How did you set up for BTC? (1 Viewer)

[Bill]

I recently had a PM from someone asking about setting up for getting BTC. I wondered how many here may have worked through setting up themselves for getting BTC and if there is a bit of primer for "best practices" in doing so. Lots of aspects to consider from getting funds out of your bank into BTC (who to use) and whether to leave BTC in an online account of move to offline storage (how, what offline device to use), privacy and security concerns, etc. Any pointers?

 

[Jenny]

Umm, probably showing my ignorance here, but what is BTC please?

 

[Bill]

Bitcoin (BTC). It's a topic of considerable discussion in the webbot reports.

 

[Martin]

Hi Bill. I'm a bit of a newbie to Bitcoin also so am not really in a position to help out but can relay what I've done to date. I haven't bought any BTC yet though I do have a wallet set-up here.... https://blockchain.info/wallet/#/ and am registered and ready to buy through this UK/Europe site here... https://bittylicious.com/ My bank account is linked.

For the mo, I have some funds in silver bought at https://www.goldmoney.com and may switch some of this over to BTC at some point down the line.

 

[Jenny]

Thanks MrBill!

 

[John Swails]

Here is a primer I created a while back . I have used coinbase in the past. I would recommend that you always keep it on your person because just like gold and silver if you dont hold it you dont own it
That being said if you want to use some for transactions and purchasing then you will have to leave some out and about on the web. I would recommend using two factor authentication for sure. I have used the blockchain.info API and I liked it so thats a decent site. I go over some wallets in the primer vid 1 and 2.

You should always back up your wallet.dat file. Keep it on multiple usb sticks and in separate locations for safety and loss reasons. That is your bank account so you wouldnt want it being lost if its inaccessible anymore.

You can also print out btc onto paper now. There are many YT vids on that and I have friend who has a lot of BTC and he has done that at this house. He swears by it and loves it. Technically if you can remember the really long number and or write it down thats all you need to logon to anywhere in the world and get that money all back.