November 12, 2016, 7:31pm
Sorry, probably the most basic question ever seen in this forum but how do I buy bitcoins from my bank account to add to my wallet so that I can use my wallet to pay out?
I apologise if this is answered in the FAQ’s but most of the titles left me baffled, completely new to this.
Create a wallet (here or use other wallet you prefer). “Here” means
https://wallet.counterwallet.io. You MUST write down the 12 word pass phrase because there is no other way to log in.
You can get bitcoin in many places
https://bitcoin.org/en/faq#how-does-one-acquire-bitcoins. You would send them to the address you see in Counterwallet when you log in.
Once you have bitcoin, you can buy Counterparty in so called crypto-exchanges (see
Transfer money from btc to XCP). With Counterparty tokens you can issue assets and sometimes buy other issued assets on the Counterparty Distributed Exchange. If you only want to buy other Counterparty assets for bitcoin, you don’t need to acquire the native Counterparty currency (XCP).
A guide with screenshots can be found here:
I recommend you to learn first using “testnet”, a network with fake coins because on mainnet (where “real” bitcoins are used) there is no undo, rescue, refund, password recovery or anything like that.
New Counterparty users sometimes jump straight on to mainnet (the network with "real" tokens, XCP, BTC and others) without any practice.
While that is fine if you deal with small values, it can be pricey if you make a mistake. It is therefore recommended to spend an hour or two on testnet, which is a network with "fake" coins.
First you need to create a testnet wallet. Counterwallet has a testnet version and is usually enabled on sites that run it. Once you create a wallet, you need to get…