Hi all, I finally had the time to sit down today and look into buying some Maidsafecoin. As I am completely new to crypto-currencies I figured I could share my experience with other newbies here to aid their process of buying and also to check myself in what I am doing. I am still learning and am still uncertain of some things but so far this is what I got. I have questions too
I registered an account on Masterxchange.com (the only exchange recommended by MaidSafe I believe).
After looking through the exchange I found out that I need to own bitcoin to trade for Maidsafecoin. Masterxchange does not deal with fiat (in other words doesn’t sell bitcoin)
So how to buy bitcoins? I am in France and found through bitcoin.org the exchange Paymium.com. I registered with them, found out they don’t accept credit cards, they require documents: IBAN # BIC #, copy of ID, proof of residency, copy of bank statement. I unwillingly submitted these after which I was notified that the ID verification process would take a few days and I could possibly expect a phone call requiring additional documents. So now I am waiting.
From my understanding, after verification from Paymium, my next steps will be:
Buy some Bitcoins which will then be stored on the Paymium exchange.
Go onto Masterxchange and request a deposit address.
Go back to Paymium and withdraw the bitcoins to the above Masterxchange deposit address.
Go to Masterxchange and trade the bitcoins for Maidsafecoins.
Voila, I now own XXXX Maidsafecoins which are stored on masterxchange.
@dallyshalla made a video concerning buying MAID with BTC on masterxchange: How to buy maidsafecoins with bitcoins on masterxchange - YouTube
This video also shows how to transfer your bitcoins to omniwallet (an online wallet) which @russell points out in this thread omniwallet is only necessary if you plan on selling. @russel also says “So lets say I buy some Maidsafecoins on MasterXchange. I go to Withdrawal. Can I just send these to any Bitcoin address that I own?” @frabrunelle replies “Yes, you should send them to a Bitcoin address where only you have the private key.”
So, How do i get a BTC address? Create an omniwallet account. How and why is this any different from storing on an exchange, i am still trusting a third-party to store my coins. In this thread @19johneddy75 states “NEVER EXPOSE YOUR PRIVATE KEY”, transferring to Omniwallet requires just that! If I want to store them locally, I can download a wallet to run locally but, I am again trusting a third-parties software to store my coins. Also trusting my mac. @janitor states in this same thread “You can run any open source wallet on your desktop and it’s not going tobe “exposed” to the Internet. Most of them communicate only with Bitcoin Core.”
Does MaidSafe or @janitor have any recommendations for open-source wallets that store locally? What are people using here?
Is it possible to store my Maidsafecoins on paper?
A question I think I know the answer to but I will ask anyway: Does the wallet generate public and private keys for you?
Possibly some silly questions in there. I am a newb after all Thanks for your time.
From my understanding all this is going to be so much simpler when the network launches.