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New Users Forum - Dec 4th 2017

  1. Magda Hellas

    Magda Hellas

    Joined:
    Dec 2017
    From:
    NYC
    Hi All,
    My name is Magda. Im in NYC. I joined the forum because i wanted to learn more about crypto currencies. Im new to the whole concept. I bought a hard wallet a couple of months ago and ive been struggling with setting up a transaction. I wanted to try and buy bitcoin, ethereum etc but ive encountered a lot of technical difficulties. The sites wont recognize the address generated by the wallet. Watching youtube did not help. I realized i needed the support of a crypto community because its not all as straightforward as it sounds. Im looking forward to interacting with you all. Thank you!
     
  2. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Hi Magda, welcome! Which hardware wallet do you have? Also, you can't buy crypto using a hardware wallet, they are only for storage after the fact. In general what you would need to do is to set up an account with an exchange where you can exchange fiat currency for crypto currency (eg. Coinbase, BitStamp, Kraken, etc.). Once you've gone through the verification processes and have a bank account or credit card on file, you can make your purchases. Once the purchases have cleared your bank and been released (this will show up on your bank account days before it officially goes through) the appropriate balance will show up in your wallet. In the case of Coinbase it takes about 8 days. Once you have a crypto balance within the exchange you bought it from, you can then transfer whatever amount you wish from the exchange wallet to your crypto wallet.
     
  3. Magda Hellas

    Magda Hellas

    Joined:
    Dec 2017
    From:
    NYC
    Thanks Vendetta! That clarifies some things (like i dont want to use coinbase because it takes too long and it keeps rejecting my bankcard) but im still not clear on the “how to”. Is there a step by step guide posted anywhere? I tried setting up an account with changelly but everytime it asks for an address to send the coins to, the address generated by the Trezor wallet is not recognized. The website doesnt tell you whose address to use. Can you help? Its driving me nuts.
     
  4. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Why did Coinbase reject your bank card? Maybe try BitStamp. As I said before, anytime you are going to go from fiat to crypto you are often forced to deal with the banks and the regulators. It is what it is, at least for now. You can always try the Over the Counter market or a similar OTC marketplace like LocalBitcoins (https://localbitcoins.com/guides/how-to-buy-bitcoins).
     
  5. Magda Hellas

    Magda Hellas

    Joined:
    Dec 2017
    From:
    NYC
    Hi V,
    Thanks again for your reply. I find these sites are temperamental. Coinbase wouldnt accept my debit card. When i used my bankcard it kept saying the transaction amount i was submitting for verification was incorrect. Yesterday i encountered a new problem. It wont read my Driver’s license, no matter how many times i upload. I finally scanned it but now i have to wait 24 hours before i can try again because it locked me out due to “too many attempts to upload” lol. Go figure. If i cant sign up with them i will try one of the other exchanges you suggested. Thanks :)
     
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  6. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Yeah, I had a similar issue with that trying to sign up for another exchange. Sometimes it's the webcam. If it's older it may not read a clear picture. Unfortunately there's no easy solution for any of this. I had a friend who has been waiting 1 year to be verified for LVL2 on Poloniex. His wife set up an account and got LVL2 in 24 hours. I've been waiting for LVL2 from Polo for about 9 months myself. There's no rhyme or reason to any of it. But most of these exchanges have a very small amount of people working for them, which was fine a year ago when the total crypto market cap was well under $14 billion. Now that the total market cap is approaching $400 billion with millions of new users coming into a very small marketplace with few options, you can imagine the toll this has taken on the exchanges. Example: If you worked on an exchange, like Coinbase, and there were a total of 100 employees (last I read there is currently about 106), and you had almost 12 million users (Oct report said 11.6 million users), that would be about 120,000 users per employee. How quickly would you be able to get back to even 10% of those users who have submitted trouble tickets? And would you even ever be able to pick up a phone? And with more users the need for more servers and infrastructure comes into play to meet the load demand. That's more money. So the next solution would be to hire more people to deal with the user needs. But how much would that cost? Plus you can't just hire anyone. They have to have some technical knowledge to be able to effectively deal with users needs, and you have to hire people that are trustworthy so as to not compromise people's data and coins. Now the rate goes up for the employer. What will they do in turn? Raise transaction fees (they've already done this following the first boom earlier this year). Now their user base will complain that fees are too high and want to go somewhere will lesser fees. Then those same users will complain that the customer service at the lesser fees exchange is even worse. And round and round we go. Trust me, I get as frustrated as anyone about the customer service aspect of this market, but at the end of the day, there's not a quick or cheap fix. This is a world wide market that runs 24/7/365 and is virtually unregulated. We should actually be amazed its running as smoothly as it currently is despite all the issues. So, this is where self education comes into play (aka knowing what one is doing before they get themselves into an issue they can't get themselves out of); and the need for lots of educational material on the internet, including youtube, social media, and forums like this one where we can learn from those who came before us and also learn together as new issues arise. I'm sure the industry will get better over time, and it will be rough for awhile, but we are still in the very early staged of this industry and will be the ones getting rich in 10 years when the rest of the world finally catches up. A payment of sorts, for putting up with growing pains. :)
     
  7. Magda Hellas

    Magda Hellas

    Joined:
    Dec 2017
    From:
    NYC
    V,
    Thank you so much for taking the time to give me so much feedback. Its unreal the sites function at all. Clearly demand exceeds supply. I can’t imagine waiting a year for such a simple thing. I guess ill keep plugging away :) I was finally able to upload my ID. The site was experiencing technical difficulties. The true test will be when i can actually complete a transaction. I will keep you posted! Thanks again!!
     
  8. V4Vendetta

    V4Vendetta

    Joined:
    Apr 2017
    From:
    Texas
    Your welcome! And sorry you’re having a tough time. It’ll get better as it gets more main stream and there are more options. But glad to hear your ID finally went through. And yeah, keep me posted and good luck!
     
  9. Magda Hellas

    Magda Hellas

    Joined:
    Dec 2017
    From:
    NYC
    Thanks V!
     
    V4Vendetta likes this.

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