Bitcoin Noob Question

[zaorig]

Hi im Zach, Im new here and i wanted to find out how to buy bitcoins. I have a bank account. Can somebody please explain to me step by step how i can purchase bitcoins using a bank account?
I really have no idea on how to buy bitcoins so please be detailed.

Thank you

Zach

[DannyHamilton]

Lets start with some simple questions.

1) What country are you located in?  Some services are only available in certain countries.

2) How much of a hurry are you in?  Some services can be cheaper, but may take longer.

3) How much bitcoin do you want?  The process for acquiring 100,000 bitcoin will probably be a bit different than the process for acquiring 0.5 bitcoin.

4) Do you have a bitcoin wallet set up anywhere yet?

5) Will you be using all the bitcoin immediately upon receiving it, or will you hold on to some of it for a while? Holding on to the bitcoin suggests that security and longevity might be a concern.

[zaorig]

Im located in the United States i would like the bitcoins within a week but i could wait longer if necessary. I want around 5 bitcoins and no i do not have bitcoin wallet setup anywhere.

[zaorig]

http://www.weusecoins.com/getting-started.php
is this a good place?

[nobbynobbynoob]

Yes, IMO weusecoins.org is a very good introductory site.

[DannyHamilton]

Here is my recommendation.  It isn't the only option, and it might not even be the best option, but it is easy to explain and easy to understand.

• Create a wallet account at https://blockchain.info/wallet/  (Click "Start A New Wallet" and follow the instructions")
• Once you've created the wallet account log in to that wallet.
• Blockchain.info will provide you with a Bitcoin Address (it will be a long string of letters and numbers starting with a 1)
• At https://www.bitinstant.com/ under "Pay From" choose one of the "Cash Deposit" options (Jewel/Osco, CVS, Walmart, etc), just choose one near you.
• Under "Pay To" choose "Bitcoin Address"
• Fill out the form (note: you'll pay a 3.99% fee for the exchange, take this into account when deciding how much US dollars you will be exchanging)
• Click the "Send Funds" button
• BitInstant works with ZipZap to receive your cash, so at this point after you get past all the confirmation pages you'll be at the ZipZap website
• Fill in the details and click the "Create Payment Slip" button
• Take the payment slip with you to one of the nearby MoneyGram locations listed on the ZipZap webpage
• Make the cash payment
• Patiently wait a few hours
• Log in to your blockchain.info wallet and see your bitcoin balance.
• Send the bitcoins wherever you intend to use them

Note that in place of the first 3 steps you could instead download and install the Bitcoin-Qt client program and wait for it to synchronize the entire blockchain, or you could set-up an account at mtGox ( https://mtgox.com ) and use the bitcoin address that they provide you.  You could also look into installing and using one of the alternate client programs such as Electrum or Armory (Google them).

In place of steps 4 through 12, you could use the mtGox currency exchange (getting US dollars deposited or withdrawn from there can be a hassle) or you could find someone near you who wants to get rid of the bitcoins they have and exchange them in person ( https://localbitcoins.com can help you find someone local ).  There are other services that can help as well, but I can't think of the names off the top of my head right now.

[QuantumKiwi]

Here is an excellent listing of places to buy bitcoin from and what methods they accept to buy bitcoins.

Bitcoin.it - Wiki - Where and howto buy bitcoins

[RoyalBitcoin]

I simply want to offer reassurance that buying bitcoins is indeed very difficult.  At first, I asked myself, I am insane or is it really this hard to buy coins??!!  Yes, it really is this hard.

Whether I am insane or not is an unrelated question.

[DannyHamilton]

I simply want to offer reassurance that buying bitcoins is indeed very difficult.  At first, I asked myself, I am insane or is it really this hard to buy coins??!!  Yes, it really is this hard. . .

It doesn't always have to be, but it can be.  It really depends on a person's particular situation.

[zaorig]

Ok so what is a wallet? And how will it help me get bitcoins?

[DannyHamilton]

Ok so what is a wallet? And how will it help me get bitcoins?

A wallet is a program that assists you in keeping track of your bitcoins and spending them.

To receive bitcoins you need a bitcoin address.  A person who has bitcoins can use their wallet program to send some of their bitcoins to the bitcoin address you provide them.  The wallet program generates valid bitcoin addresses for you and stores the secret code (private key) necessary to spend them.  There are several to choose from.  The one that is often referred to as "Official" or "Standard" is bitcoin-qt, but Electrum is another.  There are also individuals who have set up online hosted wallets such as blockchain.info and mtgox.com.