Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • ilikecookies
    • By ilikecookies 10th Oct 16, 4:43 PM
    • 190Posts
    • 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
    • 4,797 Posts
    • 2,445 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
    • 2,456 Posts
    • 1,421 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
    • 190 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
    • 2,456 Posts
    • 1,421 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
    • 6,796 Posts
    • 4,768 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
    • 246 Posts
    • 110 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
    • 6,796 Posts
    • 4,768 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
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

592Posts Today

3,456Users online

Martin's Twitter