How to buy your first Bit of Bitcoin - Step 1

[Rob D]

Ok on the back of the crypto thread I'm going to outline how to buy your first bit of Bitcoin.

But who wants 0.003 of a Bitcoin! So it will end with buying one of the up and coming coins

 

But in Step 1 no money will be changing hands you'll be pleased to know.

 

Ok first step is pretty easy - you're going to open a Bitcoin online wallet.

 

• Go to https://www.bitgo.com/
• Hit log in. It then asks if you want to Sign Up - click that
• Select Personal and fill in the details
• In your inbox should now have a verification e-mail - click that and it takes you back to the login screen. Now login
• You need to add an extra layer of security - you will find security around crypto currency is almost tighter than your online banking!
• Download onto your phone (and another spare phone/partners phone) Google Authenticator App
• You now get a screen showing a scan code and beneath that is a numeric key - print this ket out - if you lost your phone it is this key that allows you back into your account
• Up to you but you could print more than 1 copy and hide it at your Gran's/dads etc
• DO NOT e-mail yourself the key - this is how people have got hacked - their e-mails get hacked first and then they look for the keys to allow them access.

 

• Tip - with these long keys copy and paste but look at the first two and last two digits as a double check you have pasted the complete code

 

• Open the Authenticator App (on your mobile)- hit the little + sign at the top - scan the square code
• The App will then label this as BitGo
• Use another phone to do this as well - now you have a backup phone in case you lose yours
• Now type the 6 digit pin number into the box, then hit SUBMIT

 

• Almost there - so now you download the keychain and other encrypted info that allows you to recover your wallet if you lose your phone or forget password.
• Up to you but maybe print this twice and put in x2 seperate safe places

 

Ok you're done - first step completed. You now have a place to store Bitcoin. Login and logout a few times to make sure you know what's what. All the fiddly bits are in case the worst happens. Most of the time it is just like logging in and out of your bank account.

 

Step 2 tomorrow...

 

 

[Steve Bullman]

well i managed to mess that up too somehow

 

the pdf it sends, what app do you scan those codes with?

[Rob D]

Nope you don't need to scan them Steve - they are just backups in case you lose your phone... they are for the BitGo people to scan not you.

 

Just print the pdf a couple of times and put somewhere safely.

 

Sounds like you are done

 

Will do next step tomorrow. In the meantime just log in and log out of the wallet and make sure it's working as God intended it to.

[Rob D]

Think of learning this as the same way you think of learning SRT - you know you should be getting to know how to do it but the learning process is mainly not fun!

[kevinjohnsonmbe]

It's a great thread!  And the discussion one too...

 

Was  at James O'Brien on LBC yesterday - he had some proper boffin trying to explain Bitcoin to him and he was like  "...you're talking Jane Austen, and I'm reading Ladybird..."

 

It's all getting a lot of press right now, R2 last week, LBC yesterday....  Their financial editors must be AT readers??? 

[Rob D]

Haha! Don't get too caught up in Bitcoin is my advice. The hype, the prices the nonsense...

 

It's the newer ones coming out that I reckon will be amazing... Some of them are complete and utter tripe but others are looking really good. 

 

Anyways - get your wallet opened and wait for next instalment tonight...

 

By the way where is this headed? Well how about buying an Echo CS-2511 TES for £140-00 (+vat) if paid for in the coin of our choosing? And I'm not even joking!

 

But there are a good few steps to go yet and I need to make sure the website can accept it!

[dan494]

1 minute ago, Rob D said:

Haha! Don't get too caught up in Bitcoin is my advice. The hype, the prices the nonsense...

 

It's the newer ones coming out that I reckon will be amazing... Some of them are complete and utter tripe but others are looking really good. 

 

Anyways - get your wallet opened and wait for next instalment tonight...

 

By the way where is this headed? Well how about buying an Echo CS-2511 TES for £140-00 (+vat) if paid for in the coin of our choosing? And I'm not even joking!

 

But there are a good few steps to go yet and I need to make sure the website can accept it!

I'll buy some bitcoins and do that deal! Still think it's all a bit of a fad though tbh

[kevinjohnsonmbe]

1 hour ago, Rob D said:

It's the newer ones coming out that I reckon will be amazing

[Rob D]

Just keep an open mind to it all I reckon best way to be...

 

Will do Step 2 this evening - opening an exchange account and adding some £ to it.

[Little Butch]

Keeping my eye on this!