I’m interested in buying maidsafecoin. I have never bought any coin before, but like the ideas behind this group. I have seen open an omni wallet…buy bit coin and convert info, but honestly find this all just a bit confusing. I just want to buy some and store it offline so it can’t be stolen. If there’s an idiots guide for someone with 0 coin experience, please point me to it. Any advice is really appreciated!
- 1st you need to buy BTC (bitcoin) There are a lot of guides - I have no links
- 2nd move it to an exchange like poloniex.com or bittrex.com (there are others) (create account first)
- 3rd put in a trade order to buy MAID using your BTC
- 4th create a BTC address using say bitaddress.org
- 5th withdraw from exchange sending the coin to the BTC address you made on bitaddress.org
You must store the private key (starts with “5”) very securely because it is the only way to access your coins to send later on.
Each of the steps above could be expanded, but this is an overview and you can ask questions about each if needed.
Or after getting Bitcoin use www.shapeshift.io to convert it directly to Maidsafe Coins.
I use Coinbase.com to buy Bitcoin.
Thanks for your steps 1-3 but I’m also a complete noob and dont get steps 4-5. Can someone explain what is going on here?
Step 4 creates an Bitcoin address you will have full control over by having the Private Key. You will be the only one with the private key and you need to keep that in a safe spot. Whoever has the private key controls your Maidsafe Coins.
Step 5 is taking your Maidsafe Coin off the exchange and storing them in the address you created.
EDIT: @BIGbtc added key information below about performing an exchange on Shapeshift. If you buy off an exchange like Bittrex or Poloniex you will get a better exchange rate, but it does take a few more steps.
Careful when you are buying/swapping. Different market pricing for currency pairs. Check the price!
The ‘Bitcoin Address’ is where you send the coins from the exchange. The ‘Private Key’ is the number that you must keep secret, and it is used once you want to move the coins from your ‘Bitcoin Address’ to somewhere else. The ‘Bitcoin Address’ is derived from the ‘Private Key’.
You can click the ‘Paper Wallet’ tab to print out pairs of ‘Bitcoin Address’ & ‘Private Key’. You are also able to encrypt the private key with a passphrase so that if someone gets a hold of your paper wallet, they will still have to crack your passphrase to access the coins.
I can highly recommend Mycelium or Airbitz for your bitcoin wallet. These are highly secure wallets and available as an app on your phone. I don’t trust web-based wallets as a matter of personal preference. You could also install Bitcoin-QT on your computer and transfer your MAID there. I also use Coinbase to purchase BTC. It is hassle free; however, “know your customer” rules will apply. Wherever you decide to store your MAID, you need to possess your private keys so that you can transfer your MAID later using an omni protocol.
Wallet apps are fine for small amounts, or if you only use the wallet app on a secure (offline) device. Otherwise there’s a risk of your device being hacked.
For larger amounts offline storage is advised, and you can further reduces risk by not keeping everything in one place, wallet, app.
Thanks for all the advice. Finally got coinbase setup. Was ready to buy BTC to convert to MAID and found https://shapeshift.io no longer has MAID available on it.
So how does one convert from coinbase to a place where ya can get MAID without paying excessive fees? From what I’ve seen every transaction triggers more fees?
Once into MAID it gets sent to omniwallet for MAIDCoin storage? And then how to safely protect it in MAIDSAFECOIN currency?
Thanks in advance!
Could the changelly affiliate program benefit the community? Fund bounties? Could MaidSafe setup the API and offer the services. 50% share in fees and they offer MaidSafecoin. I’ve not looked at the numbers but this seems reasonable in terms of fees. If you’re going to promote the purchase of safecoin, why not offer the convenience of conversion and capitalize on it.
I’m reading this as I’m the new guy too. I keep creating a paper wallet but my private key keeps beginning with a 6 instead of a 5. Can you help me with that issue? I’m guessing a private key that starts with a 6 won’t work.
Not for omni wallet at the moment.
It seems bitaddress is providing a compressed form of the private keys on the front page. I suggest teh following
- generate a key on the front page of bitaddress.org with random motion of mouse and/or keyboard
- ignore that and go to the “Bulk Wallet” page and untick “compress addresses”
- store all three (on paper or however). One for now and 2 for later on.
Alternatively you can generate the address/private key pair and tehn goto the “wallet details” page and enter that private key and see all the different forms it can be represented in.
@neo why do you recommend uncompressed wif over compressed? I have compressed private keys but it’s not a problem to my knowledge… I hope?
Well the poster I replied to asked for the form starting with “5”
There was a time, and I don’t think its changed that omniwallet.org wallets only successfully imports private keys that start with “5”
Ok cool, I’ve seen the uncompressed private key mentioned a few times and only realised today that mine are compressed.
I am almost certain I have imported compressed successfully in the past. I was a bit worried at first but it can surely be converted if I have a problem right?
See the second image above in my previous post, bitaddress.org can convert for you and give you all the forms of the private key
Well that will teach me to read the entire post in the future
Yup, they are all the same key, just presented differently