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Up and Running with Peercoin - 06 Purchasing Bitcoins on LocalBitcoins - YouTube
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OK, so now that the wallet is secure
and we've had a little look at the
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software that
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Peercoin works with, I guess the next thing
we want to do is make sure that we get some
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Peercoins, because as you can see
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our balance is 0. So let's
go to the Peercoin
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site to see a bit more information. So
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if you go to ppcoin.org
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then there's a wiki
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and then in that wiki there's a
list of services on market.
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And in there, you can see the
exchanges you can use to
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buy PPC. So I don't know many
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of these, like I think Vault of
Satoshi is
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based in Canada. But I
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honestly don't know many of these and
I don't know anywhere where I can directly..
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I'm based in the UK, so I don't
know anywhere I can directly buy
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Peercoins using British pound.
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So, I'll show you the way
that I do. And that's by
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buying Bitcoins, which are
obviously the most famous of the
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crypto-currencies, first and then
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using the Bitcoins on the BTC-E exchange
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to be able to purchase Peercoins.
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So there are obviously
loads of ways that you can
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buy Bitcoins. So
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on blockchain.info, which is a useful site
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for Bitcoins,
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if you go to the markets section here..
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This here basically shows you some
of the biggest exchanges for Bitcoins
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You can see there's Bitstamp
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and that's got a price of 355
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US dollars for a Bitcoin.
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Obviously, because I'm in the UK I'm looking
to get an idea of generally how much it costs
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in pounds. So, it's around 242 pounds now
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in MtGox. Now
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again, I don't know all the
exchanges and so you
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can use whatever exchange
you want to be able to
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convert your currency into Bitcoins
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but I'm going to use
one called LocalBitcoins.
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So, LocalBitcoins.. Which basically
puts you in touch with other
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users to be able to buy Bitcoins near you.
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They've got people selling
Bitcoins in different locations. You
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need to take a look if they
got anyone near you
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and whether they're
accepting your currency
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or you can convert your currency into
another currency
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if that somehow helps as an extra stage.
But for me
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I'm based in Brighton, United Kingdom
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so you just go onto the site
and you say I want to buy
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Bitcoins. I'm going to use
national bank transfer so
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just find offers. So, when you click on
that, there will be a list here
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of people who are selling Bitcoins. Now,
bearing in mind on MtGox it was around 240
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obviously these are going
to be higher than that
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but you want to try and find
someone that's reasonable.
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So I'm going to look for all in British pounds.
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If you haven't used this site before, then
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the sellers are all listed here, the
method of payment is listed here
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and the price is here and the limits are here
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and you can click on buy when you're ready.
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But, yes, if they've got a green
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bit it means that they're online
or at least been online recently.
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And these ones are online
but like a little while ago.
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So you want to find someone that's like
more recently online. Then the first number
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next to their name, is
how many transactions..
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I believe it's how many transactions
they've done. And then
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their feedback is next to them as well
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So OK, well I'm going to have
a little look for a cheaper price
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but before I do that, I need to
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sign up because I haven't got
an account that I'm going to use so..
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Put my username.. Put in
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my email.. Put in a password..
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OK. Enter that. And then
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I'm going to try and click on that.
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OK, so then I need to go to my emails
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and verify the address.
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OK, so once you've verified
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your email, you'll get this
activation successful.
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I'm not going to tell them
how I got it..
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OK, so I've found this
user here, jacklin123,
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that's doing it at 268 and will
accept like 10 pound's worth
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so I'm going to try that
and see if that works out.
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In here just put how
much you want to pay
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and remember you need
a, you know
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this is going to be via bank transfer.
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They'll have a number and contact
hours and they're online at the moment.
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So I'm going to put in 10 GBP
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and then just send
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trade request.
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Then what will come up on the
next page, is a page saying
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how much you're buying, how much for
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and then it'll give the details
of their bank account to send
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it, this payment to and
a reference message.
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So then just log in to
your online bank.
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Make sure that you can do
Faster Payments with it,
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if you're in the UK it's
called Faster Payments,
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but yes you just put in their
sort code and account number
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and send them the money and once you
have, then you can click on mark payment
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complete. So I'm going
to go off and do that
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and then I'll show you when
I click payment complete.
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OK so I've completed my
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transaction in my bank account.
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So I can come back to
LocalBitcoins and
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just clicking here on mark payment
complete and then say
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you declare that you've paid
this person. So confirm
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OK. So the seller's been
notified, so now
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just have to wait for them to
receive the payment and then
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basically, they've already
given the Bitcoins to
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LocalBitcoins into an escrow,
whatever that is, but..
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so LocalBitcoins have got them. So
when the seller is happy he's got the..
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he or she's got the money through,
then they're going to send..
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they're going to tell LocalBitcoins
to release those funds. So now
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it's just a case of waiting for that to happen.
So I'm going to pause again and wait until
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those funds have come through.
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OK, once they've released your Bitcoins
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then you should notice the screen asking
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for your feedback on the user and also
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importantly on.. you'll have.. in your
wallet, you'll have the amount that you
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bought. So I'm just going to leave
some positive feedback saying
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excellent and quick thanks!
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Then update that. OK,
so then let's go
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and have a look in our wallet.
So there we go,
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we've got our Bitcoins. OK, so that's
phase one, I've now got some Bitcoins
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by buying it with my currency.
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So the next stage and in the next video, I'm
going to set up an account where I can buy
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Bitcoins.. sorry buy
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Peercoins using the Bitcoins and then take it on from there..
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