Bitcoin Forum

Greetings Community,

My name is Tashi. I just recently read about BTC and would like to be part of it. I have done some research... and i just dont know where to start. So far this is what I know:
1. its volatile
2. Satoshi created it.
3. Limited MS
4. Buy it from exchange.
5. Virtual Currency that is sent like an email.
6. Escrow every purchase.
7. Makes it anonymous.

My question is: Why do I need an escrow? I thought trust was not needed it? ??? Do I need a computer to store my wallet? What wallet should I use? What is the common website where I can purchase goods? How can I accept bitcoin at my store? Where to create a bitcoin account? I know I am a complete newbie and you guys are not obligated but if any of you can help me get started, I would appreciate it and hopefully we can do business together or share information. Thank you.  ;D
p.s I know its a lot of repetitive question, and I can google it, (and i did) but I am asking real individuals on their opinion)

-Tashi Fosho

Back when I was a newbie the easiest place to buy bitcoin was Virwox Click Here To Sign Up (https://www.virwox.com?r=2c961) because they accept paypal. Although fees can be quite high it's fairly easy to get started with a small amount for learning purposes.

Quick how to get started

1. Sign up
2. Request paypal deposit - this will take 1-2 days the first time after a few deposits it will be instant.

How to buy btc from Virwox

1. Now trade USD for SSL
http://www.anony.ws/i/2014/12/09/2014-12-08_1920.png

2. Trade SSL for BTC
http://www.anony.ws/i/2014/12/09/2014-12-08_1922.png

3. Done!

At this point you can transfer btc from virwox to a desktop or on site wallet such as https://blockchain.info/wallet

Why do I need an escrow?
Not necessary, you should store your BTC in yourself

I thought trust was not needed it?
Terrible, pay BTC to any else where you do not trust, avoid it

Do I need a computer to store my wallet?
You can, but not necessary, a hard disk can replace it

What wallet should I use?
refer this https://bitcoin.org/en/choose-your-wallet

What is the common website where I can purchase goods?
Sorry, there are no common website, only overstock if it is

How can I accept bitcoin at my store?
You can use merchant tools by Coinbase (https://www.coinbase.com/), BitPay (https://www.bitpay.com/), and other exchange offered like LakeBTC (https://www.lakebtc.com/)

Where to create a bitcoin account?
No account with Bitcoin, only address and private. But you can create account at bitcoin website, e.g exchange, payment etc

thanks a lot guys. I did get an app GREENADRESS on my phone as a wallet. Will that do? I am thinking of buying 2BTC in coin cafe at the ATM. So there is no particular webstore to purchase stuff.

what fiat currency do you use? 2 btc is not little for a newbie, there are more cheap bitcoin exchange you can choose https://bitcointalk.org/index.php?topic=695082.0 good with LakeBTC and Bitstamp which indeed bitcoin exchange.

I use USD. I thought about buying the BTC locally at starbucks or something. I saw a forum about that. I think it was localsomething.com. Where you can contact the sellers and meet in person.

You should consider doing a bank transfer through Coinbase or meeting up with somebody via LocalBitcoins.com.  If those don't work, please try BitcoinGiftCard.org (http://www.bitcoingiftcard.org), we accept Paypal and will send you scratch-off gift cards through the mail which you can convert instantly to Bitcoin.  We do this to keep chargebacks down, to keep prices low while still accepting CC/Paypal payments.  If you are in the US, cards are shipped very quickly, but it might take 1 week for non-US shipments.

I think a place like coinbase is a good choice to start with. It is a little bit of a hassle to set up and fund the account. But it is less hassle than avoiding scammers in some convoluted system.
You should look into how to secure your private keys for larger amounts and the security implications of online wallets. Online wallets are great for the convenience of spending from a phone but require trusting the host.
Accepting bitcoin can be much easier than credit cards or checks. You only need to show the customer your receiving address. There is no need to be concerned about identity like a card. Who cares who they are? Once the bitcoin is sent it is irreversible and you have been paid. Again, unlike a credit card which takes days to process.

Your business could also choose to have a payment processor, like BitPay, handle your transactions. They allow you to take bitcoin without facing any of the volatility. At the end of each day they deposit dollars into your bank account.

"I think a place like coinbase is a good choice to start with. It is a little bit of a hassle to set up and fund the account. But it is less hassle than avoiding scammers in some convoluted system.
You should look into how to secure your private keys for larger amounts and the security implications of online wallets. Online wallets are great for the convenience of spending from a phone but require trusting the host.
Accepting bitcoin can be much easier than credit cards or checks. You only need to show the customer your receiving address. There is no need to be concerned about identity like a card. Who cares who they are? Once the bitcoin is sent it is irreversible and you have been paid. Again, unlike a credit card which takes days to process.

Your business could also choose to have a payment processor, like BitPay, handle your transactions. They allow you to take bitcoin without facing any of the volatility. At the end of each day they deposit dollars into your bank account."

Thanks everyone for all your insights.
I am going to look into securing my private keys, whats a good way to start?  I am thinking of buying it through coinbase.com or localbitcoins. Is my wallet app secure enough?

   

The question of "is it secure enough?" is situational, in my opinion. I would not want $10,000 on a wallet app, but a hundred or so seems reasonable. Just like other wallets you should make a backup that is ready to go if your phone is stolen. You will want to move those coins elsewhere before the thief figures out what a bitcoin is.

That's a very good point and one that I forgot to realize about the physical security of my bitcoin. THank you Rodeox for your help. Is there any book I should read to securing my wallet?

Buy it at Coinbase or Circle:

https://www.coinbase.com/

https://www.circle.com/en

If you go through LocalBitcoins or a Bitcoin ATM, most likely you'll have to pay a premium in price (like 5-10% more than BitStamp) and fees.

Coinbase or Circle should be more in line with the exchanges, maybe 1% difference tops and very low fees.

For wallet, I'd recommend never to keep large amounts online, so use on of the following:

https://bitcoin.org/en/choose-your-wallet

The most secure wallet is a paper one:

https://www.bitaddress.org/

If you're Mister Rich fancy pants, then you'd get this:

https://www.bitcointrezor.com/

hahahah very helpful. Thanks I will check up on all of those. :)

GreenAddress is a pretty good choice. But in my opinion their backup system isn't so secure and easy to use and this is a bad flaw anyway...

Depending on where you are, localbitcoins could be the best for you. You can transact directly through your banka ccount and buy Bitcoins.

The exchanges require effort to verify and deposit the money and may even not be possible from where you are.