Getting and storing Bitcoin.
So you know what Bitcoin is and you want some.
If you don’t know then checkout my previous video, ‘What is Bitcoin in under five minutes’
This video I’ll go through the quickest way I know to get it.
Getting and storing Bitcoin.
There are three main ways to get Bitcoin. You can sell products or services for Bitcoin.
You can buy Bitcoin
and you can mine for Bitcoin.
This video will only cover buying Bitcoin, by far the quickest way.
For small amounts of Bitcoin you will need to hand only a few details about yourself.
Maybe only your bankcard details and an email address
For larger purchases you will need to link a bank account or card, provide ID and wait a few days normally.
But let us use Bitcoin as it was intended and give YOU control of your money.
Fist we need our own wallet, remember you are your own bank vault, so security is important.
We are going to purchase a small amount of Bitcoin from https://bittylicious.com/
Then transfer it to your smart phone then some to an offline paper wallet.
The smartphone wallet is like your everyday wallet or purse only keep small amounts in it.
The offline paper wallet is your Bank Vault.
You need to keep this paper wallet somewhere secure and safe from prying eyes, and cameras.
If you don’t have a smart phone this web wallet is good https://blockchain.info/wallet
Before you do the next steps make sure you have an up-to-date anti-virus program running, and do a scan.
Now install on your phone a wallet, https://mycelium.com/ has a great wallet.
Once installed you will need to write down the list of words it shows you.
Keep it safe.
This list is your recovery key in case something happens to your phone.
Next print your paper wallet from https://www.bitaddress.org
This site will ask you to move your mouse around to create a random number.
The next screen gives you the choice of what type of wallet you want.
Paper wallet in this case.
Bitaddress.org works on your computer, so now turn OFF your Internet.
Press the ‘generate’ button a few time, you will now have 3 Public and Private keys that have never been on the Internet.
This is your own Bank Vault.
These keys are unique, never before seen, anywhere in the world.
If you lose them, you lose any bitcoin that will been set to them.
Print a couple of copies and keep them safe.
Remember ‘Key Your Private Keys Private’
Once you have printed them close bitaddress.org and restart your Internet.
Do you feel like James Bond? You should, you now have a secret.
Next we buy some Bitcoin at bittylicious.com.
Register with an email address.
You will also need Internet banking or a credit/debit card to buy your first bit of Bitcoin.
Enter your Bitcoin address/ Public Key into bittylicious.com page, the amount you want and the payment method best for you, then click ‘get some coins’
You can find your Public Key in your Mycelium wallet if you press ‘Receive’
Don’t stress too much about getting this number wrong, not only is it unique but it is also clever.
If you get one digit or letter wrong the Bitcoin network will know and tell you.
You will not send Bitcoin to the wrong address.
Once you have been all through the payment screens and verified you have paid, you just need to wait.
Your phone wallet might update with your Bitcoin balance in a couple of minutes, although it can sometimes take a couple of hours.
It depends on your bank.
Check out https://bittylicious.com/help/index.php/Bitcoin_buying_guide if it takes more than a couple of hours.
Once you have your first Bitcoin on your phone, you can do a little dance.
You are now part of the new Internet money world.
The Crypto- Currency world.
That’s Crypto as in Cryptography.
Your Public and Private Keys are secured by Cryptography.
The Bitcoin Network is secured by Cryptography.
Now if you like you can send some of your Bitcoin to your Offline Paper Wallet.
In ‘Mycelium’ click ‘Balance’ then ‘Send’ then ‘Scan QR Code’
Now point you phone camera at your first Paper Wallet Public Key mark ‘Load & Verify’
Next you need to enter an amount and click ‘Send’
My Bitcoin Address 1M1Pu1XwGHKnJRbUmdmi7Eu3NxrxwddJjv