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Gonootropics Guide To Bitcoin (Part 1)
This guide will serve 2 purposes. The first is to get you setup with a Bitcoin address so you can enter the May/June Bitcoin giveaway if you want. The second purpose is to introduce you to the technology so you can purchase Nootropics from online vendors (part 2.) Some Nootropics vendors, most specifically the overseas vendors, ONLY accept Bitcoin and do not accept standard credit cards. Many credit card processors refuse to work with Nootropics companies. Bitcoin is a safe and secure way for such vendors to operate their business, and for customers like you to purchase the Nootropics they want.

So what is Bitcoin? 

I'm not going to get in to the super nitty gritty details but suffice to say that Bitcoin is a form of digital currency. It is decentralized so there are no institutes which govern the currency. Transfers of Bitcoins happen directly with no middleman. In the normal banking system, if I want to send you money I must first confirm the transaction through my bank who then sends the money to your bank. Between us there are 2 institutes standing in the way of us doing business. With Bitcoin, transactions happen more or less directly. Unlike the USD or other forms of currency, there are only a limited number of Bitcoins available. Due to the algorithm, Bitcoins cannot be created or printed out of thin air like USD. The limited number of Bitcoins which can circulate at any given time make Bitcoins valuable. Bitcoins have value because (1) they are a limited resource and (2) people accept them as a form of currency. Money at the very core of it could be anything. In the old days we used gold, diamonds, and other valuables to represent money. In the modern age we use paper money due to portability. There is nothing inherently valuable about a $100 dollar bill. After all, it's just paper. It's only valuable because we say so. The same goes for Bitcoin.

So how do you get a Bitcoin address?

In order to start sending or receiving Bitcoin you need a Bitcoin wallet and address. Your Bitcoin wallet serves to contain your Bitcoins and the address allows you to send and receive Bitcoin currency.

For example, my address looks like this:


Note that there is no security issue with sharing your public Bitcoin address. 

Getting a Bitcoin address is easy as signing up for one from a company like Coinbase is a reputable company and provides everything you need to get started with Bitcoin. Simply head over there and create your account. You will need to send in a copy of your ID so have your phone ready to snap a couple pictures. You will also be asked to link a phone number for verification purposes. Signing in to your new account requires both your password, and a unique code which Coinbase sends to your phone. This is known as 2FA, or 2 Factor Authentication. This makes it very difficult for a hacker to get into your account. In order for them to do so, they would not only need your username/password, but your phone as well. I know it seems sketchy to send in your ID but Coinbase is a reputable company, and they require it in order to authenticate who you are, and to connect to  your bank account should you want to cash your Bitcoins out for local currency down the road. 

Once your account is setup you can easily view your Bitcoin address, or create one. Here's how to do it. 

1.) Click your profile icon in the top right corner of the Coinbase Dashboard:

[Image: coinbase-profile-settings.png]

2.) Select Tools:

[Image: coinbase-tools.png]

3.) Use the default address listed or create a new one:

[Image: bitcoin-address.png]

Send this address to me via private message here on the Forums and you are good to go! Create an account here and then click the mail icon in the top right corner of the screen. Search for me by name and send me your address to enter the giveaway.

This is part 1 of the tutorial so be tuned in for part 2 where I show you how to buy Nootropics with Bitcoin, and explain the technology in more depth.

Coffee chairs!!
Awesome well explained!
Yay great information! Bitcoin is the rebels currency from what it sounds like lol!

thanks for the guide really helpful
Fallon what are your suggestions on investing BC?
(05-27-2020, 07:55 AM)Madcabby Wrote: Fallon what are your suggestions on investing BC?

I'm the wrong person to ask about investing it. I can tell you from having money in Bitcoins to buy Nootropics and RCs that Bitcoin is extremely volatile. You might have $100 bucks in there and only wake up with $95 etc. Alternatively it's possible the value will go up. I've experienced both. As an investment it seems very risky to me and has a lot of emotional investors. Looking at the trajectory of the graphs its nearly impossible to say if it's headed up or down long term. I believe it's possible to make decent short term money if you have a lot of capital but then again, there are no doubt people smarter than me to ask.

I believe one guy here is big into the investing side of it.

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