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Author Topic: Newbie's point of view / Suggestions needed  (Read 1598 times)
-Boon-
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June 03, 2015, 01:16:29 PM
 #1

Greetings to the forum Smiley
I am noob on the bitcoin scene and trying to figure it out the last 15 days.
My motives to get involved are 1) short/long term investment 2) alternative way to accept payments for my small business.
Google led me to this great source of knowledge (bitcointalk) among many other sources that i find a bit outdated, so i spent many hours reading many threads without posting.

My small search firstly was to try to find out how the bitcoin network works and how i can use it.
My technical experience in algorithms is near to zero tryign to figure it out but soon i found out that is much easier to use it than to completely unrstand the whole mechanism behind a simple wallet and some quick transactions. So i downloaded my first wallets (Armory, multibit and mycelium) to test how they work and went through some faucets collecting some satoshi.

Then my first "problem" was to get a small amount of btc and get started the whole transaction cycle to get familiar before i invest larger amounts.
Soon i found out that Paypal exchange was almost impossible (after some days i found out that i can use escrow) and the only way was the slow sepa deposit on any trustworthy exchange.
I got ignored on localbitcoins trying to find exchange for cash or paypal but then i found out that i can get some with paysafecard.
As a total noob, I got scammed and lost a 50euro card on this site exchange-paysafecard.gr/paysafecardbitcoin and then i found out that i can get some btc for paypal through Virwox.
That worked fine even that the transaction went through after 48 hours and too many fees.

During the 48hour transaction i found out this forum and tried to read as many threads as possible.
First was faucets that i was already into and found out that even you invest your time going through capsta, games etc you dont always getting your satoshis.
Then tried to get into mining.
After some reading and in theory cause i never purchased any gear i found out that investing in mining gear and trying to ROI and profit with my country's electricity charges is almost impossible... (Maybe i am wrong on this cause i havnt tried it)
After this i looked into cloud mining that sounded like a better idea without the costs in power.
I found many cloud mining sites with nice prices but the more i read and trying to find the one i should invest the more confusing it gets.
Many people talking about the X site is scam, the Y site got hacked or the Z site is ponzi and stopped paying...
Still in search of a trust worthy cloud mining site that i could make ROI and dont worry if i lose all my investments.

After i got my first small amount of btc from virwox and moving it in my wallet i wanted to try exchanges to see how it works so i can buy more btc.
This part is more confusing for the same reason as cloud mining.
Hacking, ponzis and scam accusations making it more confusing for me as a noob so i guess experience and time only with help me conclude on this.
I opened accounts on Coinbase, Kraken, Bitstamp, Hitbtc and Bit-x. I made some transaction on all of the with my existing btc making a small profit (thankfully) Wink
The variations among them are many. Fees, prices, volume, interface, verification and others are very different.
On the other hand still havnt made a full cycle (deposit-exchanges-withdrawal) in any of them to see by first hand which is best for me, but again the more feedback i read the more i am getting confused...

I am very excited that i am getting involved on the bitcoin world and trying to learn every day.
I believe that the potentials are great and cryptocurrency will be much more mainstream in the future.
I think it need to be more accessible to noobs like me and adopted from more sites/companies as alternate or even main payment method.

After this small experience of mine, today i read some posts about the "bitcoin death" or the possible split of bitcoin with bitcoin xt.
Not sure exaclty if i fully understand it on the technical side but some people think that it would be better and some people think would be worst for the future of bitcoin.
From a total noob's point of view tho it not good cause its makes people more skeptical and more difficult to invest in bitcoin.
This last added with the above i mentioned making me think maybe this is not a good timing for me to invest in bitcoin or wait or even not get involved at all.
Of course that my opinion and most possible i am wrong cause my lack on experience.

Sorry for the long post and for my bad English Smiley
Hope i get some help/suggestions on the cloud mining and exchanges sites i could use and also on my timing to enter the bitcoin scene.

Thank you Smiley






 
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June 03, 2015, 01:40:59 PM
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After this small experience of mine, today i read some posts about the "bitcoin death" or the possible split of bitcoin with bitcoin xt.
Not sure exaclty if i fully understand it on the technical side but some people think that it would be better and some people think would be worst for the future of bitcoin.
From a total noob's point of view tho it not good cause its makes people more skeptical and more difficult to invest in bitcoin.

Those people proclaiming the death of bitcoin are just trolls; ignore them.

I would advise staying away from faucets as they're a waste of time. You'd be better using that time trying to earn regular money then buying bitcoins with it. I'd also avoid cloud mining as well. You can make a little from it but it takes time and many sites are scams. You sound like you got there in the end with bitcoin so well done.
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June 03, 2015, 02:01:11 PM
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Bitcoin death is something common media predict since the first boom when btc reached $1 or even before maybe... The large community/user base wouldn't allow this by that time and now 100x bigger it still won't... If it is as you say, faucets will be no help for you, signature campaings may give you something more valuable to see how things work, but to get real in this you should either buy btc with fiat (maybe a miner if you have cheap eletricity) and if you ever consider investing on clound mining be sure that there is always some risk they may run away with everything (ponzi), this post may give you a clue "https://bitcointalk.org/index.php?topic=878387.0". There are much safer ones like hashnest (from biggest asic miners provider) that are very not likely to disapear with your money..

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June 03, 2015, 02:23:18 PM
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Cloud mining? Before you get scammed again in cloud mining, let me tell you that 99% of cloud mining websites are ponzi. There are a couple of threads on the board that give an excellent how-to on spotting whether a website is ponzi or not.

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June 03, 2015, 02:30:09 PM
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Cloud mining? Before you get scammed again in cloud mining, let me tell you that 99% of cloud mining websites are ponzi. There are a couple of threads on the board that give an excellent how-to on spotting whether a website is ponzi or not.

What is ponzi? I'm a newbie too and I've been seeing this word a lot. Is it like a scammer website?

If life gives you lemons, make orange juice and leave them wondering how you did it.
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June 03, 2015, 02:34:16 PM
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What is ponzi? I'm a newbie too and I've been seeing this word a lot. Is it like a scammer website?

A scam involving paying off money to old investors with new investors' money. Eventally the last group of people paying into the scam never get their money back.

Want to read more? http://en.wikipedia.org/wiki/Ponzi_scheme

no.
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June 03, 2015, 04:00:06 PM
 #7

nice post and welcome. forget that shit about a "bitcoin death". just learn and read more. you are on a good way  Smiley

good exchanges are:

Coinbase
Kraken
Bitstamp
Circle


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June 03, 2015, 04:15:37 PM
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I would advise staying away from faucets as they're a waste of time. You'd be better using that time trying to earn regular money then buying bitcoins with it. I'd also avoid cloud mining as well. You can make a little from it but it takes time and many sites are scams. You sound like you got there in the end with bitcoin so well done.

Bitcoin death is something common media predict since the first boom when btc reached $1 or even before maybe... The large community/user base wouldn't allow this by that time and now 100x bigger it still won't... If it is as you say, faucets will be no help for you, signature campaings may give you something more valuable to see how things work, but to get real in this you should either buy btc with fiat (maybe a miner if you have cheap eletricity) and if you ever consider investing on clound mining be sure that there is always some risk they may run away with everything (ponzi), this post may give you a clue "https://bitcointalk.org/index.php?topic=878387.0". There are much safer ones like hashnest (from biggest asic miners provider) that are very not likely to disapear with your money..


I have already ruled out faucets as wasted of time and possibly waste on investment too. I cant judge any of course but i am sure its not my thinking of investment/earn profit.
Signature campaigns is not my style and even not my account and experience permits it.
Also i could buy some THS on a cloud mining site but not sure which one since many opinions are different with many accusations from members.
Till now i havent found a mining service thats widely accepted as legit and not scam or ponzi, that i can make ROI, except hashnest.
Already opened an account there to buy some ths but not sure yet cause i need to do more digging.

I am more into exchanging btc for fiat or other altcoins but i have the same problem.
There are many exchanges and trying to find the best for me about prices, volume, fees ans deposit/withdrawal time.
Also want to find out if i can buy btc on X exchange and sell higher on another one, moving my coins or fiat with safety.
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June 03, 2015, 04:30:48 PM
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Just heard about this XT split yesterday. If that means it will cut bitcoin's value in half then the bell tolls.
It happened to the company I was working for with our stock options. They split them and everyone that cashed out before that happened were lucky because after it happened, their stock's value was cut in half and the other half only rose alittle a year later.
They did this because the company became to big, corporate level, and they didn't want to pay employee's full value of their stock options they received for free when they got hired on by the company 5 years before. Now they don't give new employees these for free anymore and charge them to buy if they want in.
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June 03, 2015, 04:31:59 PM
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nice post and welcome. forget that shit about a "bitcoin death". just learn and read more. you are on a good way  Smiley

good exchanges are:

Coinbase
Kraken
Bitstamp
Circle



As for the "bitcoin death" rumors and as a noob or a person that tries to understand bitcoin and want to invest in it and adopt it as a payment method to my small business, these posts and rumors might be discouraging to proceed cause btc might lose its value or even disappear.
Although the more i read and understand it, seeing its potential, the more i want to get involved.
Bitcoin as network/technology/community might started from scratch but sa i see it now is too big to disappear or lose interest.
I think it still evolving but the steps must be small and steady. But if the communit or the chain is goin to split in two that not very good for the whole community and the coin itself.
I might be wrong cause i havent understood fully the technical reason why this has to be done but trying to get there.

As for the exchanges you mentioned, i have open accounts in all of them,except Circle but definitely will check it out Smiley
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June 03, 2015, 05:16:14 PM
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Just heard about this XT split yesterday. If that means it will cut bitcoin's value in half then the bell tolls.

Don't listen to the trolls spreading fud. Bitcoin isn't going to split into two different currencies. They're just trying to spread fear uncertainty and doubt and it looks like its partially working.
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June 03, 2015, 05:52:33 PM
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Welcome mate, nice post I think tell to us about your experience.
First you choose good wallet, but my favor wallet is electrum(desktop), mycelium(android).
Second, don't waste your time for earn from faucet, better to build your own faucet.
Third most all cloud mining is ponzi scheme. AFAIK for now hashnets and bit-x is legit, check this out: https://bitcointalk.org/index.php?topic=878387.0
Bitcoin death? Don't believe to trollers!
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June 03, 2015, 06:21:56 PM
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Welcome mate, nice post I think tell to us about your experience.
First you choose good wallet, but my favor wallet is electrum(desktop), mycelium(android).
Second, don't waste your time for earn from faucet, better to build your own faucet.
Third most all cloud mining is ponzi scheme. AFAIK for now hashnets and bit-x is legit, check this out: https://bitcointalk.org/index.php?topic=878387.0
Bitcoin death? Don't believe to trollers!

Building a faucet usually doesn't work out either, because most kids think they can build a good faucet by putting in 50 cents.

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June 03, 2015, 06:27:15 PM
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What is ponzi? I'm a newbie too and I've been seeing this word a lot. Is it like a scammer website?

A scam involving paying off money to old investors with new investors' money. Eventally the last group of people paying into the scam never get their money back.

Want to read more? http://en.wikipedia.org/wiki/Ponzi_scheme

Oh, got it. So would that mean that an ordinary scamming website isn't labeled as a "ponzi scheme"?

If life gives you lemons, make orange juice and leave them wondering how you did it.
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June 03, 2015, 06:48:11 PM
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What is ponzi? I'm a newbie too and I've been seeing this word a lot. Is it like a scammer website?

A scam involving paying off money to old investors with new investors' money. Eventally the last group of people paying into the scam never get their money back.

Want to read more? http://en.wikipedia.org/wiki/Ponzi_scheme

Oh, got it. So would that mean that an ordinary scamming website isn't labeled as a "ponzi scheme"?

It means most ponzis won't tell they are ponzis in their website. They will come under different names.

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June 03, 2015, 07:21:51 PM
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If you want to start up a bitcoin business these are my tips for you:

- dont accept paypal to avoid getting screwed by scammers
- make your site look professional as possible
- provide a good customer service
- be transparent as you can be

If you're going to believe the BTC death theory, you're not supposed to be here Tongue
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June 03, 2015, 07:35:42 PM
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I would advise staying away from faucets as they're a waste of time. You'd be better using that time trying to earn regular money then buying bitcoins with it. I'd also avoid cloud mining as well. You can make a little from it but it takes time and many sites are scams. You sound like you got there in the end with bitcoin so well done.

Bitcoin death is something common media predict since the first boom when btc reached $1 or even before maybe... The large community/user base wouldn't allow this by that time and now 100x bigger it still won't... If it is as you say, faucets will be no help for you, signature campaings may give you something more valuable to see how things work, but to get real in this you should either buy btc with fiat (maybe a miner if you have cheap eletricity) and if you ever consider investing on clound mining be sure that there is always some risk they may run away with everything (ponzi), this post may give you a clue "https://bitcointalk.org/index.php?topic=878387.0". There are much safer ones like hashnest (from biggest asic miners provider) that are very not likely to disapear with your money..


I have already ruled out faucets as wasted of time and possibly waste on investment too. I cant judge any of course but i am sure its not my thinking of investment/earn profit.
Signature campaigns is not my style and even not my account and experience permits it.
Also i could buy some THS on a cloud mining site but not sure which one since many opinions are different with many accusations from members.
Till now i havent found a mining service thats widely accepted as legit and not scam or ponzi, that i can make ROI, except hashnest.
Already opened an account there to buy some ths but not sure yet cause i need to do more digging.

I am more into exchanging btc for fiat or other altcoins but i have the same problem.
There are many exchanges and trying to find the best for me about prices, volume, fees ans deposit/withdrawal time.
Also want to find out if i can buy btc on X exchange and sell higher on another one, moving my coins or fiat with safety.

try to look at bit-x also, they are legit assured, good maintanance fee and free trading fee until september, you can also resell your contract there, pretty good if something went wrong and you need to get back your money

arbitrage is not so remunerative this day, and not certainly with bitcoin, but usually btc-e is around a higher price than bitstamp or bitfinex, you can check those for arbitrage, but still better to do it with bot, for earning the max from it
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June 03, 2015, 08:00:06 PM
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You should read more about the fork between bitcoin core and bitcoin xt. Have an open mind and analyse the situation yourself. Is this a time to cash out or an opportunity to invest more if the price drops. This is a question you need to think about. I have confidence with bitcoin, I am seeing this as an opportunity.
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June 03, 2015, 08:33:35 PM
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The reason you are confused is because it is confusing. There are a lot of details, some you need to know others you really don't. The basic things I like to recommend to new users are:

1. Learn about the system before obtaining BTC. You can even download a "test net" wallet and get some free coins to practice. They are valueless, but work the same. A good read to start is the white paper by Satoshi. You can see the link below in my signature.

2. When you do want coins, don't screw around with faucets or free websites. Even if they aren't scams you will work hours to get pennies. Better to create an account at an exchange in your country. Fund the account then buy and withdraw the coins to your control. Good exchanges are automated in a way that protects sellers and buyers. Systems that use PayPal or the like are not safe to use with bitcoin. 

3. Forget about "investing". Buying and holding is an investment, but it is a risky one. You will appreciate BTC more if you spend some and see the advantages for yourself. Certainly DO NOT INVEST BITCOIN IN SOMETHING ADVERTIZED HERE. Most are straight up scams. Bitcoin is money and attracts criminals. There are no sweet deals or legitimate ways to double your coins. If you simply MUST invest your coin then ONLY deal with a licensed business or your money will likely be stolen. 

4. As a new user do not beg, borrow or lend. It will get you negative trust here and these are very risky deals. If you buy something from a person here definitely use escrow.

Anyway, welcome. And thanks for considering accepting payment in bitcoin for your business. You can do well right now by capturing demand for purchases in btc. I only use it for online shopping and am always on the lookout for new stores or services.
You might want to look into a payment processor like BitPay or CoinBase. These solid businesses handle the transaction and directly deposit into your bank account. The conversion is instantaneous and you avoid any exposure to price volitility. It is also cheep or free for your business, unlike the 3% fee for a credit card.

Cheers


The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

Free bitcoin in AFRICA - https://bitcointalk.org/index.php?topic=2710325.msg27720734
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June 05, 2015, 12:56:17 PM
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If you want to start up a bitcoin business these are my tips for you:

- dont accept paypal to avoid getting screwed by scammers
- make your site look professional as possible
- provide a good customer service
- be transparent as you can be

If you're going to believe the BTC death theory, you're not supposed to be here Tongue

Nah.. never thought to start up a bit coin business or invest to an existing one.
When i say i want to invest in bitcoin is to adopt it as a payment method to sell my goods on my main business (nothing to do with bitcoin) and of course to buy a couple of dozens btc to hold/trade to make some profit.
If i was believing the "death theory" of course i would not be here and searching for other payment methods and investments Wink

You should read more about the fork between bitcoin core and bitcoin xt. Have an open mind and analyse the situation yourself. Is this a time to cash out or an opportunity to invest more if the price drops. This is a question you need to think about. I have confidence with bitcoin, I am seeing this as an opportunity.

Thats what i am trying to do. Trying to educate myself on the tech lvl to understand why and even if this fork is a must to happen.
Also there are many many new info coming up the last days about "conspiracy theories", conflicts of interest among the devteam, Gavin himself and the mysterious Mr. Satoshi.
Trolls shouting "dump your coins" and from the other side people trying to be reasonable...
I am an optimist guy and i always put my self on both sides to try to understand first. So, one thing i am sure of is that i need to learn more before i decide on anything.
I have confidence too even i am too new to this and i am considering this as a bump on the way of btc even if i saw the price falling the last days.




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