The Ulimate guide to starting with Bitcoins..

[PATBIT]

Hey Guys,

I am very new here to the forum, I am new to Bitcoin...

I have looked in the newbie section and there is 774 pages of threads... Can anyone send me a link to the ultimate guide to starting with bitcoin..

Like a go here download a wallet www..blahblah.com

then here is a list of helpful links to buy and sell bitcoins..

Helpful ways to lock ya wallet and keep it safe ...

A guide for dummys is what I am asking..


I think I have got into the bitcoin a bit too late

its at 300 pound and wished I had of bought 100 pounds worth 2 years ago

anyway anyone help

Thanks

[selavy59]

>I think I have got into the bitcoin a bit too late

>its at 300 pound and wished I had of bought 100 pounds worth 2 years ago

Ahh hindsight, if I had hindsight I too would be a multi-billionaire. Had Bitcoin crashed into oblivion you would be patting yourself on the back for not buying any.

Can't help you with your Bitcoin education. It's a minefield. Just keep reading what you can.

[Sindelar1938]

Still cheap if you consider long term prospects

Spend some more time getting smarter about the ecosystem before making your play..

[rekweam]

Hey Guys,

I am very new here to the forum, I am new to Bitcoin...

I have looked in the newbie section and there is 774 pages of threads... Can anyone send me a link to the ultimate guide to starting with bitcoin..

Like a go here download a wallet www..blahblah.com

then here is a list of helpful links to buy and sell bitcoins..

Helpful ways to lock ya wallet and keep it safe ...

A guide for dummys is what I am asking..


I think I have got into the bitcoin a bit too late

its at 300 pound and wished I had of bought 100 pounds worth 2 years ago

anyway anyone help

Thanks

I am in the same boat. I knew of bit coins in the very beginning and my brother told me to start mining straight away.

I never thought it would grab hold like it did. But i am glad it did.

I would be interested in everything you have mentioned also, but i think your best bet is to read as many topics as you can and keep an eye out for any highly trusted people on this site and throw them the occasional question.

[visionselaborated]

Is it a right choice to buy and stock bitcoins now and sell it later?

Also how much is mining profitable?

[Wh33L]

as far as i understand mining is not profitable anymore unless you get very very lucky solo mining
i think most do it for the fun of it
other option would be mine a coin and stop mining and watch the value of bitcoin go up

[PATBIT]

thanks vision selaborated but maybe make your own thread

Anyway guys this is what I have come up with after reading a few hours.

Does anyone else wanna throw something in here usefull..

KEEPING ON TOPIC

Here is what I have slowly come up with...

Any help is appreciated..

Ok so after reading a few websites and trying to understand bit coin in a nutshell Here goes..

so first of all yeah there is 21 million bitcoins gonna be realised over a period of time..

With some of these coins released 50 coins every 10 mins.. but as the maths algorisms get hard they get released in longer time..

Now also as we get carried on down the track some people will lose there private passwords and lose there coins thus making the
left over coins worth more..

(I have a question How does anyone know how many coins are lost ? ,hard drive crash,or due to forgetting password???) and if we dont know
coins are lost then how would the coins be made more valuable .. that makes no sense..

Because so far no one tells anyone they have lost there coins and there is no database from so far reading that the lost coins has a digit..

Anyone fill me in on that..


Anyway getting down to it... around now there is close to 11 million coins in circulation?

Ok so please correct me if i amd wrong..

But first off you need to get yourself a wallet..

so you can get one from these links!!

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

click on the icon picture to choose your wallet..

then once you have obtained a wallet you are given a key which is encrypted... that is your key to your wallet...this key is a public key and when buy or selling you
must tell the seller your key and add it in transactions...
Most transactions are best if you get all the details and the  go to the closet bank and put (ONLY CASH) into there accounts..

Now there is also another wallet that you can download called Bitcoin-qt..

i downloaded it and then it starts downloading the block chain..( the block chain is all the previous bit coins being opened up for people to buy)

here is that bitcoin wallet..http://sourceforge.net/projects/bitcoin/?source=dlp

Now this wallet makes you download everything that has been going online for the last 252 weeks ...which is a long Long time maybe 10 gigs of storage.. and as i found out
if the internet drops out then you have to restart everything again... hahahah but then this way you own your own wallet and it is on your computer so as long
as you protect it from hackers and your system crashing then your safe..

But also instead of downloading the 10 gigs you can use something like this site .

https://blockchain.info/wallet

where your wallet is stored at a location online... so this is also capable of being hacked and you losing your money there as well..

so its really on what ya prefer or if you have very little to worry about i would say..

Please remember all this is from what i can imagine from reading the last 3 hours online..

PLEASE CORRECT ME WITH ANYTHING IF I AM WRONG AS I AM WRITING THIS TO ASK QUESTIONS BECAUSE I HAVE NO IDEA....


anyway..

once you have downloaded your wallet you have a private password you have saved off your computer and maybe on a piece a paper or usb stick.. (If you lose this password then in 2 words   YOUR FU#KED    you lose all your money and no way to get it back...

you also have your public password that you send to buyers or sellers so they can send or receive from your wallet..its time to buy a coin..

Now here is a website that shows the days listings..

http://bitcoincharts.com/

then once your ready to buy you need to go to reputable site and buy a coin or how many you like..

Now the thing is how does anyone know whats a good site and how do you know your not gonna get ripped off..(Buggered if i know )

You just find a site online send 400 bucks to another public key or go to bank and transfer (CASH ONLY ) to another public key that is untraceable and hope!!

What i dont understand is that after you buy a coin... How do you know the transaction went through...

Anyway that is my rant for now..

Can anyone fill in the gaps on anything i have missed out because ......slowly i am still working out this all over the place system..

In a way I am trying my hardest to enter the game of Bitcoins.. But really everything leads me to think ..

IF ITS TOO GOOD TO BE TRUE IT ALWAYS IS..

so far I think the only guys getting money is the ones at the start..

Oh and don't start me on mining for coins.. you leave your computer on for a month and make 4 pounds in bitcoins.... not worth it...


Also one another question..

there is a bit coin like this 1.0  (is this 1 coin)

Then what the hell is this 0.000001 coin......  

So I can see down the track when there is say 20 million 1.0 coins out there instead of making it sell for say 1000 dollars they will start splitting the coins up making even more coins... and then selling at 10 cents each.

its exponential  so really 21 million coins are then divided 8 times what there worth..

maybe I am stupid..

HELP please



Thanks

[Wh33L]

think you got it pretty much right patbit.

only as far as i know a block now rewards 25 btc