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Old 12-23-2016
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Arrow Bitcoin Guide / Tutorial: What is it?, How do you buy it, Spend it, Withdraw it etc.

Bitcoin Guide/Tutorial: What is it?, How do you buy it, Spend it, Withdraw it etc.

With bitcoin value on the rise, I thought I'd make a quick guide to explain what it is, and how simple it is to actually use (contrary to popular belief).

Trivial Points
  • Bitcoin (BTC or XBT) is not as complicated as some make it seem. Its basically another currency. Just like Great British Pound (GBP) and United States Dollar (USD).
  • Only big difference is, its virtual.
  • BTC is *not* anonymous and it *can* be traced back to you. Heck it's renowned for being very transaparent. So don't be tempted to get up to mischief.
  • BTC is a volatile currency, which means the value can dramatically change within an instant.
  • So if you don't have an appetite for such risk, the solution is simple, most wallet providers will let you withdraw the BTC and store it in the form of other currencies, such as GBP, USD, EUR etc.. That way you can retain its value, and exchange it back when you need to spend it.
  • Some wallet providers do this automatically, whilst with others you have to manually initiate the withdrawal of BTC to your chosen currency.
  • Major benefits of Bitcoin include no chargeback, and no (or low) fees - these are the two main reasons why businesses choose to use bitcoin. So it's important you trust who your dealing with before parting with your bitcoins.

What you need to get started

Basically all you need is a wallet to manage your bitcoin funds. We recommend Coinbase.com as its super simple to use for those who are new. You also get a generous Bitcoin buying limit to start off with.

1. Head over to https://www.coinbase.com/ and signup
2. You will need to get ID verified which is a super simple procedure, just have all documents to hand.

Note - If Coinbase is not working, you can use the following alternatives:

LocalBitcoins (Click Here)
For instructions on how to use this,
to see the YouTube tutorial.

CoinCorner (Click Here)
For instructions on how to use this, Click Here.

Bittylicious (Click Here)
For instructions on how to use this, Click Here.


How to add or buy Bitcoins?

1. Once you've verified your Coinbase account, click Buy/Sell on the left.
2. Select Bitcoin as the currency you intend to buy.
3. Then select your payment method, ensure its a card payment (3.99% fee).
Using a bank to fund your payments can take a lot longer (a bit like funding PayPal payments with your bank).
4. Finally enter the amount you want to buy.
5. Then click 'Buy Bitcoin Instantly'.

How to spend or send Bitcoins?

Now that you have a balance, you'll want to spend it.

1. So to send money to someone, simply ask for their wallet address and amount to send.
2. If you need to calculate how much to send, you can use this simple nifty tool: Bitcoin to British Pound Rate — Bitcoin Live Converter — Preev (which converts loads of currencies to Bitcoin!).
3. Once you've sent it, it can take from 15 minutes to an hour for it to clear on the recipients end.

How to receive Bitcoins?

You just need to give your wallet address to someone.
1. To find your address, click Accounts on the left hand menu.
2. Then click 'Get bitcoin address' for the appropriate wallet.

There are a few wallets listed here, you have Bitcoin wallet, as well as other currency based wallets. If you give your Bitcoin wallet address, money will come into your bitcoin balance. If you give out your GBP wallet address, money will come into your account in the form of GBP () so it won't be prone to volatile exchange rates causing it to change in value later.

Additional Information for the curious

To read more about the different wallets that are available, or how to purchase bitcoins using different payment methods, or even how to buy bitcoins with PayPal etc., please read this website here: https://99bitcoins.com/the-definitiv...ying-bitcoins/

The purpose of this guide was to give users an insight into Bitcoin, but keeping it super simple at the same time. I feel technical jargon often times confuses people and deters them from using Bitcoin. But if you feel like reading about how Bitcoin works, the blockchain, mining process etc. best place to start is wikipedia itself: https://en.wikipedia.org/wiki/Bitcoin


If you need help, just post below and I'll do my best to assist you. Hopefully this guide has explained everything you need to know about Bitcoin.
I will do my best to keep this thread up to date with the latest information.

Last Update: June 2017

Last edited by ilcarletto; 06-25-2017 at 03:37 PM. Reason: OP asked to do so
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