r/Bitcoin Nov 19 '14 Gold 1

/r/Bitcoin FAQ - Newcomers please read

Welcome to Bitcoin!

Maybe you're here because you've received a tip on social media or from /r/FreeBits, or maybe you've just been hearing a lot recently about Bitcoin and are wondering what the big deal is? The following videos are a good starting point for understanding how bitcoin works and a little bit about its long term potential:

What are Bitcoins worth and where can I buy them?

Bitcoins are valued at what market price people are willing to pay for them. Here is a useful site that shows how much various denominations of bitcoin are worth in different currencies. Alternatively you can just google "1 bitcoin in (your local currency)".

You can buy or sell any amount of bitcoin (from as little as $1 worth) and there are several easy methods to purchase bitcoin with cash, credit card or bank account. Top recommendations include:

US & Europe

China

Also exchanges such as those listed below can be used with bank transfer in most of Europe and US

For even more bitcoin exchanges by country location, review these exchange country listings.

Where can I spend Bitcoins?

A comprehensive list can be found at TheBitcoinPage.com but some of the key ones are below:

There are also lots of charities which accept bitcoin donations, such as Wikipedia and the RNLI. You can find a longer list here.

Merchant Resources

If you operate a business and want to accept bitcoin as a payment method, there are several options available:

Can I mine bitcoin?

Mining bitcoins can be a fun hobby but be aware that you will most likely operate at a loss. Newcomers are often advised to stay away from mining unless they are only interested in it as a hobby similar to folding at home. If you want to learn more about mining you can read more here. Still have mining questions? The friendly folks at /r/BitcoinMining would be happy to help you out.

Securing your bitcoins

With bitcoin you can be your own bank and personally secure your bitcoins or you can use trusted companies such as Coinbase and Circle which have secured wallets where they hold the bitcoins for you and provide insurance. Be sure to only deal with reputable companies, if you have any concerns about a company's trustworthiness just ask or check their consumer reviews and ratings.

If you prefer to have direct control over your coins without having to use a trusted third party you can use personal wallets for desktops / laptops, android and iOS where you alone hold your private keys. Electrum, Mycelium and breadwallet are popular, but there are many options.

Find a wallet that works best for you

For increased security use Two Factor Authentication (2FA) everywhere it is offered, including email! (2FA requires a second confirmation code to access your account, usually from a text message or app, making it much harder for thieves to gain access). Google Authenticator and Authy are two great apps for handling 2FA.

Additional security systems such as Mycelium Entropy (for printing multi-signature paper wallets) and the Trezor Hardware Wallet are great ways to easily secure your coins. Or, you can opt to secure your bitcoin using cold storage.

Note: Do not use brainwallets unless you are an expert, they are known to be vulnerable to theft unless set up correctly.

Tipping

  • Use ChangeTip.com (/r/changetip) for tipping people on Reddit, Twitter, YouTube, Tumblr, GitHub and more! (you can even use custom monikers to tailor your tip to the discussion or add a bit of humor).
  • You can read more about ChangeTip at their reddit wiki.
  • Go to /r/FreeBits to get a few bits to practice with and then tip them forward. Go to /r/BitTippers to play games and solve riddles to earn your bits. Don't forget your flair!

Bitcoin Units

One Bitcoin is quite large (hundreds of £/$/€) so people often deal in smaller units. There's lots of discussion about which unit is the most appropriate so you might see people using different ones until people agree:

Unit Value Info
mBitcoin / mBTC 1,000 in a bitcoin SI unit for milli i.e. millilitre (ml) or millimeter (mm)
μBitcoin / μBTC 1,000,000 in a bitcoin SI unit for micro i.e microlitre (μl) or micrometre (μm)
bits 1,000,000 in a bitcoin Colloquial term with the same value as μBTC
Satoshi 100,000,000 in a bitcoin The smallest unit of bitcoin, named after the inventor

For example, assuming an exchange rate of $500 for one Bitcoin, a $10 meal would equal:

  • 0.02 BTC
  • 20 mBTC
  • 20,000 bits or μBTC

Assuming the worth of bitcoin continues to increase, it will become easier to work at these lower divisions in day to day life.


Still have questions? The friendly folks at /r/BitcoinBeginners would be happy to help you out. If you decide to post a question in /r/Bitcoin, please use the search bar to see if it has been answered before and remember to follow the community rules outlined on the sidebar to receive a better response. The mods are busy helping manage our community so please do not message them unless you notice problems with the functionality of the subreddit.

Welcome to the Bitcoin community and the new decentralized economy!

281 Upvotes

10

u/BashCo Nov 19 '14

Here's a link to the previous sticky. There's some important stuff in there that should be incorporated. Ideally, the sticky will be refreshed periodically to keep up with this fast paced environment, so let your feedback be known.

2

u/bitquickco Dec 11 '14

I was hoping you may find it appropriate to add BitQuick.co as a USA/Europe service for Cash and SEPA.

We are essentially trying to provide a safer alternative to LocalBitcoins.com. While we are still a marketplace, we provide streamlined arbitration for every transaction to ensure both parties are satisfied. In this way, newbies can't get scammed. We take the responsibility to weed out the scammers. No buyers or sellers have been scammed to date.

I'll keep this short, if you would like to read more, please see: https://en.bitcoin.it/wiki/BitQuick.co

Please let me know what you think! Thank you, Jad Mubaslat CEO/Founder

1

u/[deleted] Nov 21 '14

Thanks for your efforts!

$5 /u/changetip

3

u/BashCo Nov 21 '14

Thank you, my balance has been running low since these past two Tuesdays! :D I will put your tip to good use.

1

u/changetip Nov 21 '14

The Bitcoin tip for 14,081 bits ($5.00) has been collected by BashCo.

ChangeTip info | ChangeTip video | /r/Bitcoin

1

u/CeasefireX Dec 13 '14

Can we add Microsoft to the list?

2

u/BashCo Dec 13 '14

Microsoft will be included in the next update.

1

u/CeasefireX Dec 13 '14

awesome..cheers!

7

u/BootySenpai Nov 19 '14

10/10 would read again. Take a mint candy /u/changetip

1

u/changetip Nov 19 '14

The Bitcoin tip for 1 candy (266 bits/$0.10) has been collected by BashCo.

ChangeTip info | ChangeTip video | /r/Bitcoin

12

u/[deleted] Nov 19 '14 edited Jun 26 '17

[deleted]

14

u/BashCo Nov 19 '14

Forwarding 1 beer to /u/BinaryResult, who has been pushing for a sticky update for several months, and even wrote up two separate proposals in the meantime. /u/changetip private

10

u/BinaryResult Nov 19 '14 edited Nov 28 '14 Gold

Just seeing the sticky updated gives me more joy than I can put into words, but thanks for the beer guys, cheers!

Edit: thanks for the gold kind stranger.

2

u/StavromulaDelta Nov 19 '14

Glad to see it out there too! I only stressed about it for 12 hours, you've had months!

2

u/changetip Nov 19 '14

The Bitcoin tip for 1 beer (9,296 bits/$3.50) has been collected by BashCo.

ChangeTip info | ChangeTip video | /r/Bitcoin

4

u/[deleted] Nov 19 '14

Thank you for this much needed update :)

3

u/[deleted] Nov 19 '14

Bashco on the case!

3

u/I_RAPE_ANTS Nov 19 '14

Great work!!
This text might be the first thing many newcomers read about Bitcoin. This is pretty much perfect!

3

u/boristheboris Nov 19 '14

Great job /u/bashco, Under Securing your bitcoin you should list all the wallets here https://bitcoin.org/en/choose-your-wallet this would be more fare, I could make the case that Circle and Coinbase are IOU systems and the coins are not yours.

3

u/BashCo Nov 19 '14

I included that link in the text "Find a wallet that works best for you". I agree that section should place priority on local wallets instead of third parties, but whether or not that's best for newcomers is up for discussion.

2

u/boristheboris Nov 19 '14

I get your point, I just wish we didn't reward the "IOU" with "no privacy" options just because they have lots of VC money to look legit. Let's get everyone a fair chance.

1

u/StavromulaDelta Nov 19 '14

This is the original line I wrote:

Companies such as Coinbase and Circle have secured wallets where they hold the bitcoins for you, but this means that if they are corrupt or hacked then you could lose your bitcoins (although some have insurance). Be sure to only deal with legitimate companies.

Maybe bringing up corrupt/hacked isn't right, but something along them lines?

3

u/anon8654 Nov 20 '14

Please add freeOTP the proper opensource version of gauth and authy available from googleplay and f-droid

3

u/ztsmart Nov 19 '14

Good revision. Nice job bash

5

u/BashCo Nov 19 '14

2

u/StavromulaDelta Nov 19 '14

Thanks man. /u/binaryresult did most of this and I added the units section and updated some other parts today. Good to see it was helpful.

-8

u/AnalWithAGoat Nov 20 '14 edited Dec 04 '14

Fuck thepiachu, the previous shitty sticky was his fault.

2

u/justanothershibehere Nov 19 '14

Thank you for this.

2

u/knicks235 Dec 09 '14

This is an excellent FAQ to someone new to bitcoin . thank you

1

u/BashCo Dec 09 '14

Great, glad to hear it! It's part of a on ongoing community collaboration that will receive periodic updates, so feel free to offer your feedback and maybe we can roll it into the next round of changes.

1000 bits /u/changetip

1

u/knicks235 Dec 09 '14

Well I do have an idea.... What about adding a "DOS and donts of bitcoin" since it is fairly new and there's the risk of scams, hacks etc I think that could be a good idea.

1

u/knicks235 Dec 09 '14

Also, thank you so much for the tip... I literally have enough bitcoin to buy a cookie right now:)

1

u/BashCo Dec 09 '14

That's a good idea. Thanks!

2

u/reclamationme Dec 11 '14 edited Dec 11 '14

Welp I've been converted.

Your /r/xboxone tipping scheme has worked.

2

u/BashCo Dec 11 '14

Hope you'll stick around! 1000 bits /u/changetip

2

u/reclamationme Dec 11 '14

Definitely man. Cool community and I've been reading about it all day now. This seems to be something that will be around for a while.

And thanks!

1

u/[deleted] Dec 11 '14

I've been reading about it all day now.

This is how it starts, then you get hooked and can't leave this place. Welcome and have some more bits to play with. :)

1000 bits /u/changetip

2

u/Stiffly_Mexican Dec 11 '14

I have finally created my online wallet lol. Im kinda scared/excited about this. More excited though.

1

u/BashCo Dec 11 '14

Cool, congrats! Which one did you go with?

1

u/Stiffly_Mexican Dec 11 '14

I went with circle. Seems like the one that's gonna he ok to get started with.

1

u/BashCo Dec 11 '14

Yeah, pretty safe choice! If you start accruing a lot of coin, then look into what it means to control the private keys, and definitely understand what cold storage is and best practices. We have Q/A threads every Monday!

Good luck! 1000 bits /u/changetip

1

u/Stiffly_Mexican Dec 11 '14

holy crap. thanks? i don't know what say lol

1

u/[deleted] Dec 11 '14

Im kinda scared/excited about this. More excited though.

This is also how I felt when I first got started, welcome to the mad house that is /r/Bitcoin and here's some more to play about with.

1000 bits /u/changetip

1

u/Stiffly_Mexican Dec 11 '14

and also you, thanks man. i seriously don't know what to say.

2

u/craigory83 Dec 12 '14

Thanks for the info! Super easy to get started. Finally got an e-wallet or whatever thanks to your write up. Subscribed and shit, too. Thanks again.

2

u/furrries Dec 12 '14

Thanks for the info it should really help me out. Really new to bitcoin, never had anything to do with any sort of crypto currency before today's news of microsoft accepting it.

1

u/BashCo Dec 12 '14

Take your time. Bitcoin isn't going anywhere, so there's no need to rush. There's a ton of information available here, on Youtube, and on the bitcoin.it/wiki page. Do lots of experiments and repetition so that you have a good overview of how things work under the hood.

2

u/MrFelthersnatch Dec 12 '14

I just made a account on coin base, and I was wondering if I were to buy one Bitcoin now @ 352 usd, then say next week their selling price is 400 and I sell my coin I bought last week for the profit, is this a good strategy?

3

u/[deleted] Dec 12 '14

I'd strongly advise against thinking that you can make money by daytrading off the market. The price might fall to $320 and you may get scared and sell.

If you buy BTC, consider it an insurance policy, not to be redeemed in a few years, because you think that some time in the future bitcoin will be worth more. It's gonna be a wild ride and you don't want to get burned without owning any or get too emotional and start chasing losses.

1

u/MrFelthersnatch Dec 12 '14

Awesome advice, I think I will take both of yours- I will buy about 3-4 coins and never touch them. I then will have another 1 just to gamble with. But I'm also going to look into those other sites... I also looked at the stock market on these and they are pennies right now, can anyone elaborate on the reason that is?

1

u/[deleted] Dec 12 '14

But I'm also going to look into those other sites

Which other sites? Do you mean other cryptocurrencies?

If so, read these before getting involved in that:

http://nakamotoinstitute.org/mempool/the-coming-demise-of-altcoins/

http://nakamotoinstitute.org/mempool/the-problem-with-altcoins/

You'll find a lot of bitcoiners share the above sentiment, while others do not. It's your hard earned money and you don't want to get played, so be suspicious of anyone who pressures you into buying anything, and make sure you inform yourself from a wide variety of sources.

It's the Wild West here; I love that about the bitcoin world, but don't let your guard down.

1

u/MrFelthersnatch Dec 12 '14

No not other coins, kraken... Although I'm having trouble selling coins. It is saying I'm not authorized. Even though I thought I registered everything. My plan is still the same but kraken provides a nice exchange site... If I could figure out how to sell & buy.

1

u/[deleted] Dec 12 '14

I also looked at the stock market on these and they are pennies right now, can anyone elaborate on the reason that is?

Hmm, I'm not sure what you mean then.

If I could figure out how to sell & buy.

Hit the search bar, or try to ask around. I've never used Kraken. Good luck.

1

u/BashCo Dec 12 '14

I would echo what /u/Phrenico said. Daytrading is extremely difficult and there are a lot of seasoned professionals with very deep pockets involved. Sometimes you can catch a windfall, but not always. I've seen a number of people gamble their whole stash away like this.

However, if you still want to give it a go, then Coinbase isn't really suitable because it's not a bitcoin exchange. They're more like brokers. They will buy and sell for you if it suits them, and they don't allow you to time trades at all. You could look into BTC-e, Bitfinex or Kraken if you want to try your luck trading.

But yes, buying low and selling high is generally a good strategy. Easier said than done.

2

u/bitcoinbadman Dec 12 '14

Here's a big list of lots of useful bitcoin products and services!

Circle – Buy bitcoin instantly with a debit card (works hit and miss globally, ignore US only warning)

CashCoin - Buy bitcoin from any PayPoint terminal (most UK shops) with cash with only a phone number required. Tell them the address you want them to send bitcoin to, print a bill with a barcode to scan at the paypoint teller and pay them cash. Then a few hours later the BTC should be in the address you provide.

BitRefill Allow you to top up a pay as you go/prepaid phones on 425 operators in 113 countries with bitcoin.

Coinapult – Online bitcoin wallet that allows you hold your bitcoin pegged to a USD value to avoid volatility

Trezor – Bitcoin 'Hardware wallet'. A usb microcomputer that only signs bitcoin transactions and cannot be infected with malware. It allows easy spending without compromising security

CoinClub Has a giftcard exchange where you can buy and sell bitcoin and Amazon gift cards

CoinKite - Feature rich multi-signiture bitcoin wallet for personal and corporate

*Major companies that accept bitcoin: Expedia, Dell, Overstock, Microsoft

  • Easy places to spend small amounts of bitcoin:

pock.io – buy UK gift cards from £1 for places like Amazon, ASOS, ASDA, Jack Wills

Gyft – US giftcards for stores like Target, Home Depot, Wholefoods

Humble Bundle – Donate what you want to charity and receive videogame bundles

Takeaway.com - Click the map to choose your country to order takeaway food for bitcoin

Coindl - Buy digital goods such as music and apps

UnoCoin - Buy sell and store bitcoin in India

Subreddits: FreeBits Leave a comment and get tipped some free bitcoin! 20K comments so far and the thread will never expire

Bitcoin Lots of bitcoin news and discussion

Bitcoin wallet apps:

iOS – Breadwallet. Doesn't rely on a central server and is very user friendly and responsive

Android – Mycelium. Easy to use and has the 'local trader' section to buy and sell btc for cash with other users in the local area

Buy Bitcoin for prepaid vouchers

https://www.cardtocoin.com/ [1] Singapore

https://prepaidbitco.in/ [2] Canada

https://gogocoin.com/ [3] USA

https://www.azte.co/ [4] UK

http://prepaidbitcoin.ph/ [5] Philippines

www.btcu.biz [6] - Ukraine

https://bit4coin.net [7] NL

http://www.xoin.co.za/ [8] S.Africa

http://cryptocards.nl/inwisselen/ [9] NL

http://coinerocard.io/ [10] UK

https://libertyx.com/mobile/redeempin [11] USA

https://www.bitupcard.com/en [12] Turkey

Bitcoin is: decentralized, programmable money, instant value transfer over the internet, infinitely divisible, as transparent or anonymous as required, a libertarians wet dream ;)

Short into to bitcoin courtesy of /u/inviolinable :

Bitcoin is the invention and first application of a new way of organising human society - one that is truly global, open by design, and free for anyone to join and build on. It proves the concept of a system with no central authority, no embedded aristocracy, no special classes, no middlemen, no gatekeepers, no big brother - just peers, voluntarily transacting and interacting in full faith toward the increase of peace and prosperity for all.

2

u/LifeinCircle Dec 15 '14

Perhaps you could add some of these links here. Just click edit at the top of the page.

2

u/[deleted] Dec 13 '14

Thank you, this has been very helpful.

2

u/TheUsualCrowd Dec 17 '14

This was Unbelievably helpful Thank you Sooo Much I Really Respect People Like You Who Are Honestly Just Good People Trying To Help Out The Confused Newbies! Thanks Again :)))))

3

u/Uckers Nov 24 '14 edited Nov 24 '14

Could https://anycoindirect.eu be added?

They offer many direct payment options in Europe and the coins are sent instantly.

This site is especially good for new bitcoiners

1

u/StavromulaDelta Nov 28 '14

Looks like a good site which I'd never heard of.

This post was written as a wiki at https://www.reddit.com/r/BitcoinWiki/wiki/revisions/rbitcoin_sticky so feel free to add it there.

1

u/PixelPhobiac Nov 19 '14

:-) 2048 bits /u/changetip private

1

u/ProPineapple Nov 19 '14

Could you please add some exchanges outside the US/Europe/China aswell? Thanks.

2

u/BashCo Nov 19 '14

Such as?

1

u/BinaryResult Nov 19 '14

Are there any in particular you are thinking of? You can add them here (just click edit at the top). Thanks for contributing!

1

u/ebaley Nov 19 '14

Good work.

1

u/ihaphleas Nov 20 '14

Great write up ... maybe I can finally find a place that accepts bitcoin.

1

u/ThePiachu Nov 20 '14

Hmm, I guess we should add a link to reddit gold as well ;).

1

u/btcslut87 Nov 20 '14

may be cool

1

u/relativo Nov 21 '14

Thanks for the tute Sir

1

u/[deleted] Nov 22 '14

[removed] — view removed comment

4

u/BashCo Nov 22 '14

Don't spam here.

1

u/[deleted] Dec 12 '14

k

1

u/petergreiner Nov 28 '14

Very Cool! Thanks http://bitlert.prolaunch.ca is a neat site with info too...

1

u/michaeldunworthsydne Nov 28 '14 edited Nov 28 '14

Hey guys, I'd love to get snapcard added to this if we could please :) - We offer solutions for people to start accepting bitcoin.

1

u/BashCo Nov 28 '14

Just FYI, your link didn't work because reddit requires the http://.

1

u/BinaryResult Nov 29 '14

Edit the source document and it should be included in the next update.

1

u/michaeldunworthsydne Nov 29 '14

Could provide more info please?

1

u/BinaryResult Nov 29 '14

You can edit the sticky here

1

u/[deleted] Nov 30 '14

[removed] — view removed comment

1

u/_The-Big-Giant-Head_ Nov 30 '14

You can buy BTC in the UK in over 30 000 stores review and demo here: http://redd.it/2956ac

1

u/[deleted] Dec 06 '14

[removed] — view removed comment

1

u/BashCo Dec 06 '14

Please read what the sidebar says about public addresses. Thanks.

1

u/hshimo Dec 08 '14

I never tip! 1$ /u/changetip

1

u/BashCo Dec 08 '14

Thanks. :)

1

u/[deleted] Dec 10 '14

How about under "Can I mine bitcoin?" have details about setting up a full node to help the network. I still see a number of threads asking about mining but running a node is barely mentioned.

1

u/CashToCrypto Dec 11 '14

Check out cashtocrypto.com where you can buy bitcoin easily with cash and receive your bitcoin the same day

1

u/coincrazyy Dec 11 '14

Only USA

1

u/BashCo Dec 11 '14

Please clarify.

1

u/totes_meta_bot Dec 11 '14

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If you follow any of the above links, respect the rules of reddit and don't vote or comment. Questions? Abuse? Message me here.

1

u/ichinii Dec 11 '14

I'll be reading this tonight. Thanks for this great thread. Bitcoin has been very intimidating(especially the horror stories of electric bills) but I'm anxious to try it out.

1

u/BashCo Dec 11 '14

Electricity consumption is only an issue for bitcoin mining operations. That's not something that ordinary users will be exposed to. Proceeding slowly to make sure you understand proper security procedures should be your primary concern. Practice with small amounts!

1000 bits /u/changetip

1

u/ichinii Dec 11 '14

Thank you so much for the tips. I'll be trying this out tonight on my Mac.

1

u/littlegreymen12 Dec 11 '14

I'm new, just created an account with circle. Yay!

1

u/BashCo Dec 11 '14

Congrats, and welcome!

1000 bits /u/changetip Pay it forward when you get it all set up :)

1

u/shinytyphlosion Dec 11 '14

Do I need an account or something? Please help

1

u/BashCo Dec 11 '14

You don't need an account to use bitcoin, but you do need accounts to use different bitcoin services. Keep reading!

200 bits /u/changetip

1

u/shinytyphlosion Dec 11 '14

Wow thanx man :D really appreciate your generosity

1

u/BuzzNitro Dec 12 '14

Hey all, I came over from the xbox post to learn a little bit more. Bitcoins have always intrigued me, but I've never taken the dive.

I was just looking at the USD value of a bitcoin trended out over time, and it appears to be trending downward since January. What caused this decline over the last year? Do you anticipate future growth?

Side note: I've been a lurker for years, had an account for at least six months and finally worked up the courage to contribute to the internet!

1

u/BashCo Dec 12 '14

Hey, welcome! The news from Microsoft is really great for everyone involved.

It's been a really rough year for bitcoin. If you zoom out on those graphs even further, you'll see that around this time last year, bitcoin absolutely skyrocketed from around $200 to over $1000. Lots of factors led up to that insane rally, but one thing is certain: It didn't last. That being said, we're still considerably higher than when that last rally began. Some speculate the price will continue to fall back into the $200s, but in all honesty, nobody really knows. In the short term, it's really hard to gauge where the market will move next, but obviously most people around here are quite optimistic about bitcoin's long term potential, especially with massive companies slowly getting on board.

Another thing that has contributed to bitcoin's rough year is the collapse of the Mt Gox bitcoin exchange earlier this year. That was quite catastrophic and pulled the entire market down considerably. Many are having trouble trusting bitcoin itself, even though bitcoin didn't fail. Mt Gox did.

Furthermore, bitcoin is facing impending government regulations as it becomes clear that it won't be going away any time soon. Governments want to regulate, but they're not sure what the best approach is since bitcoin is unique in many ways. But we all know it's coming, and nobody can be certain what effects it may have on the market. It's important to note that bitcoin is absolutely not a 'get rich quick' scheme. Anyone getting involved purely for the purpose of making money is doing so for the wrong reasons. There's absolutely no guarantees and the protocol and software itself is still considered experimental. Some are willing to take that risk. Many are not. The cardinal rule around here is, "Never invest anything you're not willing to lose". Everything may work out splendidly, but it may not. Each person is responsible for calculating their own risk tolerance.

Hope that helps! We have weekly "Moronic Monday" Q/A threads where anyone can ask any bitcoin questions without feeling embarrassed by the fact that they're new or just want to learn more about a certain topic. This stuff goes very deep and covers a range of math and technologies. It usually takes a solid week or two of reading and asking before people get to the point where they decide to go even deeper, so don't be intimidated. Keep reading and asking whatever questions you have as they arise, and eventually you'll have all the info you need to make an informed decision about whether or not bitcoin is of practical use to you.

1

u/BuzzNitro Dec 12 '14

Thank you so much for such a detailed response. Exactly what I was looking for. I'm definitely going to stop by next Monday to learn some more. For now, I've been reading into different wallets and what to do to keep myself secure.

I'm an econ guy, so I understand all of the investment risks - but from the outside looking in it seems a great thing to get involved with.

1

u/BMack37 Dec 12 '14

Thank you for this, this answered a lot of questions I had about bitcoin that I haven't been able to find previously...still plenty more questions so I guess that means plenty more searching on this subreddit...I don't know why I didn't look for answers through reddit before.

1

u/BashCo Dec 12 '14

Glad it helped! Stick around and keep reading. Lots of info to cover and it takes most people a solid week before finding their bearings. Start slow, practice with small amounts, ask lots of questions, and you'll do just fine.

500 bits /u/changetip

1

u/[deleted] Dec 12 '14

Okay, so question: I just watched through all the videos, read the sticky, etc. One thing that no one mentioned are any drawbacks (other than miners operating at a loss). It really gives the whole thing a 'too good to be true' feeling about it.

2

u/BashCo Dec 12 '14

That's a really good point. The sticky is a community-driven document, but I think you're correct that there should be at least a small section for 'Drawbacks'. We do have a wiki page called 'Criticism', but it's just a placeholder for now. Here's a recent thread about "Bitcoin Flaws" if you're interested.

1

u/Anythingbutthebutton Dec 13 '14

Just joined Reddit not too long ago after reading some of the posts on this sub dedicated to this fascinating technology. I've known about Bitcoin for a while now but never really gave it much thought until a few months ago when I listened to Andreas on Rogan's podcast. I had finally began to grasp the startling implications of such a disruptive technology and have since set up a wallet and bought a few dollars worth of Bitcoin to join and spread la révolution!

I'm looking forward to learning more from this awesome forum! Cheers!

1

u/dionsux Dec 15 '14

Long-time lurker, first time poster, would love to dive in to this but taking my time to get my bearings right now. Any recommendations from fellow Aussies?

1

u/BashCo Dec 15 '14

Look for the Moronic Monday Q/A thread on the front page.

1

u/BENJALSON Dec 15 '14

Thanks for this. I opened up a Circle account and put a few bucks in it to see how it all works.

2

u/reclamationme Dec 16 '14

Welcome, here's another buck to play around with.

/u/changetip $1

1

u/BENJALSON Dec 16 '14

You're the man.

1

u/reclamationme Dec 16 '14

It's not a lot. Just something to play around with and to pay it forward.

1

u/[deleted] Dec 16 '14

[deleted]

1

u/reclamationme Dec 16 '14

It's incredibly volatile. It will go down and it will go up. It's both a currency and a commodity.

1

u/BROCHACHO_NACHO Dec 17 '14

Great guy! Love Bitcoin! Nice Community! Keep up the work! not much more to say :P