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Nikkomama

Got Paxful... do I now need a wallet? Help please

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Nikkomama

Ok so I’ve set up Paxful but I’m a bit confused... I see I can buy btc through them but should I use them as a wallet or use them to buy btc? And if I’m using them to buy btc then what’s a good wallet to use? Is there a good Canadian one that works on my mobile device(IPhone) like paxful does? I can’t find an electrum app... I’m trying so hard to figure this out but my brain is about to explode... tried to transfer to SL Via $$ transfer but they won’t send it so I’m forced to learn btc... 

thanks so much to whomever takes the time to help me. Please keep it simple or my head will explode... Lol

 

PS: I’ve been reading on here for hours and am having a hard time not getting completely confused. I really need help. Sorry to be a bother...

Edited by Nikkomama
Explaining why I need help?

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Sgrbr420

Green Wallet worked well for me on my mobile,  not sure Canadian available 

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Sgrbr420

@Nikkomama p.s. you do want a wallet to move the btc into and then donate or order from. You don't want to directly pay from pax

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Nikkomama
19 minutes ago, Sgrbr420 said:

@Nikkomama p.s. you do want a wallet to move the btc into and then donate or order from. You don't want to directly pay from pax

Thank you very much for your response. I will try green wallet and see if it’s available in Canada. Will update to let you and any other newbies know. Pax looks great for purchasing btc as it accepts many different ways of payment so I’m looking forward to trying it. Also thanks for clarifying. I’ll use Paxful to buy btc then just need to find a working wallet 

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Nikkomama

@Sgrbr420 is it called Blockstream Green Wallet? 

ECD36DD1-B8CC-4F9F-B782-0EAE8A8CDE64.png

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Nikkomama

If I’m paying someone in USD but am in Canada should I purchase btc in USD with my Canadian credit card? Or is an e transfer option better? Also.. how do I know which seller to choose on Paxful? Some say I get 80% others say 50% etc...

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Sgrbr420
1 hour ago, Nikkomama said:

@Sgrbr420 is it called Blockstream Green Wallet? 

ECD36DD1-B8CC-4F9F-B782-0EAE8A8CDE64.png

That's the one!

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Nikkomama

@Sgrbr420 thank you so much for all your help! I posted another question above your last response. Perhaps you know the answer?

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Sgrbr420
52 minutes ago, Nikkomama said:

If I’m paying someone in USD but am in Canada should I purchase btc in USD with my Canadian credit card? Or is an e transfer option better? Also.. how do I know which seller to choose on Paxful? Some say I get 80% others say 50% etc...

I haven't purchased outside usd.. but essentially when you pay someone you are paying with btc in amount of BTC equivalent to the usd depending upon price of btc at the time. So for example 0.014 BTC  = $100 USD atm. To buy 0.014 BTC would cost you $135 loonies without fees.  Long story short no need to convert your money, you are converting it from Canadian to Btc and paying with btc. 

In terms of different rates for purchase it mostly has to do with speed of delivery. Because each crypto transaction requires validation by many computers it takes time, the faster you want it validated the more you pay for speed of processing and less btc you get in the end.

For me I found going to a libertyx btc atm was easy and only 8% in fees. So for my $100 I got $92 of btc in my wallet in about 10 minutes and it showed as a $100 atm withdrawal on my bank statement. Very convenient 

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Sgrbr420

P.s. one thing to note is btc fluctuates wildly, you should therefore only buy what you plan to spend plus a little and spend it before it loses value. Otherwise the 0.014 BTC worth $100 usd could be worth only $90 usd next week. Of course it could go the otherway, if you watch it and buy at a low you might have gotten 0.0.145 btc the week before last for $100 and now it is worth $110.

It's a currency so unless you want to speculate you should convert and use it immediately 

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Nikkomama

@Sgrbr420 thank you very very much. You explain it so well and in terms my simple btc mind can understand. I’ll update how it goes as I figure this all out. 

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Nikkomama

It’s going to cost me almost $100 more then A money transfer.. the fees are pretty steep.... also how do I know which sellers to trust?...

Edited by Nikkomama
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