1. Mind Freak™

    Mind Freak™ Moderator Staff Member

    May 24, 2010
    BTC - A Dummy's Handbook

    Okay to be hones't I don't know how shall I start this thread off but I am here today to explain you what is a Bitcoin and various methods on How to use a bitcoin, where to store it, benefits the pro's the cons and what not.

    I will try my level best to help you out in this thread itself but even if you don't understand anything do PM me so that I can help you out a bit more.

    So lets get started.....

    My info might not match your info but this info is just posted by me up to my knowledge or understanding to bear me.

    What is a Bitcoin?

    A Bitcoin is basically a digital currency produced and owned by the people. It is a decentralized currency which has no government body backing it. The price and the cost of a bitcoin varies upon the demand and supply of the currency itself. As the Bitcoin is a digital currency it can not be printed it is stored in Bitcoin wallets linked to your PC and or on your Mobile device.

    As basically it is a currency with no government body backing it, the coin transactions are mostly anonymous. So there are quite a number of illegal transactions also going on the system itself.

    Where to store your Bitcoins?

    Basically Bitcoins are stored in Online Wallets which can be accessed via your PC or your mobile device. There are many websites providing the wallets like the ones I use

    • Bitcoin Core (PC Wallet)
    • Multibit (PC Wallet)
    • Blockchain (Internet Wallet)
    • CoinBase (Internet Wallet)

    When You create an wallet on any of those service provider you are provided with a BTC (bitcoin) address to receive your bitcoins at. It is just like the email you give out to people to receive money via Paypal

    An Example of a BTC address is 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy

    This address you can send out to your friends or payment providers to receive the money at.

    Always enable a Two-Factor Authorization on all of your wallets. And make sure you print out the release codes and save it somewhere in case of Mobile loss or data loss.

    Where can you get a Bitcoin?

    • You can either earn bitcoins via providing your service or supplying goods and accepting Bitcoins as a payment method
    • You can either buy them out from Online Exchange websites ( Which I would link below)
    • You can either buy them out from Local Exchangers via giving them cash / Payments via other e-currencies
    • The hardest of them all you could mine them yourself but to be honest that ain't a profitable method anymore

    Some of the exchange websites are which I deal at are

    • LocalBitcoins
    • Virwox
    • Coinbase ( Wallet + Trading Platform)
    • Circle (App based)
    • Bitstamp

    Some of the local exchangers are and No I don't hold any responsibility regarding them

    • worlockt (Here at WJ)
    • Raz3r (Me - Here at WJ)
    • Grim (Here at WJ)
    • People you can find on LocalExchange
    • More people you can find here on WJ (Be Safe do verify the legitimacy of the user)

    Small Info about Bitcoin transactions

    When you receive or send Bitcoins to some user the coins are then entitled to be of the opposite party to confirm that the coins enter into a Block chain then the coins are then verified or confirmed via network bots or miners to allot the coins to the other user. These Miners charge a very tiny amount of the transaction to confirm the transaction. Although the transaction made via Bitcoins is instant but if you do include some miners fee it would be more appropriate.

    A Transaction reflects into your or the other's account after 3-6 confirmations depending upon how the network works. But a transaction with 6 to 7 confirmations is considered as a safe transaction.

    And Yes the bitcoin is a irreversible currency. Once sent can't be retrieved back unless and until the transaction was debited twice and the network itself reveres the other transaction. So the chances of being scammed are very high.

    Here were some info which I know about bitcoins do ask more questions here so that we can help each other out by learning more things around

    Last edited: Oct 25, 2015
  2. CJ

    CJ Well-Known Member

    Nov 21, 2009
    Gr8 article, this will help lot of people understand whats up with bitcoin and will help some people to start up with bitcoin trading or bitcoin use.
  3. BlaZe

    BlaZe Well-Known Member Respected

    Oct 18, 2009
    Neatly written.

    I would like you to add LocalBitcoins.com to the list as people can find trusted exchangers over there with many different ways to cash out Bitcoins :D
  4. msk19994

    msk19994 Well-Known Member

    Aug 13, 2011
    Loved It. Cleared some things for me
  5. nitro85

    nitro85 Well-Known Member

    Sep 16, 2014
    I use https://www.kraken.com/
    It has the best fees for EU bank accounts on deposits and withdrawals

    Their fees are also decent on trading
  6. Mind Freak™

    Mind Freak™ Moderator Staff Member

    May 24, 2010
    Agreed Kraken is also a good site but its rates to be honest as you mentioned are great for some specific countries not all together

    And Yes Blaze added it also sorry I had forgotten about it
  7. sohom

    sohom Well-Known Member

    Aug 1, 2012
    nice ,
  8. lebar.123

    lebar.123 Well-Known Member

    Oct 17, 2017
    Nice info to share. Thanks.
  9. UberAmoral

    UberAmoral Well-Known Member

    Nov 27, 2018
    My friends always ask my about bitcoin, next time i show them this.

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