If anyone here knows how to buy Bitcoins, could you please post a step by step guide how I might go about it without being scammed. I've been wanting to do it but too afraid to try due to possible scams. As you might be aware Bitcoin was valued as high as $1200 at its peak, then dropped to about $290, currently its at $580. I'm comfortable with about $10,000.
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How do I buy Bitcoin without being scammed?
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Wherever and whenever there is something that has value, someone else will try and take it from you. This is not a flaw in bitcoin, but human nature. I do, however, think that this speaks to the viability of bitcoin in general. That being, bitcoin has value.
Yes, I have been scammed a few times (GAW, OilRigMiners, MtGox)
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I use coinbase.com. They seem about as reliable as any bitcoin exchange... but who knows, they could be the next Mt Gox and get hacked.
If you want to keep your bitcoin safe, you can buy on coinbase then send the bitcoin to an offline wallet. (Better make sure its backed up, because with a hardware failure you lose all your bitcoin)
As far as bitcoin itself... well, its pretty much the most secure fiat currency in the world. It cant be counterfeited, there is a limited amount that can be in existence, and its gaining more and more acceptance every year. Its value is volatile but I see it going much higher. Very speculative at this point though.
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