thinking about buying 5k in bitcoin

[BitchicksHusband]

thanks for the great comments/advice everyone. I think I'm gonna hold off and see where it goes in the next couple of weeks. Maybe buy 2 coins now around 420..... This is money set aside, def don't want to lose it, and it is either bitcoin or set something up with usaa for investment. I don't know much about investing so I would just get started with them working me up a portfolio. Might even be considering something around 10k. I just feel like my cash is losing value if you know what I mean


How does one go to cold storage when I am using something like coinbase?

1. Download the Bitcoin-QT wallet onto a virus-free updated (but unused) PC.  Make sure it has at least Windows 7 and Microsoft Security Essentials (which is free).
2. Leave Bitcoin-QT running for about 5-7 days to download the blockchain (hope you don't have download caps).  
3. Encrypt the wallet with something reasonably long (32 chars+) that you can easily remember, preferably something that isn't written that way online.  (So add a password to your favorite passage, something like that.)  Print this key and keep it somewhere safe.  Or generate a very long password (64 chars+) in LastPass or KeePass if you use those.  IF YOU FORGET THIS PASSWORD, YOUR BITCOINS ARE GONE FOREVER.  IF SOMEONE ELSE GETS THIS PASSWORD AND A COPY OF YOUR WALLET, THEY CAN STEAL YOUR BITCOINS FROM ANYWHERE.
4. Generate a Receive address in Bitcoin-QT by going to File|Receiving Addresses.
5. Click New.  (Use a new address every time you send coins for additional anonymity and security.)
6. Right-click the new address and select Copy Address.
7. Go to Coinbase.com.
8. Send Money to BTC address.  Paste the address.  DOUBLE CHECK THE ADDRESS BY EYE THAT IT MATCHES YOUR WALLET!
9. Wait up to 10 minutes for it to show up in your wallet.
10. Backup wallet to at least 3 places: CD, USB stick, backup drive, SD card, etc.  BACK UP AGAIN ANY TIME YOU ADD COINS TO YOUR WALLET.
11. Turn off PC and don't turn it back on unless you want your money.  When you turn it on, patch it fully and reboot first before accessing your wallet.
12. To move your bitcoins back to Coinbase, go to Coinbase.com, select Settings and Bitcoin Addresses and send from Bitcoin-QT to any address there (or make a new one for extra security).

I'm sure someone else can tell you about paper wallets and braindice and other stuff, but IMO this is the easiest way for an average person to have a reasonably strong security.

[Deviant1]

I have no doubt Bitcoin will once again touch the sky but we are clearly in a downtrend right now. I'd wait for $350-$400 myself before buying in. Sub $400 may not happen so to be safe, get ready to buy when it touches $400. What's the worst that can happen? Temporarily go down to $140 or so? What's the best that can happen? The Winklevii are proven correct 

[BitchicksHusband]

The worst that can happen in the Winklevii are correct and he's still got $2500 in fiat because he was being too careful.

[HurricanOday]

yea I have been watching it daily, I am not investor, but I just don't see the price dropping that much. I am worried about not getting in and the price jumping up. I have been waiting for less than 400 but just doesn't seem to be happening.

[jamesc760]

If you had bought two days ago when you first posted, you'd already have made about $197.

On May 5th, $5000 / $430 = 11.62 BTC

Today's current btc price is $447, so $447 * 11.62 = $ 5197.67.

People who wait for cheap coins get neither cheap or any coins.

Keep waiting, noobs!

[slapper]

Beware of used-bitcoin salesmen. They need guys like OP

http://investor.gov/news-alerts/investor-alerts/investor-alert-bitcoin-other-virtual-currency-related-investments#.U2qrbHVdWlh

Pressure to buy RIGHT NOW. Fraudsters may try to create a false sense of urgency to get in on the investment. Take your time researching an investment opportunity before handing over your money.

[Bit_Happy]

Beware of used-bitcoin salesmen...

My BTC has low mileage and a brand-new transmission.     

[tins]

If you had bought two days ago when you first posted, you'd already have made about $197.

On May 5th, $5000 / $430 = 11.62 BTC

Today's current btc price is $447, so $447 * 11.62 = $ 5197.67.

People who wait for cheap coins get neither cheap or any coins.

Keep waiting, noobs!

Yep, rarely do people get in or out at the peaks or valleys.
Key is to buy in or cash out at a place you feel good about...and don't think twice about it.

[YipYip]

If you had bought two days ago when you first posted, you'd already have made about $197.

On May 5th, $5000 / $430 = 11.62 BTC

Today's current btc price is $447, so $447 * 11.62 = $ 5197.67.

People who wait for cheap coins get neither cheap or any coins.

Keep waiting, noobs!

This fantasy sub 300 is for the crack smokers of this world...go hungry bear biatch as u's have missed this freight train

[piramida]

Beware of used-bitcoin salesmen.

My used bitcoins are not for sale, sorry. Very few people in their right mind would sell now

[jamesc760]

Beware of noobs saying "Beware of used-bitcoin salesmen."

There's a reason why these noobs have 0 coins and 0 $'s.

[HurricanOday]

If you had bought two days ago when you first posted, you'd already have made about $197.

On May 5th, $5000 / $430 = 11.62 BTC

Today's current btc price is $447, so $447 * 11.62 = $ 5197.67.

People who wait for cheap coins get neither cheap or any coins.

Keep waiting, noobs!

you are also forgetting the bitcoin fees. I was hoping for sub 400, gonna wait for about 5 more days and see what happens. Hoping to at least get 420-430 and then gonna buy. This will def be for the long run for me

[BitchicksHusband]

We just hit $439.  Maybe you'll get your wish.

[HurricanOday]

Still waiting for the price, but doesn't look like it will happen. thinking about splitting up the 5k and buying 5 coins, then an oz of gold and setting up some type of entry mutual fund with USAA. Might invest more in the near future

[snackman]

Still waiting for the price, but doesn't look like it will happen. thinking about splitting up the 5k and buying 5 coins, then an oz of gold and setting up some type of entry mutual fund with USAA. Might invest more in the near future

Seems that we've bottomed and are due for an upward surge. I'd throw in 20-25% of your money now, then wait a couple days and see what happens.

[picolo]

Keep reading (don't buy now in the middle of a bearish market), you will thank us later.

We don't know if we are in the middle of a bearish market or at the end of it; if he wants to buy 5k$ there is nothing wrong with that, he could buy 1k$/month for 5months to get a cheaper price in case it tanks with the risk of paying more if the price goes up

[HurricanOday]

I decided to only buy a couple of coins and see where the price goes for a couple more days. So I have 3 coins total with 2 bought at 450 and one right around 420.

really kicking myself for not buying when it was at 350 not to long ago.. didn't have my coinbase all the way setup yet and hadn't done that much research

[fattypig]

I decided to only buy a couple of coins and see where the price goes for a couple more days. So I have 3 coins total with 2 bought at 450 and one right around 420.

really kicking myself for not buying when it was at 350 not to long ago.. didn't have my coinbase all the way setup yet and hadn't done that much research

Buy more right now cause in 1 month times you will regret again...

[jamesc760]

If you had bought two days ago when you first posted, you'd already have made about $197.

On May 5th, $5000 / $430 = 11.62 BTC

Today's current btc price is $447, so $447 * 11.62 = $ 5197.67.

People who wait for cheap coins get neither cheap or any coins.

Keep waiting, noobs!

you are also forgetting the bitcoin fees. I was hoping for sub 400, gonna wait for about 5 more days and see what happens. Hoping to at least get 420-430 and then gonna buy. This will def be for the long run for me

Bitcoin fees apply regardless of whether price is low or high. You may pay higher % if you are buying at higher price but the difference is not that great. Or, are you trying to tell me that you won't pay $2 for a $197 profit???

[HurricanOday]

I was just implying that with the fees for buying and selling the profit wouldn't have been 200$. Coinbase fees are 1% plus a small bank fee, I bought 2 coins last night and the fees were almost 10$. So if I bought 5k worth of coins that would be 1% and then when I sold 5k that would be another 1%

I will be buying more coins shortly