Step by Step Guide for Non-Tech People

canton

sr. member

Activity: 261

Merit: 285

Quote from: RealT on November 01, 2013, 08:40:39 PM

Is such a guide available? Should it begin here on this thread?

I believe I've written a very solid primer on secure paper wallet generation and storage here:

https://bitcoinpaperwallet.com

Let me know what you think. Any questions you have are probably shared by others so I would be happy to expand on the answers.

RealT

newbie

Activity: 42

Merit: 0

Okay, offline wallet it is (even if it seems "super crazy pants")!
Next question is, how exactly do I do this? I'm not real comfortable connecting a bank account to an exchange like btc-e based in Bulgaria, and do not like what I read about the delays with Mt. Gox. Also, if I were to go through local bitcoin, I don't even know what I'm looking at (in terms of technology) and I could be very easily fooled by an unscrupulous person. Still trying to figure this out..........
Thanks!

b!z

legendary

Activity: 1582

Merit: 1010

Quote from: RealT on November 02, 2013, 01:07:20 AM

Quote from: tomnook on November 01, 2013, 11:54:03 PM

IMO the easiest way to buy bitcoin is via coinbase (http://www.coinbase.com).

My experience with it has been great -- it's essentially the same as starting a paypal account. Just make an account, link to your bank, and after you get linked (few days) hit just buy/sell however much bitcoin you want, and use it as a wallet without having to know much about bitcoin. Most people familiar with setting up any bank account would be at home with it. I think it'd be a great way to introduce someone new to it and make it not scary.

I have read repeatedly not to use an online wallet. That offline storage is the only secure way to store BTC. If BTC are vulnerable with online storage, then I doubt many people will be comfortable with online storage. What's the truth about BTC storage?

If you use an online wallet, you are trusting that:
a) The wallet provider will not steal your money
b) The wallet provider has good enough security measures so that a thief, or hacker will not steal your money

If you use an offline wallet, with a strong enough passphrase, you will be the only one who can access your money.

For this reason, I use an online wallet to store a small amount of BTC, enough for day-to-day transactions. I store the rest of my BTC offline.

MilesJohan

sr. member

Activity: 378

Merit: 250

Quote from: billym2k on November 02, 2013, 01:47:02 AM

Eh, I mean, online wallets aren't FDIC insured or anything, and you're trusting a third party with an online wallet, but most online wallets have 2FA available which make them decently secure.

Some people go to great lengths to secure their bitcoins...There's always malware floating about that can steal your wallet local wallet file...There's like super unsafe (using local wallet and not password protecting, using the same password for everything, downloading a bunch of unknown executables, etc) and "pretty alright safe" (using online wallets with 2FA, using a local wallet and using a strong password on it + being safe about what you download) and "bulletproof" (cold storage, brain wallets, etc)...Bulletproof can start to border on crazypants though.

Online wallets can be secured by 2FA but there is always a risk that the creator of the online wallet ran away with all your money, your own wallet would be 100% safe.. (please have more then 20-30 length in password, brute force would take many hundred years)..

billym2k

full member

Activity: 126

Merit: 100

Eh, I mean, online wallets aren't FDIC insured or anything, and you're trusting a third party with an online wallet, but most online wallets have 2FA available which make them decently secure.

Some people go to great lengths to secure their bitcoins...There's always malware floating about that can steal your wallet local wallet file...There's like super unsafe (using local wallet and not password protecting, using the same password for everything, downloading a bunch of unknown executables, etc) and "pretty alright safe" (using online wallets with 2FA, using a local wallet and using a strong password on it + being safe about what you download) and "bulletproof" (cold storage, brain wallets, etc)...Bulletproof can start to border on crazypants though.

RealT

newbie

Activity: 42

Merit: 0

Quote from: tomnook on November 01, 2013, 11:54:03 PM

IMO the easiest way to buy bitcoin is via coinbase (http://www.coinbase.com).

My experience with it has been great -- it's essentially the same as starting a paypal account. Just make an account, link to your bank, and after you get linked (few days) hit just buy/sell however much bitcoin you want, and use it as a wallet without having to know much about bitcoin. Most people familiar with setting up any bank account would be at home with it. I think it'd be a great way to introduce someone new to it and make it not scary.

I have read repeatedly not to use an online wallet. That offline storage is the only secure way to store BTC. If BTC are vulnerable with online storage, then I doubt many people will be comfortable with online storage. What's the truth about BTC storage?

tomnook

newbie

Activity: 5

Merit: 0

IMO the easiest way to buy bitcoin is via coinbase (http://www.coinbase.com).

My experience with it has been great -- it's essentially the same as starting a paypal account. Just make an account, link to your bank, and after you get linked (few days) hit just buy/sell however much bitcoin you want, and use it as a wallet without having to know much about bitcoin. Most people familiar with setting up any bank account would be at home with it. I think it'd be a great way to introduce someone new to it and make it not scary.

pezDspencer

newbie

Activity: 3

Merit: 0

Unless there's no one near by selling. As in my case. :-(

Seriously, buying and selling from an exchange is the easy part.

Investing is a great idea. But you need to register with an exchange ASAP in order to fund with fiat... the reputable exchanges have a backlog for verification purposes.

Reading the market (if you want to day trade) is the hard part, and I seriously suggest against it unless you know what you're doing.

Storing BTC can be quite tricky. Best area to start is to download the BTC client on your own machine to have your own wallet. Once you get comfortable you can look into further options like brain wallets, paper wallets and other offline methods of storing BTC.

Good luck in your endeavor. Don't give up. This all seems daunting, but its just one puzzle piece at a time.

collingiusti

full member

Activity: 153

Merit: 100

Quote from: RealT on November 01, 2013, 08:40:39 PM

I am searching for a laymen's guide to buying BTC. One that non-tech savvy people can use to purchase, store, sell, and use BTC. It is very easy for the tech folks to talk right over the heads of the average person (and deter them from using BTC). Such a guide will be absolutely necessary for widespread adoption.

Is such a guide available? Should it begin here on this thread?

localbuy websites are your best option. no 2%fees or anything

Thenen

full member

Activity: 226

Merit: 100

Quote from: RealT on November 01, 2013, 08:40:39 PM

I am searching for a laymen's guide to buying BTC. One that non-tech savvy people can use to purchase, store, sell, and use BTC. It is very easy for the tech folks to talk right over the heads of the average person (and deter them from using BTC). Such a guide will be absolutely necessary for widespread adoption.

Is such a guide available? Should it begin here on this thread?

There is no detailed guide but it shouldn't hard to buy some BTC, just don't buy it from MtGox and you are safe....

RealT

newbie

Activity: 42

Merit: 0

I am searching for a laymen's guide to buying BTC. One that non-tech savvy people can use to purchase, store, sell, and use BTC. It is very easy for the tech folks to talk right over the heads of the average person (and deter them from using BTC). Such a guide will be absolutely necessary for widespread adoption.

Is such a guide available? Should it begin here on this thread?

Topic: Step by Step Guide for Non-Tech People (Read 666 times)