Topic: New to Bitcoins. (Read 485 times)

Study up and don't invest money you can't afford to lose.  I think while some are just trying to make a quick buck, most of us believe in the idea behind Bitcoin and so we feel we're in it for the long ride. 

And if you are brave and want to trade, just remember to buy high and sell low!  (har har)

Thanks for the posts guys, feeling pretty confident now. Now I just have to find a good way to get my hands on some. =] Kind of sucks being from the UK but I do have Bank Transfer etc but I will see how it goes. MT Gox is still 100 percent new to me so not sure about trading and selling and cashing out on there.

Not so sure... The value has dropped quite a bit. I would suggest letting it go a little lower, then jumping in and hoping for it to rise. If it doesn't... Well, ride it to the bottom or sell at a loss.

Thanks for the post mjc, it's a clear explanation.

Nice post mjc.  That covers the basics indeed.

I'd only add: 
1)  Bank transfers generally are the cheapest way to get money in (lowest fees) and I've had good experience with funding OKPay first (I do it via SEPA), and then transferring from there into various exchanges.  I personally use all the major exchanges and play them against each other a bit to grow my holdings.  I did do the Bit-Instant thing via a Money-Gram once and well..  If you have no other way then okay....  But it was a bit slow and inconvenient for me, and fee wise, it wasn't the cheapest.  The cheapest is sometimes Local face to face purchases, but then you should search this forum for good tips on being safe during face to face cash BTC trades.  Dudes have been ripped off in the past though usually i think most people are honest.

2) Joshster asked about making sure his hard drive doesn't fail and I didn't see anything in your post on backing up, so.... 
Joshster, your hard drive will one day fail, they all do. 
a) First and foremost, password protect your wallet!!  This is a must - otherwise anyone can spend your bitcoins if they copy your wallet.  And don't use a password you've ever used online, that's unsanitary.
b) Back your wallet up.  There are 2 basic ways:  i) In your wallet software you will find "back up wallet".  This saves a data file to any place of your choosing - thumb drive, whatever.  But electronics can get fried, lost and stolen so... ii) even better is to use software like Armory (my favorite) and make a paper backup.  Print this out and keep it somewhere safe (or photocopy and keep in 2 safe places).  If all your electronics are killed or lost, then in that worst case, you can hand type in the codes on the paper into a freshly installed wallet on a new PC, and you're funds will again be spendable.  This is also a great way to include your bitcoins in a Last Will and Testament for example if you want your loved ones to get them in the event of your untimely demise.

Remember, your bitcoins will be safe in the cloud forever - the question is if you can keep the private wallet keys in the right hands.

Last tip:  For the ultimate in functionality and safety, read the tips on the armory page for how to make an Offline computer to keep your wallet useable, but not connected to any external networks.  Great stuff, link here:  https://bitcoinarmory.com/using-offline-wallets-in-armory/  I have set this up and while it took a little practice, it does work really well.  Remember, the only safe PC is one where you have removed the WiFi card from your laptop and poured epoxy into the LAN socket.   

So pick the level of paranoia you are comfortable with, and have fun!

Welcome, there are a number of different ways.  I recently wrote a blog entry about this, call "So you want a Bitcoin"
http://bitcoinsbs.wordpress.com/2013/04/11/so-you-want-a-bitcoin/

I hope it helps.

My book much more of the Bitcoin Eco System.  While there is a lot of good information out there, the book will walk you through what you need to know in an ordered and step by step manner.

I believe you have to take the responsibility of recording your transactions with as much detail as poss, such as times - dates - signatures - amounts - vendor - vendee. research reputations and perhaps do test transactions. id suggest setting up a separate bank account too, that way you can clearly monitor activity --- to be honest im all talk here: never done it myself

Hey,

So I am pretty much 99.9 percent new to Bitcoins, I know a small amount about them but still confused. Just looking to buy around 5 at the moment and keep them in my wallet but want to make sure I do this securely. How do I go about buying my coins, also how do I make sure my Hard Drive doesn't fail and loose all my coins and how do I make a back up.

Thanks. =]