Getting started with Bitcoin

Discussion in 'Other Technological Wonders' started by Mine all mine, January 21, 2022.

  1. Mine all mine

    Mine all mine Active Member

    This is a quick and dirty guide to getting into cryptos. I've seen some complete crap, like a £1,000 limit and having to share your real identity. It's crap.

    First you need to get a wallet. This is where your Crypto will be stored.

    For beginner wallets, BitPay is an easy app to get. There's Exodus for Linux or Windows, or Coinomi on most platforms. (If you really want to be private there's paperwallets, but that's for another time)

    When you set up the wallet, it will give you a Seed Phrase. These are a set of words. WRITE THEM DOWN. Some wallets don't let you see them again. This is the only way to recover your funds if you lose the wallet or forget your password, so don't lose 'em.

    Then you set up your password, which works like your bank PIN. If someone else knows it they can empty your wallet, but you need it for transactions so don't forget it.

    Now you got a wallet, which shows a range of cryptos it can hold.

    It doesn't have any in it.

    So you need to get some.

    Go to your wallet. Under each crypto it will have a Receive option in it somewhere. Click on this and copy the _really long_ address it gives you. This is like your account number, and what you are going to give to people for them to give you money. Make sure you get the right crypto.

    Sending the wrong crypto to an account is like paying a scottish banknote into a German bank, they kinda look at you incomprehensibly and send you away to get real money.

    Now to get dosh.

    Staking is where people pay you interest for having a crypto in your wallet, like a bank. As you don't have any yet, I'm skipping it for ways to get some. (Going into staking now would be kinda like those articles by rich journalists saying people can save money by cutting gym memberships and take out coffee when their readers are trying to get through the week on a block of cheese and a packet of pasta. _Really_ out of touch.)

    You can buy crypto, but this means registering on an exchange. Exchanges are where the giving out ID and limits of £1000 and this and that comes in. Don't use them if you're just casual. I never have. There are peer-to-peer things called local-insert-name-of-crypto-here. If you don't want your ID on an exchange, you really don't want it on these. Fraud on these, just don't, K?

    So, wallet still empty?

    Free money is the best.

    It rains money at bitcoin faucets. These are sites where you click once a day, you build up a balance and every few days you get a small payout of a few Satoshis, which are to Bitcoin what pennies are to pounds. Kinda. A penny is a neat one hundredth cake slice of a pound. A Satoshi is _one hundred millionth_ of a Bitcoin, like someone putting a bitcoin through a cheese grater.

    Do this lots and you'll get a few pounds. They earn their money from advertising, so use an old device or one you don't mind ad cookies all over. I've made £90 of Dogecoin over a few months. I used a lot of faucets.

    Faucets make their money from ads, so expect malware. Use an adblocker, or tech you don't care about. Don't use the tech you bank on. Don't like ads?

    Print your own cash.

    When you use a credit card, the merchant pays a fee to Visa to process the transaction and make sure it is valid. When someone uses a cryptocurrency, the person sending the transaction also pays a fee to process the transaction and ensure it is valid. This fee is paid to a _miner_, who can be anywhere or anyone in the world, who does this processing.

    Every now and then someone doing this discovers an actual combination that hasn't been used and that't a new crypto coin. They found it, they keep it.

    Mine thine own Bitcoin.

    Miners are third-party software so normally you don't keep your wallet on the same device you mine with, so wallet on phone, miner on desktop or like that.

    So the easy way to start are combined mining efforts. The three I mention below just want email addresses, no ID photos or other crap.

    Minergate's an established one for the Monero crypto and has versions for just about everything. Exodus and Coinomi both allow Monero so you can mine here. Its slow, and phone batteries deaden fast. Try leaving it running while you read an ebook or charge your phone overnight. Also they've got their weird thing where they now want ID to give you want you mined.

    Nicehash is Windows-only. Set up an account with an email address, install the software, put in your receive address, and start it running. That's it. Bad thing is that if you don't earn over a certain amount they will take it back at the end of the month. Great for gaming PCs and video rigs though.

    miningpoolhub is more complex but its what I use. You need an email to create an account, then set up what currency it will pay you out in, which isn't the same as what you mine.

    This should get you crypto.

    What you do with it once you've got it is a you issue.

    On a final note, security-wise, you'll hear about Paper Wallets and hardware wallets. I'm not covering this for beginners. If you get a few thousand pounds in a wallet, you'll want to know about these, but a few thousand means you're not a beginner anymore. Or you have more cash than sense and you can give me some:

    Dogecoin to DEyK pH1x 6sFQ HheN9 Bnz6 tLqa bUy6 pfL1N

    Please.

    To the moon?
     
  2. tirial

    tirial IT fixer extraordinaire

    Okay...so what brought this on? Or is this an excuse to beg for money? Enquiring minds would like to know. There isn't any obvious link between bitcoin and ebooks that I know of.
     
  3. Mine all mine

    Mine all mine Active Member

    That was me applying for the Scribes program/article status.
     
  4. Bookangel

    Bookangel Administrator Staff Member

    It is useful, but how does it link to books?
     

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