Bitcoin Forum

 OK just bought my first BTC investment to test the waters!

Now I have a question I'm in the UK and I've bought from Bittylicious, tho it's very easy and fast to use it's quite a lot of money over price market paid a good £20 quid over . Now is that the usual fee or are there cheaper ways to trade my fiat for BTC in the UK I feel I'm paying a Premium for the service and I admit it's a good service so far.
Now another question is what is the easiest safest way to cash out back to fiat? Im planning on investing on 4 or 5 BTC then hodl for a few years or so but if in a emergency I need to cash out what's the easiest way ATM and will I have to pay a PREMIUM again?

Thank you for your help .

you should try with an exchange like bitstamp or kraken

If you live in London or near a major metro area I'd say look into localbitcoins or look on craigslist for a face-to-face exchange.  This can be the nicest way to avoid premiums and fees and whatnot.  It's not really an option for folks that live in the rural areas but if you're in a city I say why not meet up with someone in-person?

0.1btc is a good start, never mind how you would cash out in a few years' time, i think the bitcoin market will be so different in a few years.

Easiest and safest way?
In my opinion, buy and sell to a person through localbitcoin/currency exchange marketplace. Make deals with trusted member, use escrow or just meet them.

Nice investment, this is the best period to but because the value is in the low part of the yearly trendline, you will gain some profit :)

just use a normal exchange like bitstamp, or BTC-e.

Congratulation on your investment, it's a low amount of money but who knows where btc will arrive...

You always will pay a slight premium on Bittylicious but £20 over is ridiculous. Are you sure that's right? What payment option did you use? Some are more expensive than others but you shouldn't have paid that much.

You can buy bitcoins from the marketplace here and you don't need to pay a premium and there's many payment options different people accept including bank transfer. Make sure to use escrow though.

First of all congrats on your new find love with btc.
And No you don't have to pay any premium fee for services £20 is quite high than what most of the genuine exchanges charge. try Bitstamp or btc-e or just sell on currency exchange (https://bitcointalk.org/index.php?board=53.0) on this forum [Don't forget to use an Escrow (https://bitcointalk.org/index.php?topic=108716.0)]

But If you want to hodl for long term as you mentioned Pls store them offline and use paper wallet or similar cold wallets to keep them secure .

That's really big fee you've paid. Use localbitcoins or any exchange next time this isn't acceptable price even for "Premium" service.

Now, secure your wallet before you lost it :)... also good luck on the investment..

Welcome to the entrance of the rabbit hole.  ;)

Welcome in the bitcoin world make sure to secure your Wallet.

Bitstamp seems like the best one.

I recommend BTC-e.com (http://BTC-e.com) simply because they are easy to use and decently reliable.

And if i'm right then they require no ID so you can stay theoreticaly anonymous.

They're asking ID veritication for wire transfer transaction



https://btc-e.com/page/1

Hmm...they didn't just few weeks/months ago. Did they?

20pounds premium over a 1BTC buy or a 0.1 buy??

Congrats on your buy


That is an added bonus

If you want to get it fast and easy, use bittylicious or localbitcoins.
If you want to get it cheap, use bitstamp or btc-e.

I have checked it 3 months ago, and btc-e was asking for ID verification for wire deposit. Not sure when it was first introduced though.




At this moment, bittylicious is asking for £327 for a bitcoin while bitstamp is asking for $509 (~£305). :)

thanks for all the replies ,

It's around £20 over 1BTC more or less on the cheapest option. It's not overkill it's just me looking to find a cheaper option if I'm planning on getting a few more as I said 4 or 5 will be my investment once I feel a bit more comfortable with the way things work. As I said the service was very good and fast so I cant complain for a newbie like me it's the best way to jump in the crypto world.
I was never a gambler and never invested in nothing and honestly don't own much but I remember browsing Bitcoin news a few years back and thinking to myself it was just a gimmick ... and look how things are right now so I'm taking the risk!
Worse case cenario I lose a months wages and the wife will rub it in forever, best case scenario (1 trillion dollar market cap ) I might have a nice little return here  ;D 

Congrats on your first investment!
Secure your wallet and you can try exchange websites such as bitstamp.

Wow, Congrats on your first investement. I bought some from Bitstamp last month and cashed out from localbitcoin that was the easiest and
quicker way i found for cashout.

differ in terms of what?

year would be different if the bitcoin wider circulation, and the price goes up and stable :)

and will be legal tender in each country :)

The first time I entered in the bitcoin world with my first purchase I was excited like the op,
you are now part of the next tech revolution, welcome to the future.

Congratulations and welcome!

Always read the forums and ask questions whenever needed.
There's lot of good stuff to learn around here  :)

Protect your wallet and enjoy!

Congrats you have to start somewhere!

Try Coinbase.com for "cashing out," but be careful to hold onto as many Bitcoins as you're financially able to. I seriously doubt Bitcoin will die, but instead it should increase in value as more people jump on board and want to buy it and companies like Dell stop "cashing out" as well. Bitcoin is a currency and it should be transacted with, not "cashed out" to another currency as if it was a stock or something. Not everyone accepts Bitcoin yet, so sometimes that does need to happen. Coinbase.com is available both to the USA and the UK and probably other parts of the world now, but they're based in the USA. It's one of the most credible companies on the market right now and the quickest to convert your Bitcoin to fiat as they send it to your bank.

As for premiums, go with BTC-e.com or Cryptsy.com as those are some of the largest exchanges out there right now. BritTrex, and BTer are available as well, but BitFinex.com seems to be lacking in the chart department, but has more tools geared towards financial specialists. The only premiums an exchange will chare are exchange fees. They usually are only .2% or .25% on each trade, not 20 Pounds on an 0.1 BTC transaction at the current market rate.

Good luck to you and I hope you enjoy the world of Bitcoin!

I remember I made my first 0.1 BTC off Dogecoins. I tried to buy more BTC with fiat, then used VirWox because it was a pain in the ass to get yourself verified in exchanges. I also wanted to avoid having to scan my ID or ridiculous shit along the lines. I have forgotten about exchanges as of now and im trying to hustle BTC with different ways. More difficult but less risky.

haha from the first time I know bitcoin until now have never bought or issued capital of my pocket money seperpun :)

I used to look for free from the faucet and giveaway grateful but until now I've been able to get approximately 5 btc :)

Remember to back up your balance!

regardless if its small its a good habit, once you have a full bitcoin. or more.

In emergency, you could sell your bitcoin very quickly on localbitcoins, or if you have already verified your identity on an exchange, you can sell your bitcoin there as well.
If not in emergency, you could spend the bitcoin on stuff you need directly instead of selling it and buying stuff with fiat.

Put them in a safe and never look at it for the next 10 years.

Nice investment, instead of wasting time on faucets you made the right decision, well done.

They can be useful for new entries to build some experience with wallets but the best way to earn is to buy btc directly.

Thanks for all the replies
I'd just like to add the I've just used localbitcoins and its also quite easy to use and with cheaper prices then bittylicious its a no brainer :)
got another 0.2 BTC and it took no longer then 5 minutes for the whole process.
Exchanges are not my cup of tea too complicated IMO.

Cypher: "I know what you're thinking, 'cause right now I'm thinking the same thing. Actually, I've been thinking it ever since I got here: Why oh why didn't I take the BLUE pill?" I'll tell you why. You are the chosen one. You have the power to see through the lies. The only truth is Bitcoin.

Morpheus: "What you know you can't explain, but you feel it. You've felt it your entire life, that there's something wrong with the world. You don't know what it is, but it's there, like a splinter in your mind, driving you mad." The truth is that you were born to be an investor Neo.

congratz on buying your first bitcoin thats awesome!

Congratulations on buying your first 0.1 BTC! Beware, you gonna get hooked pretty quickly  :D
Paying 20 pounds on top of the market price is unthinkable  :o I personally use Bitstamp and they're really good, my favorite of the lot. All you need to do is get verified by providing them with a copy of your passport and some documentation that confirms your address and you can then transfer money directly from your bank account to your Bitstamp account and buy at market price.

A second easier option that comes with fee (not nearly as big as yours though) is Virwox.com. That's where I started and I've used them many many times.
Just to give you an idea, the first time I bought from them, I deposited $50 using Paypal and got about $44 worth of BTC. But they are very secure and reliable.

Enjoy your crypto adventure!!  :)

Congratulations, I would suggest using Bitstamp or btc - e, or just sell here on forum using escrow.ms. Also  be careful with btc-e as I heard they started banning people for no reason and they can't withdraw their money, I heard at least 3 situations like these.

0.1 BTC will worth 100k if the price to go to 1M.

Why are you asking for cashout methods if you are planing to sticking to your bitcoins for few years?
If that amount is too much of a risk to you, set it smaller, but dont even consider selling.
I think you will make the mistake many people made, selling when the bottom approaches, and then ull get left behind.
Currently, the best start for bitcoin investments is to buy and forget about it for a year or two, sell only if the price spikes 3-5x in one-two month timeframe, and then rebuy on a correction.

Cheers and good luck trading/holding

I can vouch for kraken, never had any problems with them, weather it was about withdrawals or deposits.

0.1 btc is a great amount of coins to start but try to buy more in the next months, only few dollars everytime.

20 pounds higher for 1 btc, translates as roughly 6-7% premium, which isn't really unthinkable.
Also, I think Virwox fee is much higher than that.

https://www.virwox.com/help.php#_Fees
There is a 50 SLL+2.90% fee for GBP/SLL market order and another 50 SLL+2.90% fee for BTC/SLL market order, on top of the deposit fee and bid-ask spread.

Well I've never read their terms/conditions or anything, I'm just saying from experience. I've bought BTC from them using both Paypal and Skrill at least 8 times. I've never deposited more than $65 in one go. Their fee (including Paypal's and Skrill's) has always been between $4-7.

If the fee is $7 for a $65 deposit (received $58 btc in the end), the fee % would be around 12%, which is much higher than Bittylicious. :)

Having said that, Virwox is a good exchange if you want to buy bitcoin with Paypal.

nice that you bought some btc buy some more price is low atm if you can

hmm if there is to suggest mine in cex.io?

whether it be good? if yes i will try it :)

Not necessarily. The more you trade on Virwox, the less fees you pay. I guess it's like a loyalty program. You get some surprisingly decent prices after a while.
The only thing is that if you remain inactive for too long, they reset your privileges and you have to work your way back up from the full fee.
They're my most trusted site for instant BTC. Once you become trusted (after a few purchases), you receive the BTC very fast indeed. With Bitstamp I have to wait for money transfer but it's definitely better for big amounts.

I still think that you may want to simply meet up with other buyers/sellers in person.  That way you can negotiate a direct price without any fees.  Obviously this may not work for "i need to sell in the next 20 minutes" but if you have a day or so you can probably work something out.

The sub forum currency exchange here has a lot of reputable sellers. Rate a lot lot lot better than bittylicious. Localbitcoins is good too, although always take BTC out of web wallets..

Got to start somewhere!  :)

Good job! now invest everything into it  :o

I got my first 0.1, then lost it in the exchanges due dumb decission making and bad luck.  :'(

Congratz on your purchase! Now let's hope that the price of BTC finally decides to go up instead of down. :P

congrats on first purchase, live long and prosper!

Dumb decision? You lost it with day-trading or your left your bitcoin on mtgox?

Well i guess you should bought it again considering BTC price is "cheap" at the moment :D


Agree. i really hope it too. Watching BTC price drops from $600 to $400 in a few days is hurting me :(

400$ means it's cheap ;)

480$ now on Bitstamp, panic buy!

Congratulations! Make sure to keep those BTC safe in a paper wallet or a trusted wallet like Electrum or Armory or maybe MultiBit! It's best not to panic and sell those BTC as soon as the price should fluctuate at any point in the future! Sleep over trading decisions!

Congratulations. It's now in your hand to hodl, or risk (try to increase the price). Alternative : Dollar cost average (put on some of your fiat work money into Bitcoin, just in case, and you can build up an increase of BTC over time)

You are gonna hold up for 4-5 years.Good idea ::)

dont gamble thinking you`ll win. just hold on to it!

Its a crazy roller coaster ride, especially at the beginning, I made mistakes in just doing simple transfers and making mistakes on the exchange.

People say Faucets are a waste of time as u make nothing, but i see it as a way of experimenting with pennies that dont hold any value but u learn with them.

I agree with your latter point.  I think that faucets are still valuable for this reason: people can try out the technology: wallets, backups, keys, etc and not worry if they screw up that a large investment is on the line.

For just trying it is really good to use faucets, earning first coins just for free is great too.

I hope your first 0.1 BTC is not wasted in vain, You have to think about where you will put your first 0.1 BTC in a safe and profitable investment, of course your first expected 0.1 BTC can develop rapidly, so that by the end of the month, you will get over your first 0.1 BTC, hopefully it is your right choice ...  8)

0.1 btc are now worth only 48$ but if you hold them long term probably you will have a nice gain.

Instead of monitoring the up and down closely and panic buying or selling, I myself would prefer to just put 5% of my monthly income in bitcoin and keeping it for a few years.

True in some sense, but then the faucet users usually don't understand that bitcoin tx fee depends on KB of the tx (number of inputs and outputs) and so they will be surprised when asked to pay a huge tx fee later.

True, but in that case they can always get rid of their dust and start again with a less fractured btc amount, having had the chance to play with pennies and then moving on.

That's nice, I'm trying to get to 5% too, started last month with flat values of 10$ or 15$

Edit: wrong quoting - fixed

I remember my first 0,1 btc, it was a great goal in my crypto-life, now I aim to 1 btc before the end of 2014.

A nice goal! And if you believe in the long term success of Bitcoin, you've now got the perfect opportunity to buy some more, the price is rather cheap at the moment. Then again, it may be even cheaper tomorrow or next week! :/

Was it three years ago? ;D It was probably a month or two ago and you "remember it" :o

Good luck on your goal of having 1BTC


Good advice! Casino owners already have enough bitcoins :P

Probably it was a few months ago. Three years ago you could get 1 btc daily from a faucet  :D

When you say nostalgically "I remember when..." you usually talk about something that happened a rather long time ago

Just bought my 0.13, now I'll gamble half of it in a dice website 50/50  :D

How did it go?

From my own personal experience, I usually can't control myself and either gamble the rest of my bitcoin after losing the first bet or try my luck again and again after winning the first bet and lose eventually. ;D

How much is 0.1 BTC if I bought it in dollars?

Well, depends on the price but right now 0.1 bitcoin is $41.03 bitstamp rates.
You can check it yourself next time.
https://www.bitstamp.net/ Or http://preev.com/

I do not want to buy the first bitcoin know, I want to try out how hard his search for a way bitcoin free

Im searching for the same and ive arrived at the conclusion we cant get free Bitcoin, so I guess we are fucked :(

You're right. There's no such thing as a free lunch. You can't get something valueable for free. You got to work for it.
Good luck! :)

I`d learn to back up a balance before going to get any bigger balance.

I think it can if you try hard there will be good results :D

Congrats on your first purchase  ;D

I think you can invest more on BTC. Now price of relatively low. So,  it is the right time to invest on BTC.

You can sell goods and services for bitcoin.
You can join a signature campaign and create non-spamming posts for bitcoin.
You can enter some giveaways in the "games and rounds" section.
You can solve captchas on faucets to get some satoshi (strongly discouraged!).

Yup, the price is rather low now (below $400), and it is a good time to buy some more bitcoin IMO.
But please don't invest more than you can lose in bitcoin. You should also avoid getting panic to news and don't trust the trollbox. :)

Earlier in the thread, I suggested Virwox for its ease of use. Well now I've got the most freaking awesome site ever!!!  ;D Have a look at Circle.com.
Right now they're accepting new members on invite only but they'll go full public at some point. I was lucky I received my invitation to join 3 weeks ago and I gotta say they really make buying Bitcoins super easy. All you have to do is connect your credit card to your Circle account and you can instantly upload money which gets converted to Bitcoin at market rate. You can buy up to $500 worth of BTC per week. I've bought about $200 worth so far and their service is top notch. There is a small fee to use the service but I don't mind it at all. These guys are gonna be major players in the Bitcoin arena pretty soon.

I have never issued capital at all, always want to look for free until rich haha :D

You need to learn that there's no such thing as free in bitcoin. You need to work for it. Any sites that promise you free coins either offer dust or are scams.

Well, all the early miners and investors that have shit tons of bitcoin would disagree. No one is going to work partime for bitcoin when they arrive home from their real jobs thats my fear with bitcoin, that no one will give a fuck except a couple of whales and the guys at the bottom trying to get rich.

Congrats I bet you found that exciting,Bitcoin is awesome and the community is Even more awesome :D

congratulation! keep it in safe!

Choose bitstamp  !! its a good investment, nice to buy now its a good period i think the price will grow, you will get rich ;)

Unless you have a huge capital to buy a large quantity of bitcoin, I don't think you can get huge profit from bitcoin easily now.
TBH, I don't think we can see the bitcoin price going up another 100-fold or 1000-fold in the coming few years as it did in the previous few years.

Great! continue on this way and good luck for your future in the bitcoins world!

I used bitstamp and I got no problem with it since.

Welcome to our world! Are you enjoying it? Well, you should. Do not be so serious when youre dealing with BTC. Do it for fun and not to make lots and lots of money.

I think bitstamp fcked me up once. But I am trying to forget about it.

No need to hold it for a few years, just wait for the price to go up for double or as the higher is gets and when you see the change, when it starts to go down, sell it, wait for it to dop low and buy again. Looking at the predictions here on bitcointalk, by the late 2015, early 2016 the price will go up significaly.

Before forgetting about your negative experience on Bitstamp, would you mind sharing a bit of it?

Yes, Virwox is easy but they have too high fees. I discourage using that exchange.

How much was it worth? In dollar?

The thread was created on Aug 15, and the bitcoin price at that time should be around $500, according to https://bitcoinwisdom.com/markets/bitstamp/btcusd.
So that 0.1 btc was worth $50 2.5 months ago and  $35 now...

Lol... I dont know if Im going to feel happy or sad about this fact.

If he buys 0.2 now he will have bought at an average price of 395$ so a 13% loss compared to the price of 342$ today; if he bought when it was 300$ he could have seen a profit :P

did he hodl, sodl, or spend his bitcoins?

I'm sad for his loss if he hodl

just spend it, its not much at this point.  :)

you dont know if the price will drop even further. look at the overall trend though, its been dropping awhile back.

I think the guy is not active anymore. Maybe he did sell his btc too.

Sorry to hear that... newbies tend to lose their coins easily.

think kraken accept gbp too now
and a tip of using ur btc: u can buy stocks or commodities with them on :https://1broker.com/ (https://1broker.com/m/r.php?i=2130)

I agree with this. Just worry about turning that .1 BTC into even more BTC. Then once your income is steady I would worry about cashing it out (if you even want to at that point).

Congratulation and welcome, if your planning on holding for a few years i would put it onto a paper wallet or another type of cold storage.
Buy yourself another 0.1 btc just to play around with, buy a coffee or something and get used to using it like you would fiat money, you may like using it and not want to just hold.