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Simple guide to Bitcoin

Discussion in 'General Chat' started by dt99, Jun 5, 2018.

  1. dt99

    dt99 TK Veteran

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    Can anyone provide a simple guide on how to purchase and pay with Bitcoin. All I can find are websites that want me to provide a photo of my passport, which all sounds a bit dodgy to me.

    Any help would be appreciated, as I have no idea what I am doing.
     
  2. nicoj24

    nicoj24 Forum Supporter

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    Yes I have seen this also and would like a guide to anyone?
     
  3. Pilf

    Pilf Registered

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    You'll firstly need a Bitcoin Wallet. This is either a physical or a virtual storage device where you keep your coins. There are plenty available and you will need to do a bit of research to find out what suits you best. I currently use "Coinomi" as it has a decent Android app and also stores many more coins than just Bitcoin. It also links directly with crypto exchanges but if you're only using bitcoin, no need to worry about that. Your wallet will have an address known only to you (The seed), make a note of this and do not lose it.

    Buying bitcoin is where it gets a touch more complicated. Unfortunately, you are very likely going to need to provide some ID unless you want to buy from someone "down the pub".
    I would consider Coinbase as despite not being perfect, if you are only doing small transactions they seem very safe and efficient to me and it has a reasonable reputation. I wouldn't be worried about scanning my ID over to them at all, it's for their security and money laundering regulations.
    https://www.coinbase.com/.

    Once joined, it is very easy to buy, just click on accounts, Bitcoin Wallet, Buy.

    Your Coinbase wallet actually works as a bitcoin wallet. The reason for having a separate wallet is so that Coinbase do not know who you are sending the funds to. For example, I buy a lot on the darknet markets (Nothing dodgy!!), but if coinbase saw me transfer funds to those markets, my account would be closed so I transfer to my wallet and from there to the market. If you were buying anything really dodgy (bomb making equipment or whatever) you'd need another layer of security to disguise your funds but if it's just for IPTV or whatever, no need for that.

    Paying with Bitcoin is very easy. Once the funds are in your wallet it is just a case of typing (copy and pasting) the receiver's address into your wallets 'send' screen. And sending the funds with a click. Alternatively there is a barcode that can be scanned that does the same job.

    It's difficult to give too much more information but ask back if you encounter any issues. If you are only making one or two transactions and don't want to set up an account at coinbase or similar, I'm happy to send a few £ to your new wallet if you're happy to send the £ via paypal. I wouldn't seek to profit but for clarity, if you wanted £20, it might cost me say £22.
     
    wilsock, dt99 and benijofar like this.
  4. smiffy46

    smiffy46 Registered

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