Bitcoin Forum

Hey everyone,

    As will soon become obvious I know very little about bitcoins and I'm almost positive there will be atleast a few people who are about to tell me I'm misusing this forum. However, on the off chance that there's someone reading this whose interested and we can help eachother out, I've decided to do it anyway.

    I'm interested in spending approximately $1,000 USD on bitcoins. The whole process with vendors like MtGox and such really confuses me. I thought maybe there might be someone on here, maybe a miner, maybe just someone who has some bitcoins they don't really have use for, and would like to sell them.

   If you want to make a little money feel free to email me at tristanhilgers@gmail.com or just reply to the thread, whatever is easier for you. Although, I'll reply much faster if you respond via e-mail.

Thanks!

Expect to pay a higher cost.

I recently went through the same process, and recommend you look at bitfloor.com.

Bitcoins Direct has coins available at 1% below MtGox last price with no fees.

https://bitcointalk.org/index.php?topic=87094

Hi,

It is not that hard to use an exchange like MtGox, or BitFloor (or BitStamp if you are in Europe and prefer to pay with Euros).

Essentially, you register with the exchange.  Then log in, click on "Add Funds" (the name varies by exchange).  You probably want to make an ordinary bank transfer, with your budget the banking fee is probably insignificant.

At MtGox you can then choose to buy at market value, many other exchanges have a similar possibilities.  Otherwise you just choose a reasonable price and place a bit for the amount of bitcoins you can get at that price.  So what is the reasonable price?  If you are doing a medium to long term investment, place the order at the current ask price and get the coins right away.  If you are planning to day-trade, you can place your bid a tiny bit above the current bid price, and hope that somebody choose to sell to you soon.  But the difference is going to be marginal compared to the long-term price drift.

Finally, I recommend using two-factor authentication if the exchange supports it, at least if you plan on leaving money on the exchange.  Google Authenticator is really easy to use if you have a smartphone.

Happy bitcoining :)



PS. Bitfloor appears to be down today.  Not a good sign.  I have never used it, so I cannot recommend it, but many others do.  MtGox is the largest exchange, but personally I am not a great fan of it, and I hear that sometimes bank transfers end up being converted from USD to Yen and then back to USD by the intermediate banks when they see that they are transferrring to Japan.

I'm testing selling small cheap items on bitmit.net  ...so far in one day it has 23 views, someone who needs a Verizon Wireless Card may want it... plus I'm selling it for LESS than its value.

It might be a route to take if you want to learn transactions and establish a reputation... at least thats what I'm going for.

I'd rather experiment with $30 than $1000 ..but you should look into it.

-James

Scam detected.

He wants to invest 1000$ and can't be bothered to understand how mtgox works? Scam.

Ive been reading through these posts and it seems like everyone is accusing eachother of a scam but I really didn't think me wanting to give someone else my money to purchase something could be misconstrued as that.. Kind of profoundly paranoid and moronic when you think about it, isn't it? I'm not some teenager from Pakistan trying to steal from everyone. I own a corporation and I have no need to steal your little precious bitcoins.

Thanks a lot to everyone for your advice, I'll look into everything suggested.

Obviously trying to make friends and influence people.

There are plenty of people on bitcoin-otc who would sell to you:
http://bitcoin-otc.com/vieworderbook.php (http://bitcoin-otc.com/vieworderbook.php)

Just because someone is impulsive about investing doesn't mean he's out to scam you.

He may not be trying to scam you but many others are.  Use an exchange.  Its not worth the risk!