OK, I'm in. What is the safest site to buy Bitcoins from? | TigerDroppings.com

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evil cockroach
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27.98N // 86.92E
Member since Nov 2007
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OK, I'm in. What is the safest site to buy Bitcoins from?


I want to buy some bitcoins, let them sit for a while, and maybe make a small fortune like that other guy did LINK. However, I read that some exchanges are crappy like Mt Gox. Can anyone provide me some suggestions on sites where I can buy bitcoins. I do not have a wallet either, so the exchange would need to take that into account; maybe create a wallet for me. Thanks!

ETA: I want to invest about $1,000 and let it ride. If BTC collapses, no sweat, it was only a 1 grand.



This post was edited on 11/4 at 7:25 am



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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


The safest site is probably Coinbase.com. They are a venture capital backed company based out of San Francisco.

You set up a link to your bank account and they perform an ACH debit when you make a purchase. It can take up to 5 days to get your bitcoins after the purchase, however, your purchase price is locked in.

If you are uncomfortable with Coinbase, then you can always use localbitcoins.com and just use cash to purchase face to face.



I would not suggest using any of the popular exchanges unless you are planning on becoming a day trader.



If you do decide to make a purchase, please research proper ways to secure and store your bitcoins. I'm available to answer any questions if you have them.

Just FYI, bitcoin's been percolating lately and we're likely at the beginning of another bubble. so be smart about your purchases.

The last bubble went from $12 to $266. This current bubble started at about $120 and is currently at about $217.




Also FYI, the MtGox price is not accurate. The USD price on MtGox reflect a premium due to delays and issues with getting dollars out of MtGox. A more accurate BTC price right now is the Bitstamp price.






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evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
5126 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


Thanks. I'll let you know what I come up with and how I do.





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evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
5126 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


Wiki,
If I wanted to make a wallet for myself, what program do you recommend? I found MultiBit online. Are there better wallet programs?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

If I wanted to make a wallet for myself, what program do you recommend? I found MultiBit online. Are there better wallet programs?


There are a few different wallet programs.

bitcoin-qt (the 'official' client)
electrum
multibit
armory

there are many online wallet providers as well.

coinbase
blockchain.info

and many, many others


the thing I don't like about online wallets is that you are trusting them to secure your bitcoins. and i'm sure they do a decent job at it, but there have been hacks in the past (of other online wallet provides, not the ones I listed), and I prefer to just take on the responsibility of securing my bitcoins myself.




I don't use Multibit myself but it seems to have a good reputation in the community. what many people like about it is that it does not require you to download and process the entire bitcoin blockchain (like the bitcoin-qt client does). that process can take a week or more.



remember to encrypt your wallet. use a strong encryption password. and do not forget it!






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evil cockroach
LSU Fan
27.98N // 86.92E
Member since Nov 2007
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re: OK, I'm in. What is the safest site to buy Bitcoins from?


who did you use to create your wallet?





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

who did you use to create your wallet?


I use the bitcoin-qt client






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Doc Fenton
LSU Fan
Member since Feb 2007
50868 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


Do you keep your Bitcoins on your computer or store them exclusively with external memory devices?





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RebelOP
Ole Miss Fan
Misty Mountain Top
Member since Jun 2013
8877 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


I keep mine on the computer and back it up in dropbox.





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jimbeam
USA Fan
University of LSU
Member since Oct 2011
31094 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


nb4wiki




frick






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

Do you keep your Bitcoins on your computer or store them exclusively with external memory devices?


I keep the bulk in cold storage (i.e. external storage - both digital and printed)

I keep a "spending" wallet on my computer. Encrypted, of course. With backups.






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TH03
Notre Dame Fan
Member since Dec 2008
93808 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

The safest site is probably Coinbase.com.


and by far the easiest for a newbie






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RebelOP
Ole Miss Fan
Misty Mountain Top
Member since Jun 2013
8877 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


Wiki,

Do you mine?






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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

Do you mine?


No. Mining is a fast moving game nowadays and pretty much requires a hefty capital investment and a 40+ hour a week time investment. There is definitely money to be made in mining, but you pretty much have to make it your job.






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C
LSU Fan
The Woodlands, TX
Member since Dec 2007
21596 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


To avoid starting a new thread:
LINK

quote:

But solutions don't have to be publicized. If you solve a puzzle and keep it secret, you can start working on the next one and let everyone else keep mining in the wrong spot.


Would this create a branch in the chain? When would you find out that your working on the wrong chain? I thought the majority ruled so any private solution not publicized would just be ignored by the collective?


ETA: just read the abstract. I understand now that they are trust trying to create a short time advantage that creates a popularity within a user group to eventually give it a majority.



This post was edited on 11/4 at 1:00 pm


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Civildawg
Mississippi St. Fan
Member since May 2012
611 posts
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re: OK, I'm in. What is the safest site to buy Bitcoins from?


I'm not going to lie, I dont understand Bitsoins one bit. I have tried reading up on them but I still dont understand.





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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

To avoid starting a new thread:
LINK


here's a good thread on this topic. it's highly technical though. I'm still trying to wrap my head around this issue, but it seems like it's not as big of a deal as the CNN article makes it out to be. I'm not trying to dismiss it or anything, but the markets certainly don't perceive it as negative.

https://bitcointalk.org/index.php?topic=324413.0



This post was edited on 11/4 at 1:10 pm


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WikiTiger
LSU Fan
Member since Sep 2007
40721 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


quote:

I'm not going to lie, I dont understand Bitsoins one bit. I have tried reading up on them but I still dont understand.


I'm happy to answer any questions you might have.






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VanRIch
LSU Fan
Abita Springs, La
Member since Sep 2007
3602 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


I'd like to do some investing, but I'm so far behind on understanding what they are, I would probably make a major investing mistake.





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GenesChin
Ole Miss Fan
The Promise Land
Member since Feb 2012
11046 posts

re: OK, I'm in. What is the safest site to buy Bitcoins from?


Wiki, what are your net gains on bitcoins at this point?

When did you buy in and for about how much? Ballpark it






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