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Bitcoin Gurus What are Your Recommendations for Getting Started?

So to the Bitcoin experts out there. What sites do you recommend for study and to understand bitcoin, where to get your wallet and why you think that site is better then others, what exchanges to use. How to protect your wallet from being stolen, are mobile phones transactions more vulnerable and son on.

And anything else you think someone getting started should know research and or understand etc. Thanks



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Instead of downloading the client

I recommend just going to blockchain.info and getting yourself a wallet to start. When you have time download the client from bitcoin.org and download the blockchain.

Info

Purchase Bitcoin at www.localbitcoins.com
Use the block chain wallet I have found this very good
I use mt gox for charts and pricing
Attend local meet ups to learn more

What payment methods

are you using? I'm a little concerned about meeting some dude at Starbucks for my first transaction, as I wouldn't feel 100% secure that I did it right..and of course he might just knife me :) However I also have an obvious concern about attaching my credit card to a bitcoin purchase, as the bitcoins I purchased in that manner will be traceable to my credit card (If the Feds ever forced the exchange to divulge) always and forever as I understand it. Thoughts?

A fellow DPer explains Public Key Encryption:

Enjoy!

http://www.dailypaul.com/279171/why-bitcoin-cannot-be-contro...

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Try

Cliff (webbots) says:

"***Yes, if the planetary electrical grid goes down, Bitcoins go away. However, until, and if, that occurs, this unregulated currency is going to kick ass on all of Mr. Global's fiat-backed-by-crime-currencies. So for my money, as the expression goes, give me Bitcoin. As a matter of walk-the-walk...when, and if universe allows for it, we offer the April IDIR series, we will be presenting it with a huge (say 90%) discount for Bitcoin payments.....and i do mean IF universe allows....we will offer the series for 10 per cent, in dollar terms, that is 'three dollars equivalent in BitCoins', at whatever is the daily exchange rate when the purchase is completed."

http://www.halfpasthuman.com/notesmar.html

uhm

Buy low, sell high?!?!? When an asset is in a parabolic ascent and at its all time high, it is the worst time since the trading began on that asset to buy.

You bring up a good point.

You bring up a good point. Some are looking at this from a trading for profit perspective as you are. Others of us are looking at this from a creating a new economy in a free market currency perspective. I am convinced bitcoin will continue to go up in terms of the amount f FRN's needed to trade for them precisely because it is a free market currency that cannot be manipulated by the banksters.

However on a more practical note the more we start transacting with them instead of FRN's the sooner we will not need FRN's

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how about we just stay away from frns

check out www.coinabul.com

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

coinabul

i have an order into coinabul right now. i tried to call them today but only got voice mails. i also sent them an email about my order and i'm waiting for a response. i will update later as to their customer service response time.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

It probably will go up.

But why not buy silver today, cheap, and hold that until it has a nice run, than when Bitcoin takes a dip, buy?

Just sayin'.

Agree buy silver and buy BC

Agree buy silver and buy BC on the dips however BC has a lot of catching up to do with the century long depreciation of FRN's so who knows when there will be a dip since it cannot be manipulated like the gold and silver exchanges as it is actually a free market. Better yet start selling things and ask for Gold Silver and BC instead of FRN's. ;)

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With Pleasure...

Please feel free to ask ANY questions!!!!

Here is a good rundown to start comprehending and using Bit Coins.

The Following 2 are great introductions:

This is a great forum:

www.bitcoinmoney.com/

This is a great pod cast:

www.omegataupodcast.net/2011/03/59-bitcoin-a-digital-decentr...

Services:

www.bitspend.net

www.bitpay.com

www.bitinstant.com

www.localbitcoins.com

Some sites:

www.bitcoinmagazine.com

www.weusecoins.com

www.coinbase.com

www.bitcoincharts.com

www.mtgox.com

www.elbitcoin.org

The software options:

www.multibit.org

www.bitcoinarmory.com

www.bitcoin.org (known as QT - it is the original software)

www.electrum.org

www.blockchain.info

www.strongcoin.com

www.coinbase.com

I would recommend you choose any of these to get started aside from Qt and bit coin armory. This is because they are the hardest work with as a newbie to use. Armory builds on top of Qt. if you're really computer savvy I say go for it otherwise use any of the others. Read what each service has to offer and choose your favorite.

About the comment about the bubble... There is no way of actually predicting something like that. A person would have to be aware of every single factor and variable that continually changes within the market. My personal advice is to hoard them and buy that I mean to prudently buy whenever you can.

The best investment you can make is to educate yourself on how public key encryption works and how bitcoins works. Remember that silver right now is at an amazing price.

Peace!

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

for cashing out

i would recommend fastcash4bitcoins. they charge about 3% (btc buying price) and an additional 1% for paypal. i think bank transfers are free but you still pay the 3% when they buy your btc. they also have silver and gold from time to time. i sent an email question about the silver Friday but have not got a response. i will try again tomorrow.
https://fastcash4bitcoins.com

i'm not a fan of bitinstant because if you cash out to paypal they will hit you with hidden charges that ends up being about 10% of your total. it's a much more complicated process than fc4btc and a ripoff. plus they don't return emails.

i'm trying coinabul too as mentioned before.

Official Daily Paul BTC address: 16oZXSGAcDrSbZeBnSu84w5UWwbLtZsBms
Rand Paul 2016

Further recomendations:

For all of us that like gold and silver checkout www.coinabul.com

For bitcoin exchage companies outside the US here is a Slovavian example:
www.bitstamp.net

For an e-bay like company check out: www.bitmit.net

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

Motion to make Rafael11

the Daily Paul Bitcoin SME.

All those in favor...ah hell, I'm the President and what I say, goes.

Rafael, you are BitCoin Massa'.

Now go grow some hemp so we can network.

If you don't know your rights, you don't have any.

Themisescircle.org

Tomorrow we will have three renound Austrian economist on the panel regarding bitcoin. Join us via google hangout. Mondays at 6:30 c s t.

"We’ve moved beyond the Mises textbook. We’re running in the open market." - Erik Voorhees

I think

I just will. I'm dustin' off my unused tower right now, ready to plug in. I just don't want to dive in head first ;)

If you don't know your rights, you don't have any.

Thanks for this valuable post

Thanks for this valuable post that is what I am looking for. A lot of people are contemplating bitcoins but are skeptical. However once they make the decision to get involved now they have a whole plethora of ways to do it so it helps if those who are experienced can give recommendations.

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End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Well, it's easier to predict

Well, it's easier to predict if the market is still relatively new. But even with a new market, you might overlook a factor, that's certainly true.

Even so, it's better to put some effort in trying to look up all the relevant factors, instead of just assuming that it cannot be predicted. Atleast that way, you will be more paranoid. If you are more paranoid, you are less likely to sacrifice all your savings at the altar of greed.

Before you start out, you

Before you start out, you need to realize one thing: BC is currently experiencing a bubble.

However, that the current trend in BC is a bubble does not invalidate BC. IMO, the fundamentals of BC are strong enough to withstand a bubble, though it might take awhile for it to regain its former value. Gold and silver are currently in a bubble as well, though not as large as the bubble in BC. Those bubbles are safer as well, because you have less volatility.

Bubbles start out when you have periods with lots of fear/terror/excitement and when these emotions lead you to buy an asset. Whenever you have these conditions, you will get a bubble. There are no exceptions to this, despite what some may have you believe. These extreme emotions will always result in overvaluation and the price will crash after certain conditions are met.

Right now, the bubble started due to a combination of major sites accepting BC and the news in Cyprus. Cyprus is probably the largest factor here. If you step into BC at this moment, you can make some major money, but you need to know the EXACT moment to step out. If you step out too late, I reccommend holding onto the BC, until it appreciates back to its former level. It might however take 1-2 years for that to happen, but there's a good chance that this will happen. It is in BC's nature to appreciate, because it has the same concept of scarcity as gold does.

As for what you need to watch out for when determining to step out, you need to consider two factors:

- Is the crisis in Cyprus close to ending? If so, immediately step out.
- Is BC reaching the 100 dollar mark? If so, step out at 95 dollars.

Because BC is a new currency, there are relatively few players. This makes it more volatile, but IMO it also makes the market more predictable. Because there are few players, the growth of BC tends to closely follow the trendline. But the relatively few players also make psychological numbers (round numbers like 80, 90, 100) more relevant. There are ALOT of people that think that BC will crash at 100 dollars. It's best to step out at 95 dollars just to make sure, because there will most likely be an exodus at this point of people that are risk averse and want to cash out what they earned.

If you notice that BC easily goes past 100 dollars, the bubble will then probably pop after the crises in Cyprus ended. That's of course assuming that there are no further problems in Europe or elsewhere. In that case, BC might even reach the 200 dollar mark. In that case, I would step in at 105 or 110 dollars. But this is risky territory, so I would constantly try to cash out and reinvest smaller amounts.

Read these articles regarding the above:

http://bitcoinmagazine.com/13-to-26-exploring-the-bitcoin-ra...
http://bitcoinmagazine.com/bitcoin-price-breaks-all-time-high/

After you read that, start out here for an introduction with BC:

http://www.weusecoins.com/

Install a desktop client for best security (reccommend the original client). For flexibility you can use online wallets as well.

Blockchain.info has very good security
Coinbase is the second best, though they are having transaction problems at the moment.
Instawallet is good for small amounts of BC

There are phone apps as well, but I have little experience with them. But it should be obvious that like instawallet, only small amounts are supposed to be put on phones.

For exchanges, you might think of using one outside of the US. There has recently been some new regulation that may affect US based exchanges in raising their transaction fees.

Personally, I use Bitstamp.net, a Slovenian based company.

Good advice however i'd like

Good advice however i'd like to point out that its not bitcoin or gold and silver that are in bubbles it is the dollar and they are reflecting the debasing of the dollar hence the rise in exchange rate for dollars. In fact bitcoin at some point may be the true reflector of how debased the dollar really is as it cannot be manipulated like the paper gold and silver trading...

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

There's no doubt in my mind

There's no doubt in my mind that atleast BC is in a bubble. Its current value at the moment is not the real value and thus cannot be used as a base to compare other currencies with. Though, it will eventually return to its fundamentals and then you can use it as a base at that moment.

The dollar is the ultimate bubble, that I agree on.

How can that be when you are

How can that be when you are only comparing it for what it trades for in FRN's? Bitcoins real value is what it can buy in goods and services at any given time. The fed just pumped 100 billion FRN's into the economy if anything bitcoin is under valued in FRN's!

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Keep in mind that BC has only

Keep in mind that BC has only been rallying upwards for the last few months or so. And the main cause for that is the positive BC news and the crises in Cyprus. I'm sure that the depreciation of the dollar is a factor as well, but even if we take shadowstats inflation numbers, we still only get a max of 10% inflation. The money the FED printed has not completely been absorbed by the economy, which is the only reason I can think of that inflation is only at 10% with the amount of money they printed.

Needless to say, the growth of the value in BC has been much higher than 10%. Depreciation of the dollar cannot explain this massive increase in value. The increase is simply too big.

This is simply a classic case of a bubble. But don't think this is a knock on BC. IMO, it's because of the very strong fundamentals and the fact that it's a new currency that BC is so bubble prone. New currencies can gain in value much quicker than older currencies. With such massive increases, it's only logical that it would attract speculators, increasing the chances of assets being bought with the profit motive (=higher chances of bubbles).

As the currency matures, this will become less of an issue.

The 100 billion is just the

The 100 billion is just the latest injection. Bitcoin has barely begun to catch up to the depreciation over the last century. Sure its new popularity triggered it because now people know about it. However It will continue to rise exactly due to the debasement of the FRN for a century and still picking up speed. It might have a down tick here and there but its trend will be up till it catches gold and surpasses it. You are forgetting it has no manipulation like gold and silver the banksters do not control the market with bitcoins its an actual free market. Look for it to sky rocket soon as it displays the true debasement of the FRN!

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

You are operating under the

You are operating under the assumption that BC already has a large amount of value in the market. That's not how it works. There can be no "catching up" simply because a new currency cannot enter a market where its value is already high. By saying BC is catching up, you are implying that the marketprice UNDERVALUES BC and that its real worth is higher in reality.

A new currency gets to be valuable by starting from the BOTTOM. It then has to appreciate to attain value. It cannot suddenly have a high amount of worth coming out of the gate. That only happens with fiat currencies. Marketbased currencies have to WORK to attain value.

That BC went up in worth in so little amount of time can only be described as unnatural. It's clearly not a sustainable growth, though it must be said that the current crises may be enough fuel to keep the growth going for YEARS.

Also, one must not assume that bubbles are always negative. As long as currencies can easily recover from bubbles, a bubble might actually be good for a new currency, since it increases the adoption rate of the currency within the economy. If the crises is long enough, it might even be that a large amount of the bubble is replaced with something close to 100% adoption rate, thereby minimizing the impact of the bubble bursting.

Anyways, I would reccommend that you look up the theory on how bubbles form. While centralized power can easily form bubbles, that doesn't mean that there can be no bubbles in marketbased economies. They are only less likely to happen. That is all.

Bubbles are formed by

Bubbles are formed by inflation bitcoin is not inflated. It has nowhere to go but up in terms of FRN's just like gold and silver except they have control of those markets too via paper trading.. Your problem is you can't stop thinking in terms of FRN's and pegging everything to them that is a controlled manipulated market bitcoin is not. Trust me bitcoin will continue to go up. Talk to me in a few months and then we will revisit this conversation.

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!

Just as a sidenote in case

Just as a sidenote in case this conversation comes up again, you are still viewing this in terms of markets versus centralization or fiat vs marketbased currencies. That's the wrong way to look at the problem. When looking at an economic problem, you must always consider it from its SMALLEST component. And that would be HUMANS. All economic activity is given birth through the actions of humans. So even bubbles are a function of HUMAN activity.

Whenever a bubble is formed, the real worth of the asset is LOWER than its price. That is because of overvaluation by the buyer. Overvaluation is a mistake of HUMAN judgement. Human judgement is impaired when EMOTIONALLY stimulated. It makes no difference if the asset is fiat or a marketbased currency. One can as easily buy a FRN in an emotionally heightened state as a marketbased currency.

The problem is that you only apply what you learned in bits and pieces without questioning what you have learned. There is no information in the world that cannot be questioned. Not even knowledge given by Austrian economists.

Every economic problem in existence is essentially a human problem. NEVER reason top down, unless you reason from the human perspective first, which is bottom up.

No I am not I am looking at

No I am not I am looking at it as a stand alone currency. You are the one making a comparison with FRN's not me. Value is not determined by the amount of pieces of paper it takes to exchange for it. It is determined by the amount of goods and services it can purchase There is no bubble demand does not cause a bubble. If there was no other currency then bitcoin tell me what would it be worth right now hmmm?

You can't you are assigning value in terms of FRN's and calling it a bubble. That is incorrect. A bubble is caused by debasing currency by arbitrarily adding money into the supply instead of letting the market determine the amount of currency needed.

In terms of FRN's bitcoins will continue to increase in the amount of FRN's it takes to trade for them that is not a bubble in bitcoins that is a bubble in FRN's. The fact that demand is causing that increase is directly related to the debasement of FRN's period.

Again remove all other currencies and tell me what the value of a bitcoin is?

-----
End The Fat
70 pounds lost and counting! Get in shape for the revolution!

Get Prepared!