Bitcoin for beginners

MynameisMichaelCane

Update. I opened an account with Coinbase and was able to make my purchase successfully. I have also learned a lot in the process and will almost certainly use bitcoin again to make similar purchases. I am left with around £50 worth of bitcoin and it is interesting to see the value fluctuate throughout the day. I am used to this, however, as I used to invest in shares. Thanks for all the thoughts and advice. 

TheBitcoinGuy

I just read some comments from April about Bitcoin. Has anyone bought BTC? Are you holding? September and October are usually good months. Historically, October is almost always positive, even during bear markets.

Sg28

masonic said:

The main legitimate use case for bitcoin as a currency is where you wish for enhanced anonymity on the internet, such as paying for services like a VPN or a website.

If you are buying small amounts of bitcoin to pay for things, then you will probably still find some of the info on the cheapest exchanges aimed at investors useful. It can be quite entertaining watching your transaction find its way onto a block and receive confirmations if you are of a certain disposition.

Its been a while since bitcoin itself lost its anonymity. Its difficult to use without going through full kyc on an exchange 

There are certain ways around it but not really for beginners.

penners324

MynameisMichaelCane said:

Many thanks for the prompt responses. 
Neil_Jones that is exactly what I was looking for.
crymruchris I understand your caution and I could certainly use another means of payment. I don't think I will ever really understand how to use bitcoin unless I actually give it a go. One reason I want to try it is that banks can and do withhold a payment if they suspect a scam. This happened to me on a previous occasion and while I applaud the diligence of the bank in trying to protect my money, it can be frustrating to have to go into lots of detail about why it is a legitimate transaction. I am not interested in bitcoin as an investment.
masonic good point about the anonymity. 

Most UK banks with block transactions to or from a crypto exchange as possibly being Fraudulent.

So you're not fixing this issue but making it worse 

TheBitcoinGuy

Sg28 said:

masonic said:

The main legitimate use case for bitcoin as a currency is where you wish for enhanced anonymity on the internet, such as paying for services like a VPN or a website.

If you are buying small amounts of bitcoin to pay for things, then you will probably still find some of the info on the cheapest exchanges aimed at investors useful. It can be quite entertaining watching your transaction find its way onto a block and receive confirmations if you are of a certain disposition.

Its been a while since bitcoin itself lost its anonymity. Its difficult to use without going through full kyc on an exchange 

There are certain ways around it but not really for beginners.

MEXC doesn't require KYC. I have around 2k USDT there and I am using it without KYC. For more money, you need a KYC.

Emerald78

I hold Bitcoin personally in a physical wallet.
I am looking for an account to transfer in and draw down cash from sold Bitcoin as and when required.
recommendations for which to use would be welcome.

Scottex99

GBP? Kraken/Coinbase and a few others, a quick google will give you some ideas 

Zoe02

Not a wise decision. Understand what you are getting involved in. Only put what you do not mind losing into such. 

MynameisMichaelCane

I don't know if this what you mean but I use Coinbase. I transfer money to it from a current account and, I haven't tried it, but I assume I could sell bitcoin and transfer the money back to the current account. There are transaction fees involved in this. 

slenderkitten

any crypto you have please store them in a cold wallet which is a physical device an is the safest place do not leave it on the exchange (called hot wallet) as they are at risk of being hacked. 

I use revolute to transfer to coinbase as they are crypto friendly.