Silk Road forums

Discussion => Newbie discussion => Topic started by: realandreliable on March 13, 2013, 02:58 am

Title: Any advice for a newbie looking to avoid pitfalls
Post by: realandreliable on March 13, 2013, 02:58 am
Hi Guys,
I'm here to look at becoming a vendor for PED's.  I have concerns regarding security of bitcoins, don't have a wallet yet and would love some advice there.  Any hints to avoid common pit falls?  I will read the forums, but any advice is welcome, thanks.
Title: Re: Any advice for a newbie looking to avoid pitfalls
Post by: HighTestMMDG on March 13, 2013, 03:02 am
Check out the forums at https://bitcointalk.org/ there you can learn everything you need to know about securing your wallet locally. 
If you want the easy answer then use the free wallet at https://blockchain.info/wallet/
Title: Re: Any advice for a newbie looking to avoid pitfalls
Post by: SoupN on March 13, 2013, 09:46 am
this is a great thread ty all 10/10
Title: Re: Any advice for a newbie looking to avoid pitfalls
Post by: rustbucket41 on March 13, 2013, 08:10 pm
The hard part is changing your BTC into your local currency. In the US, the IRS doesn't need to justify to a judge why they should audit someone. If you are audited and have a large income unaccounted for, you are almost guaranteed to be seeing some rough times ahead. One solution I've heard of is to cash out anonymously (not sure how to do this step), take your cash to a casino, play for a few hours, and report your large sum of chips as gambling earnings and pay your taxes there. Not sure how well it works or anything though.