Hi guys! U1TRA_L0RD here from Reddit! Im a Newbie! PLUS I have a few questions

[U1TRA_L0RD]

Hi, my name is U1TRA_L0RD and my friend introduced me to bitcoin on Reddit.


I was fascinated. Although I got all the info I need, I don't have any bitcoins

Once I get pass this newbie thing, I shall put up my PS3 for sale so I can start my first bitcoin investment!

Ive got a few questions that really are on my mind-

- Whats an escrow?

- What are trade bots? are they illegal or legal?

- How do I make sure I dont get scammed dealing with bitcoins

- is coingig.com legit or is bitmit.com better?

Thanks you all.

[odolvlobo]

Ive got a few questions that really are on my mind-
- Whats an escrow?
- What are trade bots? are they illegal or legal?
- How do I make sure I dont get scammed dealing with bitcoins
- is coingig.com legit or is bitmit.com better?

An escrow is another person that is trusted by both buyer and seller. The escrow holds the bitcoins until the buyer receives the item. That way the buyer and seller don't have to worry (as much) about the other stealing from them.

Trade bots analyze the current state of the market and either tell you to buy or sell, or they buy and sell automatically. They are not illegal. They typically don't work very well.

If you use some kind of escrow, you are unlikely to be scammed.

I don't know anything about coingig.com. Bitmit.com has shut down.

[U1TRA_L0RD]

Thank you so much, I thought so, I went to Bitmit.com and its shutting down, and coingig.com look promising though.

Also, what if I dont want to use escrow, but sell on coingig.com instead, I see that most escrow companies like to charge a hefty fee for their services. Thanks!