How To Make Your First Bitcoin Purchase

The events surrounded the meetup outrage this year made me realize that our community is not as anti-fragile as I would like. We are vulnerable to attacks that attempt to reveal our identities while still depending on corporations to facilitate the spread of our message, especially concerning e-commerce. One potential problem is through our use of credit cards and payment companies like Paypal, Authorize.net, and Payoneer to purchase products created by “thought criminals.”

Not only do financial companies maintain extensive records on all your purchases, but they can instantly pull the plug on “hate” content that goes against the establishment line. In addition, companies like Amazon and Apple are being actively petitioned by the mob to burn books and other products like the Confederate Flag that go against the leftist narrative. One way to solve the problem of customers wanting to remain anonymous and sellers wanting to be immune from witch hunts is to use Bitcoin as an alternative for the exchange of goods and services.

What Is Bitcoin?

Bitcoin is a decentralized digital currency that is used for electronic purchases. It is not backed by any government and maintains value primarily by being scarce (only 21 million Bitcoins will be produced). People who want to use this currency create a “wallet” that stores their Bitcoins without having to reveal their identity. While all Bitcoin transactions between wallets are publicly stored on node computers, determining the identify of a Bitcoin user is significantly harder than through using credit cards or Paypal.

Here’s a quick video that explains what Bitcoin is:

AAT Nov Dec Book 1.indb

Describing how Bitcoin works can get extremely technical. If you want to learn more specifics, I recommend this Bitcoin.org guide.

How Does A Bitcoin Wallet Work?

A Bitcoin wallet consists of two components: a private key and a public key. The private key enables you to claim ownership of a wallet in order to send money. The public key, which is mathematically linked to the private key, is what you share to others in order to receive money. You can create as many public keys to your wallet as you want (this is often done to keep the wallet more anonymous).

Here’s an example of a private key:

5KJvsngHeMpm884wtkJNzQGaCErckhHJBGFsvd3VyK5qMZXj3hS

Private keys represent 10^77 possibilities, meaning that it is just about impossible to guess a private key, or even to use the power of all the world’s supercomputers to do so. If you successfully keep your private key private, your wallet is as secure as a safe deposit box in a bank (if not more so). Click here to learn more about how keys work.

If you’re going to use your Bitcoin wallet primarily for internet purchases, you’ll use a “hot” wallet, meaning that the private key has seen the internet since it’s handled by a private online service that you choose. Recommendations on which hot wallet service to use are made below.

bitcoin2

If you want to use Bitcoin to store some of your life savings, experts agree on using a “cold” wallet. This means that you generate a private key using BitAddress.org on a computer that has never seen the internet before and then write down that key on a piece of paper (the BitAddress website can be saved offline to a USB stick that is then loaded onto a cold device). As long as no one has access to that piece of paper, your wallet is safe. I know an individual who has several cold paper wallets distributed in various locations within his city.

The Advantages And Disadvantages Of Using Bitcoin

If your credit card get stolen right now and used by a thief, you can simply call your card company and get the charges revoked. If you lose your Bitcoin wallet’s private key, you lose everything. If you accidentally send the entire contents of your wallet to someone you don’t know, you will never see your money again. If you store your life savings in a hot wallet and then install malware that sniffs your private key, all your Bitcoin will soon be gone. The main disadvantage of Bitcoin is that you have no recourse in the case of theft.

For a typical mass market consumer, Bitcoin is considered “unsafe” because you have to be smart about your own security. In one way, Bitcoin represents the pre-banking era in which a traveler with gold had to make arrangements to reduce the chance of being robbed. It forces you to be methodical and mindful about your money, especially if you’re using it to store significant sums, which is beyond the scope of this article.

In exchange for securing your own money, you are afforded four large advantages of Bitcoin over traditional banking:

1. Highly anonymous. It’s extremely difficult to associate a wallet with someone’s identity by examining transactions in the Bitcoin public ledger (i.e. the “blockchain”). It would take a concerted investigation by a dedicated team.

2. Near-instant settlements outside of the banking system. No entity can halt your transactions or place a freeze on your wallet assets. As long as your private key isn’t leaked, you’re safe.

3. Live off the banking grid. You can theoretically live off the grid using only Bitcoin, exchanging it for cash locally in person when needed. If you are wrongly declared a “person of interest,” you can stay hidden by using only Bitcoin instead of traditional banking.

4. Tiny transaction fees. Credit card transaction fees are about 10 times higher on average than Bitcoin. Since Bitcoin is a global currency, you also don’t need to worry about currency exchange fees.

If you don’t want to put the mental effort to safeguard your Bitcoin, never have more money in your hot wallet that you aren’t prepared to lose. For occasional digital transactions, I recommend transferring $50-100 and using it when you need. You can always add more money later. I currently have only a couple hundred dollars in Bitcoin, though I met a man who showed me a Bitcoin wallet representing approximately $40,000. The Bitcoin underworld mirrors the Wild West in some ways.

How To Get Started

First thing you need is a wallet. I highly recommend using BitGo as your hot wallet. They offer exemplary security measures such as encrypting your private key with an extra password, and even offer a way to recover your private key in case the site goes offline. BitGo is reliable and ideal for making infrequent purchases online from your desktop computer.

If you’re looking for a mobile solution, check out Xapo, available on both Android and iPhone. It also has tight security measures and ease-of-use features.

Once you have a wallet, it’s time to load it with some Bitcoin by converting it from your local currency. The easiest way to do that is through Coinbase, a reputable exchange that can withdraw money from your bank account and then deposit the Bitcoin equivalent into your wallet. A more clandestine option is Local Bitcoins, an escrow service where you link up with someone near you who has been vouched for a gentlemanly exchange of money and Bitcoin.

Once you have a wallet with Bitcoins in it, you’re ready to make a purchase from a site that will ask you to send an amount to a specific public key (it be represented as a scannable QR code). Simply access your wallet and send a payment to that public key. The transaction will likely clear within ten minutes.

If you would like to do a test transaction, check out ROK’s Tip Jar and make an anonymous Bitcoin donation. I will have no idea where the donation came from, or who sent it.

Conclusion

While there are risks associated with storing large amounts of money with Bitcoin, and there is always some Bitcoin developer drama that spells the end of days for the platform, I believe it is more than sufficiently secure for basic transactions. In the upcoming months, I will begin offering Bitcoin as a payment option to purchase my books and forum subscriptions. This allows me to have a backup in case my e-commerce accounts are frozen as a result of another manufactured outrage.

While our community is more anti-fragile than most, we still have some work left to do, and I believe Bitcoin is a great step towards that goal. The fact that Bitcoin allows us to exchange money and goods without knowing each other’s names is a tremendous advantage that will serve us well if the cultural climate continues to deteriorate.

Read Next: Why You Should Use A VPN (Virtual Private Network) For Web Browsing

Related Posts For You

newest oldest most voted
buggers
Guest
buggers
Offline

Thanks for the clear into Roosh. I’ve been meaning to get gong on BitCoin and other potential cryptocurrencies for some time now. However the daily grind of maintaining and protecting my precarious USD’s has kept me from diving in.

I’m checking out the various services and links you provided now. Thanks.

The Last Dragon
Guest
The Last Dragon
Offline

So now you charge a subscription fee? The race troll excuse you give for banning me from the forums is total BS, and you KNOW it.
I never race trolled, and I brought a bunch of your books.
The attention you have gotten from the media went to your head and made you greedy.

splooge
Guest
splooge
Offline

https://8ch.net/n/res/335696.html#335710

feminists are puttin men in jail for no reason like saying baby n honey even to young boys

anon1
Guest
anon1
Offline

bitcoin went a bit shit and got coopted https://www.reddit.com/r/technology/comments/48rac0/bitcoins_nightmare_scenario_has_come_to_pass/

Average time for a transaction rose from 10 minutes to about 48. makes it very difficult to be fluidly used as a currency. its purely useful as a high risk speculative investment.

moreover the whole cashless society thing is exactly what the elites want, albeit controlled by them: http://www.zerohedge.com/news/2016-01-31/what-cashless-society-would-look

the negative interest rates [read tax on savings] is also whats coming into effect to force people to spend rather than save. http://www.zerohedge.com/news/2016-03-08/hillarys-scary-new-cash-tax

These two things coupled together force people to spend money and not save. And there’s no hidden cash under the mattress type situation to keep things under wraps either if we move to 0 cash..

Bitcoin promised a lot, but its coopted by design, and pushes the same ideas that central banks want anyway. The other cryptocurrencies don’t have the same kind of popularity, and big banks are pushing the ones that give them a favourable baked-in advantage.

Skate to wear the puck is: we need alternate physical currencies, we need gold, we need silver, and we need alternate community brokered trusts as opposed to anything offical or banker related.

If i go to country A and pay guy x 10 grand there, he will keep it. i then go to country B and meet up with y (who is brother of x) who gives me 10Gs on his end. no money has formally been transferred but its a great alternate arrangement to the banking system which has been used in trust based cultures for hundreds of years. [only worth doing with one’s own community and people who you trust with your life] https://en.wikipedia.org/wiki/Informal_value_transfer_system

Pooner
Guest
Pooner
Offline

If everybody used bitcoin banks would be fucked. A bank couldn’t collect interest on a mortgage with bitcoin.

anon1
Guest
anon1
Offline

check out the first link. bitcoin itself is compromised at the top end

Pooner
Guest
Pooner
Offline

Ok but what I meant was that a bank couldn’t buy a house with money it didnt have in any account like they do now because of the set number of bitcoins

Pooner
Guest
Pooner
Offline

No offense, but who doesn’t know about bitcoin at this point? I mean silk road started in 2011

Twittero28
Guest
Twittero28
Offline

I didnt know about bitcon ’till now! D:

hostage707
Guest
hostage707
Offline

There are many bitcoin exchanges, some of them were hacked and became insolvent, resulting in 300 million in losses…, I would use bitcoin with caution and not put a lot of eggs in any one basket.

helix
Guest
helix
Offline

Down with fiat currencies, long live Bitcoin

vincent Menniti ΛΤ
Guest

What about know your customer? Now Bitcoin exchanges can require photo ID and a photo of you.

Charles Sledge
Guest

Interesting post. Seems like for someone who wants to have all the responsibility for their money on themselves bitcoin would be a good option. Had heard about the currency before but always thought it was a blackmarket/nerd thing. Will be looking into it now.

Djay
Guest
Djay
Offline

I don’t know much about Bitcoin, but I’ld rather bet on physical gold or silver. Gold is the historic currency and can’t be reproduced. It has to be mined.

Jack North
Guest
Jack North
Offline

I’m glad to hear that you’re going to begin accepting BitCoin as payment for your products. I wanted to buy a copy of your State of Man lecture when you released it, but due to local banking laws I wasn’t able to do it from where I live. BitCoin will provide not just more anonymity and security but will also open your products up to people around the world who need a different way to pay.

gordax
Guest
gordax
Offline

Roosh do you know BitGold?

Anonymous
Guest
Anonymous
Offline

“maintains value primarily by being scarce”

In the ideal world yes. Practically Bitcoin is driven by speculation and pump & dump rounds. Therefore, Bitcoin has failed as a currency. This, and many other factors like issues with the underlying technology, impracticality and adoption-rate will not make it more than a novel alternative to current currencies.

Matthew Buchinger
Guest

I doubt BitCoin will ever pick up and expand to the level of a paypal. But what do I know?

Stadtaffe
Guest
Stadtaffe
Offline

Am also happy to hear ROK is now accepting them. I bought one at one point for about €500, used a little bit of it, then it dropped about a third in value. Yes it does seem that there is a quiet conspiracy to do away with cash, it’s upsetting to see it’s not just the elites but silicon valley people as well, who probably are dreaming of selling their cash-replacing app if cash went away. Can’t they leave a few pieces of paper and metal alone?! There’s a petition in Germany about it.. https://www.volkspetition.org/petitionen/bargeldverbot-stoppen/ The argument is messed up that getting rid of it would get rid of terrorism and drug dealing.. Might put a small dent in them but there are policies such as hard policing and closed borders which would help that ten times better but is actively avoided.. Obviously getting rid of cash is much more about surveillance and oppression of the common man. Imagine if you could buy bit coins in a store for cash! That would have to be illegal.. Anyway, the one danger that is not mentioned is that it has shown volatility that way exceeds that of other commodities or currencies it its 7 year history. Who knows where it’s going to go next? I suppose the more people start using it, the less volatile it will get so should try not to be scared of it but would is a bit unnerving to buy too much of it if it can’t stop moving around so much..

GetItGoing
Guest
GetItGoing
Offline

Note! I just got started with Bitcoins for purchasing items off of “deep web” market places.

Coinbase takes several days to credit your Bitcoin purchase to your account.

If you need Bitcoin access soon, use a Localbitcoins.com vendor, and deposit cash to a bank account or via other payment means.

Notice the author’s comment about Bitcoin purchases taking time also (my purchase had to go through “verifications”, 6 of them, before money was transferred to my Alphabay account to allow purchasing there.

I wish I had known these things in advance. Oh well, learning curve I guess.

bing
Guest
bing
Offline

Cash!

Mark Portman
Guest
Mark Portman
Offline

I recommend avoiding Local Bitcoins. There is a LOT of negative feedback about them, particularly complaints of not receiving bitcoin ordered.

Dirk Diggler
Guest
Dirk Diggler
Offline

Linky no worky

BitcionMXN
Guest
BitcionMXN
Offline

I’m glad I’ve held onto my BTC since I purchased around the time the article was published. Bitcion is about long term gains, not taking advantage of short term pumps and dumps like most altcoins.

Пётр Воробьёв
Guest
Пётр Воробьёв
Offline

People are sending bitcoins to each other over the bitcoin network all the time, but unless someone keeps a record of all these transactions, no-one would be able to keep track of who had paid what. The bitcoin network deals with this by collecting all of the transactions made during a set period into a list, called a block. It’s the miners’ job to confirm those transactions, and write them into a general ledger. If you want to hide this, use bitmoyn tumbling https://cryptalker.com/bitcoin-mixer/