Rob D

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....

From your BitGo wallet you send to another exchange if you want to then buy other crypto coins. With the other coins you have to use either Bitcoin or Ethereum. I use Bittrex and Binance... And then you see the full madness of the crpto world! Bid for other coins and then after you get them you need to put them back in their respective wallets...

So you stick your bit in and buy your Bitcoin. Now you need to send it to your Bitcoin wallet - I use Bitgo. You do this by copying and pasting an address (like putting in someone's bank code and sort code). It's long and you have to get it right or else that's it the money may well be and probably will be lost to you forever! So I do a small amount first, double check the first 2 and last 2 digits.

But that said - like investing in penny shares that became big companies there are cheap cryptos that could go big... which ones who knows! This is how I do it: I opened an account on Coinfloor Send money to your Coinfloor account (I sent £20 to start with as address was in Poland!). But all good so sent more Here you can bid and buy bitcoins on an exchange.

Absolutely - go in with the attitude of 'I can afford to lose this money'. Buying them properly is a nightmare - but so is strapping on a harness and climbing your first tree! If you want to get into this you are looking at 1 to 2 months of reading watching videos talking to others involved etc - I would do this before buying anything myself. After you do your NPTC you then need a couple of years climbing to get to know what you are doing. Same as this.. although you do get an idea after a few intensive months if you're obsessive like I am! It is most definately not a get rich scheme and if folk approach you or you see the ads telling you this take a wide wide berth cause there are scams and nonsense now popping up all over the place... These are much much more than just money. Bitcoin is but there are newer ones that will be used for everything - in computer games, for storing data, for record keeping, for running contracts.... it will be crazy in the future!!

Fair enough and a good strategy as even if these pay off there will be a tax implication...

Yep - but what if it becomes easier, cheaper and safer to pay someone with a payment system based on these crypto currencys? I have yet to be paid in a bitcoin or similar yet - you can't get more early days than that! Haha At the moment it is a nightmare to understand and pay someone in say Bitcoin - but we are talking foetus in the womb times at the moment! It's around 2-3 years away I reckon before it becomes the norm. What did you think of Paypal before you got your head around it and started using it?

Fair enough I pulled all my money out of the stocks and shares ISA I had because I reckon crypto currency is safer. Stock market is as ripe as it ever was for a crash - money will look for a safe haven and that will be Bitcoin and the like. But for long term investment the stock market will always do well. Just my opinion of course...

Yep - I get that. That is the now. Today this technology is in it's infancy so it is a pain to use and complicated. It is not at all practical.. Can you remember when people talked about Paypal being a scam and not being secure? I can.. but these days it is seen as safe and secure. The person you paid in China paid a % to paypal for that transaction. What if he could take that payment without that % or at least a much much smaller %? I pay paypal almost £1,800-00 a month in fees at the moment...

They cannot make more of it - hence these forks that Dan mentioned (and which I don't pretend to fully understand... )

Well it's been around for 10 years now so what is short term? it's been trampled and slagged off by the high and the low, it has batted away endless talk of it's a scam, it's evil, it's a bubble... The origin of Bitcoin is something like out of a King Arthur legend...