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Buying bitcoin is easy.
1/ Google 'how to buy bitcoin'
2/ OK i need a 'wallet'. Google ' how to get bitcoin wallet'
3/ From https://bitcoin.org/en/choose-your-wallet I need a mere 8 clicks (ignoring dozens of options I don't understand) to find something called 'Electrum' is recommended.
1/ Google 'how to buy bitcoin'
2/ OK i need a 'wallet'. Google ' how to get bitcoin wallet'
3/ From https://bitcoin.org/en/choose-your-wallet I need a mere 8 clicks (ignoring dozens of options I don't understand) to find something called 'Electrum' is recommended.
4/ 'Do not download Electrum from another source than http://electrum.org , and learn to verify GPG signatures.'
5/ Google 'GPG signature verification'
6/ OK, that looks rather complicated. I am going to ignore that bit for now.
5/ Google 'GPG signature verification'
6/ OK, that looks rather complicated. I am going to ignore that bit for now.
7/ Download 'app image' (ignoring python option as I'm pretending to be a novice)
8/ 'Appimage is not recognised by any programme' (to be fair, this is the first time I've seen a linux distribution using this format)
9/ Google 'how to run appimage'.
10/ chmod +x
8/ 'Appimage is not recognised by any programme' (to be fair, this is the first time I've seen a linux distribution using this format)
9/ Google 'how to run appimage'.
10/ chmod +x
11/ Electrum now running. 6 clicks through several options I have no idea what they mean, just selecting the defaults.
12/ There are some words I have to write down
13/ After 6 attempts of writing them and trying to repeat them I give up and copy and paste them into a text file
12/ There are some words I have to write down
13/ After 6 attempts of writing them and trying to repeat them I give up and copy and paste them into a text file
14/ it also wants a password , but lifes too short
15/ I now have a dialog box but not sure what to do. Back on https://moneyweek.com/469168/how-and-where-to-buy-bitcoins-in-the-uk it says I need the 'address' but Electrum only shows me a public key. Guessing these are the same thing
15/ I now have a dialog box but not sure what to do. Back on https://moneyweek.com/469168/how-and-where-to-buy-bitcoins-in-the-uk it says I need the 'address' but Electrum only shows me a public key. Guessing these are the same thing
16/ There are several options for buying bitcoin listed, but I think an exchange sounds the most grown up
17/ Normally I'd go for an FCA authorised exchange, but another google reveals that FCA authorisation and bitcoin don't go together
18/ I decide to use 'coinbase'
17/ Normally I'd go for an FCA authorised exchange, but another google reveals that FCA authorisation and bitcoin don't go together
18/ I decide to use 'coinbase'
19/ They want my phone number, address, DOB... - so much for the anonymous world of crypto
20/ ... and a copy of my driving licence! I suppose I could use a dodgy exchange that didn't care about AML regulations, although as a beginner that seems a poor choice.
20/ ... and a copy of my driving licence! I suppose I could use a dodgy exchange that didn't care about AML regulations, although as a beginner that seems a poor choice.
21/ Second sign in to coinbase to see if my identity is verified
22/ 2FA with phone text message, annoying but secure i suppose
22/ 2FA with phone text message, annoying but secure i suppose
23 'Minified React error #185; visit https://reactjs.org/docs/error-decoder.html?invariant=185 for the full message or use the non-minified dev environment for full errors and additional helpful warnings.'
24/ Try to login again
25/ 'The document you submitted is expired. Please try again with another ID.'
...
and give up.
25/ 'The document you submitted is expired. Please try again with another ID.'
...
and give up.
I think there are two use cases here:
(i) tinfoil hat conspiracy theorist
(ii) regular person who just wants 'some of that crypto'
(i) tinfoil hat conspiracy theorist
(ii) regular person who just wants 'some of that crypto'
Tinfoil guy would not want to do anything related to KYC or on mobile. But, as far as I can tell, this is both very risky and very difficult.
Regular person shouldn't be bothered about KYC, but contrasting the experience with opening and using a stock trading account, the latter is both much easier and also safer (highly regulated).
Arguably regular person may not be so bothered about owning physical bitcoin as just getting exposure, but the latter is still extremely difficult (regular person not trading futures, CFDs expensive). Bitcoin only has future NPV>0 if people own it and use it to spend on stuff.
