Look at the text I just received from a good friend. He's a young dentist in Vancouver.
Now the question is "how do I answer him?" [This is always a problem for me]. If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear .... Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].
I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.
I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying
Now the question is "how do I answer him?" [This is always a problem for me]. If I recommend cavirtex, then he must persevere through the time-consuming KYC/AML procedure, link his bank account, and then still wait a week for the first transfer to clear .... Telling him about 2FA on top of this will be too much [I wish cavirtex disabled bitcoin withdrawals by default unless 2FA was enabled and verified].
I could send him over to the bitcoin ATM which is fast and easy [although unsuitable for large purchases], but then I would feel personally responsible to set him up properly with a wallet on his phone, a back-up of the seed, and a cold-storage system.
I wish we had an exchange-tradeable product like GLD but with bitcoin as the underlying
My standard operating procedure:
1. Have them download a simple smart phone wallet. For iPhone I suggest BitWallet or BreadWallet. For Android it is Mycelium.
2. I send them a dollar's worth of bitcoin - now they are owners.
3. I walk them through the backup process (pretty easy)
4. At that point they can buy from me, LocalTrader or LocalBitcoins (screw buying from AML/KYC nodes)
5. I tell them to get my paper wallet product (http://CoinPro.me) to store anything larger than pocket change. It has the tutorials and a BitAddress clone on a Ubuntu Live DVD.
Or, if I don't want to spend much time with them, I direct them to http://BitcoinMerchant.com and have them click on "How to Bitcoin."