Rob D

So hopefully you are now fully vallidated on Coinfloor. Exciting stuff - so now you're going to pull the trigger. This is just to test - £50-00.... You can afford £50... Hit EXCHANGE at the top. Now this is an inefficient way of doing things but it is fast and it will get you used to things Follow all the instructions given Set up a payment and send a bank transfer Make sure you get everything right! Now keep an eye on your dashboard - your bitcoin will come in and show on your account You just bought some BitCoin! You should not keep Bitcoin on an exchange so tonight we will then transfer that to our BitGo wallet where it is more secure.

Of course Bitcoin can be stolen same as your chipper can get stolen and any other possession can be stolen. There is a risk there - but once you have seen the security involved you will see that risk is very small. But if you start taking short cuts and are lazy - that risk increases. Hence do your research, understand what it is you are doing. Just like treework there is no quick way in - it will take some time and attention. Start off with small amounts until you get your eye in and are comfortable with how it all works.

I bought one of those and just did not like it at all - but it's one of those 'Is Stihl or Husky the best' type of things innit!

Why not actually research stuff first? If you lose your wallet or lose your computer or lose your mind (you chose ) you have a seed or phrase that allows you to regain access. If you lose that seed you are ficked! So yes you have some personal responsibility to make sure you copy it a few times and hide it a few places.

Bitcoin just seems to have gone crazy the last 48 hours... As Bitcoin moves more into the mainstream the more it moves away from what it was intended to be... Watched this video today and I know I know none of us have time but if you can have a go. It does seem to me in all areas of life folk will read 2 comments on facebook or listen to a scrap of conversaion from someone they know - then base very strong beliefs and opinions on this! Then spend lots of time discussing these strong opinions with others who have done the same thing If you are genuinely interested in something spend the time learning about it. Learn about how it started, who started it, what reasons they had for starting it, what their vision is. See what you think..

Ok so you've opened your Bitgo wallet - you're happy that you can log in and log out of it. If you're happy about that then Step 2. I was told I was an idiot to show these steps - if something goes wrong then it will be my fault... Nonsense says I - we are all grown up on arbtalk and would not possibly blame someone else for our own errors! Intall the 'Authy App' on your phone (and another phone if you can). This is similar to the Google authenticator app for the BitGo wallet. Ok this is how I did it. I used an exchange called Coinfloor https://www.coinfloor.co.uk/ Seems to be a UK company deals in £ and they reply to support tickets Sign up They send you a confirmaton e-mail - click that I used the mobile 2 factor authentication Add your mobile number - they will then text you a number to add here - add it Now will ask you to validate your account - put in all your details Keep following through - I can't upload screenshots as has my details in! In the end you come to a screen where you have to upload a document - I uploaded my passport Ok your account should be set - they will check and verify your account. Once the account is verified then you can move to Step 3.

Hmmm you're a tough crowd Dan;) You know that people trade £ on the stock market? The price goes up and down - so the £ is both a currency and for some also an investment. What makes a £ have value? Because you and others around you believe it has value - but what is a £5 note? It is simply a piece of paper. That is all it is. The reason that paper money has value is that you, me and others believe it has value. There is nothing behind it. It doesn't do anything. It has no function. Does the £ and other money have value because you can spend it? If that is what makes it valuable by that reason if a crypto currency can be widely used and everyone accepts it then does that make it OK? I'm not arguing here - just putting it out there. If you are interested then you need to read a bit about how Bitcoin started and do some research really - pretty good vid here (although beware the adverts for bitconnect on there as pretty sure this is a Ponzi style scheme..)

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.

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!

No need to if you'd bought 5 years ago some twenty-years-younger lovely would be feeding it to you

The wallets are fine on a mobile but for the exchanges where you buy coins I'd say a computer or laptop is better.

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!

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.

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...

Looking at crypterieum you still need to understand about wallets and what have you... Paying by card can be a massive 25% commission. I'll see if I can do a step by step guide of how to buy bitcoin and other cryptos...

I bought Electroneum Tom! What a cock up of a launch but like the Emperors got new clothes they are pulling it off and now they will have a massive marketing budget. I think it will shoot up on main launch... then plummet with profit taking... then rise slowly. Crazy how they are already trading millions $ a day on Electroneum! Already trading at x10 it's value but like you say it could do anything when people get their hands on the coins themselves. Hype alone will drive it to start with but if their mobile application takes off then could be the first mass adoption of a crypto!

Yep this is the first one I've seen you can pay by card (although there is a much higher fee I think). They seem pretty established already. Also you need to research the wallet side of things - I need to look more into this one but as it's the first one to link the crypto world to the fiat world going to stick few £ in! They will only issue coins on this ICO - it's a punt same as Bitcoin was. The bonus sale ends on the 12th and those extra 10% coins are worth having. This one is quite expensive at around $1 a coin. Even if you punt in £50-00 it's fun if that turns into £500-00.

Yep exactly - fling a few £ in and forget about it... it's similar to penny shares I suppose. But if you put the time in to research a bit even look at what youtube folk say about a coin you get a bit of a feel for if it could go or not. The other good things with these new coins are they are cheap anything from $0.01 to $1 usually. Doubt they will ever reach Bitcoin heights but they don't need to. https://coinmarketcap.com/ You can see which coins are the main ones here. Cardano (ADA)has gone up x6 in the last week! IOTA I think around 60%. Cardano is next gen crypto and IOTA runs off a different system (called Tangle). Not a clue how it works but IOTA are working with Microsoft... Ripple is already working with a number of banks as their system allows for almost free instant transactions around the world. Folk think it is boring as it is slowly rising... So plenty more to take a punt on! However the downside is you need to buy these with either Bitcoin or Ethereum!! Yep you can't buy they with £ notes at the moment.. but no doubt there will be a place soon you can.

Yep it's a shame that there will be a lot of nonsense that comes with this new stuff. Get in now before it's too late. Thousands to be made blah blah blah. And it is a minefield indeed. And bloody hard to get your head around. I am no expert but can see the potential... Yes if you lose the piece of paper with your seed or key on it and you also lose access to your wallet then at the moment that is it... finito... gone. But that said this will change and is changing. It's not just about Bitcoin. It is certainly not too late - this is just the proper beginning. You don't have to invest fick all, it's not just about the money. At the moment it is a pain in the backside changing the crypto currency back into actual £ but there will be cryptos in the end that aim to do that... This is a new one coming out. Trouble is it call fall flat on it's face or it could be the next big thing. So still plenty of new things to take a punt on if you felt like it. https://crypterium.io/#team

Watching vids on youtube a couple of companies that do seem to be jumping onto the whole crypto currency thing are: Bitconnect and Bitclub. These organisations look like and feel like a Ponzi style scheme. They have done it on the back of crypto currency being something of a head spinner - and made it digestible in order to gain members and investment. 'Join now before it's too late.... quick invest cash and make thousands before everyone else jumps in' Lines like these should be a warning sign but it seems your aunt or your friends nephew will tout the scheme - and because you trust them you trust the scheme. Now this is pyramid selling through and through... I looked closely at Bitclub and the more I looked the less I liked. Bitconnect seems to have adverts everywhere... but have not looked into this closely.. but quick research says the same. Just a heads up really.

But look what this first car became! It caused other cars, trucks, quads and all sorts to spring from it...

Haha! Yep fair enough... Look - I've said it once twice, three times a lady! This is early days, wild west in the US, a colony just started on Mars type of stuff... Bitcoin is the first car ever patented and produced... if you had a few beautiful horses to ride this car would have looked crazy, dangerous, unreliable, un trustworthy, too expensive... this first car is Bitcoin and soon it will only become a measure of value.

Ok I think that's enough of kicking poor old Rob Ds head in - should have called this the Crypto bashing thread Will come back for another session later on today me being something of a pessimist, or is it masacist... that one where you whip yourself and tell yourself you've been a naughty boy

Hmmmmm.... I would have thought you could do better than that well worn and over used quote mr Matelot I would have thought crptos were your dream come true? They pull power from banking and gouvenrment and give it back to us! They will re shape society! Anyways it's a poor anology - how many tulips can be grown? There is only a limited supply of bitcoin... plus you can't send tulips over the internet or pay for things in tulips!

So really it's all pretty simple Like I said it all takes a while....