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I am brand new to bitcoin and I only know the very basics of it. I have a few questions:

  1. As the title says I am looking in ebay to buy bitcoins and there are some sellers are selling 5 bitcoins at opening of auctions for only 1 USD is it a scam I mean at the current exchange rate from my understanding 1 coin alone is valued at 900 USD which is a total value of 4500 USD is this a scam or is this legit I only ask this since should I place a bet and win for only like 10 USD the seller must be mad to take a massive loss like that
  2. if it isn't a scam how does the seller deposit his coins into mine do I send him my wallet address
  3. if I have to send him my address can he hack my wallet using my address or worse send my address to other hackers

Sorry to seem like such a noob but I had just learned about bitcoin recently and like I said previously I don't know much about it basically any information I found from bitcoins's website summarizes m=the extent of my knowledge on bitcoins

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    Any offer to sell Bitcoin below its market price is almost certainly a scam. "If it seems too good to be true, it is."
    – Nate Eldredge
    Commented Dec 16, 2013 at 6:54
  • thank you for your help :) though this was an open auction so there is a chance that the seller is legit knowing that bidders will go up into the thousands to win ( in fact in a mere two hours the winning bid is at 650.00 usd the coins but for now I will stay away from ebay or any auctions which kinda sucks since I cant afford to buy a bit coin
    – chris
    Commented Dec 16, 2013 at 7:32
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    You don't have to buy "a" bitcoin; it's perfectly possible to buy a fractional amount. Many exchanges will let you trade amounts as small as 0.01 bitcoin.
    – Nate Eldredge
    Commented Dec 16, 2013 at 7:38
  • oh cool thanks didn't know that lol I feel like such a noob right now
    – chris
    Commented Dec 17, 2013 at 6:05

2 Answers 2

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Do not use Ebay to buy Bitcoins, it is against their terms and conditions are may cause problems for both you and the seller.

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If you are in EU area I think is safer to open an account on some exchange like kraken. Bitstamp and Mtgox are also better alternatives to buying from ebay but they ask you more verifications steps than kraken.

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  • no in the EU area im in the US but thanks for the info
    – chris
    Commented Dec 17, 2013 at 6:07
  • Mt. Gox works in US too...
    – Jori
    Commented Jan 15, 2014 at 10:46

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