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November 28, 2013 22:09
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Bitcoin and Litecoin HOWTO in the UK
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| Here is a quick HOWTO for those wanting to trade (buy/sell) in bitcoins and litecoins in the UK. The following is a fairly easy setup, so that you will have an OTC Web-of-trust profile so that people can rate you as a buyer/seller, and especially if you wish to sell, overtime you can be trusted more. | |
| Register on freenode.net channel #bitcoin-otc: | |
| * Go to https://webchat.freenode.net | |
| Nickname: choose a nickname for yourself | |
| Channels: #bitcoin-otc | |
| * Check you have the desired nickname in chat, and try and register it (if this doesnt work, pick a different nickname) | |
| /msg NickServer register <some-password> <your-email-address> | |
| * Check email and follow instructions | |
| /msg NickServ VERIFY REGISTER <your-nickname> <password-from-email> | |
| * Turn on ENFORCE mode (ensure it cant be taken from you) | |
| /nickserv set enforce on | |
| Now register on http://bitbargain.co.uk - hopefully with the same nickname as the username | |
| * Under your user preferences - | |
| E-mail -> verify | |
| Phone -> verify if you wish | |
| Web of Trust -> OTC username = <nickname> | |
| Generate a gpg key | |
| (ubuntu) $ sudo -s | |
| (ubuntu) # apt-get install rng-tools | |
| (ubuntu) # echo HRNGDEVICE=/dev/urandom >> /etc/default/rng-tools | |
| (ubuntu) # /etc/init.d/rng-rools start | |
| (ubuntu) # exit | |
| (ubuntu) $ gpg --gen-key | |
| - realname: <nickname> | |
| - comment: <nickname> | |
| - email: <your-email> | |
| - RSA and RSA | |
| - 4096 | |
| - lasts forever (0) | |
| (ubuntu) $ PUBCODE=$( gpg --list-keys --keyid-format long | grep pub | awk -F\ '{print $2}' | cut -d/ -f2) | |
| $ echo $PUBCODE | |
| - check you have a single hexcode | |
| $ gpg --send-keys --keyserver pgp.mit.edu $PUBCODE | |
| $ gpg --send-keys --keyserver subset.pool.sks-keyservers.net $PUBCODE | |
| Back in #bitcoin-otc freenode: | |
| /msg gribble eregister <nickname> <PUBCODE> | |
| Follow the link in your private message room with gribble | |
| (ubuntu) $ curl <link> | gpg --decrypt | |
| - this gives you a one-time password beginning freenode:#bitcoin-otc etc. | |
| /msg gribble everify <full-one-time-password> | |
| /join BitBargain | |
| !bbconnect <nickname> | |
| Now you will be able to be rated as a seller and a buyer. This will increase your trust rating over time. | |
| Now to buy Bitcoins (BTC) or Litecoins (LTC), use the top menu on bitbargain.co.uk | |
| - Buy BTC, | |
| - Payment method: Bank Transfer (or choose another) | |
| - I want to buy -> Bitcoins or Litecoins as appropriate | |
| ->Find Matching Offers. | |
| Find an offer you like and click on the Sellers name | |
| - Their stats appear on the right, and their verification on the left. | |
| - Look out for a fully verified left section - they will have had to send their passport and photos into the site to prove their identity | |
| - Look at their successful sales, abandoned and disputes to see their stats. | |
| - Click their name again at the top (OTC-WoT as XXXXX) - to see their web of trust on #bitcoin-otc | |
| Buy coins | |
| - When you've found a trustworthy user consider buying from them. | |
| - The site will lead you through the 4 step process. | |
| - Register intention to buy | |
| - Seller confirms with payment details within 1 minute | |
| - You send payment within 30 minutes and confirm | |
| - They check payment has arrived and send coins to you within 3 hours. | |
| Sell coins | |
| - The reverse of that process | |
| - Ensure you have full trust and verification set up first. | |
| Bought coins | |
| - Are held in the site until you transfer them out to your private wallets on your own machine. | |
| - Your coins are taxed every week if you keep them on the site | |
| - Keeping them on the site is highly advised AGAINST. | |
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