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Bitcoin Users: How do you get your bitcoins?

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Hey guys,

I just wanted to take a moment and ask those of you with bitcoins: How did you get them? Which sites do you trust, or did you go about it another way? Also, if you don't mind divulging, are you US based (I ask, as I find a lot of services are limited to US only)?

When I got some bitcoins to try the whole thing out I got them from an ABM, and did this little song and dance routine to get them in to my wallet (not literally). Nothing too overly complicated with a little bit of google researching, but if I wanted to put together a sort of cheat sheet on how to go about getting bitcoins, I'd definitely include a step-by-step.

Viewed:	378 times
Added:	8 years, 10 months ago 12 Jun 2015 21:39 CEST

7 Comments on this Journal

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Weaselgrease

8 years, 10 months ago

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Edited 8 years, 10 months ago by Owner

You use a bitcoin miner, which is a device you plug into your network in some way such as USB, PCI-E slot, or right into your router, or invest money directly. I should say, Bitcoin mining is just a series of security and parsing protocols. You can setup a computer to do the mining without having to buy any accessories, but it needs to be really fast in order to make any sizable income of bitcoin value.

Jasiven

8 years, 10 months ago

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@ Weaselgrease

At this stage in the bitcoin mining "economy", setting up a computer to do it would be legitimately worthless and would cost more in electricity than it could ever possibly earn. Investing in mining hardware costs $500+ and, at this stage, rarely gets much more than a 20% return over the initial costs.

VoidBat

8 years, 10 months ago

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I used Local Bit Coin, it's a website where you find people selling/buying coins. Basically you find someone you trust (Great feedback system that let's you see who is trusted and who is still new), they give you their bank deposit info, you agree to a trade, Escrow holds their coins for you so once you deposit the money and get the receipt, you can use it as proof to get your coins. Every time I've used it, it was painless and easy. And yes, I am a US citizen. If you have any more questions with localbitcoin, drop me a pm. :3

DeactivatedKobold

8 years, 10 months ago

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I'm afraid I don't understand bitcoin at all

kilorat

8 years, 10 months ago

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@ DeactivatedKobold

This guy clears it up

https://www.youtube.com/watch?v=reo7WbibxaQ

whitepawrolls

8 years, 10 months ago

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I've heard too many bad things about bitcoins to trust them myself. personal wallets getting stolen, and even major bitcoin businesses getting hacked and their coins getting stolen. Since there not insured you can't get them back either. Top it all off with way to few places dealing in them to make them a viable currency.

kilorat

8 years, 10 months ago

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I'm in the US, and the easiest and cheapest options for us are circle.com or coinbase.com (circle is slightly better IMO but both are good). Both let you link bank accounts to it to do transfers directly, with practically no fees. They are both very legit and safe, both are based in the US and are licensed MSBs (Money Service Business). The downside to these services is they watch everything you do just like banks, so I would recommend never keeping bitcoins in the wallet there. Even if you do nothing wrong, they can shut down your account without any way to appeal it, they ban for things like transferring coins to localbitcoins.

I would be discourage using an ABM (Bitcoin ATM), they usually charge high fees. They are hidden in the price, so if the market rate is $250/btc, that ABM will show the price as $285/btc. If someone has a checking account at a bank, just go with circle or coinbase unless you don't have a bank account or intend to do shady things with the bitcoins.

I think most people only think of it as an underworld currency, which is really a crying shame, finally there's a way that our money can be truly ours, but people reject it out of fear and misunderstanding. The "killer app" is in doing bad things, and that fact has me often considering giving up on it, but the solution is just for more legit things to use it, like furry porn. :)
The problems with stolen coins is that newbies are being thrown into the raw system, it is like being your own bank. It is very powerful, and with great power comes... you know the rest. I'm glad you're still looking at this as an option for people. Even if only a couple people use it, it's not like it costs you anything leaving it as an option.

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