To those who are finally considering Bit Coin

Hello all, I figure there seems to be enough folks interested in Bit Coin I figured a thread about it would do you some good.

After doing much, much research on this subject and becoming fairly seasoned with the concept.  I must confess somethings that I have been glossing over for newbies just to give you somethings to think about before venturing into the world of Bit Coin.

Please note all of this following are very important to consider, so please read bullet carefully and if you don't understand what I am talking about.  Feel free to PM me or ask in this thread.

1) Price fluctuation, the price of Bit Coin stabilizes from time to time.  Which at that point it may only gone up and down a few dollars for a week or so on end.  Yet there are times like as I stated before in a few previous threads.  Where the price swings violently up, then back down, and back up, and then sometimes way down.  So be prepared if you are going to invest in Bit Coin.  Even if you plan on owning small amounts at a time for online gaming.  Be prepared that the $20 in bit coin you bought 5 minutes ago, could be worth $20.50, or could be worth $19.50, even half of that.

Most of the times the swings are that violent, but if you do happen to catch Bit Coin at the wrong time you may experience a good up swing or a bad one.

2) You really do need a separate wallet, even if your comfortable with Coinbase, Circle, Local Bit Coins, Paxful, etc, etc, etc as the place to buy and sell your coins from.  You really should have a separate wallet, even it's another cloud base one.  Just something anything is better than leaving your coins in the same place you buy and sell for.

Reason being, I have had my Coinbase account closed, granted yes I could move my coins out of there.  Yet it was scary knowing that I could have lost way over 30 BTC, because I was selling too many coins in a short period of time.  The risk you run into with Paxful and Local Bit Coin, is if a trade goes south and you have a dispute against you.  Then at that point you also run the risk of having your account locked and not being able to do much with your coins.

PC, Lap Top, or Smart Phone based wallets are the preferred method.  That way you always have control over your keys.  Yet I understand for some who don't always use the same device at any given time this may not be convenient for them.

3) Always have a backup plan of what to do with your coins if your avenue for buying and selling shuts you down or just disappears one day.  If you notice on my Paxful profile, you'll notice I just don't trade with one person.

I've built rapport with several people, in the case one day one trader goes on vacation, has there payment method they were using shut down, or just simply wants no part of bit coins for the moment or ever.  That way I have several people I can go to any given time who already trust that I'll give them a fair shake.

I also can get my coins changed into gift cards as well, if I can't get any cash and I want to use my coins for entertainment.  There are several gift card sites that'll accept bit coin for a gift card of your choice, example Gyft.com and CardCash.com just name a few examples.

4) Always use Escrow anytime you deal with someone outside of a trusted site.  There are plenty of web sites out there that offer services for insane BTC to USD prices. If you wish to trade with them and there not on a site like LBC or Paxful.  You could always ask for Escrow.  Then at that point it's a matter of finding someone you can trust to hold your coins and there item there sending you until both parties of made sure both ends of the bargain are fulfilled.

Anywho, hopefully that gives you folks some more clearer insight into the BTC community.  I'm really trying to not scare anyone.  I'm just wanting to make sure your completely prepared with facts and information before you venture into BTC.  Cheers everyone.

That was helpful to many of us, I think. One of my friend lose big money when couple years ago Bitcoin price index went lower than ever, and he was newbie in that business . 

Well the main thing is I realize lots of folks are seeing Bit Coin as a great currency to help them get back into online gaming with out a bunch of hoops.  Which yes it is, but as stated previously.  It does come with some risk.  So I just figured I've made a few happy posts about BTC, just to get folks interested.

Yet I also figured it was about time now that I've seen some of the good, bad, and evil of BTC.  That I might want to share a few things about this wonderful currency that could go terribly wrong.

          Whoa!!  that is a huge markup!  I have never seen a discrepancy that size whether it be mining fees or finance charges.  That seems pretty steep, Jenna.    Is that specifically because of PayPal? I  use a VISA card tied to my checking acct.  and the fees are really small.

I don't know much about Bitcoin, only the basics, but I don't understand what is Bitcoins main advantage over dollars, euros, etc.

I am new into bitcoin and so far I find it good enough for it has a high value in my country's currency. And there's a lot of ways on earning it but I'm into faucets where I could claim for free.

WOW! I certainly appreciate the information. I was so confused when I watched a video; decided not to use BitCoin for now. And now this thread totally steers me away from using right now:)

thanks for the info cheetah , quite informative posts from you re bitcoin

Your welcome and for most small time players.  Places like Coinbase and Circle won't be an issue.  As most people will be buying small amounts to gamble with anyways.

The warning is there mainly for those who win big or happen to feel a bit generous with money because they got a bonus at work or something.  Just be aware because Circle and Coinbase are registered money transmitters.  They do have to do there due diligence on why said person is buying lots of coin or trying to sell a ton of it.  Hence why if they don't like your answer they can shut you down for any reason.

Also FYI the price of coin is on it's way up again.  Hopefully it's not someone doing a pump and dump.

Thanks for sharing cheetahwind, I am quite new to BTC so if I'll have any questions I'll know who to ask.

I've only read negative feedbacks about bitcoin in past. Also few friends tried it and didn't stick to it for long. Maybe in future, but not at this moment for me, Skrill does all the work.

  >:(  i signed up. validated all my info and credit cards. waited then got a rejection email stating  it was for security reasons  i was real happy to have given them all my information . sarcasm 

Hmmm that sounds as daunting as the strange address system bitcoin wallets use.just opened one at bitcoin.com....sounded logical.gave me 0.0001 BCH or 7c usd i believeit was.haha bit of humour aye.gl all.

Hellovand thanx for this helpful topic

This is my first time i think to use bitcoin for my payment transaction, but i don't know anything about it, thanx for does informations.

I want to ask if any one can help me with the best android app should i use ?

Bitcoin is a tricky investment. You can make money or lose money however if you own it you should spend it when its up and live frugally when it goes down.