Silk Road forums

Discussion => Newbie discussion => Topic started by: luvyssup2 on September 27, 2013, 06:06 pm

Title: BITCOINS
Post by: luvyssup2 on September 27, 2013, 06:06 pm
Hey guys. Bitcoins are real new to me..I have read the sticky but know there are always alot more pointers/shortcuts out there to help......just seeing if anyone wants to help a newbie SR member out lol !!
Thanks in advance :)

J
Title: Re: BITCOINS
Post by: Yoda on September 27, 2013, 06:13 pm
Anything more specific you'd like to know?
Title: Re: BITCOINS
Post by: luvyssup2 on September 27, 2013, 06:24 pm
Thanks Yoda !! I myself am a Senior Member on a select few Body Building sites and jump at the chance to help when I can if someone new has a question because I know how I felt and probably asked the same ones :)
Anyways, back to the question at hand,,, I have been to a few sites and what I am understanding is that the prices for the coins fluctuate ? When would be a good time to buy ? Do they accept paypal ? The best sites .....
J
Title: Re: BITCOINS
Post by: 88fxstc on September 27, 2013, 06:58 pm
Thanks Yoda !! I myself am a Senior Member on a select few Body Building sites and jump at the chance to help when I can if someone new has a question because I know how I felt and probably asked the same ones :)
Anyways, back to the question at hand,,, I have been to a few sites and what I am understanding is that the prices for the coins fluctuate ? When would be a good time to buy ? Do they accept paypal ? The best sites .....
J

If your plan is to buy some BTC's with the intent of going right to The Road and making a ;purchase, then the fluctuation of BTC prices doesn't really matter that much. I'm pretty sure the Road has some kinda mechanism that aqdjusts prices for products so that the variable BT value doesn't force vendors to give away products, or the opposite and rape customers.  If you expect your BTC's to sit in your wallet for an extended amount of ti me though, I guess a crash in BTC value will affect your buying power. 
As far as buying BTC's, check out localbitcoins.com. You probably already have if you've already researched this . I've seen some LBTC vendors do offer paypal options.
Title: Re: BITCOINS
Post by: Yoda on September 27, 2013, 07:04 pm
Thanks Yoda !! I myself am a Senior Member on a select few Body Building sites and jump at the chance to help when I can if someone new has a question because I know how I felt and probably asked the same ones :)
Anyways, back to the question at hand,,, I have been to a few sites and what I am understanding is that the prices for the coins fluctuate ? When would be a good time to buy ? Do they accept paypal ? The best sites .....
J

NP

Yes, the bitcoins (BTC) fluctuate like any other currency around the world. 

A good time to buy then is when they're cheap :)  Like they used to be like $10 per btc... now they're $130 per btc.  So clearly if you bought a bunch when they were $10, you made a bunch of profit if you held onto them.  Think of it like playing the stock market in that sense. It's difficult to predict when, for that sort of scenario... other than that, just buy them when you need them to purchase stuff like 88fxstc stated.

Only bitcoins are accepted on SR

Purchasing bitcoins... well there are many many ways.  You can must meet someone on the street, and maybe they'll accept chocolate in exchange for them... you have to search around and figure out what fits you best.  Like 88fxstc recommended, Localbitcons is a nice place to buy them if you want then anonymously, go there and read about the in's and out's of using that site.

Title: Re: BITCOINS
Post by: luvyssup2 on September 27, 2013, 07:14 pm
I really appreciate you Yoda and 88 !! I kinda figured that was the route I needed to take ( buy em when I need em and if I can sit on them,,, ) but needed reassurance/advice from a few seasoned and honest brothers !!
Thanks again and have a great weekend :)

J
Title: Re: BITCOINS
Post by: IForgotMyFuckingPassword on September 27, 2013, 07:17 pm
I have been to a few sites and what I am understanding is that the prices for the coins fluctuate ? When would be a good time to buy ?

As has been said, the fluctuation doesn't really matter. Well, most of the time it doesn't if the listings are pegged to dollars. For those the cost will rise and fall with the btc exchange rate. As for when to buy, prices usually spike toward the end of the week, so I find it's better to buy them  early in the week, but again, it really doesn't matter most of the time.

I have been fucked when I purchased coins at a high price and the exchange rate plummeted. I'm not sure, but I think that happens in listings priced in btc.

Quote
Do they accept paypal ? The best sites .....
Even if they did, I wouldn't recommend that unless you plan on laundering the coins heavily. You can buy them with a credit/debit card from btcquick, but they require an identity verification. It's not smart to buy coins that can be linked to your real name/address and then transfer them to SR to make a purchase, especially a large purchase.

I'm going to second those who recommended localbitcoicns.com. They have a variety of payment options like cash bank deposits, moneygrams, western union, etc. They also have seller rankings and escrow. It's best to stay anonymous (as possible) when purchasing your coins.