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How To Buy Bitcoin, Dogecoin, Litecoin..etc?

Discussion in 'CryptoCurrency' started by Lordhigh, Feb 10, 2014.

  1. Lordhigh

    Lordhigh Regular Member

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    Lately, I have reading alot about people investing in digital currencies like bitcoin, dogecoin and etc. I was wondering how does one invest in this industry? I have found a seller who is willing to sell 1000dogecoins for $0.10 ..

    My question is if I pay him through Paypal, where will I receive the dogecoins in? In what platform do I have to create an account in order to get those coins? How will I be trading those dogecoins after the purchase?

    Thanks
     
  2. ATRONOT SEO

    ATRONOT SEO Junior Member

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    gogling mate..a lot of places sell degecoin coin ...
     
  3. shadowfax

    shadowfax Power Member

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    You will need a wallet to store Bitcoins, Litecoins etc. You can get your wallet by visiting the official sites (eg bitcoin.org) and joining them. For buying and selling, there are specific sites that handle the trading. You will need to keep the wallet file secure and take regular backups so that your wallet file does't end up like this

    http://www.theguardian.com/technology/2013/nov/27/hard-drive-bitcoin-landfill-site
     
  4. akacash

    akacash Jr. VIP Jr. VIP

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    For Dogecoin, go to http://dogecoin.com/ and download the wallet for whatever OS you have. The first time you open it it will download the blockchain and sync it with your wallet. This will take a few hours, don't panic it's completely normal. The first time you open your wallet there will already be an address in the receive coins tab, you can generate more by clicking on the new addresses button and label them accordingly.

    There's nothing to sign up for though, I'm not sure what the poster above me was referring to. Each coin will have it's own wallet/client though that you will need to download and sync up. They will also each have their own blockchain, which is basically all the transactions for that coin that have occurred. Depending on how long the coin has been around, how fast your connection is, and how fast the coin's network is, it can take anywhere from a couple of hours, to 10 or 12 hrs or more. Google around if you get stuck, but it's actually fairly simple and once you get one you're good since they're all the same basically.
     
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  5. Lordhigh

    Lordhigh Regular Member

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    Thanks ^^.

    I was wondering, let's suppose I have couple of thousand of Dogecoin and I wanna trade them on a specific price so if it takes hours for transactions to happen, I can't do rapid trading or something like that?

    These coins can be converted into hard cash, right?

    Thanks
     
  6. akacash

    akacash Jr. VIP Jr. VIP

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    Most exchange sites will lock you into whatever price is agreed upon, I think. I haven't done any exchanging yet personally so I can't speak to exactly how it works, however, I do have a general idea. The exchange sites typically act as middle men between you and the perspective buyer. So you'll see a list of buy and sell orders for people looking to sell their coins, and people looking to buy them. You can either "fill" one of those existing orders at the requested price, or put in your own request at the price you'd like to get/pay.

    As far as cashing out goes, you have a couple of different options. The most common is to exchange your Dogecoins to Bitcoin, or Litecoin, then you can use a site like Mt. Gox, or Coinbase and convert that to actual cash. As far as rapid-trading goes, you can probably do it with the coins at the exchangers, but when it comes to cashing out at one of those last 2 I mentioned or any other for that matter it can take a little too long to make short trades like that viable. However, that doesn't mean it's not possible at all, and in fact I'm pretty sure there are plenty of people doing just that. You best friend is Google in this case because there's quite a bit of information out there and to be honest, I'm still fairly new to all of this myself. Good luck though :)
     
  7. Enklave

    Enklave Senior Member

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    Go and Register an acc on cryptsy.com. This Is cryptocoin exchange Where You can cenerate own wallet for all major coins (including doge). If you are from Europe, The Best Way How to buy BTC Is throught bitstamp or you can try Some Local traders.
    Just google "Local bitcoin" and find reliable seller on That site

    Edit: sorry for The grammar, WP sucks.

    You can Trade in Real Time on cryptsy. you can create a sell Order and cancel It Right away (if There Is no Trading With Your Order pf course).
     
    Last edited: Feb 10, 2014
  8. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    If you wish to buy any coin with PayPal use this method
    Once you obtain Bitcoins you can sell them for any other alt coin like Doge or Litecoin
    Once you register at site such as bter.com you will have an option to create your instant wallet adresses for any coin, so no need to download wallets and bother yourself with that.

    If you're not satisfied how your coin is performing you can always sell them for Bitcoins and buy other alt coin with Bitcoin.

    You can also create an account at btc-e.com and you can sell Bitcoins there for dollars. Once your dollars are on your btc-e.com account you can wire transfer to your account. Also, you can send your Coins from one exchange to another ( for example from Bter.com to btc-e.com) because you can generate wallets at any of these sites, and each wallet you generate is going to be your personal wallet for that site.
     
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  9. Wolfer

    Wolfer Newbie

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    You can buy BTC with paypal but paypal us too high risk. you should have paypal inter
     
  10. akshdalal

    akshdalal Regular Member

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    1. Buy bitcoins at virwox.com
    2. Transfer them to your cryptsy account.
    3. Purchase other coins of your choice. :)
     
  11. Lordhigh

    Lordhigh Regular Member

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    Perfect! My qt-account is 6 weeks behind. I am waiting for it to get done then I'll purchase Dogecoins.
     
  12. anatho

    anatho Elite Member

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    you know a seller who is selling 1000 dogecoin for $0.10, so 10,000 dogecoin for $1???? This is extremely cheap, they go for way higher prices!
     
  13. Tosmekop

    Tosmekop Supreme Member

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    Do you lose money with that USD to SLL conversion?
     
  14. Elliot305

    Elliot305 Jr. VIP Jr. VIP

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    Or you can just go to http://VaultofSatoshi.com and buy any coin you want directly without having to do any coin exchanges.
     
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  15. Tosmekop

    Tosmekop Supreme Member

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    Gotta love their Featured Image of the DOGEdog.
    slider-doge-announce.jpg

    Hopefully this site is this legit for US customers looking to buy coins with USD.
     
  16. SkyrocketSEO

    SkyrocketSEO Jr. VIP Jr. VIP Premium Member

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    Yes, everyone is taking a percentage, but it is really not much having in mind the fact that it is safe. First they will allow only small amounts (If I remember $80 or something) and once they see you're ok, they will raise this to $240 and so on. It takes around 48 hours for them to process the transfer of your Bitcoins to your btc-e.com or bter.com wallet, so be patient
     
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