchase and use bitcoin. But unfortunately my computer skills are soarly lacking. So until I can con one of my friends into holding my hand through the whole process. I'm out of luck! Lol.

Trust me, I was just like you. Just go to Localbitcoins.com and open up an account. Then click "buy" and just go through the many options on how to get the bitcoin. They have have a bunch of options, cheapest will be cash, either depositing at a local bank branch or meeting face-to-face, which is a hassle. I usually just do paypal or Chase quickpay. Some sellers even take credit cards. Pick a seller that has a good reputation, go through the process, which is usually super easy, and you get the bitcoin. Now at this point, you can either send it directly to someone else if you are making a purchase, which is what I do, or keep the bitcoin in your wallet. As MB mentioned if you are going to build up a large balance it's better to transfer your balance to a secure wallet.