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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.

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

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

Click Here

Click Here

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.

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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


Queries

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 :)

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

This is out of date. As of a couple of weeks ago circle removed BTC from their offerings. Was cool, not anymore.

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

Thanks! Your quite right. I wrote this last month when it was working. I'll be sure to update it.

I've now updated the thread with instructions on how to use Coinbase.com as a wallet. It's unfortunate Circle no longer offer this option as they were not only simple to use, but also allowed new users to purchase BTC without any form of verification.

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

Personally I love BTC. I find it very easy to use and super fast to transfer.

With the block chain being fully transparent its near impossible to forge any transactions which means its very very easy to verify if a payment has been sent or receiving.

I use Coinbase myself which I really like

The only thing that can be a bit annoying is when BTC is transferred from 1 wallet to another wallet it can take upto an hour for the payment to be confirmed in the recipients wallet which is a bit can just delay things getting done sometimes. Overall that is just small snag in what it otherwise a fantastic system

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

Thanks for the guide, easy to read and handy.
Just wanted to add......

Coinbase and IRS:

IRS Demands Identities of All US Coinbase Traders Over Three Year Period | Motherboard
article above was posted November 18, 2016 // 10:20 AM EST

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

I think as BTC gets more popular, and some using it as a means of tax avoidance, they will clamp down on it sooner or later.

So whilst coinbase may have been first on the list, I won't be surprised if others follow suite. I also predict they will make a big deal out of it, and then demand cryptocurrencies to eventually become regulated.

Either way, like I say in the guide, its just another currency. So if your paying any tax due, you've nothing to worry about. :)

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

Nice write-up Play

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

You cant regulate it. Thats the entire beauty and draw of it.

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

Never say never, greedy powerful people will find a way if they really want it.

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

Thanks, and added to my favorites. :)

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

Either they will, or they'll make the currency an illegal form of tender. They will get their way in the end. As empirestate said, greedy people will find a way.

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

Again I think alot of people miss the beauty of what bitcoin is. You cant shut it down. It cant be regulated because nobody owns it. There is no one to shut down. I think people need to understand what it is before just throwing out the obligatory "oh they'll just regulate it" if you understood what it was and how it worked you wouldnt say that.

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

Great guide, and couldn't agree more, absolutely love bitcoin. Every seller should get familiar with it and offer it as a payment option, whenever possible (no chargebacks)

And have had a good experience with coinbase so far

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

I think your getting things misconstrued. A country can (and some have already) regulated the use of Bitcoin. Whether you choose to adhere to the laws set out by your country are a different matter. See here (https://en.wikipedia.org/wiki/Legali...oin_by_country)

P.S. BTC is unregulated in the UK (as of now atleast).

Completely agree! For those who don't know already if you sign up to 24vc.com VPN services and pay via Bitcoin, the transaction process is a lot smoother, and your service will be up and running a lot quicker :thumb:

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

I agree some places have have "passed laws" to regulate it but just because a law is passed that doesnt really mean much. Hell there are laws against drugs yet people still get them. I think the regulations are completely futile because again bitcoin is an unregulated. There is no central bitcoin bank. No country owns it. Governments are trying to treat it like other forms of money but you cant. Its a beautiful thing but also thats why the risks are out there. since its not backed by anything there is no recourse.

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

LOL, so you think your paper money is safer because it is backed by what? gold..? or just a promise?

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

Didnt say that. Im merely referring to the open nature of bitcoin as opposed to the closed nature of paper money. Governments control that whereas bitcoin is controlled by the community. Bitcoin rises and lowers based solely on what people want to pay for it. Why it being "regulated" or "manipulated" isnt a problem. You cant just create more bitcoins the way you can paper money. You cant just horde bitcoins to falsely manipulate the price or create a monopoly. If suddenly the US "banned" bitcoin id just buy it from another country and wouldnt have to worry about it. My statements are merely refering to the crowd of people saying "oh its going to get banned" or "it will be regulated soon"

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

1 Bitcoin equals 801.48 British Pound (980.53 US Dollar) - (at time of writing this post).

Wow - I didn't see that coming.

I'm tempted to invest :)

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

Im thinking this is a good time to start my PP > BTC exchange.

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

Nice thread Play.

Coinbase says they hope to be able to allow users to purchase Bitcoin using PayPal in the future I hope that happens seeing how you can now sell Bitcoin to Coinbase funding PayPal.

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

Cheers! :thumb:

You US chaps can also sign up to https://www.shiftpayments.com/coinbase and get a physical card. Then use the card to purchase in shops and use your coinbase balance (I presume). Its not available in the UK, so can't comment much on it.

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

just went up to a 1,000.00