Need help, overwhelmed aussie bitcoin rookie

[Purpaf]

I'm overwhelmed with so much information, plethora of bitcoin wallets/services, old and new conflicting guides... headache! Could someone point me in the right direction please.

This is my situation: I want to setup a bitcoin wallet, receive bitcoins from someone across the world and finally withdraw all bitcoins from the wallet to deposit it to my Australian Commonwealth Bank account as $AUD.
(Receive BTC from somone -> Exchange BTC to AUD -> Send funds to bank account)

Q's:
1) Best wallet for me to do this? preferably an online wallet (low fees, ease of use, etc) This is my main concern, i wasn't really able to find a wallet that would transfer to Australian banks, or i may be blind.

2) Do I need to send id/photo to prove identification to activate my wallet? If so, how long is the process

3) Do I need to buy some BTC before i'm able to receive BTC? sort of like an wallet activation?

4) What kind of fees will i be hit with doing this process? small, large?

5) When I exchange BTC to AUD, what exchange rate will be used?

Also a brief mock-up step-by-step guide would be VERY appreciated. Thank you for the help! Don't let me resort to Paypal!

[rogerver]

1) Best wallet for me to do this? preferably an online wallet (low fees, ease of use, etc) This is my main concern, i wasn't really able to find a wallet that would transfer to Australian banks, or i may be blind.
http://coinjar.io/ is likely the best bet in Australia, but it is run by the previous CEO of Bitcoinica who is accused of stealing from his own customers, so be cautious. If you don't use them to actually store any of your money, you should be ok.

2) Do I need to send id/photo to prove identification to activate my wallet? If so, how long is the process
You likely will, but you will need to check with Coinjar.

3) Do I need to buy some BTC before i'm able to receive BTC? sort of like an wallet activation?
No.

4) What kind of fees will i be hit with doing this process? small, large?
I would guess Coinjar charges a 1% fee to exchange to AUD.

5) When I exchange BTC to AUD, what exchange rate will be used?
The rate at the time of the exchange.

You could also check out https://localbitcoins.com/ to meet someone for cash, but the rates are likely to be different.

[bitkilo]

Hello fellow Aussie!

I use Coinjar and they have been good to me over the last couple of years so I would recommend them but as Roger said don't leave any coins on the site, this goes for all online wallets.

You wont need to send in any sort of photo ID to link your bank account as far as I can remember.
All I had to do is give them my account number then they sent a very small transaction to my bank acc with a attached ref code, once I got that I just entered it into coinjar and all was verified.

I am looking for a new Australian btc seller and can direct deposit into comm account, PM me when you have btc for sale.

Things may seem a little overwhelming now but hang in there and you will pick it up.

[Purpaf]

Thanks for the replies! Made a Coinjar account.

One more question, When someone sends BTC to my wallet, is the transaction instant?

[bitkilo]

Thanks for the replies! Made a Coinjar account.

One more question, When someone sends BTC to my wallet, is the transaction instant?

The transaction should always show up more or less instantly in your wallet but you will have to wait for at least 1 confirmation on the blockchain before being able to spend your bitcoins.

Depending on how congested the network is and if the sender added an appropriate fee you should see the first confirmation in 10-20 min but this can vary.

[Purpaf]

One more thing! Are chargebacks possible with btc at all?

The transaction should always show up more or less instantly in your wallet but you will have to wait for at least 1 confirmation on the blockchain before being able to spend your bitcoins.

As soon as the btc sender hits 'send', they won't be able to reverse their actions? Or do they have a time window, before it gets confirmed on the blockchain?

Sorry if i'm asking silly questions, I want to know all the precautions

[krisives]

Electrum is an easy to use wallet that doesn't require a lot of resources. You can receive coins into that wallet then simply send them to whatever service later, like a cash exchange, instead of keeping them on a server or website you don't trust.

Electrum: https://electrum.org

[krisives]

One more thing! Are chargebacks possible with btc at all?

The transaction should always show up more or less instantly in your wallet but you will have to wait for at least 1 confirmation on the blockchain before being able to spend your bitcoins.

As soon as the btc sender hits 'send', they won't be able to reverse their actions? Or do they have a time window, before it gets confirmed on the blockchain?

Sorry if i'm asking silly questions, I want to know all the precautions

Bitcoin has no chargeback system and transactions you send are "final" with very few technical exceptions related to the Internet going down as a whole. Overall this is good, but it can be a headache if you accidentally send a transaction with a low fee which is not getting processed, since you can't "unspend" it.

There are proposed solutions to this problem - however Bitcoin technology isn't being updated right now much due to internal community political issues. This is why you may see some people fighting over "big blocks" or complaining about "Blockstream" or "core devs"

[bitkilo]

One more thing! Are chargebacks possible with btc at all?

The transaction should always show up more or less instantly in your wallet but you will have to wait for at least 1 confirmation on the blockchain before being able to spend your bitcoins.

As soon as the btc sender hits 'send', they won't be able to reverse their actions? Or do they have a time window, before it gets confirmed on the blockchain?

Sorry if i'm asking silly questions, I want to know all the precautions

Bitcoin has no chargeback system and transactions you send are "final" with very few technical exceptions related to the Internet going down as a whole. Overall this is good, but it can be a headache if you accidentally send a transaction with a low fee which is not getting processed, since you can't "unspend" it.

There are proposed solutions to this problem - however Bitcoin technology isn't being updated right now much due to internal community political issues. This is why you may see some people fighting over "big blocks" or complaining about "Blockstream" or "core devs"

That is correct once a bitcoin payment has been sent there are no "chargeback" option available.

Depending on what bitcoin wallet client you are using if you were to send a transaction with a very small fee you can sometimes rebroadcast the same transaction with a higher fee so that it will confirm quicker.