GoldCoin Talk
Lobby => Newbie Central => Topic started by: MicroGuy on February 26, 2014, 08:28:56 PM
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I am new to digital currencies and missed out on the whole bitcoin thing at the start but was researching how to actually buy
cryptocurrency such as bitcoin when I stumbled on a forum talking about goldcoin and its price in comparison to bitcoin etc. But I am still confused as to how you actually buy say 100 euros worth of digital currency.
Do you use paypal or do you need to be on some kind of exchange and need to have digital currencies already in order to
buy. Also what does mining for coins mean?
Basically how can I buy some goldcoin and how do you hold/bank/store it etc?
I am looking forward to dipping ny feet in the water with digital currency and would like to start with goldcoin as it seems better from
what I am hearing regards stability and price etc.
I appreciate your time to answer my questions and look forward to making a purchase.
I'll send this link to the message sender. Thanks! :-*
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In order to offer a reply, one must have a contact point.
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I'll take a shot at this now that my computer is finally fixed! Windows just added 146 updates. 8)
Do you use paypal or do you need to be on some kind of exchange and need to have digital currencies already in order to buy.
At the moment, you need to purchase bitcoin in order to buy Goldcoin. The recommended method would be to buy bitcoins at coinbase.com and then exchange BTC to GLD at Cryptsy.com. You can also buy Goldcoin on Ebay but the prices are often times unreasonably high.
My best guess would be that by the end of the year you'll be able to purchase Goldcoin directly with USD but I would suspect the price will be much higher then as it removes the current bottleneck.
Also what does mining for coins mean?
Mining is a process of solving a mathematical equation using a computer with a reward system payable in Goldcoin. Here is a link detailing the process: https://en.bitcoin.it/wiki/Mining
Basically how can I buy some goldcoin and how do you hold/bank/store it etc?
Goldcoins are stored either in your desktop wallet, mobile device wallet, or paper wallet. You can download your wallet here: http://gldcoin.com/get-started/
Once you have your wallet, if you will post an address in this thread, I will send you some free goldcoins for testing. (:D)
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For the love of all that is holy, don't use PayPal to by / sell cryptocurrency. They have a knee-jerk 'the buyer is always right' policy, even when the buyer is a scam artist and you (the seller) can prove it. It took me two times getting burned by PayPal to figure this out. That was one time too many.
Exchanges are still probably the best way to buy / sell cryptocurrency. Some exchanges don't have the capability to handle non-cyrpto deposits / withdrawals yet, so what I did is this:
1. set up an account at coinbase.com (it's free). You'll be able to buy and sell Bitcoin using your bank account or credit card
2. set up an account at an exchange that handles altcoins as well as Bitcoin. I've been using Cryptsy.com since I first got started and haven't regretted it yet. They trade in a TON of altcoins and have the ability for you to generate a deposit wallet address for each coin right on the site.
3. as you acquire Bitcoin and altcoin, through faucets, giveaways, etc... have them transferred to your secondary exchange. You'll be able to sell your altcoins for Bitcoin (or Litecoin) and then you can withdraw your Bitcoin to Coinbase, sell it there, and transfer the funds to your bank account.
That's what I've done, at any rate. YMMV.
Hope this helps!
Cynthia