ATTENTION: You are viewing a page formatted for mobile devices; to view the full web page, click HERE.

Main Area and Open Discussion > Living Room

Does anyone here use Bitcoins?

<< < (15/200) > >>

so... for the uninitiated, how do you get started?

Do you really care if it is a pump & dump if you can make a buck?
-Renegade (March 25, 2013, 10:52 AM)
--- End quote ---

Oddly enough, yes I do. And I've paid dearly for holding that position over the years, so I don't offer it to anyone by way of advice.

I don't need to be proud about it, but I can certainly put food on the table and smile.
-Renegade (March 25, 2013, 10:52 AM)
--- End quote ---

Makes two of us! ;D  :Thmbsup: And to your point, we all make it as best we can (nor not) within the bounds of our own "convictions' (as in imaginings, self-delusional thinking, personal hangups or whatever) so regardless of how it's done, there's seldom cause for pride. We do what we do for our own reasons.

:tellme: :P ;D

so... for the uninitiated, how do you get started?
-wraith808 (March 25, 2013, 01:25 PM)
--- End quote ---

Yeah really! :Thmbsup:

I'd dearly appreciate having somebody I respect and trust (who is actually doing bitcoins) give a little informal presentation on the mechanics of getting into it. I did some quick scanning and it seems to be a bit confusing. Ren-man, any chance of you doing us up a 5-15 on it?

To get started, there are a couple things to understand first.


This makes bitcoin (BTC is the symbol) very much like physical currency. Once you give it to someone, you've given it to them. Done. Once the pot is swept off the poker table, it's gone to whoever sweeps it up.

This has a strong implication in that you CANNOT buy BTC with a credit card because you can reverse a credit card transaction.

So... to get started you need to get an account at a bitcoin exchange. Once you have that done, follow their instructions on how to send money, e.g. a wire transfer.

When you have completed the wire transfer, you simply buy BTC like you would with any forex account or stock/trading account.

I wouldn't worry too much about the price that you get BTC at though. It's going up and there will be corrections. This can be very stressful if you sit there at watch the market all day long. Don't do that unless you can handle it. e.g. You might buy BTC at USD $72, see it rise to $75 as you jump for joy, then drop to $68 as you head to the bathroom to vomit, and then rise again only to see the process repeated.

You cannot predict the future, so don't pretend that you can and stress yourself out. The "if only I had..." will kill you.

I know this from personal experience trading and literally getting nauseous and dizzy.

I'll continue in a bit... have to jet for now.

A couple of links on the subject:


[0] Message Index

[#] Next page

[*] Previous page

Go to full version