Buying your first feathercoinsBuying feathercoins for the first time doesn’t have to be a challenge when you know how; we might not be part of the established financial system but we know how to work around it. After you have downloaded your wallet you can buy your feathercoins in any of the following ways:
Option 1 – Bittylicious – (UK only)
For UK Citizens you can purchase Feathercoins in a very easy step by step process using Bittylicious with a UK Bank Account that supports the Faster Payments system and thus bypassing the options below. Remember to keep in mind that buying on an exchange as outlined below comes with fees and commissions that aren’t immediately obvious so while you may be able to secure a better price by shopping around there is a time cost associated too. If you just want the coins without the hassle Bitty is the way to go. If you want your country represented contact Marc at [email protected]
Option 2 – Local Bitcoins
Setup an account with Local Bitcoins. This site lets you buy and sell your Bitcoins with other members of the public using bank transfer. One of the first things you are going to learn is that you cannot buy crypto with credit cards. This is because of chargebacks. Credit card payments are reversable whereas payments with Feathercoin and Bitcoin are not. This presents a liability for for the seller who could have her money taken off of her without the return of the coins she sold. Bank transfers are non reversable and are therefore ok. Please take time to read the reviews before you transact with someone on Local Bitcoins. You can also checkout Bitbargain in the UK which is a similar service.
Option 3 Step 1 – Bitcoin Exchange (BTC-e)
BTC-e is the biggest exchange for the alternative currencies like Feathercoin. You are therefore more likely to get a better price as there are more orders. Here you can send your Bitcoins from Local Bitcoin and buy Feathercoins. If you want to transfer your Government issued money straight to BTCe I would recommend Step 3
Option 3 Step 2 – Okpay
Sign up to Okpay. This process takes about 7 days end to end. Many people getting in to crypto for the first time are in a rush to buy… don’t do that! Never be in a rush to buy when everyone else is. It’s the surest sign that price is high. This is the part of the process where you will have to start sending in copies of your ID. Okpay are very slow and you may have to pester them a bit. They will need a scan of Bank Statement/Utility bill with your address on (you don’t have to be the home owner) and ID like passport or drivers licence. You can then send money using online banking after which you will have to convert it to USD if you are not in the US or Euro zone. Do this on the Currency Converter page. And then move on to step 4.
Option 3 Step 3 – Adding funds to BTCe
Your funds may take up to 5 business days to reach Okpay, once they do though you are ready to rock and roll. Go to BTCe’s Finance page https://btc-e.com/profile#funds and hit deposit on the Government issued money you were made to use and get ready to enter the world of currency choice. Using the Okpay API you can now move your money to BTCe. This is actually better than using SEPA (bank transfer) with BTCe as some people have reported not getting their money that way. This is just a few options of how to get your money in. Local Bitcoins is not the cheapest way to buy Bitcoins, but it is the quickest. You can also use Bittylicious if you are in the UK. If anyone would like to contribute more of these how to guides please be my guest and I will Stick it up in the Newbies Forum. Please trade cautiously and be honest with yourself about your tolerance for risk. This does not constitute financial advice and you should seek independent sources of information before trading. Be guided by knowledge not opinion.