I was finally able to pick my acoustic guitar up today and start learning some basics.
I was wondering though, is it better for a beginner to start with picks or fingers? If fingers, which chords are best used with which finger? I also made the mistake of not doing enough research before buying the guitar. Is an Ibanez V70CETBS good for a beginner and where does it stand in quality?

Thank you
The Ibanez isn't a spectacular guitar, but it'll do for a beginner. You certainly could've done worse.

I teach guitar on the weekends. With a brand new student, I typically don't even talk about fingerstyle until they have a good understanding of common chords and how to strum. And even then, there's still other things they need to be taught before we really begin to explore fingerstyle.

To answer your question... when playing fingerstyle, we typically assign certain fingers to certain strings. For example, if you're familiar with the string numbers, we assign the thumb to the bass strings - 4, 5 and 6. The fourth finger (next to the pinky) is assigned to string 1. The third finger is assigned to string 2. The index finger, finger 2, is assigned to string 3.

Work on getting your chords down first and being able to strum. If you can't change common chords, such as G to C, Am to G or D to G smoothly while picking, then you won't be able to do it cleanly while using your fingers. Once you start working on learning this style, expect about a week or 2 of really clunky playing and then you'll find that you're gradually starting to get it. Within a month, you should be able to do basic fingerstyle.

How's that?
Learn with pick at first but like KG6_Steven said, eventually move on to finger style, it makes beautiful songs. Just find songs that you LOVE so you don't grow sick of them. They have to be songs you really enjoy cause it will take a while to learn to play with all your fingers and in time. For example 2 songs that I had heard since I was a child taught me how to finger pick (and helped me with open chords/changes). They sound so nice on an acoustic I could play them forever and I learned them fluidly in about a month. They were:

Dust in the Wind - Kansas
Don't Cry - Guns N Roses (the real guns n roses, not the axl rose project band that made chinese democracy)
Dust In the Wind. I still play that one fingerstyle. It's easy to learn and sounds so cool.
Thank you very much. I was just curious cause i noticed when i was playing i often started to hit the wrong chord with my pick by accident, although this could be because i don't quite know how to focus my attention or what. So I wondered if fingers may be better. I'll definitely keep the pick up though. And thank you for the finger listings, I'll write them down for whenever i decide to try finger style. Also Thank you hansome, I have a couple songs in mind, and learned to play tabs pretty quickly.
It sounds beautiful and most girls my age don't know much Kansas and think I made it...

damn hip hop
There's no reason not to work on both. I've always been able to move pretty seamlessly from fingerstyle to playing with a pick. Still can.
Each brings out different sounds; no reason to limit yourself.