Bitcoin Forum

Hi everyone,

I have recently discoverer the amazing world of bitcoins and am now fascinated by them! But, i am also very confused in this crazy world!

A few questions...

1) I am using mycelium wallet on android for transfers, can i also use this as my main wallet? i also have bitcoin wallet on my computer or do i have a few wallets?

2) Yesterday i started mining, but decided quickly it is not the best way to earn coins as the electricity bills out weigh the profits, so what is the best way to generate a decent some of coins? is it just to buy sell?

3) Also i looked at cex.io yesterday.... what the hell is that? is this the same kettle of fish so to speak?

4) Is it worth being sent 0.000005673 bit coins? will my wallet show this figure in the transactions?

I am basically like everyone else, looking to get involved but feel overwhelmed and am seeking abit of guidance!

Thanks, and i will reward anyone in the near future who points me in the right direction!  ;)

Yes, buying/selling  and maybe gambling would be the best ways of making fast bitcoins i guess. IF gambling you must gamble smart and don't bet all your bit coins at once, maybe only 1% and use some strategy.

Don't gamble

Buy and hold them and you will be fine...

That amount is considered non-standard and it will not relay to the network. Read more here
https://bitcointalk.org/index.php?topic=219504.0

You can if you want.  It depends on how concerned you are about security.


???

You have mycelium on your phone and a bitcoin wallet on your computer?  That means you have at least 2 wallets.  I don't know if you have more wallets, you haven't told me.


Just like with any other currency:
The best way is to figure out some product or service that you are able to provide that other people desire, then offer that product or service in exchange for an equivalent value of bitcoins.  This is often called "commerce".


Yes.  It is a method of purchasing or renting mining from someone else.


Right now? No.

If you hold on to them and bitcoin becomes extremely valuable some day, then they might be worthwhile.  If you receive such payments in your wallet right now, and then your wallet attempts to use those receipts in some other transaction, it will cost you more in transaction fees than the amount you received.  Therefore, such payments don't earn you money, they cost you money.

It depends on what wallets you are using.  Some will, some won't.  I'm not sure if mycelium will or not.  Perhaps someone with more knowledge about mycelium will stop by with an answer.

Thanks guys,

To a beginner what would you reccomend? wallet wise? mycelium still has backup missing, and i cant seem back it up! What is the most popular wallet people use that are beginners?

Also looking at ebay to make my first purchase, good idea?

In an ideal world say today i buy BTC at £510 and in a months time BTC is worth £600.... how do i go about selling this?

What sites can i buy BTC a live price? or is this not the case?

For the mobile phone, I prefer the wallet created by blockchain.info.

For your PC, any of the following are good depending on your personal needs and preferences:

• Armory
• Bitcoin-Qt
• MultiBit
• Electrum

No.
Not a good idea.


I recommend finding someone nearby that wants to buy bitcoins, and selling to them.  You can use:

localbitcoins.com

to find others nearby that want to buy or sell bitcoins. If you can't find anyone nearby, you can create a listing in the "Currency Exchange" sub-forum of bitcointalk.org
If you do that, I suggest you exchange with trusted members of the community or you use a trusted escrow provider.


Depending on where you are located, you may find varying levels of difficulty getting your local currency into and out of various online currency exchanges.  You could take a look at:

• MtGox
• BitStamp
• BTC-E
• CampBX
• Coinbase
• BTCChina