Should I have sex with my boyfriend? 10 Points!?

So I've been with this guy for almost one year (known him for 5 years) and we've made vows to each other to be together always (sounds corny but hey, that's love!) but we've been talking about having sex and all and it's my 1st time =\ (he's lost it with his ex and has only done it with her) so all I'm asking is, should I give it up? I really love this guy and I'm considering in spending the rest of my life with him but the thought of losing something I've kept for 20 years kinda makes me feel sad in a sense (yes, I'm a virgin, all those who oppose, gtfo, i've heard enough rude comments as it is). So any advice? Please don't say "it's up to me", I just need an opinion, try and put yourself in my shoes type of thing =] all ignorant and childish comments.....yea, you're gonna get a thumbs down and a gtfo troll comment =P