Silk Road forums

Discussion => Security => Topic started by: 1up30 on December 05, 2012, 02:30 am

Title: Bitcoin purchasing for dummies!
Post by: 1up30 on December 05, 2012, 02:30 am
I am fairly new to this but I'm starting to figure things out.  I could really use some help when it comes to Bitcoin purchasing though.  Some recommendations are reputable places to buy my Bitcoins as well as a little information as to how exactly I should go about buying them would be just great!!  Thanks   :P
Title: Re: Bitcoin purchasing for dummies!
Post by: sardinesinacan on December 05, 2012, 02:38 am
There is a listing of bitcoin exchanges on the Wiki.  Bitme seems to be a popular one right now.  I have not yet bought BTC myself (I'm also a newbie), but I've seen that site mentioned quite a bit around here.  I think it would be really cool if there was one central location where it showed all the prices various exchanges are offering on a given day.  Maybe I'm being naive in even thinking something like that could exist, but it would certainly save me a lot of time trying to find the best deal and easiest method.
Title: Re: Bitcoin purchasing for dummies!
Post by: 1up30 on December 05, 2012, 02:45 am
Word, that would be much easier!  Everything seems so complicated, but it's actually kind of comforting to see how secure everything is!  Do you know how many USD per 1 Bitcoin?
Title: Re: Bitcoin purchasing for dummies!
Post by: jackrabbitslim on December 05, 2012, 02:57 am
It is currently ~ $13 per coin but it fluctuates with the market so recently it has been as low as ~$8. But I think a lot of vendors hedge their listings so that as the bitcoin price changes their listing price also changes to reflect the prices set in  US $$$. So if a vendor is selling an item for $50 dollars the price of that item in bitcoins will go up or down depending on how much bitcoins are worth at that particular time. That is my understanding at least.

I think the most popular choice to purchase bitcoins is bitinstant, I have had great success using them. There are of course alternatives but bitinstant was my first purchase of bitcoins and has been ever since.
Title: Re: Bitcoin purchasing for dummies!
Post by: RKL on December 05, 2012, 03:33 am
It is currently ~ $13 per coin but it fluctuates with the market so recently it has been as low as ~$8. But I think a lot of vendors hedge their listings so that as the bitcoin price changes their listing price also changes to reflect the prices set in  US $$$. So if a vendor is selling an item for $50 dollars the price of that item in bitcoins will go up or down depending on how much bitcoins are worth at that particular time. That is my understanding at least.

I think the most popular choice to purchase bitcoins is bitinstant, I have had great success using them. There are of course alternatives but bitinstant was my first purchase of bitcoins and has been ever since.
ive heard of bitinstant as well,ive heard you can buy bitcoins at walmart and 7-11? and without an id?? can u verify...thxs
Title: Re: Bitcoin purchasing for dummies!
Post by: bedhat on December 05, 2012, 04:34 am
oh no
Title: Re: Bitcoin purchasing for dummies!
Post by: jzzw on December 06, 2012, 02:49 am
hey,
I'm pretty new here also, but I just bought BTC through bitme, and it was great.  deposit in a CHASE bank, email them the receipt and viola, money in your bitme account. then, as long as you offer to buy for enough to pay for the lowest sell order, than it is instant.  if you want cheaper then you put in an order and wait till someone sells to you.  I bought at only slightly higher than the going rate elsewhere and had BTC instantly though, which was nice. no ID or questions at Chase, which was also nice.
Title: Re: Bitcoin purchasing for dummies!
Post by: jackrabbitslim on December 07, 2012, 04:50 am
It is currently ~ $13 per coin but it fluctuates with the market so recently it has been as low as ~$8. But I think a lot of vendors hedge their listings so that as the bitcoin price changes their listing price also changes to reflect the prices set in  US $$$. So if a vendor is selling an item for $50 dollars the price of that item in bitcoins will go up or down depending on how much bitcoins are worth at that particular time. That is my understanding at least.

I think the most popular choice to purchase bitcoins is bitinstant, I have had great success using them. There are of course alternatives but bitinstant was my first purchase of bitcoins and has been ever since.
ive heard of bitinstant as well,ive heard you can buy bitcoins at walmart and 7-11? and without an id?? can u verify...thxs

I have used cvs and a few other places and they have never asked for id. They might if it is over a certain largec amount I think to try to prevent money laundering and fraud. But it is basically a western union that bitinstant facilitates so you make your order at bitinstant then go to any of the western union locations fill out the form and give them your cash. I have typically getting funds to mtgox in minutes or you can send directly to a wallet address.
Title: Re: Bitcoin purchasing for dummies!
Post by: divinechemicals on December 07, 2012, 06:07 am
Yeah, do a cash deposit through Bitinstant. Use fake info on the Moneygram form. If the cashier asks you for ID, ask frustrated and say that you lost your ID, which is why you're purchasing with a Moneygram order in the first place, because you don't need ID. Unless the cashier is a real asshole, they'll usually let you continue since ID isn't technically required. I have never had trouble with this method. Even if the cashier does press the issue and says that he can't proceed without ID, just again ask frustrated and walk out, no harm done. Then try a new location next time. You really can't lose.

Title: Re: Bitcoin purchasing for dummies!
Post by: jackrabbitslim on December 07, 2012, 06:34 am
Yeah, do a cash deposit through Bitinstant. Use fake info on the Moneygram form. If the cashier asks you for ID, ask frustrated and say that you lost your ID, which is why you're purchasing with a Moneygram order in the first place, because you don't need ID. Unless the cashier is a real asshole, they'll usually let you continue since ID isn't technically required. I have never had trouble with this method. Even if the cashier does press the issue and says that he can't proceed without ID, just again ask frustrated and walk out, no harm done. Then try a new location next time. You really can't lose.


+1 exactly what divine said. they don't get paid enough to really care and people use moneygram a lot so its anything out of the ordinary. To be honest since the bank deposit option went away I was pissed but now i prefer this option because there is never a wait and i get coins practically instantly with this method. I even heard bank deposits might be back shortly but I am going to stick with this method.
Title: Re: Bitcoin purchasing for dummies!
Post by: divinechemicals on December 07, 2012, 06:54 am
Where did you hear that bank deposits will be coming back? I'm fine with Moneygram as a procedure, but I do have a couple reasons for preferring bank deposits:
1) I am signing for a fake identity on camera every time I use Moneygram. If the feds ever investigated me, they would have direct evidence that I was committing fraud, as far as I know anyways. Especially when I sign a fake name, I'm almost positive that that is a crime.
2) Cash deposits have a $1,000 limit, Moneygram has a $500 limit. I will be making $6,000 orders on a fairly regular basis, so halving the number of slips I have to fill out will be helpful.

So if you can direct me to where you heard this information, I'd appreciate it. I've been hoping for the return of bank cash deposits for some time now.
Title: Re: Bitcoin purchasing for dummies!
Post by: CarlYoung on December 07, 2012, 07:13 am
what about Bitcopia?  They are doing the bank thing right?
Title: Re: Bitcoin purchasing for dummies!
Post by: jackrabbitslim on December 07, 2012, 11:21 pm
Where did you hear that bank deposits will be coming back? I'm fine with Moneygram as a procedure, but I do have a couple reasons for preferring bank deposits:
1) I am signing for a fake identity on camera every time I use Moneygram. If the feds ever investigated me, they would have direct evidence that I was committing fraud, as far as I know anyways. Especially when I sign a fake name, I'm almost positive that that is a crime.
2) Cash deposits have a $1,000 limit, Moneygram has a $500 limit. I will be making $6,000 orders on a fairly regular basis, so halving the number of slips I have to fill out will be helpful.

So if you can direct me to where you heard this information, I'd appreciate it. I've been hoping for the return of bank cash deposits for some time now.

Sorry I misread cash deposits and assumed bank deposits reading their blog so my mistake didn't mean to get your hopes up was likely impaired  :-\ I don't make deposits that large but I can see why that method is better in those instances. I guess I just figured there is more surveillance at a bank but moneygram can be done at more locations so there can be less of a pattern and a lot of those places aren't as....security minded as banks. I am not sure about the identity thing I say I am sending it for someone else....not sure if that's allowed but the clerks I have used didn't seem to care. I hope they do bring the bank deposits back one day soon but zipzap just seems so much faster. I'm just impatient I think.
Title: Re: Bitcoin purchasing for dummies!
Post by: SRtester on December 08, 2012, 12:19 am
You could go with a Bitcoin "reseller" that takes MUCH of the headache out of acquiring BTC. There are many but I can highly recommend Blue Sky Traders from personal experience (search their name here in the forums). It's as painless as possible.
Title: Re: Bitcoin purchasing for dummies!
Post by: hazed on December 08, 2012, 01:28 am
everytime i see a bitcoin thread i gotta mention BlueSkyTraders!!!

Iv purchesed BTC from alot of different exchangers over the years and BST is by fast the fastest and easiest there is...

there deep net site:
http://ok2yri46aaptiu2d.onion/index.
Title: Re: Bitcoin purchasing for dummies!
Post by: jnemonic on December 08, 2012, 05:45 am
I was just reading the 'Buyers Guide' in my account page, and the Dread Pirate says just send them straight to your SR account.

*Your account has a built-in eWallet for Bitcoins, so you can buy and sell here without ever having to worry about third-party services at all. When you sell something, your account is credited, and when you buy something, it is debited.*
Title: Re: Bitcoin purchasing for dummies!
Post by: Theophilus on December 09, 2012, 07:35 am
I'd like an experienced opinion on this if possible?

My planned path for BTC acquisition:

spendbitcoins.com (Aussie service similar to BitInstant) >>> Bitcoinfog >>> SR.

I've seen seen a few mentions of moving coins through Instawallets in between these steps, or Blockchain wallet, or even MtGox.

Is there any point in those extra steps?

I figure that unless those wallets are tumbling the coins (which I know Instawallet/similar, and Blockchain definitely DON'T do. Not sure about mtgox), then moving them through those wallets is 100% pointless.

Can I get an opinion?
Title: Re: Bitcoin purchasing for dummies!
Post by: asdfjkl101 on December 10, 2012, 12:39 am
here's what i was planning. if anyone sees any kind of red flag, please let me know.

wire funds out of bank account directly with coinbase > blockchain.info > SR account
Title: Re: Bitcoin purchasing for dummies!
Post by: Theophilus on December 10, 2012, 05:25 am
here's what i was planning. if anyone sees any kind of red flag, please let me know.

wire funds out of bank account directly with coinbase > blockchain.info > SR account

What's the purpose of the blockchain step?


This is what I'm trying to work out.

It doesn't do any tumbling, so I'm not sure what the point of these steps is (such as Instawallet, or Blockchain wallet), it does nothing to aid anonymity.

Anyone...?
Title: Re: Bitcoin purchasing for dummies!
Post by: asdfjkl101 on December 10, 2012, 06:31 am
coinbase examines where your transactions go from what i read, and i figure if they just see it go to blockchain, it'd be at least a bit safer. i'm not too sure, i figured it couldn't hurt. also, from what i've read, others have used blockchain for similar reasons.
Title: Re: Bitcoin purchasing for dummies!
Post by: bluebell on December 10, 2012, 07:02 pm
Do NOT use BitMe unless you want to pay a pretty penny for your coins...