Before we launch into today's post I just want to talk a little bit about the links to other websites that I refer to during my blogging. You may notice that when you click on a link it takes you to an advert, please don't be worried by this, just click the skip ad button in the top right hand corner of the screen (you will encounter this a lot in the world of BitCoin)........ It's just another way of earning satoshis which we will cover in the coming weeks!
So what’s the score? There are a great number of ways to buy your crypto-currency but I am only going to be focusing on one method for now, this is with the website Blockchain, I have found that is one of the simplest ways to transfer your hard earned cash for BitCoins (You CAN’T exchange BitCoins for cash here). I’m in the UK, so I can
only vouch for methods based in the UK. I am writing this as I have experienced it, so it wouldn't be right if I was to talk about funding methods based in the USA or any other country as I cannot verify the process, although Blockchain does have US funding methods I still can’t comment. If I find any guides that seem good for the other countries then I will link to them.
Who or what is Blockchain? Think of Blockchain as your bank account but without the greed!! For the people like us Blockchain is a place to buy your BitCoins or store earned BitCoins, we will talk about earning BitCoins over the next few days! You buy BitCoins through varying methods on their website like SofortBanking and PingIt, but the reason I chose Blockchain is that I can fund my account using the Faster Payment services (CHAPS) and the funds will be showing within 2 hrs (UK ONLY). This means I don’t have to run out to town and deal with paper money, transfers, filling in forms and incurring fees etc. It is fast and their simple on screen instructions make it a breeze to fund your account.
But where do I store BitCoins? Well this is very important because you can’t store them in at your bank and you have no physical currency to spend at the local shop. You will need a wallet. A wallet is where you store your BitCoins and also where you can send BitCoins to other recipients. Blockchain provides you with a wallet when you signup but there are many places you can obtain a wallet from. I will post about other places to obtain a wallet later. So if you haven't already got a wallet yet I suggest you sign up to Blockchain!
Once you have your wallet it will have an address assigned to it which looks like this:
This is what you give to people when you want to receive payments. The address you use to send payments to will also look like this but it will be the recipients address. That’s all that is needed to take or make a payment, a wallet. Obviously it’s best to have some way to fund the wallet so that’s why I’m using Blockchain, simple instructions, very upfront, professional and most importantly secure!
You will now also have somewhere to keep your coins when you are earning or receiving FREE BitCoins and you will be able to keep track of in-going and out-going payments. You can also see the stats for other transactions that are happening around the world, it is quite a sight to see with all the numbers whizzing round, from small numbers of Satoshis to thousands of BitCoins!!!
An IMPORTANT note, make sure you backup your wallet to a secure location like a USB stick and/or dropbox. You don't want an error occurring or your computer crashing and you loosing all of your hard earned bit coins. Blockchain has an option to backup your wallet, just follow the simple instructions.
What if I want to Exchange back into cash? I haven’t tried this yet, so right now we will skip this bit. At some point in the near future I will make a post with details on how to do this…......... I mean right now you probably have no reason to cash out as we are just putting BitCoins in!
What's Next Duke? Now that you know how to send and receive payments I think the next step is to look at HOW TO GROW BITCOINS! Keep your eyes peeled for the next installment where we will be looking at completely free BitCoins and the sites that are offering these coins and how to use them. Also up within next few days will be a video detailing the steps in the first two posts so keep an eye out for that as well.
Again thanks for sticking with us and we will see you tomorrow for the exciting part!
The Duke
PS I thought it would be fun to keep a running counter of how many BitCoins I have earned during the making of this blog. So I have been at for three days and my running total is:
0.03436522 BTC
So what’s the score? There are a great number of ways to buy your crypto-currency but I am only going to be focusing on one method for now, this is with the website Blockchain, I have found that is one of the simplest ways to transfer your hard earned cash for BitCoins (You CAN’T exchange BitCoins for cash here). I’m in the UK, so I can
only vouch for methods based in the UK. I am writing this as I have experienced it, so it wouldn't be right if I was to talk about funding methods based in the USA or any other country as I cannot verify the process, although Blockchain does have US funding methods I still can’t comment. If I find any guides that seem good for the other countries then I will link to them.
Who or what is Blockchain? Think of Blockchain as your bank account but without the greed!! For the people like us Blockchain is a place to buy your BitCoins or store earned BitCoins, we will talk about earning BitCoins over the next few days! You buy BitCoins through varying methods on their website like SofortBanking and PingIt, but the reason I chose Blockchain is that I can fund my account using the Faster Payment services (CHAPS) and the funds will be showing within 2 hrs (UK ONLY). This means I don’t have to run out to town and deal with paper money, transfers, filling in forms and incurring fees etc. It is fast and their simple on screen instructions make it a breeze to fund your account.
But where do I store BitCoins? Well this is very important because you can’t store them in at your bank and you have no physical currency to spend at the local shop. You will need a wallet. A wallet is where you store your BitCoins and also where you can send BitCoins to other recipients. Blockchain provides you with a wallet when you signup but there are many places you can obtain a wallet from. I will post about other places to obtain a wallet later. So if you haven't already got a wallet yet I suggest you sign up to Blockchain!
Once you have your wallet it will have an address assigned to it which looks like this:
1Cy1JXSSCZJqqTfeBwzjpLbNRyY8MSbNqM (That is my wallet, if any of you kind souls want to make a donation)
This is what you give to people when you want to receive payments. The address you use to send payments to will also look like this but it will be the recipients address. That’s all that is needed to take or make a payment, a wallet. Obviously it’s best to have some way to fund the wallet so that’s why I’m using Blockchain, simple instructions, very upfront, professional and most importantly secure!
You will now also have somewhere to keep your coins when you are earning or receiving FREE BitCoins and you will be able to keep track of in-going and out-going payments. You can also see the stats for other transactions that are happening around the world, it is quite a sight to see with all the numbers whizzing round, from small numbers of Satoshis to thousands of BitCoins!!!
An IMPORTANT note, make sure you backup your wallet to a secure location like a USB stick and/or dropbox. You don't want an error occurring or your computer crashing and you loosing all of your hard earned bit coins. Blockchain has an option to backup your wallet, just follow the simple instructions.
What if I want to Exchange back into cash? I haven’t tried this yet, so right now we will skip this bit. At some point in the near future I will make a post with details on how to do this…......... I mean right now you probably have no reason to cash out as we are just putting BitCoins in!
What's Next Duke? Now that you know how to send and receive payments I think the next step is to look at HOW TO GROW BITCOINS! Keep your eyes peeled for the next installment where we will be looking at completely free BitCoins and the sites that are offering these coins and how to use them. Also up within next few days will be a video detailing the steps in the first two posts so keep an eye out for that as well.
Again thanks for sticking with us and we will see you tomorrow for the exciting part!
The Duke
PS I thought it would be fun to keep a running counter of how many BitCoins I have earned during the making of this blog. So I have been at for three days and my running total is:
0.03436522 BTC
equal to
£0.64 / $0.96 / €0.59
£0.64 / $0.96 / €0.59
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