Bitcoin Forum

Hi, my name is Jason Torres.

My friend just told me about this site, and I'm new to this whole thing and still trying to understand this whole process. Can anyone help me out and explain more about this to me. I would like to do this but I want to know this is legit and not some pyramid scam. How well has the worked for everyone else, and what is the best way to go about this website.

Thanks.

Read through this site: http://www.weusecoins.com/  Instead of the client software, I'd recommend you check out an online wallet like Blockchain.info.  That way you can access it anywhere: https://blockchain.info/wallet/

You should also investigate what the current uses of Bitcoin are before you plow cash into it.  You cannot (easily) purchase most things using Bitcoin at the moment, though hopefully that changes.

Welcome, Jason. This site represents the Bitcoin community. Start with bitcoin.org (http://bitcoin.org) or www.weusecoins.com (http://www.weusecoins.com) to learn more about how to use Bitcoin.

Are you related to Vince?

no no vinces in my family :-\

When you say "would like to do this", what might you be referring to?

Bitcoin is a commodity.  Because only so many bitcoins exist and are issued at a fixed rate, they are used for speculation.   That is what most bitcoins are used for thus far.  Speculation does carry risks -- you may gain if the exchange rate rises or you might lose money if the exchange rate drops.

Others use bitcoins simply for trade.  There may be something you are looking for where the site or merchant accepts bitcoins.  In that instance, there's almost no risk because right after you buy bitcoins you send them to another party, so it probably doesn't matter what the exchange rate is -- the price you are paying to the merchant likely adjusts along with the exchange rate.

For many new arrivals here, the person first learned about bitcoins after reading that bitcoins are mined and that you can make money having your computer do mining. Unfortunately for most, that's either inaccurate or something that is more difficult than initially is let on.   To mine, you first need suitable hardware.   If you already have an ATI Radeon HD series GPU in your computer, and your electric rates are average or less (e.g., $0.15 per kWh), then maybe mining is something you might wish to pursue.  If you don't have that hardware, then know that mining requires investment in time and requires the expenditure of money for equipment.  The investment essential becomes a form of speculation on the future exchange rates and on the future levels of competition brought by other miners.

So, it is good that you are proceeding cautiously.   Welcome!