Buying your first Bits-of-Coinage -BitCoin, That is
You've gotta "commit" ... SOME... TIME...
There's a video link at the end of this article- stepping thru it all
Introduction to the basics. Wallet, Coindesk, Link-Account, BUY
Buying your first Bit-Coinage? I have reasons for doing most of what I do here in a demo. I've seen some videos that are simply horrible out on the web. But, I've been listening very VERY closely to Andreas Antonopoulos (the writer of the book "HOW TO MASTER BIT-COIN")- And there are reasons that, though you may buy your coin from Coindesk, you may not KEEP IT WITH THEM, nor continue to use the wallet they provide you... but that is truly another matter. So, even my choice of wallet does have a reason. I actually hope to cover several deeper details later. This is just an introduction to the basic act of committing to the "buy" of BitCoin.
But this is just to give you all an idea how to go about this and what to expect while doing it. First of all it's got to be easy for a new person to use, yet be fully functional. So, here we go.
I take you from the basic install of the Wallet, an overview of wallet basic function. Setting up a CoinDesk account, linking your bank account, and buying BitCoin.
Some of the "Early" techno-geeks are "ALL IN". NO CASH at all.
Some of the more "balanced" geeks, have mixed portfolio's, half-BTC and "half" some other (derived) asset in the American Market... (like 'normal' people may have). And some people have only a little of the digital currency, and primarily traditional stock. But before you go listening to all the Bit-Coin "naysayers". You need to fully realize that people who "trade the dollar" realize that the dollar itself is actually quite "unstable", considering how "mature" and "soundly based" it is.
PARDON ME while I go laugh hysterically. I'll be right back.
(-gotta find that deed to a bridge I purchased a while back.)
I'm back. Go download multi-bit wallet and install the thing. Look at my video if it will help you. I go over the whole basic setup and buy of Bit-Coin (quickly).
First go to MultiBit.org and download the windows installtion
You actually don't NEED a wallet (immediately) to buy BitCoin
That's because you won't officially receive the BitCoin till a few days later.
I made this purchase today (February 12) I won't take "physical" possession of my digital currency till the 19th. ...Wait a minit...
...is it POSSIBLE to "physically" possess digital currency?
YES... Yes, it is. I will have it on the 19th. But I "own" it right now. It's on record on the Block-Chain, so it's official. By that? What I mean is it is a matter of public record. The Block Chain is part of the technology behind the BitCoin, public ledger system. The purchase was transmitted INSTANTLY across the entire BitCoin network. And with the Bit-Coin network each and every processing node of the network "knew" of my recent purchase within 10 minutes of me clicking the "BUY" button. So it is "backed up"... EVERYWHERE.
Nuclear BOMBS could take out most of the BitCoin network, and every node surviving that blast would "know" about my purchase. And BitCoin processing would continue like normal for ANYBODY left using the network.
A black hole would have to DEVOUR Earth to stop BTC-data from propagating.
Now don't be confused- You JUST setup a Multi-Bit wallet
After setting up Multi-Bit, setup an account with CoinDesk
You need an "exchange" to buy into the currency. You only need a WALLET, to begin to RECEIVE or "handle" the currency. You can use your wallet to order things online. OR, If you are lucky enough to have many vendors nearby who deal in BitCoin, you may be able to just go down the street and use BitCoin. It's possible you need only your cell phone and a willing vendor to use BitCoin down the street.
You can download a Wallet-App, for your cellphone.
The wallet we just setup (from Multi-Bit) is a personal wallet to hold your BitCoin on your personal computer. You can transfer BitCoin from your online web-wallet to your personal wallet. You can keep BitCoin on your computer-wallet, or your cell phone-wallet, or on the web.
But as you setup an account with CoinDesk, you will create a "online-wallet" for CoinDesk. That wallet will be ONLINE, you will access it through the web browser on your computer. And it will be there to receive your BitCoin when it "comes" to your Coin-Desk exchange account later. Or, you'd use a BitCoin (online) wallet if you were exchanging other different currencies with CoinDesk.
Coin Desk works in both directions. it will SELL you coin. it will BUY your coin.
Could you use EXCLUSIVELY the CoinDesk (online) wallet?
Yes. But many people carry BitCoin on their phones.
I recommend you start getting accustomed to maintaining your OWN wallets immediately. You do NOT want to let others have access to your wallets. The whole philosophy that BitCoin is based upon is one of distributed responsibility. Once you start centralizing that "dependence" upon one body, you create a situation where SOMEONE will want to "break in" and steal everyone's valuables.
Keep your own stuff. You are perfectly capable of keeping it safe.
This is why you should start... RIGHT NOW... in learning about these things, and start thinking about it and learning how to backup your wallets with digital "gold".
CoinBase is the premier exchange of the BitCoin network
- Bitcoin Wallet - Coinbase
CoinBase- has an unimpeachable record. There are reasons why (later) you may choose to move OUT of CoinBase, (many do choose to remain with CoinBase) But CoinBase makes it EASY to begin working with BitCoin. They are trustworthy and established.
Sign Up with Coin Desk - setup their web based wallet
Then respond to the verification email they send you
The eMail "verify" link will bring you back to COIN DESK
FINISH setting up the Exchange Account- & Linking your Bank
Coin Desk uses a two-stage verification process
Coin Desk will use your phone in conjunction with your eMail to verify it is YOU doing the transacting.
So go through eMail. Then as you login, they will ASK you to verify with a code texted to your phone. You will input that code. Or you will NOT be able to setup (or operate) your account. You will need to do this, in order to input your bank information. Coin Desk will seek your checking route number, and account number.
Then if you want an IMMEDIATE Verification CoinDesk will also ask for your web login ID and PASSWORD for your bank account.
I gave them mine. CoinDesk verified my account within 30 seconds. And then I bought BitCoin, about 5 minutes later.
It will take you 3 days or so, if you want to use a slower verification method. After that slower Bank Verification, THEN you can re-login to the exchange, and you may purchase BitCoin.
After all the "setup" and verification, you BUY your first BTC
A Video walkthrough of the basics to buy BitCoin
MAYBE... it's time to "ComitttT-T-T-T-T-t-ttt"
I have been watching BTC for a while now, and begun analysis
I have been performing an "unofficial" correlation between normal market sector indicators and the new ones.
Bit Coin is completely DIFFERENT in behavior from all previous currency. For instance, DEFLATION is built into this currency. And in this currency deflation is a GOOD THING. But if we experience deflation with the American Dollar, that is very very EXTREMELY bad.
The American Petro dollar is now experiencing a Petroleum based deflation. And it COULD lead to a potential complete collapse. It's a possibility.
The crypto-currencies are a completely new animal and operate by different rules. But ONE of their fudamental rules is THIS... it does NOT limit itself to the elite of the world. It is in every respect a NEW FRONTIER, both economically and financially. It represents quite a lot of potential growth if it DOES become a "major" player in a new technology driven economy.
The "thing" that is going to "drive" crypto currency" to a success would be it's utilitarian features that enable a country with NO financial system to operate easily with a small technology footprint. This means, third world countries, and countries going through an active financial collapse. Or some form of natural disaster. I believe that THOSE are the moments of "punctuation" that will see BitCoin become established. And very useful.
It conceivably could SAVE... many many lives. It depends exactly on the situation, but, I believe where BitCoin will really be able to SHINE, is where conditions are WORST.
People in the Western World, are the people who QUESTION and DOUBT BitCoin. And that is usually because they are fed, clothed, have shelter, and can ARGUE about "percentage of return" on investment. But, BitCoin is designed to be equally available and a non-centrally banked currency.
Digital Money has been tried before. But so far, BitCoin appears to be functioning quite well.