How to Buy & Spend Bitcoin

You would be best to start owning some Bitcoin as all crypto currency  trade back to this on exchanges.

Maybe start with £100 to get started, as some practice and experiment is best to gain confidence in what you are doing, even if your not interested in investing or trading, the practical process of learning Crypto’s is the best way to learn.

In the UK you can use Coinbase to convert your Fiat to Bitcoin. I personally like Coinbase for the simplicity.

Another reason for starting with a small amount first is once you have moved fiat from your bank account to the exchange, then you are going to want to move your new crypto off the exchange into an off line wallet. This is not because the Crypto is insecure, but the exchange itself could get hacked, of course, bank accounts can get hacked to but governments and insurance companies back them up if that happens, in this world you’re on your own!.

Once joining Coinbase, you will be asked for id, drivers license or passport,

To buy larger sums of crypto, you will have to confirm your bank account with a small transaction. This all sounds complicated at first, but once done you don’t have to enter the details again unless you are joining other exchanges.

I also recommend adding two step authentication to your mobile when joining any exchange

Buy/Sell

Once Coinbase is happy with you, then go and buy some Bitcoin under the Buy/Sell section, like all currency, there are good and bad times in the day to buy, but if you are holding then now is any good time as any.

Once purchased your Bitcoin will show in the wallet if you bought £100 it would show at today’s rates at 0.03852063 BTC on 8/8/2017

Send

To send Bitcoin, go to Send and in the Recipient section put in their Bitcoin address, for example, mine is

1pi4qsMKef8QrU1FP5pswkFdjHxsb8FmC    this long string of characters can also be a QR code as below

then choose how much you want to send out of the BTC Wallet, the exchange will take a % say for £100 it maybe £1 so this is why it makes sense to send larger amounts.

and then click Send funds

You can then watch under accounts your Bitcoin wallet will show the Pending transaction,

if you click on the pending transaction, you will see the Confirmations gradually grow as the network confirms the request to send.

Offline Wallet

A good wallet for the computer is Exodus

Just go to the Exodus website and download the wallet for your computer, open and go to wallet on the left, select Bitcoin and click the Receive button, this will give you your offline wallet address in which you can send from coinbase to your private wallet.

The transaction can take minutes to an hour depending how busy the network is to receive Bitcoin to your wallet.

Once received click the backup icon and follow the instructions, to create a password for your wallet and it will also create a 12-word pass Phrase that’s best to print and out and keep safe.

 

To see live price of Bitcoin and other crypto’s goto https://coinmarketcap.com/

 

How to buy a Coffee, or anything in shops using Bitcoin

In short it’s a company called TenX which is credit like card that’s funded by an app on the phone to deposit into their imbedded wallet.

At the moment only on the android store but soon to come out on Apple’s IOS and web app at end of August 2018.

This card basically loads up your Bitcoin, and spend it in normal retail shops using a card, and buy that coffee, or go to ATM and take out fiat.

 

Hardware Wallet

A Hardware wallet is like a digital vault, the best ones are the USB style ones, as unlike hard drives they are less likely to fail.

This is like your digital savings bank, but don’t loose it.

And can be ordered from www.ledgerwallet.com

 

Of course, there is a lot more to these cryptos.

Just owning Bitcoin is the beginning, other cryptos can offer faster transactions like Litecoin, and especially Ethereum a whole new program language world built on top of it.
Which could help payments for everything in the digital world and avoid the middle men.

Its certainly not all dark web, in fact, it could lead to people not minding their data being shared if it was truly anonymous, like website data, on the Brave browser, or medical information through Dynamic or Patientory

I see the block chain as the DNA in the blood of the computer systems, if you were going to create a system today, then it would be backwards not to use some sort of blockchain.

This isn’t investment advice, just tech tips on how to get into Crypto currencies, like all investments they can go up and down, and exchanges have been hacked in the past, so move carefully and move savings offline when possible.

If this was helpful to you please donate to my crypto’s below

Donate BTC:   1pi4qsMKef8QrU1FP5pswkFdjHxsb8FmC

or

Donate ETH:  0xebF7520C97bfA721C346D0dEAF41C527Ee34631b

 

 

 

 

 

 

 

2017-08-18T06:32:43+00:00 August 8th, 2017|