Bitcoin Forum

I'm newbie to bitcoins and I'm totally confused. One thing I don't understand is how do I start making bitcoins? Do I have to finance it? If so, how? Any other answers would be greatly appreciated! ???

You could buy Bitcoin from local exchanger or earn free Bitcoins by completing tasks on websites and faucet.
Or maybe sell something ( stuff or service ) for Bitcoin.

How do I start making bitcoins with a wallet?

Your question is similiar to " How do I start making money?"
Bitcoin is a currency, it has a value, you can buy things with it. If you want to earn Bitcoin, work for it, or sell some goods for Bitcoin.

Otherwise, if you want to have them easily, buy it from an exchanger, like https://btc-e.com
Edit: You might wanna read some basic information about Bitcoin first https://en.bitcoin.it/wiki/Main_Page

It is impossible nowadays for a user without specialized hardware to "make" bitcoins. 5-6 years ago, when the system was getting started, you could run a program on your PC and you would be rewarded BTC for doing so. But it is a feature of the system that, as more people get involved, it becomes progressively more difficult to "make" (mine) BTC. Today it involves setting up farms of dedicated computers with specially designed, single-purpose chips. Unless you are an expert (in which case you would not be asking), doing so is far more expensive and complicated than just exchanging a bit of your national currency for BTC.

And this is as it should be: if anyone could print their own money, the money they printed would not be worth much.

A wallet is a place to store your BTC, not to "make" it.

Just like in real life, where your leather wallet does not sprout bank notes.

The most commonly asked questions by new users (and old)  ;)

1. Create a Bitcoin wallet
2. Locate your Bitcoin address
3. Buy Bitcoins

or (alternative methods)

1. Doing faucet
2. Completing tasks
3. Earn Bitcoins through interest payments by lending them out
4. Mining
5. Getting tipped
6. Trading
7. Gambling - not recommended for everyone (high risk)
8. Other ways

Welcome aboard. This is one of the most frequently asked question and answers are.

1 - Mining - you have to invest into mining device and the profitability is questionable at the moment. Do some calc before entering.
2 - Income from ad - this is for for webmasters. Some sites are paying bitcoins for banner view etc. (coinurl, bitmedia, coinadvert, bitclix, adbit...)
3 - Signature campaign (rent your signature space) - after some while you will reach member level and you can participate. more info here (https://bitcointalk.org/index.php?topic=615953.0)
4 - Offer your skills - are you coder,designer, writer or can you translate? look around forum "marketplace/services" section
5 - Faucets - easy but very limited income, no special skills required
6 - involve bitcoins in your bussiness (if you are running any)
7 - Giveaways & promoactions - this is most easy, you will get some registration bonus, but usually you have to invest to be able to withdraw.


Hope this helps you a little.

What is a faucet? I still am confused as to what wallet is and it makes money and does it have to be financed or do I just use my key on these other options?

A faucet is a site that provides (often newbies) with small amounts of bitcoin so you can have experience of receiving and 'playing' around with small amounts of btc. Eg: http://freebitco.in

A wallet is where you store your addresses. Sign up for one at https://blockchain.info/wallet (have a strong password and enable 2FA) and you can create addresses. These addresses are where you can ask faucets for example to send you btc. A wallet does not make you money and does not have to be financed.

Faucet is general nomenclature for website giving you small amount of bitcoins (satoshis) after solving a captcha. This webs earns money from ad place and part of this income they are giving to their visitors.

Wallet is just place to store your BTC (like regular wallet) and no it does not have to be financed, its free of charge .... Wallet can be empty.
Only if you want to send bicoins you have to pay fee (this is the only cost).

You can start with Faucets. Here (http://www.kwaasteniet.eu/faucet/) is a list of working faucets with no popups or other annoying stuff.

Maybe this video will help you

https://www.youtube.com/watch?v=ClxTNIQT9Jw (https://www.youtube.com/watch?v=ClxTNIQT9Jw)

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solved, sorry

you can't with the client, you must have equipment to mine it, like when you dig you need pickaxe

or with cloud, you buy contract and someone mine for you, you can also earn btc by trading, but this is pro area, better to not go there for the moment

You can buy, mining, earning.
You can earn from faucet(although its wasting time), you can earn from giveaway too. Search on games and rounds section.
Or you can earn bitcoin with join sig campaign(its so fun for earn bitcoin, you can earn and learn more about bitcoin)

Thanks! Got it setup!

Nice work.. Appreciating

8. Other ways
In other ways try Sig campaign here which is the best thing to earn btc. Secondly do trade of btc with $ and str. Thirdly daily check the forum about giveaway threads.

Look into safe wallets.  Cold storage or paper wallets.  Shameless plug I am in a signature campaign with a physical wallet you can put your paper wallet in and then store it some place safe.

On your question on getting bitcoins.  You really need to buy or mine.  Those are the two main ways.  Faucets and things like them will take a longtime. Signature campaigns can be fun as well. Quite honestly a good signature campaign will beat your earnings by far of using faucets.

First of all , choose your wallet of Bitcoin here https://bitcoin.org/en/choose-your-wallet  depends on what Platform your going to use
I'd suggest Multibit or Electrum for PC . easy to use and no need to download the huge blockchain file
There is a lot of different ways to start getting,making bitcoins .
Here is a small list :

• By Mining them , you can get more help here on the Mining section : https://bitcointalk.org/index.php?board=14.0
• Buying from your Area from localbitcoins.com with your favorite payment methods (OKpay,WebMoney,Paypal,Paysafecard etc...)
• by simply offering Programming or GFX services to people and getting paid by BTC . you can post here on Services section
• Also, you can sell your Digital goods such as Steam gifts, Origin games, MMORPG gold , whatever , that can be done here on bitcointalk too on this section https://bitcointalk.org/index.php?board=93.0
• Totally free : Contribute here on bitcointalk , get a higher rank account (Sr.Member or Hero etc ) and get paid for enrolling on signature compaigns .

I really hope this helped you out , even if I have english that sucks little bit :(
a little tip : I highly don't recommend you to use faucets because they are waste of time , same thing for gambling you will just find your self addicted and eventually you will lose all your money .
~ Madness

You dont have to invest i you dont want to. I've never invested an o my fiat currencies and yet Ive made enough btc to buy a few stuff 40$+ from ebay. The best way to start earning is here with sig campaignsbor if you have services to offer then you can earn there aswell.

How do I cash out bitcoins?

You can buy Bitcoin using USD,€, or another currency; you can earn Bitcoin in may ways and also you could mine.
If you wanna understand what is mining: http://startbitcoin.com/ (http://startbitcoin.com/)

You have 2 options to buy on exchanges like localbitcoins,circle..or to mine with miners (https://www.youtube.com/watch?v=GmOzih6I1zs)

On exchanges also wich you can find here http://www.thebitcoinpage.com/

Sell them :) 

I know some of you say faucets aren't worth bothering with. But could anyone give me a list of decent ones?

true, it's a waste of time but everyone has used at least one before  ;)

i used to spend a lot of time doing captchas and getting tips and it was some fun. Until you realise that you just wasting your time instead of doing something better.

You can find a lot of lists in the Beginners & Help section like this: https://bitcointalk.org/index.php?topic=910196.0 or this: https://bitcointalk.org/index.php?topic=74046.0 ( alot of infos in here, a must read)

When I was starting my adventure with Bitcoin I though faucet can help me to get my 1st BTC and I was wrong.
The best way you make this website (https://freebitco.in/ (https://freebitco.in/)) worth your time is by refering people. You get about 50% of what your referals make per roll. This means, if one of your referals hit the jackpot, you practically do too.

What about taxes?

There is only a transaction fee but no taxes

No federal or state taxes on bitcoins?

I thinking I'm starting to understand this. If I'm getting the gist of what everyone is mining seems to be the best on making any worth while bitcoins. I'm using a laptop. Is there any software that will work with it or do I need to get a desktop to mine?

Never mine on your PC because this is useless ,easiest and effective way to get some bitcoin is to buy

Does the faucets that say microwallet in the space where the  the address goes mean that you can only use them if you have that particular wallet?

Bitcoin is tax free, there are no taxes at all. The only 'tax' you will encounter is small transaction fee. This fee is constant and it is the same no matter how much btc you are sending.

This may be a stupid question. But where do I buy bitcoins?

You can buy them here if you want to. Just google  it and you will find a few websites, services where you can buy/sell bitcoins.

How do I setup a signature campaign?

Microwallet is no "wallet", it is an collection instrument for several faucets who send their drippings to them. You must already have an real wallet. When you put your wallet-adress in a faucet form the payout of the faucet goes to "microwallet" with your adress as a pointer. When the sum of all the faucets payouts to "microwallet" are bigger then the treshold "microwallet" transfers the (micro)bitcoins to your own wallet.

I assume you want to join one not actually setup (as in run) one. For this you should check the overview thread here:  https://bitcointalk.org/index.php?topic=615953.0

Wait till you are a member or full member and then go to https://bitcointalk.org/index.php?topic=615953.0

How do I become a member or full member? Keep posting?

The information is all here: https://bitcointalk.org/index.php?topic=178608.0

Whenever, unsure of something you can either use the search  function located in the top right, or check for recently threads in the suitable category.

Check this also

https://bitcointalk.org/index.php?topic=178608.msg9832191#msg9832191 (https://bitcointalk.org/index.php?topic=178608.msg9832191#msg9832191)

The search in the forum isn't good, try Google with parameter site:bitcointalk.org. For example, to search about signature campaigns, signature campaigns site:bitcointalk.org. :)

   ~~MZ~~

Of course, I use this when the search function of this forum doesn't pick up what I want to find, although it is pretty accurate if your know what category the post you are looking for is in. If searching from the landing page of this forum then things can get a little messy. I've always found the search function to be fairly accurate if you know what you are looking for. I've moderated a few SMF forums and would say that a lot of people have had difficulty and I can understand why.

Google is always preferred obviously.

A good place to start is this thread: ===>>> https://bitcointalk.org/index.php?topic=615953.0 (https://bitcointalk.org/index.php?topic=615953.0)

You need to pick a campaign who's ready to accept users of your rank, then read its rules, post your application & put the required signature ad, then start posting in a constructive manner (no spam/no inconstistent posting) and abiding to forum rules (read it before!).

Unless you wanna buy so Bitcoin Asics (which are gonna cost you) I would suggest buying some online.

It seems, to me, buying bitcoins is going to be the easiest thing to do. Can anyone give me average prices of bitcoins?

Price will vary from exchange to exchange. Current average BTC price in Bitstamp : $280.00 . You can find some of the good exchanges here (http://en.wikipedia.org/wiki/Digital_currency_exchanger#List_of_Bitcoin_exchanges). Try to find reviews in Bitcointalk and in websites before going for it. :)

   ~~MZ~~

A nice website tool that you can use to find the average price of bitcoins in any amount is http://preev.com. You can also choose your currency.

I feel arbitrage trading may be useful for you as it's been useful for most beginners who don't understand BTC a lot but do have a good experience of buying at dips and selling at peaks... :)

What is arbitrage trading?

You can learn more about arbitrage trading from that link.

DEFINITION OF 'ARBITRAGE'
The simultaneous purchase and sale of an asset in order to profit from a difference in the price. It is a trade that profits by exploiting price differences of identical or similar financial instruments, on different markets or in different forms. Arbitrage exists as a result of market inefficiencies; it provides a mechanism to ensure prices do not deviate substantially from fair value for long periods of time.


http://www.investopedia.com/terms/a/arbitrage.asp (http://www.investopedia.com/terms/a/arbitrage.asp)

Arbitrage is an opportunity where you can buy BTC lower at dips (which you feel is the best downside price and it won't go more dumped than this based on various indicators), and then sell higher at whatever price you decide as your goal...

Suppose, you bought 1 BTC at $280 as you think it won't go much down, and afterwards it reaches $308 and you sell at the same, you make 10% profit, which means your BTC is worth 1.1 BTC if it was to be at the previous rate $280... :)

Why do you think that would be best for me?

Arbitrage trading happens between different exchanges to sips on price differentials. In cryptocurrencies world this is hampered by the hefty withdrawal fees you have to pay to exchanges as well by transaction times.
If you do it on the same Exchange it is just a normal intra-day trade not arbitrage trading.


If you're asking a question like this You're not ready yet to engage in trading, and in arbitrage in particular. I suggest you to start with a Signature campaign open to your rank  - see here (https://bitcointalk.org/index.php?topic=615953.0) - to start earning some BTC then when you have some you could start experiencing with trading on exchanges.

Yes, I know, and that's why in my example only I gave higher amounts but forgot to mention about different exchanges thing which was the most important... Apologies for the same...


If you know how and when to trade this, as if you would have traded stocks ever, it would be more profitable than to gamble and lose them all...

That's the reason I'm asking. So I can more about this and what to do.

Read the below mentioned quote carefully, which was posted by Grand Voyageur, they made it understand in a very interesting manner, and I forgot to mention about the fees, but yes, you can still earn some profit if you set a goal like at what rate for the coins to be sold must be somewhat higher than the previous exchange's price... You can find a list of different exchanges where you can buy/sell BTC with 0 fees, and I think Huobi is the one currently offering 0 fee trading... So, either you may buy there or sell there comparing it's BTC/USD price with any other exchange you prefer.

Where can I get a list of exchanges?

1. Complete list of Bitcoin/FIAT exchanger https://bitcoincharts.com/markets/list/
2. List of famous Bitcoin and Altcoin exchanger, ranked by daily volume http://www.cryptocoincharts.info/markets/info

Ever heard about altcoin ?
Try to buy some and wait it raise into profit.

If you need some bitcoin as a fund starter, you can try to earn on faucet or get some bitcoin on your local seller

Which exchangers are in the US?

http://www.coindesk.com/information/how-can-i-buy-bitcoins/ and http://bitcoinexchangeguide.com/ . You can also use Cex.io .

   ~~MZ~~

You can use local US exchangers at LocalBitcoins.com (http://LocalBitcoins.com)
Try it, it's a good site though... :)

Here you go www.thebitcoinpage.com ,also there are a lot of useful informations

Best way is probably to work for fiat, then send it to an exchange and buy BTC that way.

Alternatives include mining, which is really difficult unless you have a lot of space, cheap equipment and free electricity.

The best time would probably be when BTC goes up in value against fiat, then you can buy mining gear. It makes sense since it is harder to buy with fiat.

Ben Bernakle disagrees.

Why dp you disagree?

Hey dude, why don't you try ^GOOGLE^ to find everything that you need to know to trade Bitcoins/Altcoins? You will get way better definition there than anybody else here regarding what you need to know... If you will still be confused, then come here and ask that what you didn't get and we will definitely try to help you out in your case... ;)

The best way is to buy some bitcoin.

I always thought the best way to learn about a subject that others are more knowledgeable than I was about was to go to forums pertaining to the subject and ask questions. Perhaps I was wrong.

BTW from what I found on google you do have to pay the IRS taxes on bitcoins.

Buy some btcs, and then gamble.

you can start from small amount.

You don't want to pay taxes? Would you like being a freerider taking advantage of Social Security & Federal/State/Local services?
Bad baby, bad baby...

 ;D

Considering I'm already on SS and SSI it would be hard to take advantage of it.

I feel you took my statement wrongly or thought that I was offensive in my words, but I ain't... It's just that I thought I should advice you to check it out through the best search engine, you will get everything you need... Even I was a newbie, and researched everything about Bitcoins on Google only because I was knowing BTC since 2010 when there ain't a lot of members who had the best knowledge of how to gain it and all that... I too had confusions, which I clarified here, it's just that you need to post here exactly what you wanna know, and everyone will try to answer it, even Google does the same, it shows different definitions of a single thing, but you must use your common sense in order to choose the right one... ;)

I think dlc1962 want to be a full member in the fastest way. That's why he ask all that question's without any relation to each other and that's why he never comes back on a answer with relevant content.

That's what even I was having doubt of... But let's not consider this to be true, and let's see what dlc1962 replies to this...

First, I didn't take offense to your answer. Second, I'm not in a race. I'm simply asking questions as I find them on google because all of you have more experience with bitcoins than I. If I'm doing something wrong point out to me what I'm doing wrong.

You did nothing wrong, it was our thought, and I feel we may be wrong somewhere... We won't be having any problems answering you, just shoot with what you want to know and we will reply you as quickly as possible with the best answer... :)

Thank you for your response. If I do something just correct me and I'll be sure not to do it again. :)