Harder to get some bitcoin than I expected

[haldir]

So I first heard about bitcoin a couple years ago... briefly investigated how mining worked, read that the current value generally wasn't worth the electricity, didn't expect that value to increase x1000 within a couple years, so I ignored it, but I kept reading about it and trying to learn about it when I saw posts about it online.

Decided to try to get into it this week cuz it's rising so much and even though I still expect it to correct I've been expecting that for days, so hey might as well put like $25 in it for now just to get my feet wet and see what happens, right? Then maybe try to add a little more every month or something. Plus I kept becoming more of a "believer" in the foundational structure behind it, and it seemed like the US government was almost actually favorable to the idea, reducing the chance that they would try to shut it all down. I think the tipping point was when I saw redditors instantly anonymously tipping each other micro-transactions and realizing that real value was being moved online in a way that was never possible before. And then I read the Satoshi paper.

So I actually started to look into how to trade some USD for some BTC. I passed over Mt.Gox cuz I'd seen too many people complaining about funds not settling for weeks at a time when they tried to sell back to USD. Coinbase seemed to have a good reputation, so I signed up with them over last weekend, but I still haven't received the verification deposits. My bank is kinda small and local so maybe there's some issues there, or they're just having delays from the huge increase in demand. OK, let's try Bitstamp, the other one that seems to be well-liked... I have to submit my driver's license and a utility bill? Makes sense, I guess, but I didn't have a good camera on me... plus it just kinda seemed ironic to me that I even needed to go to that much trouble to partake in a currency that is supposed to be all "instant" and "anonymous"...

I started to wonder why I couldn't just buy some via credit card or Paypal like everything else online... I googled about that... ok because of chargebacks... Makes sense I guess. Found one site that was offering via credit card but at like $200 above the other prices, and I didn't want it that bad... Found out about localbitcoins and signed up but there wasn't anything in my area besides making deposits into other banks, which wouldn't even work on a holiday and again just seemed like a lot of trouble to get into something that's supposed to be circumventing that very annoying bank-y stuff that I was having to do just to get started.

Next I found some of those "faucet" sites but you basically have to click on their silly little ad-heavy pages a few dozen times at their set paces before you get to levels that actually "pay out," which again makes sense but of course will take days or weeks.

So here I am signing up for this forum, still with 0 BTC, to try to keep learning more and hopefully eventually figure out a safe and easy way to trade for some. I'm sure some of you will say there are things I did wrong above or that I'm just being too picky about how I want to get into it for so little investment, which is probably true, and I'm definitely still very noob about it all, but I have to post in this forum anyway so I just thought I'd share my experience so far, maybe somebody can relate a little.

[bittikolikko]

I have been using localbitcoins with no problem. easy and fast way when you have reliable seller

[haldir]

I have been using localbitcoins with no problem. easy and fast way when you have reliable seller

Thx. I think I will try that site some more. What payment method(s) have you been using?

[DieJohnny]

localbitcoins works, so does craigslist. My first purchase was a creepy meet up at a Burger King. Its just the world of today's bitcoin purchases.

My advice buying face to face:

1. Bring a friend
2. Meet in a public place that is not too crowded
3. Bring your phone and be ready to check your payment address on blockchain.info
4. Insist he pay a reasonable miner fee (it is a fee the person transferring their bitcoin to you must elect to pay and this fee dramatically impacts your exchange speed). Inform him beforehand you are not going to hand over 1k, 5k, 10k or whatever when there are still zero confirmations.
5. Bring large bills to help with the counting time.
6. Don't talk about why they are selling, or much else, I found small talk to be a waste of time and seems to creep out the regular bitcoin dealer.
7. Don't use a digital wallet (my opinion), i think it creates to much incentive for stealing your phone and in general Paper wallets I find much more simple for face to face transactions. You can use www.bitaddress.org to print a paper bitcoin. The seller will read the CR code with his phone and then you can CR code with your own phone using blockchain.info and then you wait for the first three confirmations, more if you are feeling insecure.
8. Bring ONLY the public address portion of your paper wallet, do not bring the private key with you as you risk exposing it accidentally (risk of google glass, et cetera). Yes I am paranoid when spending thousands of dollars.

Once you have a bitcoin in your possession your life becomes much easier. www.btc-e.com registration is instantaneous. Transfer into your account is instantaneous. As for getting cash out, well that has to improve for bitcoin to every truly get to where we want it to go.

[Joph]

Some good places to buy bitcoin at listed on blockchain.info, they list different things for each country.

How many exactly are you trying to buy here ? there are many different options and several exchanges where you can top them up and then pull them out in a different way.

[chop_chop]

Wierd, I am from Australia and its so easy to buy here. I am surprised its not the same in the U.S

[TheTribesman]

A little bit off topic (but in the same ballpark) is that today's litecoin madness showed that reliable infrastructure doesn't yet exist (in totality).

I was on a few alt-coin IRC chats and the number of people screaming about late transactions and sites not being able to do what they should do was amazing. People were waiting hours for coins they'd transferred from one place to the other.

Maybe it's the fault of the press but I thought these transactions were immediate. That wasn't the case today. A Faster Payment via the bank is definitely instantaneous (as quickly as you can get to the account receiving the money to check it has arrived). 6 confirmations to complete were taking as much as 30mins. I know the network was drowning under the increased load (Vircurex even had to stop a few withdrawal services), but it's not what I expected to see.

Your issue with buying a bitcoin is just more proof of the lack of a reliable infrastructure.

It will change though. People are flooding in and lots of sites are popping up to service them.

I'd even suggest paying over the odds if you believe in bitcoin. Some analysts say it's going to rise to about $600,000 (eventually) so paying an extra $100-$200 today might be worth it.

Two weeks ago, if you'd said you'd paid $800 for a $600 bitcoin people would have laughed in your face and called you a sucker.

[coqui33]

If you are in the U.S., join localbitcoins.com and buy bitcoins with cash deposit to a nearby bank.

For Bank of America, Wells Fargo, or Regions Bank: https://localbitcoins.com/ad/15776/?ch=4ja

**Immediate. Reliable. Anonymous.**
Your satisfaction guaranteed.
Money refunded if request made within 24 hours of trade.

Detailed instructions: http://backintyme.com/depos.php

My profile and feedback: https://localbitcoins.com/accounts/profile/coqui33/?ch=4ja

FAQs: http://backintyme.com/deposfaq.php

[DieJohnny]

Two weeks ago, if you'd said you'd paid $800 for a $600 bitcoin people would have laughed in your face and called you a sucker.

I spend a little every month on bitcoin at the cheapest rate I can find locally. I have paid a 10% premium before and will likely do it again.

I am a software manager for a large insurance company and Bitcoin is typical software. Like with any complex software, brilliant people know how it should work and can tell you how it is really ready for the big time now, but then almost ALWAYS when you use the actual system it sucks compared to what you were sold. There are a few exceptions to complex software, but this is the rule and Bitcoin is no exception.

When talking about real world usefulness TODAY, Bitcoin does have a few areas where it shines:

1. I can transfer money to another address reliably anywhere in the world with a tiny mining fee. Nothing else compares to world transfer of money, nothing. As long as you can convert BTC into any local currency, you can stay funded  with only the cash you need for the day using BTC with almost no risk of loss, wait time or fees that come with traditional over seas money management issues.
2. It is a value store unmatched by anything in the world (as long as it eventually stabilizes). How else could you do anything like print your own wallet worth an infinite amount of money, put that single piece of paper in a safe deposit box, put it in your will do what you want with it. Does stock offer this type of safe haven and management? How about gold, land, any other asset you can name. Nothing comes close to Bitcoin here.

Where it sucks and I think software geeks will nauseate us for another decade explaining away reality.

1. Bitcoin is not a daily transactional currency. I am not sure it even needs to be. Sure you can do it, yes it can work, but it is a pain in the ass and frankly risky. No way my mother ever buys a thing with Bitcoin the way it works today. Talk to me in ten years, yes i think it takes ten years to sort out the nightmare that is the crypto currency economy.
2. Getting local cash money back out of Bitcoin is terrible. If there is any reason BTC has exploded to $1000 its because nobody can figure out how to get their cash back!!! The best success i have heard is people selling local to other desperate investors. Too funny

[beetcoin]

I have been using localbitcoins with no problem. easy and fast way when you have reliable seller

what kind of rates did you get? in my area, i am getting ask prices that are closer to mt. gox value than bitstamp. it's not worth paying 10% more... this is for buying btw.

as for selling, i haven't tried selling for very long. i had an ad up for a few days at bitstamp + 2% and i didn't get many buyers.

[haldir]

Thanks everyone. My coinbase verification deposits finally went through, just in time for a fee-less black friday purchase! Of course I have to wait til next Thursday to actually see them, but, hey, hopefully that will actually go through, heh.

[torry28]

bitcoin needs inovatons like bitcoin credit card for example

There are first Bitcoin ATMs in some cities testing, give it time

[chalkyuk]

we need somewhere here in the UK for easy transactions on bitcoins...Who fancy's taken up the challenge

[Joph]

we need somewhere here in the UK for easy transactions on bitcoins...Who fancy's taken up the challenge

What are you looking for exactly ? I'm based in the UK.

[Dr Bloggood]

localbitcoins works, so does craigslist. My first purchase was a creepy meet up at a Burger King. Its just the world of today's bitcoin purchases.

My advice buying face to face:

1. Bring a friend
2. Meet in a public place that is not too crowded
3. Bring your phone and be ready to check your payment address on blockchain.info
4. Insist he pay a reasonable miner fee (it is a fee the person transferring their bitcoin to you must elect to pay and this fee dramatically impacts your exchange speed). Inform him beforehand you are not going to hand over 1k, 5k, 10k or whatever when there are still zero confirmations.
5. Bring large bills to help with the counting time.
6. Don't talk about why they are selling, or much else, I found small talk to be a waste of time and seems to creep out the regular bitcoin dealer.
7. Don't use a digital wallet (my opinion), i think it creates to much incentive for stealing your phone and in general Paper wallets I find much more simple for face to face transactions. You can use www.bitaddress.org to print a paper bitcoin. The seller will read the CR code with his phone and then you can CR code with your own phone using blockchain.info and then you wait for the first three confirmations, more if you are feeling insecure.
8. Bring ONLY the public address portion of your paper wallet, do not bring the private key with you as you risk exposing it accidentally (risk of google glass, et cetera). Yes I am paranoid when spending thousands of dollars.

Once you have a bitcoin in your possession your life becomes much easier. www.btc-e.com registration is instantaneous. Transfer into your account is instantaneous. As for getting cash out, well that has to improve for bitcoin to every truly get to where we want it to go.

I'm sure this is good advice! I'm planning on buying that way. Just want to add that there is a certain savety procedure involving Ubuntu live CD etc. you should definitely undergo with your paper wallet. Then, as I understand it, it will be very, very safe!

Two questions though:

1. How about the other sides like Elektrum, Multibit, blockchain.info, etc.. - could I use them instead? What are the advantages/ disadvantages over bitadddress.org?

2. So I have my paper wallet securely stored away then - but what do I have to do in order to be able to sell my BCs? Do I need a "client" for that (and what even is a client)?

[woodsandhillsplc]

localbitcoins works, so does craigslist. My first purchase was a creepy meet up at a Burger King. Its just the world of today's bitcoin purchases.

My advice buying face to face:

1. Bring a friend
2. Meet in a public place that is not too crowded
3. Bring your phone and be ready to check your payment address on blockchain.info
4. Insist he pay a reasonable miner fee (it is a fee the person transferring their bitcoin to you must elect to pay and this fee dramatically impacts your exchange speed). Inform him beforehand you are not going to hand over 1k, 5k, 10k or whatever when there are still zero confirmations.
5. Bring large bills to help with the counting time.
6. Don't talk about why they are selling, or much else, I found small talk to be a waste of time and seems to creep out the regular bitcoin dealer.
7. Don't use a digital wallet (my opinion), i think it creates to much incentive for stealing your phone and in general Paper wallets I find much more simple for face to face transactions. You can use www.bitaddress.org to print a paper bitcoin. The seller will read the CR code with his phone and then you can CR code with your own phone using blockchain.info and then you wait for the first three confirmations, more if you are feeling insecure.
8. Bring ONLY the public address portion of your paper wallet, do not bring the private key with you as you risk exposing it accidentally (risk of google glass, et cetera). Yes I am paranoid when spending thousands of dollars.

Once you have a bitcoin in your possession your life becomes much easier. www.btc-e.com registration is instantaneous. Transfer into your account is instantaneous. As for getting cash out, well that has to improve for bitcoin to every truly get to where we want it to go.

Sounds like great advice there, thanks for that!

[beetcoin]

another tip that was not recommended: if you are selling BTC, be sure to buy a counterfeit pen.. especially if you are buying lots of BTC. you can buy one at staples or ebay.

i think i will buy one from ebay.. it's only $2.49 and well worth it.

[Dr Bloggood]

another tip that was not recommended: if you are selling BTC, be sure to buy a counterfeit pen.. especially if you are buying lots of BTC. you can buy one at staples or ebay.

i think i will buy one from ebay.. it's only $2.49 and well worth it.

Maybe this is just a language problem I'm having, but... what is this and what do you use it for?

[FernandoTN]

I live in Mexico and you rarely hear anything related to Bitcoin, there are already a couple sites launching offering to trade bit coins for a fee. I have been reading all the mayor headlines since it launched but it wasn't until recently that i heard some guys at my college talking about this magic currency, that it really caught my attention. Once i read enough and feel confident i will start getting myself some Bitcoins!

[geraFoerra]

another tip that was not recommended: if you are selling BTC, be sure to buy a counterfeit pen.. especially if you are buying lots of BTC. you can buy one at staples or ebay.

i think i will buy one from ebay.. it's only $2.49 and well worth it.

Maybe this is just a language problem I'm having, but... what is this and what do you use it for?

Counterfeit pen is used to check if the money is not fake. If you sell BTC in person, you get cash