How to get started

[Midget_King]

Hello all,

Silver sucks....

Looking for some advice on getting started with bitcoins. Other than knowing I want to buy a few bit coins, I don't know where to start.

From what I have read I need to get a wallet... How do I do this?

How do I buy a bit coin? I understand I should not try to buy with a credit card. so cash must be the best way to do this. Who can I trust? I've never been comfortable sending cash/check/money order in the mail to a company I don't know. Who do you trust? what are the steps you take when you want to use USD to buy  bitcoins?

How do I ensure others don't gain access to my wallet. I don't plan on making huge investments so the basics are fine. I don't want to create a boot cd with a second operating system(just read that thread).

Are there any posts or links to resources that will give me the basics of how buy my first bitcoin.

Thank you all for your advice, AND your patients.

[DodoB]

take a look at this site: http://bitcoin.org/en/ its helpful for starters  

[vegetao65]

Download the bitcoin wallet.

MultiBit (google it) is a good wallet to start with.

You can buy bitcoin from Mt Gox or btc-e (personal preference is gox) subject to ID verification. Best way to buy is by bank transfer

Don't know if this is just for uk users but localbitcoins.co.uk for face to face transactions (great for selling as you can walk away if you think someone is dodgy).

Put a password on your wallet. Also back up the wallet to an external drive and keep it safe.

Also be careful with Malware. Recommend downloading an anti malware software as there are horrible viruses out there that can watch your PC, take your passwords and transfer your bitcoins. Some people like storing their BTC in a totally offline computer but this is personal preference.

Any more questions, let me know

[Midget_King]

Thank you for the advice so far.

I wish I had the ability to get into mining. Seem like the best way to make money doing this. Otherwise it seems like luck.

[kwest]

Thank you for the advice so far.

I wish I had the ability to get into mining. Seem like the best way to make money doing this. Otherwise it seems like luck.

Mining is not really worthwhile anymore, except for the "big boys".
But if you read up more about how Bitcoin works, and start to understand the enormous possibilities, I think you'll realize that the best way to make money is to grow the community and the Bitcoin protocol by:

A) buying Bitcoin
B) educating people about Bitcoin
C) start a Bitcoin business or, if you're a programmer, build upon the protocol to make it even better (no, Bitcoin isn't just a currency - it's a decentralized open source protocol upon which you can create awesome stuff, just like TCP/IP and HTTP)
D) spend Bitcoin to create a thriving economy

All of these things will increase its value, and with that - the price.

[manoj1307]

I recently got a wallet at blockchain.info.. am I good with that or should I go elsewhere ?

[fasbit]

OK...first of all, mining is still profitable if you know what to do.  It takes some homework but it is profitable.  For example you can buy gh/s on cex.io but your return rate will slowly drop over time.  So you have to be clever.  I run a very profitable operation with my cex.io account.  Another way to mine is to mine alt coins and sell them for BTC.  World coins are a good example of profitable coins.  Check out : coinwarz.com  for some other examples.

[PenAndPaper]

How do I ensure others don't gain access to my wallet. I don't plan on making huge investments so the basics are fine. I don't want to create a boot cd with a second operating system(just read that thread).

Just encrypt your wallet and keep your computer clean with malware bytes or something and you should be fine.
This forum is full of geeks so it's natural to hear some people becoming paranoid with security  

And most important. Backup your (encrypted) wallet.

[Midget_King]

Any other advice?

Where can I get a wallet from? What are the pro's and cons or each? what is your advice on making a first transaction, using an exchange or going local? Looking for maybe .01BTC -.1BTC as a first purchase.

Also, are all wallets compatible? Can I send/receives Bitcoints from anyone regardless of what wallet they use?

Links to resources would be helpful.

Thank you all.

[ChonLee]

take a look at this site: http://bitcoin.org/en/ its helpful for starters  

Thank you very much for this... I am very new to bitcoin and have difficulty navigating at times.  I can't wait to dive head first into this. Thanks!

[PenAndPaper]

Also, are all wallets compatible? Can I send/receives Bitcoints from anyone regardless of what wallet they use?

Yes they are.
Go here http://bitcoin.org/en/choose-your-wallet . It's pretty much a one stop shop for wallets and you can see some of the key features of each wallet to choose.

[Fingerz91]

Personally, I have 6 erupters, and mine with them. I just ordered a Butterfly Labs Jalapeno too. I figure the least I can do is support the network, and make a small fraction of BTC.

I use Coinbase, as it is an offsite online wallet, and uses 2 step authentication. I bought 3 coins at $250, and sold them today at $750. BTC, though, is a currency, not an investment. I should have spent BTC, but at this point, I didn't find anything I'd like to buy.

Btw, I'm new here too.