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Author Topic: Annoying Newb Question  (Read 462 times)
wasp
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August 13, 2011, 10:58:43 AM
 #1

ok, i am a new user. i wish to buy 1 or 2 BTC to dip my toe in the water. i will prob keep it for some future ebay purchase. i might end up buying 1 or 2 every month or two, so i can build up some savings which are guarded against volatility in real currencies and inflation. ideally i would like to buy now using paypal or credit card, as i am starting a new job and won't have any money until next month.

i am trying to get a handle on the size of various costs:
(i) selling price of seller as compared to buying prices from buyers
(ii) fees charge by various exchanges
(iii) fees from my choice of funding method and associated conversion costs
(iii) volatility of BTC currency value

i looked at the 'stock exchange' type thing, and went to a few sites:
britcoin - not enough info on the site (maybe more after you sign up?)
mt gox - seems to accept GBP deposits
getbitcoin - according to a post here, it accepts prepaid credit cards sent to them physically (only possible if i can buy funds on a prepaid card using my existing credit card!)

is there a point in me seeking a private buyer who will sell via paypal?
would i get a better rate if i just wait a month and buy via a normal exchange?

and, finally, having just read about mtgox hack and about to read about mybitcoin hack, is it safer to buy from a different exchange every month?
or is the risk just temporary and soon the money is permanently in your wallet?
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Stefanie Andrea
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August 13, 2011, 11:11:38 AM
 #2

I can help you

How much you want to buy.

And PM Me.
wasp
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August 13, 2011, 11:31:50 AM
 #3

thanks stefanie. i will pm you

also, i now realise that the issues with mybitcoin and bitomat.pl were a result of users storing deposits with them, rather than keeping them in their own wallets.
whereas the issue with mtgox seems to be that someone was able to steal wallets with enough coins to manipulate the exchange rate?
wasp
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August 13, 2011, 11:43:56 AM
 #4

by the way, i don't have a wallet yet. and it seems there are certain secure ways to do that, which i would like to use (so not today!)

however, if anyone else replies with an offer, i will still PM them pending getting all set up with a wallet
deepceleron
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August 13, 2011, 02:13:38 PM
 #5

There is not much to "getting set up with a wallet". Download, install, and run the Bitcoin client software on your computer. Let it think for a bit. You now have a wallet. You will see your first payment address for receiving Bitcoins in the client main window. Shut down Bitcoin, and backup your wallet.dat file to a flash drive, in case the hard drive on your computer crashes, etc. You tell people your Bitcoin address, they can send bitcoin payments to you instantly.

PayPal and credit card payments are only accepted by the foolhardy or overly trusting. Whereas Bitcoin payments can never be reversed, disputed, or counterfeited, PayPay and credit card payments can always be reversed or disputed, or can be stolen accounts. You could find a local Bitcoin money changer in your area, someone willing to immediately transfer you Bitcoins for cash-in-hand. There are several web sites for finding local contacts. Most other ways to get Bitcoins require time (sending verifiable funds to an exchange, pool mining them with your ATI graphics card), or require trust or reputation (selling items for bitcoins, you must be trusted to send the item, etc.)

A much better investment in the long term would be to not use your credit card to purchase things you cannot afford.

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