First tentative steps

[ma5k]

Hello!

I like the ideology of bitcoin, & although it is clearly difficult to predict how thing might pan out, I'd like to get involved. I can see the potential for making money on an investment, but also the potential for losing it all, so only intend to put in what I can afford to lose. That said, the cost is still high, & I obviously want to learn safe practices from the outset.

I've done a reasonable amount of research, but still have a number of questions, for which I'd appreciate the opinions of those who are experienced. I hope you will excuse if these are too obvious and have been previously covered, but also need to escape the newbie cage at some point!!

My main concern at this stage is how to buy bitcoin *safely* at a good rate. I appreciate that there will always be more risk in an unregulated market, but there must be ways to minimise this. Markets such as MtGox & BTCe require a fair amount of ID to be sent & I would not usually consider doing this for identity theft reasons - am I being over caucious?

If the $ value were to stay at the current level trading sites clearly have a big temptation to disapear with funds they hold so it seems wise to spread risk & minimise any deposits, but transfers seem difficult, slow and expensive.

Basically how can I get in (& importantly out) in a timely, safe way? (ideally UK£)

Thanks!!

:-)






 

[DannyHamilton]

My main concern at this stage is how to buy bitcoin *safely* at a good rate. I appreciate that there will always be more risk in an unregulated market, but there must be ways to minimise this. Markets such as MtGox & BTCe require a fair amount of ID to be sent & I would not usually consider doing this for identity theft reasons

localbitcoins.com

[hilariousandco]

You can buy BTC easily, quickly and safely with paypal on ebay, but you're going to pay a big premium. You could try find somebody to sell you coins on here, just make sure to use a trusted escrow.

You are right to be cautious, and I understand the apprehension about using exchanges, but if you want to get currencies quickly and at market rate; you're probably just going to have to take the plunge and sign up/get verified. Alternatively, you could try sell some of your stuff on the marketplace here.

[hexxer]

localbitcoins.com

Thanks! I was also searching for a safe place to buy bitcoins

[ma5k]

localbitcoins.com

Thanks!

You are right to be cautious, and I understand the apprehension about using exchanges, but if you want to get currencies quickly and at market rate; you're probably just going to have to take the plunge and sign up/get verified.

Which would you use? - If I went this route was thinking BTCe rather than MtGox, as could then convert some to Litecoin (looks promising!)

[hilariousandco]

localbitcoins.com

Thanks!

You are right to be cautious, and I understand the apprehension about using exchanges, but if you want to get currencies quickly and at market rate; you're probably just going to have to take the plunge and sign up/get verified.

Which would you use? - If I went this route was thinking BTCe rather than MtGox, as could then convert some to Litecoin (looks promising!)

Couldn't tell you - I don't use 'em and have heard bad things about both, but btc-e does seem to be far better from what I've read and heard.

[ma5k]

I don't use 'em and have heard bad things about both, but btc-e does seem to be far better from what I've read and heard.

Helpful, thanks!