Bitcoin buying guide: Difference between revisions
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Wallets can be generated online (''web wallets'') or by running a Bitcoin client on your own machine (''local wallets''). | Wallets can be generated online (''web wallets'') or by running a Bitcoin client on your own machine (''local wallets''). | ||
==Web wallets== | |||
This is the easiest way to get started in the Bitcoin world. | This is the easiest way to get started in the Bitcoin world. | ||
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Note that these providers might also offer a way to convert money into Bitcons. You're welcome to do that, but you'll usually get a better price using Bittylicious. We recommend you just use the above sites for their wallet functionality alone. | Note that these providers might also offer a way to convert money into Bitcons. You're welcome to do that, but you'll usually get a better price using Bittylicious. We recommend you just use the above sites for their wallet functionality alone. | ||
==Local wallets== | |||
These are more complicated to set up, but involve you being in full control of your Bitcoin wallet. This is great in many ways, but unless you're competent that your computers are secure and you're relatively tech savvy, we wouldn't recommend doing this. If all goes wrong and your computer explodes, you've probably lost your Bitcoins. | These are more complicated to set up, but involve you being in full control of your Bitcoin wallet. This is great in many ways, but unless you're competent that your computers are secure and you're relatively tech savvy, we wouldn't recommend doing this. If all goes wrong and your computer explodes, you've probably lost your Bitcoins. | ||
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Now that your wallet is set up, you need to generate a Bitcoin address. Each wallet has its own way of doing this but it should be relatively straightforward. A Bitcoin address will look something like ''19Qbest5y8t5qZhJ36PhUWNUYeDroL6BkF''. | Now that your wallet is set up, you need to generate a Bitcoin address. Each wallet has its own way of doing this but it should be relatively straightforward. A Bitcoin address will look something like ''19Qbest5y8t5qZhJ36PhUWNUYeDroL6BkF''. | ||
==Step 1 - What do you want to buy?== | |||
[[File:Bitty step1.png|500px|thumb|left|Step 1 - Your requirements]] | [[File:Bitty step1.png|500px|thumb|left|Step 1 - Your requirements]] | ||
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Once you have entered the details, click ''Get some coins''. | Once you have entered the details, click ''Get some coins''. | ||
==Step 2 - Make the payment== | |||
[[File:Bitty step2.png|500px|thumb|left|Step 2 - Make the payment]] | [[File:Bitty step2.png|500px|thumb|left|Step 2 - Make the payment]] | ||
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Only when the payment is completed according to your online banking should you click ''I have made payment''. | Only when the payment is completed according to your online banking should you click ''I have made payment''. | ||
==Step 3 - Wait for payment to arrive== | |||
[[File:Bitty step3.png|500px|thumb|left|Step 3 - Waiting for confirmation]] | [[File:Bitty step3.png|500px|thumb|left|Step 3 - Waiting for confirmation]] | ||
Revision as of 15:05, 14 October 2013
Before you start with Bittylicious
There's only one thing you need before buying Bitcoins with Bittylicious - a wallet in which to store your Bitcoins. Bitcoin wallets enable you to send and receive Bitcoins with other users, and each user or business in the Bitcoin ecosystem has a wallet.
Wallets can be generated online (web wallets) or by running a Bitcoin client on your own machine (local wallets).
Web wallets
This is the easiest way to get started in the Bitcoin world.
Web wallets host your bitcoins. This means that you are trusting the company that hosts the wallet to look after it on your behalf. In many ways, this is more secure than looking after the wallet yourself, but it does mean that it is possible for them to lose your bitcoins following any incident on their side.
There are a few providers, but these are some of the biggest ones and we recommend these:
Note that these providers might also offer a way to convert money into Bitcons. You're welcome to do that, but you'll usually get a better price using Bittylicious. We recommend you just use the above sites for their wallet functionality alone.
Local wallets
These are more complicated to set up, but involve you being in full control of your Bitcoin wallet. This is great in many ways, but unless you're competent that your computers are secure and you're relatively tech savvy, we wouldn't recommend doing this. If all goes wrong and your computer explodes, you've probably lost your Bitcoins.
- bitcoin-qt - the full Bitcoin client. Takes a very long time to get synchronised but is considered the de facto Bitcoin client.
- Multibit - a secure, lightweight, international Bitcoin wallet for most popular operating systems.
- Electrum - easy to use,lightweight Bitcoin client for most popular operating systems.
- Armory - an advanced Bitcoin wallet for most popular operating systems.
- Android Bitcoin Wallet - an easy to use Bitcoin wallet for Android phones.
Buying Bitcoins
Now that your wallet is set up, you need to generate a Bitcoin address. Each wallet has its own way of doing this but it should be relatively straightforward. A Bitcoin address will look something like 19Qbest5y8t5qZhJ36PhUWNUYeDroL6BkF.
Step 1 - What do you want to buy?
Here, you simply copy and paste your Bitcoin address into the top box and type in how many Bitcoins you want into the second box.
The number of Bitcoins you can buy at any time is limited by our calculation algorithm. If you register your email address and perform various validation requirements, you can buy more.
Once you have entered the details, click Get some coins.
Step 2 - Make the payment
This screen presents all the details you need in order to make an bank transfer from your bank account.
You will need to log into your online banking with whatever bank you use (e.g. Halifax, Santander) and make a transfer. This will usually be under a heading like Make a funds transfer or Pay a person. This page tells you what sort code, account number and name this payment is going to, and it also provides the reference. It is essential that you copy and paste this reference into the Reference box in your online banking.
Only when the payment is completed according to your online banking should you click I have made payment.
Step 3 - Wait for payment to arrive
