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Buying Bitcoin, How?


gibbon
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Decided to finally dip my toe in the game, made a conscious effort ever since it started to ignore anything to do bitcoin/crypto, but it really looks like it's hear to stay and with the obvious war on cash I'd rather be in the game before the globohomos pull the rug out from under our feet.

Been slowing getting my financial affairs in order and I'd now like to buy a small amount of crypto per month bit like I do with the stocks and shares ISA that I recently set up. How do I go about it? I need a wallet right? That's really all I know. Is there an app which sort everything out for you? I don't trust any articles or videos online about bitcoin/crypto as I assume they are just trying to scam you some way so thought I'd once again come to the DOSBODs hive mind.

Edited by gibbon
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fourstarpetrol

Welcome to the club :) The easiest place for beginners to get started I've found is Coinbase. Once you register and get verified on there you can send GBP via bank transfer and trade it for crypto. Once you've bought your crypto you'll need to send it to a wallet of your own that only you have access to. I'd advise not leaving it on the Coinbase exchange ("not your keys, not your crypto" as they say). If you want to keep it long term you may be OK with storing it in a paper wallet (called cold storage) which you can create online, or use a desktop wallet like Ledger.

Feel free to PM me if you need any more help.

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goldbug9999

Bitstamp would be be my first recommendation, oldest and most reputable (IMO) existing exchange. Etoro is good well and is easy to fund (can use paypal) and is the most traditionally regulated way as they are a general CFD platform rather than being cypto specific.

Not a fan of coinbase myself but that partly irrational prejudice on my part as they were a supporter of bitcoin cash. Most of the horror stories you hear about hacked and frozen accounts do seem to come from coinbase though ...

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19 hours ago, fourstarpetrol said:

Welcome to the club :) The easiest place for beginners to get started I've found is Coinbase. Once you register and get verified on there you can send GBP via bank transfer and trade it for crypto. Once you've bought your crypto you'll need to send it to a wallet of your own that only you have access to. I'd advise not leaving it on the Coinbase exchange ("not your keys, not your crypto" as they say). If you want to keep it long term you may be OK with storing it in a paper wallet (called cold storage) which you can create online, or use a desktop wallet like Ledger.

Feel free to PM me if you need any more help.

Cheers, a mate of mine also suggested Coinbase so I reckon they are worth a punt and have a nice looking app. Do they create the wallet for you then I can leave it with them until I figure it all out at a later date and move it somewhere more secure? 

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6 hours ago, goldbug9999 said:

Bitstamp would be be my first recommendation, oldest and most reputable (IMO) existing exchange. Etoro is good well and is easy to fund (can use paypal) and is the most traditionally regulated way as they are a general CFD platform rather than being cypto specific.

Not a fan of coinbase myself but that partly irrational prejudice on my part as they were a supporter of bitcoin cash. Most of the horror stories you hear about hacked and frozen accounts do seem to come from coinbase though ...

Will have a ganders at them. Was thinking about getting an app in future to trade specific stocks so Etoro might fit the bill. 

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fourstarpetrol
56 minutes ago, gibbon said:

Cheers, a mate of mine also suggested Coinbase so I reckon they are worth a punt and have a nice looking app. Do they create the wallet for you then I can leave it with them until I figure it all out at a later date and move it somewhere more secure? 

Yeah, you can keep your coins on the Coinbase exchange temporarily. Once you've got your personal wallet figured out you can send the funds to your address.

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goldbug9999

Worth adding that if you just want pure price exposure then you can buy bitcoin directly from within paypal. There is no option to take custody of it yourself though.

Edited by goldbug9999
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haroldshand
On 16/11/2021 at 13:50, gibbon said:

Decided to finally dip my toe in the game, made a conscious effort ever since it started to ignore anything to do bitcoin/crypto, but it really looks like it's hear to stay and with the obvious war on cash I'd rather be in the game before the globohomos pull the rug out from under our feet.

Been slowing getting my financial affairs in order and I'd now like to buy a small amount of crypto per month bit like I do with the stocks and shares ISA that I recently set up. How do I go about it? I need a wallet right? That's really all I know. Is there an app which sort everything out for you? I don't trust any articles or videos online about bitcoin/crypto as I assume they are just trying to scam you some way so thought I'd once again come to the DOSBODs hive mind.

For the record there are many who think we are still  in the very early adoption  phase

 

I have various wallets, but I quite like Binance and it has a massive selection  of alt coins, play them right and spread the risk and you are talking serious money, even if you only had £5000 to invest you could be talking serious life changing  money in 5 years time

Edited by haroldshand
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I went with Kraken as they are big and well-known. Not sure this was a great idea as they grilled me half to death with personal questions as to my suitability to buy their stuff - anyone would have thought we were having children together. Also their trading website is the most godawful mess and it takes a lot of effort to do simple things like swap your normal money for any particular crypto.

If just dipping a toe with not much to begin with then I would suggest Revolut as an all-purpose free handy "buying thing" which will do day-to-day shopping, foreign currency, and shares, as well as bitcoin. Great for getting started.

 

 

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On 17/11/2021 at 12:08, goldbug9999 said:

Worth adding that if you just want pure price exposure then you can buy bitcoin directly from within paypal. There is no option to take custody of it yourself though.

That's interesting to know but I don't trust paypal in the slightest, they aren't one of the good guys that's for sure. If they lock your account and take your money what are you going to do? I've read accounts of ebay merchants trying to take them to court when paypal has stolen tens of thousands from them, going all the way down the rabbit hole and finding PayPal UK has zero assets and their registered company address is their solicitors. They have set up their entire corporate structure to fuck people like us.

On 18/11/2021 at 17:56, haroldshand said:

For the record there are many who think we are still  in the very early adoption  phase

 

I have various wallets, but I quite like Binance and it has a massive selection  of alt coins, play them right and spread the risk and you are talking serious money, even if you only had £5000 to invest you could be talking serious life changing  money in 5 years time

I'm assuming that I could lose every penny I put, but i'm glad i'm finally in the game now after accepting that the war on cash is real and the end game closer than anyone wants to admit. I've set up coinbase to just buy £25 a week, dollar cost averaging? As I learn more about crypto might put more in or buy other coins, but for now that will do. I wouldn't mind having a small amount of physical gold/silver at some point as well, basically i'm trying to set up a system where I have say 10% cash and 90% various assets (crypto/shares/precious metals/premium bonds)

On 19/11/2021 at 08:08, Funn3r said:

I went with Kraken as they are big and well-known. Not sure this was a great idea as they grilled me half to death with personal questions as to my suitability to buy their stuff - anyone would have thought we were having children together. Also their trading website is the most godawful mess and it takes a lot of effort to do simple things like swap your normal money for any particular crypto.

If just dipping a toe with not much to begin with then I would suggest Revolut as an all-purpose free handy "buying thing" which will do day-to-day shopping, foreign currency, and shares, as well as bitcoin. Great for getting started.

 

 

Kraken, Revolut...all gets so confusing seems there's billions of apps out there. Only recently re-set up my Hargreaves Lansdown S&S ISA with a monthly savings plan. Baby steps for me at the moment.

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goldbug9999
1 hour ago, gibbon said:

That's interesting to know but I don't trust paypal in the slightest,

 

Yeah I agree for the most part, was just mentioning it as an easy option.

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fourstarpetrol
1 hour ago, gibbon said:

That's interesting to know but I don't trust paypal in the slightest, they aren't one of the good guys that's for sure. If they lock your account and take your money what are you going to do? I've read accounts of ebay merchants trying to take them to court when paypal has stolen tens of thousands from them, going all the way down the rabbit hole and finding PayPal UK has zero assets and their registered company address is their solicitors. They have set up their entire corporate structure to fuck people like us.

That's why I was glad when eBay disassociated with PayPal and now sells seller's funds directly.

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Caravan Monster

The requirement for photo id to use set ups like Coinbase and eToro can be a problem for us tin foil hatters that don't have such a thing. Being keen to suss out crypto I capitulated to the state and applied by post for a photocard driving licence and all my government approved id disappeared months ago in the depths of the DVLA xD The exchanges looked pretty straightforward. I was going to try and use the electrum wallet to hold offline.

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jamtomorrow
1 hour ago, Caravan Monster said:

The requirement for photo id to use set ups like Coinbase and eToro can be a problem for us tin foil hatters that don't have such a thing. Being keen to suss out crypto I capitulated to the state and applied by post for a photocard driving licence and all my government approved id disappeared months ago in the depths of the DVLA xD The exchanges looked pretty straightforward. I was going to try and use the electrum wallet to hold offline.

Can recommend Electrum as a first port of call.

For tin foil hat purposes, it is probably more "intermediated" than you'd want in the long run (in common with many lightweight wallets, it's not a node in its own right - it relies on its backend servers to get transactions on and off the Bitcoin network, and to harvest fee data).

But perfectly fine to begin with, then you can switch to something "less intermediated" later once you have a handle on all the bits and pieces and/or you start dealing with larger amounts.

A full node of your own would be the "ultimate" choice, but maybe get there via something like Trezor. A version of Trezor Suite with support for using your own full node as back end (rather than their servers) is supposedly imminent

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Caravan Monster
31 minutes ago, jamtomorrow said:

Can recommend Electrum as a first port of call.

For tin foil hat purposes, it is probably more "intermediated" than you'd want in the long run (in common with many lightweight wallets, it's not a node in its own right - it relies on its backend servers to get transactions on and off the Bitcoin network, and to harvest fee data).

But perfectly fine to begin with, then you can switch to something "less intermediated" later once you have a handle on all the bits and pieces and/or you start dealing with larger amounts.

A full node of your own would be the "ultimate" choice, but maybe get there via something like Trezor. A version of Trezor Suite with support for using your own full node as back end (rather than their servers) is supposedly imminent

Are there beginner suitable methods of buying crypto outside of the exchanges, paypal etc worth investigating?

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jamtomorrow
7 minutes ago, Caravan Monster said:

Are there beginner suitable methods of buying crypto outside of the exchanges, paypal etc worth investigating?

I would avoid any method that prevents withdrawal to own wallet, because you won't really learn anything about Bitcoin itself that way. That certainly rules out Paypal.

I bought my first Bitcoin on localbitcoins in 2017, but even then you had to send a pic of your driving license to the seller. Very hard to dodge KYC/AML these days.

You could just buy on an exchange and then use a coin tumbler/mixer to break the trail. Never done that personally tho.

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I think Kinesis lets you buy Bitcoin and Ethereum. And you can then covert them back and forward into blockchain recorded gold/silver etc.

And you can withdraw to your own wallet (I think).

Edited by Errol
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On 17/11/2021 at 10:34, gibbon said:

also suggested Coinbase

there's a difference between coinbase and coinbase pro FYI....or there used to be

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On 21/11/2021 at 17:27, jamtomorrow said:

Can recommend Electrum as a first port of call.

I watched a vid on the kraut who created Electrum wallet...seems like a 'good dude' :)

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PS current levels might be a 'bull trap'........looking for a 50k retest lol

the yoof refer to these 'older crypto coins' as 'boomer coins' nowadays xD

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Have added Ethereum now. Buying £25 a week of Bitcoin and £25 a week of Ethereum. Don't think I'd want to spend any more than that at the moment seeing how could lose it all.

Made the mistake of adding a coin price tracker to watch daily percentage gains/losses to my system bar but after watching how volatile even these two are I uninstalled it the next day. I'm in it for the long term and just going to have it automatically buy the coins and forget about prices.

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2 hours ago, gibbon said:

I'm in it for the long term and just going to have it automatically buy the coins and forget about prices.

You may find the Lyn Alden comments on cost averaging into crypto and the comparisons for gold and crypto in the future relevant.

 

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10 minutes ago, Underwhelmed said:

for truly decentralised p2p try https://bisq.network/ 

Cheers might be handy later down the line. Can't say I was happy giving all my details to coinbase, which i'm sure they'll use to happily hand over all my financials to HMRC or any globohomo org that asks, but needed to start somewhere and learn as I go.

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