+ 1 Intro to Bitcoin Currency
First, there’s nothing illegal about Bitcoin, it’s just a type of currency. The advantages of Bitcoin are it’s anonymity and speed. Bitcoin is not backed by any commodity or government. With Bitcoin you can pay anyone, at any time, for anything.
The basics of bitcoin is this: You need to find a way to get them, store them, send them, and receive them. A Bitcoin wallet will allow you to store them, send them and receive them. They are free and there are many to choose from Here are a few:
www.blockchain.info/wallet/
www.coinbase.com
www.strongcoin.com
Now you just need a way to get bitcoins. As of right now 1 bitcoin is worth $13.95, you can view the exchange rate by going to www.mtgox.com There are many options for purchasing bitcoins as well. The fastest and easiest is www.Bitinstant.com However, there are fees with this. Alternately you can also buy bitcoins with www.CoinBase.com and with www.Mtgox.com and many others. If you plan on using bitcoins on a regular basis, it’s best to go ahead and go through the verification process with a reputable exchanger like www.mtgox.com This way you can buy Bitcoins directly with a bank account, and pretty much avoid fees.
For More Information on bitcoins, go to www.weusecoins.com
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Bitcoin...Your Complete Guide
Thought you all might get a kick out of this article.....man selling his house for bitcoins lol
http://gma.yahoo.com/blogs/abc-blogs/man-lists-bungalow-bitcoins-1157069...
Can someone explain to me why the fk on coinbase it costs 80USD per BTC, while on mtgox it's only 45USD per BTC?
Coinbase charges 1% over the latest ask price for Mtgox....If bit coins are 100 on mtgox, they're 101 on coinbase.com
AnonI'm an idiot so I'll be honest this seems too complex for the purpose of purchasing gear, I dont mean for the purpose of purchasing other goods. I buy gear 3 or 4 times a year. I would be concerned with the idea if I have $100 in bitcoins but due to a it going down my $100 turns into $90. If I'm off base, my bad. Just mu two cents
For the buyer, we just load them and send them. There is minimal fear of it dropping in value for us. You load the coins and send them. Some methods can get you the coins in under an hour. Your risk exposure to value loss is one hour, with the In store ATM method. You load cash to the Bitcoin ATM and they send it to your encrypted Bitcoin receive address. The ACH transfer, taking five days to clear, would be the largest risk. The value dropping drastically is small, but can happen.
You are able to purchase tenths of a Bitcoin to thousandths of a Bitcoin. You can get the exact amount you need. If you have the ATM option near you, there is no reason not to do this method. There are small transfer fees, less than a dollar per Bitcoin, compared to the other options this is my favorite.
1jakd_hipyMaybe you could do a forum post with a step by step on this method. How to locate an ATM etc..
http://www.eroids.com/forum/general/off-topic/bitcoin-my-step-by-step-guide
http://www.eroids.com/forum/general/off-topic/a-guide-to-understanding-b...
Sweet, I was going to make sure someone else didnt already do it before I started.
Its all good, the more info the better.lol
Guys dont forget to save the link as a favorite for future reference.
That's a good idea. As I was writing that post, I thought this could go on for awhile, to be all inclusive. I will write a fairly inclusive tutorial.
1jakd_hipyI have no doubt it will be greatly appreciated, as this is the safest for everyone involved and you don't have to have that awkward "waive ID" convo with the clerk
1jakd_hipyAs Grrrl said you can cash them out or you could sell them, I know there are quite a few on here that would buy them. I would
bitcoins is a little confusing and has its downsides
but the point is it's completely safe transaction and you don't have to worry about causing suspicion when using WU or MG.
also safer for the source. And hey the safer it is for the source the longer sources can stick around!
If you're worried about bitcoin fluctuation, just wait and buy them when you plan on purchasing gear. Once you're set up, it only takes a few minutes...you do it all from your computer, and you don't have to worry about "security questions" or incompetent employees, and the fees are so low, they're almost nonexistent.
you can cash out your bitcoins at anytime..
can you transfer funds from Paypal to Bitcoins ?
Short and sweet! Thanks for the info
So lets say you get verified and can directly buy bitcoins with a bank account. Wouldnt this make it traceable back to you? I figured it would be safer to purchase through bitinstant via cash at a local vendor/booth.
But would it matter if you purchase bitcoins with a bank account bc the transaction of purchasing produces online wont be traceable?
It's very easy to "wipe" bitcoins, so that it is impossible to tell where they originated from. Ultimately this will be up to the source, when (and if) they decided to cashout.
Awesome, thanks foe the 411. Makes bitcoin even easier with direct deposit.
AnonLooks like a good time to buy. BTC are on a dip today. It's like an angry stock market, looked real good yesterday. took all I had not to cash out
Things got a little crazy today. I'm ready for it to level out....
AnonI feel ya man. Where do you think these will go in the next year?
I'm seeing more and more legit companies accept BTC,
There's no shortage of people who think it will hit $100, and on the flip side of that, there are just as many that will think it will crash. There's some good speculation "chat" going on here: https://bitcointalk.org/index.php?board=57.0
AnonI've been following. I can see it hitting the $100 IF regulations aren't imposed against it. I'm waiting for the days when the US tries to regulate bitcoins and demands accountability on all transactions.
whats an easy way of getting the coins ???
Make an account here they make it pretty easy to pay for coins https://blockchain.info/wallet/
WithdrawlI'm really digging this whole bitcoin thing. Already opened up an account with mtgox.com. I notice the value of bitcoins keeps going up. Is there anything stopping someone from buying bitcoins and then reselling them at a later date at a higher value (provided the value continues to rise)?
CleyonNo, that's what currency trading is. However... I'd be careful. BitCoins are going up right now, but since the only thing they are backed by is 1s and 0s there is not logic to why they would go up or down. The scarcity model that influences the value of other currency is artificially maintained by the BitCoin system, but has been hacked a couple of different times (albeit in localized occurences)
AnonThey're going up because a new block was opened up jan 20th, if the block gets introduced into the community there might be a slight dip, if they hold onto it then it will continue to rise
Many new blocks open every day. The amount of bitcoins in a block is what is impossible to know (prior to being mined), and the difficulty to solve a block, can be determined by the hashrate of the network . Bitcoins will always be produced at a predictable rate (because we know the hashrate).
Something to think about There is a finite number of bitcoins. There are only 21 million bitcoins that can ever be generated, and over half have already been mined. There are many charts on Blockchain.info so you can put together a comparative analysis, of all the factors that determine value. At the core, it's always going to be a supply and demand issue. We've been mining for over a year, and it's become harder and less profitable.
So just so i understand this, after i create my wallet then obtain bitcoins somehow, when i purchase from your site, instead of having to do WU i can just instantly transfer that way?
AnonPrecisely.
Thx! I sent you a friend request, have a few questions if you dont mind
CleyonI like the idea of bitcoins, but there are a couple of issues. First, constitutionally this is an illegal currency since currency can only be minted and authorized by congress. So it's likely that this will be shut down the same way the old "gold only" sites were. Since there are "certificates" available than in essence compete with the federal reserve note.
Secondly, open source money? We use money because we know that it is backed with something of value, whether it be gold, or the federal reserve (US Governement). I'm not saying that people aren't right to be curcumspect about the Fed, but at least we know who they are.
Anyway, still looking into it, and seems interesting, but I'm not completely sold at this point.
Although not backed directly by any "commodity", bitcoins are very hard to get. Bitcoins are mined via the internet, and the competition for mining them grows larger everyday, and thus the amount of energy required to mine a coin is quite significant these days. You're looking at this from US citizen standpoint, but bitcoin is not dependent on the US financial ecosystem or government approval.
CleyonAfter doing a LOT of reading last night I get how it works. Very interesting, I'd definitely use it for purchases (really easy and I don't have to give my first born to WU in order to buy a pack), but I definitely wouldn't use it as an investment tool.
Also this method of transferring money is actually much more protective than the traditional PCI requirements that credit card companies are held to.
AnonThe gold standard went away years ago. Your money is worth what the government says it is. The federal reserve has gold but it's not to back the US currency. Hence the idea of the trillion dollar coin. If it were weighted, a troy ounce of platinum would be worth about $1700 but they can stamp it for whatever they want and call it a currency.
Paper money is only worth what the print on it says.
CleyonThank you Buff, I understand that, but the point is that there is a recognized institution that gives value to that money. I'm not saying that there isn't a cogent standard standing behind the BitCoin currency, I just haven't seen it yet.
Just one of the things I have to get my head around before I jump on the band wagon.
JohnnyBlackBitcoins ELIMINATES pickup men for sources, it is the way of the NOW not the future, im REALLY surprised less than 1% of sources use it. When used correctly (which is easy) bitcoins are washed and untraceable
GearofWarI think an experienced Bitcoin user should write an FAQ thread and maybe it'll get stickied, wink, wink, nudge, nudge(no homo). Lets get the SRC's onboard with bitcoin.
JohnnyBlackI have a wallet, have had it for a LONG time if anyone wants to make a donnation?
GearofWarI wonder how many sources are planning on/currently using bitcoin? Seems better than WU..
AnonNo shit, you beat me to it. did even realize it
NDG that's awesome bro. This is the way of the future right here
Hi everyone i want to urge everyone to make a bitcoin account it will make things so much simpler around here and remove a lot of the complications that exist which in turn will provide everyone with a much better experience.
i highly recommend
www.blockchain.info/wallet/
as it seems very easy to use
panheadedlooks like i've got some studying to do...
hmmmm....this is very interesting.