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  • FIRST POST
    • ilikecookies
    • By ilikecookies 10th Oct 16, 4:43 PM
    • 192Posts
    • 105Thanks
    ilikecookies
    Bitcoin - reputable places to buy
    • #1
    • 10th Oct 16, 4:43 PM
    Bitcoin - reputable places to buy 10th Oct 16 at 4:43 PM
    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!
Page 1
    • John Gray
    • By John Gray 10th Oct 16, 5:12 PM
    • 5,100 Posts
    • 2,745 Thanks
    John Gray
    • #2
    • 10th Oct 16, 5:12 PM
    • #2
    • 10th Oct 16, 5:12 PM
    Gotchas? Volatility...
    • Fightsback
    • By Fightsback 10th Oct 16, 5:37 PM
    • 2,475 Posts
    • 1,442 Thanks
    Fightsback
    • #3
    • 10th Oct 16, 5:37 PM
    • #3
    • 10th Oct 16, 5:37 PM
    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.
    Last edited by Fightsback; 10-10-2016 at 5:40 PM.
    Science isn't exact, it's only confidence within limits.
    • ilikecookies
    • By ilikecookies 10th Oct 16, 6:05 PM
    • 192 Posts
    • 105 Thanks
    ilikecookies
    • #4
    • 10th Oct 16, 6:05 PM
    • #4
    • 10th Oct 16, 6:05 PM
    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
    • By Fightsback 10th Oct 16, 7:20 PM
    • 2,475 Posts
    • 1,442 Thanks
    Fightsback
    • #5
    • 10th Oct 16, 7:20 PM
    • #5
    • 10th Oct 16, 7:20 PM
    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!
    Originally posted by ilikecookies
    "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.
    Last edited by Fightsback; 10-10-2016 at 7:25 PM.
    Science isn't exact, it's only confidence within limits.
    • esuhl
    • By esuhl 10th Oct 16, 7:29 PM
    • 7,815 Posts
    • 5,612 Thanks
    esuhl
    • #6
    • 10th Oct 16, 7:29 PM
    • #6
    • 10th Oct 16, 7:29 PM
    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
    Last edited by esuhl; 10-10-2016 at 7:33 PM.
    • stockton
    • By stockton 10th Oct 16, 9:43 PM
    • 334 Posts
    • 154 Thanks
    stockton
    • #7
    • 10th Oct 16, 9:43 PM
    • #7
    • 10th Oct 16, 9:43 PM

    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.
    Originally posted by esuhl
    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
    • By esuhl 11th Oct 16, 10:54 AM
    • 7,815 Posts
    • 5,612 Thanks
    esuhl
    • #8
    • 11th Oct 16, 10:54 AM
    • #8
    • 11th Oct 16, 10:54 AM
    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.
    Originally posted by stockton
    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
    • By Neil49 29th Dec 17, 5:48 PM
    • 1,230 Posts
    • 601 Thanks
    Neil49
    • #9
    • 29th Dec 17, 5:48 PM
    • #9
    • 29th Dec 17, 5:48 PM
    You are not permitted to insert a website link for a very good reason.

    It's called SPAM
    • motorguy
    • By motorguy 29th Dec 17, 6:44 PM
    • 15,976 Posts
    • 9,229 Thanks
    motorguy
    You are not permitted to insert a website link for a very good reason.

    It's called SPAM
    Originally posted by Neil49
    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?
    Last edited by motorguy; 29-12-2017 at 6:46 PM.
    You are not special. You are not a beautiful and unique snowflake.
    • debitcardmayhem
    • By debitcardmayhem 29th Dec 17, 6:50 PM
    • 8,348 Posts
    • 6,296 Thanks
    debitcardmayhem
    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?
    Originally posted by motorguy
    Irrelevant really it has gone, but he did ask for feedback for a resurrected 14 month thread. Go figure
    • motorguy
    • By motorguy 29th Dec 17, 7:02 PM
    • 15,976 Posts
    • 9,229 Thanks
    motorguy
    Irrelevant really it has gone, but he did ask for feedback for a resurrected 14 month thread. Go figure
    Originally posted by debitcardmayhem
    Ah right - apologies - because the post has gone it looked like you were objecting to the one that linked to the Bitcoin Wiki
    You are not special. You are not a beautiful and unique snowflake.
    • debitcardmayhem
    • By debitcardmayhem 29th Dec 17, 7:11 PM
    • 8,348 Posts
    • 6,296 Thanks
    debitcardmayhem
    Ah right - apologies - because the post has gone it looked like you were objecting to the one that linked to the Bitcoin Wiki
    Originally posted by motorguy
    I didn't object, I think it was neil49 But I did mark it as spam
    • motorguy
    • By motorguy 29th Dec 17, 8:29 PM
    • 15,976 Posts
    • 9,229 Thanks
    motorguy
    I didn't object, I think it was neil49 But I did mark it as spam
    Originally posted by debitcardmayhem
    Not having a good day am I.....
    You are not special. You are not a beautiful and unique snowflake.
    • Neil49
    • By Neil49 30th Dec 17, 5:41 PM
    • 1,230 Posts
    • 601 Thanks
    Neil49
    Ah right - apologies - because the post has gone it looked like you were objecting to the one that linked to the Bitcoin Wiki
    Originally posted by motorguy
    No problem.

    Yes, the post that I was referring to has been removed.

    The problem is, if I had quoted the post in question then the moderator would have to remove both the original post and also mine. I got a telling off for doing that in the past but I don't know what the best approach is.
    • treboeth
    • By treboeth 30th Dec 17, 6:39 PM
    • 948 Posts
    • 1,054 Thanks
    treboeth
    No problem.

    Yes, the post that I was referring to has been removed.

    The problem is, if I had quoted the post in question then the moderator would have to remove both the original post and also mine. I got a telling off for doing that in the past but I don't know what the best approach is.
    Originally posted by Neil49
    You can either quote the post with the links edited out, or just the username as long as it doesn`t contain a company name.
    • AndyPix
    • By AndyPix 2nd Jan 18, 9:39 AM
    • 3,148 Posts
    • 2,259 Thanks
    AndyPix
    Originally posted by Neil49

    I just usually do this
    Running with scissors since 1978
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