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Scuzzle

Bitcoin Advice

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Need advice onto how to get into Bitcoin, been watching Youtube videos and I'm still not sure how to go about it, anyone got any Bitcoin for dummies advice on how to get started.  Also whats the best way to get a wallet started, something I won't lose if my PC ever goes on the fritz.  I want to buy one bitcoin just to get into it.  

Finally if it shoots up in price and I want to swap it out for physical gold or silver whats the best way to do this, I've heard of Bitgold but it is long term secure.

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I'm not up to date but...

You can download a wallet on to your computer but if your internet is like mine it can take days to sync up.

You can back up the wallet onto disk, pen drive etc.  Whether you add more to the wallet it's a good idea to back up again.

Ive spent bitcoins at bitgild in the past.  From the stock I've assumed there is a coininvest connection.  I've not bought for a while though. http://www.bitgild.com

 

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Someone will give a better answer, this wont help too much it's just basic stuff I remember 

I bought bitcoin from localbitcoins dot com

Very simple, just buy from a trusted seller with high feedback

They add the bitcoin to your wallet on there, then you send the bitcoin to your personal wallet

RE: your wallet, I used MultiBit to make a personal wallet; after you have them in your personal wallet you just need to store your account information offline, written, printed off, or on a USB. If you going to have any serious money in bitcoin probably best to have the info in at very least a couple of forms and locations incase you lose one

It doesn't matter after that if your computer is destroyed, your bitcoin will still exist "online", just like your email account would, just as long as you keep your details safe offline you're cool, you can always download a wallet to a new computer and access them

There's secure ways of creating your wallet and storing your details, I'm sure when someone gives a better reply they will tell you all about that

^ I didn't really do any of the secure stuff  I should have when I got them a year+ ago... really I should go check I still have my bitcoin and they haven't been stolen in the past year I haven't looked... lol 

Nah I'm sure they will be :P the details are stored safely offline and my old laptop died soon after I got them. 

ps. Don't put any money in bitcoin you aren't happy to lose (happy is the wrong word) 

Edited by Kman

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Btw, how much are you looking to buy? if you only want a fraction of a bitcoin 0. something I might be willing to sell you it 

Then you wouldn't have to worry about joining an exchange etc 

I think I have 2.5 or 3.. not even sure now :blink:  I wouldn't want to go under 2 

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Like the OP, I don't really fully understand BitCoins or why that cryptocurrency has any reason over the others to be the right one to buy.

 

And, like Warren Buffet, "I don't buy things I don't understand".

 

So I don't own any BitCoins. Or any other cryptocurrency for that matter.

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Thanks guys, I was looking to holding just the one full bitcoin just to see how it goes,  If I lose it fair enough but I was hoping that if another country goes under that Bitcoin will rise a good bit.  I just thought that it was worth the gamble that a single bitcoin worth 1/4 oz gold could be cashed out as a full oz one day.

Edited by Scuzzle

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1) Make sure your computer is secure (you could run linux from a usb stick and run bitcoin from there to be sure)
2) Do not use an online wallet.
3) Use a very secure password
4) Make sure you are downloading your wallet from a secure and genuine source
5) If you use bitcoin core wallet you will have just shy of a 40gig blockchain download.
6) Find a safe source to purchase e.g localbitcoins has built in Escrow so safe if you follow the rules.

7) Always backup your wallet.dat file to a separate location just encase your pc goes tits up.

I think we will see a price spike  pre and post blocksize halving but I have a gut feeling it wont last.  Bitcoin has stagnated a bit with nothing new coming to the table, hype around the halving will drive price but I cant see what will sustain it.

 

p.s. I get Bitcoin on a fairly regular basis so if anyone wants to trade for gold drop me a pm.  No premiums involved it would be Bitstamp rate V gold spot price (as you usually pay a % premium over Bitstamp rate to source bitcoin)

Edited by mr-dead

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