Bitcoin - reputable places to buy

ilikecookies · 10 October 2016 at 4:43PM

Hello,

I'm looking to pick up some bitcoin for the first time.

Can someone recommend a reputable site to buy it? I was thinking bitbargain or coindesk. It's probably unnecessary but I was thinking a UK-based site/exchange.

I'm tech-savy but new to bitcoin so if there are any gotchas please let me know!

Thanks in advance!

John_Gray · 10 October 2016 at 5:12PM

Gotchas? Volatility...

Fightsback · 10 October 2016 at 5:37PM

Any particular reason you want bitcoins ?

If it's as a standard medium of exchange then buy on a needs must basis and don't hold, if you are thinking of a long term investment then as Mr Gray rightly pointed out there is great volatility with security risks.

http://www.nytimes.com/2016/08/04/business/dealbook/bitcoin-bitfinex-hacked.html

Personally I prefer pictures of the Queen as my SME however looking at the current exchange market direction those could be worthless portraits at this rate.

Currency speculation is very risky and you really have to know what you are doing with hedging, investments may go down (and completely vanish) as well as up.

ilikecookies · 10 October 2016 at 6:05PM

Thanks for the replies so far. Was aware of the volatility but didn't think it was that darn volatile!

Not actually looking to hold it at this point though tempting to grab some if/when it next crashes!

Grateful for any suggestions/experiences on why/how to buy.

Thanks!

Fightsback · 10 October 2016 at 7:20PM

ilikecookies wrote: »

Thanks for the replies so far. Was aware of the volatility but didn't think it was that darn volatile!

Not actually looking to hold it at this point though tempting to grab some if/when it next crashes!

"I feel entitled to point out that we here regard our function as the encouragement of constructive investment and not the financing of mere gambling transactions."

Louis D'Ascoyne Mazzini, Kind Hearts and Coronets.

You are much better off looking at asset backed investments, picking the bottom of the market requires a great deal of knowledge, skill and luck. Just because you've had 5 blacks in a row at roulette, the probability of black again is still 18/37.

esuhl · 10 October 2016 at 7:29PM

You need to store bitcoins in a wallet. There are online companies that will do that for you, but if they get hacked or the owners do a runner you lose everything. (Which has happened many times before.)

So (last time I looked), most sources recommend that you store the wallet on your own PC rather than with a third party. Again, if you lose your wallet you've lost all your Bitcoins, so ideally you'd keep the wallet on a device that isn't connected to the internet, and with multiple backups.

Unless you're buying drugs on the dark web or are trying to circumvent some kind of limit on the amount of money you can move between countries (I hear Bitcoin is popular with the Chinese for that reason), I can't really see the point. Bitcoin is a great idea in theory, but in practice it all looks a bit dodgy to me.

Good luck if you do buy some! But make sure you know who you're dealing with, and have read up on all the scams, and how to keep your Bitcoins safe.

You've probably seen this already, but here are "Some things you need to know":
https://bitcoin.org/en/you-need-to-know

stockton_2 · 10 October 2016 at 9:43PM

esuhl wrote: »

So (last time I looked), most sources recommend that you store the wallet on your own PC rather than with a third party. Again, if you lose your wallet you've lost all your Bitcoins, so ideally you'd keep the wallet on a device that isn't connected to the internet, and with multiple backups.

Is it possible to have backups? I read somewhere that the wallet had to be on the "original device". There was a story on-line about a guy who had his bitcoin wallet on an old mobile phone which was given to a charity shop. He had forgotten it contained his bitcoin wallet and he lost the lot.

esuhl · 11 October 2016 at 10:54AM

stockton wrote: »

Is it possible to have backups? I read somewhere that the wallet had to be on the "original device". There was a story on-line about a guy who had his bitcoin wallet on an old mobile phone which was given to a charity shop. He had forgotten it contained his bitcoin wallet and he lost the lot.

Yes -- as far as I'm aware. I think the wallet is effectively just an ID code. You can print it out if necessary.

https://en.bitcoin.it/wiki/Securing_your_wallet

Neil49 · 29 December 2017 at 6:48PM

You are not permitted to insert a website link for a very good reason.

It's called SPAM

motorguy · 29 December 2017 at 7:44PM

Neil49 wrote: »

You are not permitted to insert a website link for a very good reason.

It's called SPAM

Its only SPAM if the person posting it has a link to or is affiliated with the website.

Have you evidence thats the case here?

debitcardmayhem · 29 December 2017 at 7:50PM

motorguy wrote: »

Its only SPAM if the person posting it has a link to or is affiliated with the website.

Have you evidence thats the case here?

Irrelevant really it has gone, but he did ask for feedback for a resurrected 14 month thread. Go figure

Bitcoin - reputable places to buy

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