[MF] Video: How to Use a Peercoin Exchange [passed]

Contact Information
I am Chronos on Peercointalk. You can reach me by PM on this forum, or by email at chronos.crypto at gmail dot com.

Submission date
Sunday, March 1, 2015.

Summary
Produce a walkthrough video demonstrating the purchase of peercoins on an exchange.

Details
The current Peercoin.net Exchanges page at http://peercoin.net/exchanges promotes a dizzying array of exchange options, but does not present an easy-to-follow outline on how to obtain peercoins. I propose to produce a video to make purchasing peercoin as easy and simple as possible. I suggest that the video utilize the exchange BTC-e, because it currently handles the majority of the volume of PPC trade.

The proposed video walks the user through the following:

[ul][li]How to create an account, deposit, and withdraw, at BTC-e[/li]
[li]How to read a bid/ask order book[/li]
[li]How to place a limit order on BTC-e (example: buy x peercoins at y price)[/li]
[li]How to place a market order on BTC-e (example: buy x peercoins at the best price available)[/li]
[li]Best practices for exchange trading (2FA, withdraw your PPC after trading)[/li]
[li]Mention that peercoins can also be purchased via non-exchange services, such as Shapeshift[/li][/ul]

The need for this content came to my attention when reading this topic, in which a new forum member asked about the best way to buy peercoins. Many new users don’t understand how an exchange operates, so the proposed informative video could help ally newcomers with the Peercoin brand.

The video would be hosted on the Chronos Crypto YouTube Channel, and would be embedded in the Exchanges portion of the Peercoin website.

Target audience
All visitors to Peercoin.net who would like to learn more about purchasing or trading peercoins.

Budget
The bid for this project is $250, which can be broken down as follows:

[ul][li]Video production: $225[/li]
[li]Website update: $25[/li]
[li]Total: $250[/li][/ul]

Deadlines
Project will be completed and published no less than ten (10) days after voting is concluded.

Metrics
No specific metrics are tied to the completion of this project.

Funds management
Payment for this project can be sent to the Chronos Crypto account at Peer4Commit, identifier nHL8ZDW7JFUH.

Thank you for your consideration!

Sounds good to me :slight_smile:

I agree, this should be done.

I ended up messaging Chronos about this because I’m such a noob.

This must be done.

Something important, make sure to advise them to setup 2FA to secure their account (that’s very important in my opinion).

Also, the most important part is “deposit”. There are different ways to deposit. Personally I don’t fully trust BTC-E with FIAT. So I buy Bitcoins on localbitcoin and change my Bitcoins for Peercoins. I don’t think I’m the only one to do this. But that’s quite fast and certainly more secure.

So maybe explain that there is this alternative to deposit “money” on BTC-E, which is fast (takes less than a few hours between purchase and deposit, if everything goes well on localbitcoin) and quite reliable (your bank shouldn’t complain, as your not paying BTC-E but people from localbitcoins).

Again, the deposit part is the one that must be well explained. People tend to be very scared when it comes to FIAT transfer. So we need to reassure them.

Thanks @chronos for submitting another proposal. Sounds good in principle, and I believe it is an excellent idea. Still remember the time when I had to figure out how to obtain coins. That was quiet a mission in 2013, it is actually not that much better these days, although there are way more options and information sources these days. However, it is still one of the biggest hurdles to get people aboard even after they are convinced that crypto-currencies are great. Showing them the way seems to be sensible.

Anyway my feedback:

  • I can imagine that you need to choose an exchange to show people how it work. However it would be great to have a more exchange agnostic approach, possibly with brief examples or snapshots from other popular exchanges so people can work their way an exchange of their choice. Working with localbitcoins or other direct-buy platforms as litebit.eu should be part of this video or at least be mentioned as an option people can learn about elsewhere.
  • You mention your target audience as purchasing or trading. Is that intentional? To purchasing or selling is entirely different from trading. I believe a video for traders is a separate topic. I would rather focus on people new to Peercoin and ensure they get their first coin and know how to sell them back for fiat.
  • Agree with Thireus that 2FA should be part of it, same as choosing good passwords and maybe even the requirements on some exchanges to provide identity documents, bank account etc. when trading fiat.
  • Could you please add your Peer4commit ID into the proposal?
  • I think the link on peercoin.net should be part of this proposal. Maybe just committing to adding a pull request on peercoin.net repo or have someone doing that? Is that something you are willing to add?

I agree with this. I think trading shouldn’t be part of the video, there are too many aspects to cover otherwise (API, QT Bitcoin Trader, Charts, etc.). I’d rather focus on purchasing your first coins, and store them safely, either on Peerunity or cold wallet (and link to your other videos covering these topics).

This sounds great.

I also distrust btc-e with fiat, and do something similar.

One thing that might be interesting is to consider showing a flow like coinbase/circle/localbitcoin (bitcoin) -> shapeshift.io (peercoin) -> local wallet. If I was to explain to a friend, that is the path I would suggest to them even at the worse exchange rate, just due to simplicity.

I also distrust btc-e with fiat, and do something similar.

One thing that might be interesting is to consider showing a flow like coinbase/circle/localbitcoin (bitcoin) -> shapeshift.io (peercoin) -> local wallet. If I was to explain to a friend, that is the path I would suggest to them even at the worse exchange rate, just due to simplicity.[/quote]

I support this too, however please make notice about stuff Thireus and emeth said.

Take it for what it is but here is how I get PPC, you may choose to somehow integrate this as an alternative to trusting exchanges with your banking info.
I have a Circle account. I buy BTC and use shapeshift.io to convert it into PPC.
https://www.circle.com/en/about
Circle does require account verification due to KYC laws, just like all exchanges operating in the US. For me, this is the easiest and most elegant trustworthy solution.

Also, this might be worthy of keeping an eye on. Great concept, let’s see where it goes.
https://bitcointalk.org/index.php?topic=946174.0

Yes, it is intentional. Take a look at the outline: deposit, withdrawal, order books, bids, asks, market orders, limit orders, 2FA. All these topics are useful for traders as well. I can’t think of any part of the proposal that wouldn’t be useful for traders.

Sure, will do, just prior to voting.

The website pull request and 2FA are outside the original scope, but they’re both important. I’ll put forward an adjusted bid for including both, after we nail down these details.

I think we have a fundamental decision to make for the video content, and this addresses most people’s comments in this thread so far. I suppose my proposal should be titled “How to Use an Exchange” rather than “How to Buy Peercoin”. I feel that it’s very important for new exchange users to understand how the order book works, in order not to overpay when buying PPC. This proposal addresses this knowledge gap.

There are two ways to get PPC: via an exchange, or direct-buy. This proposal is for the exchange route. I would basically say, “Get bitcoins, then trade them for PPC. Today, good places to get BTC are Coinbase, Bitstamp, and Localbitcoins, but there are many others. I’ll demonstrate how to trade your BTC for PPC on BTC-e, and you can apply what you learn today to purchase PPC or BTC from any exchange.”

The direct-buy route of Circle/Coinbase --> Shapeshift --> PPC is entirely different. Perhaps it should be mentioned, but I am not planning to focus on it, because this is an exchange-centric proposal. It may even be useful as a separate video.

Thoughts?

Chronos

Are you intending, therefore, to based the video on the assumption that the viewer already has bitcoins and/or familiarity on how to obtain bitcoins? If so, the video can be introduced by explaining that it is for people who already have this experience, and you can go straight to the exchange/PPC element

This would imply leaving fiat out of it altogether - yet, I feel that the video should explain how to return PPC back into fiat. Alternatively, this might be better addressed in a separate video, since getting PPC/crypto back into dollars, euros, sterling, etc. is quite an important thing. This topic does not get enough emphasis in the crypto-community, since the bias of crypto-people is to get people into crypto, whereas newcomers/agnostics will want an exit route clearly defined (I have been in PPC/BTC for over a year, yet have not changed one crypto back into fiat yet. Without research, I do not presently know how to do this)

I would also be inclined to put 2FA into a separate video, as it is a security topic, rather than a “how to purchase” topic. There is not only 2FA offered by exchanges to be considered, but also 2FA for private hotmail accounts, which really ought to be used in conjunction. Also, backup preparations in case of phone loss, how to re-create the google authenticator, etc.

I don’t understand what you and Cybnate mean by “website pull request”

I think “How to Use an Exchange” is a good title

This will enable you to explain how to execute trades - the mechanics of how to do it - as opposed to “how to trade” in the pillowesque sense (i.e. how to be a tradER)

No, but I would make clear in the video that the lessons learned in the video would be the same skills needed to obtain bitcoin on a bitcoin exchange, such as Bitstamp.

Too many people don’t send their money to an exchange, because it’s too foreign to them. Others send their money, but just click “buy” without looking at the order book, which gives them a poor purchase price. This proposed video educates on both fronts.

It means to update the Exchanges page of the peercoin.net website to contain the new video.

After more time to think this over, I propose the following amendments:

[ul][li]Rename video to “How to Use an Exchange”[/li]
[li]Add a mention for 2FA, but don’t demonstrate it, because it’s a standard security feature in many other products, such as email[/li]
[li]Add a mention for how to sell your PPC back to fiat, by following the steps in reverse[/li]
[li]Add a mention for non-exchange routes, such as Shapeshift, but do not demonstrate[/li]
[li]Keep the rest of the content as proposed[/li][/ul]

I am leaning toward excluding the website update in the bid. It would increase the cost, so community members may wish to handle that themselves.

Open to your thoughts. Thanks!

I was thinking further about 2FA last night and, as Chronos says, it is not unique to exchanges. If Chronos was to do (as I suggested) a video on 2FA specifically, Chronos might as well go the whole hog and do a video on what sort of computer to buy, how to plug it in, etc. which is way beyond the field of PPC/crypto

So, I agree with the idea of mentioning the importance of 2FA in “how to use exchanges”, but not actually demonstrate it

One point I would make is that Chronos should go a little slower in this video, as the viewer will presumably have BTC-e open in another window, and will not only be listening/watching Chronos, but will be finding and clicking the links and buttons, etc. on the BTC-e site at the same time.

I think there should be a reminder at the end of the tutorial for the user to take their coins off the exchange, when purchases and sales are concluded

[quote=“Chronos, post:14, topic:3383”]After more time to think this over, I propose the following amendments:

[ul][li]Rename video to “How to Use an Exchange”[/li]
[li]Add a mention for 2FA, but don’t demonstrate it, because it’s a standard security feature in many other products, such as email[/li]
[li]Add a mention for how to sell your PPC back to fiat, by following the steps in reverse[/li]
[li]Add a mention for non-exchange routes, such as Shapeshift, but do not demonstrate[/li]
[li]Keep the rest of the content as proposed[/li][/ul]

I am leaning toward excluding the website update in the bid. It would increase the cost, so community members may wish to handle that themselves.

Open to your thoughts. Thanks![/quote]
Not many responses till date, but I’m fine with your amendments. I still think that the actual upload to the website should be part of it. I don’t see a community member doing that unless someone volunteers in this thread. A video without a link to the peercoin.net website is a bit of a waste imo.

That’s fine with me. I’ll put a bid in for including the website update as an additional $25, making the total project $250 even. If someone would like to volunteer and save the marketing fund a few PPC, please post promptly in this thread. We should be able to begin voting on this proposal shortly.

Thanks!

[quote=“Chronos, post:14, topic:3383”]After more time to think this over, I propose the following amendments:

[ul][li]Rename video to “How to Use an Exchange”[/li]
[li]Add a mention for 2FA, but don’t demonstrate it, because it’s a standard security feature in many other products, such as email[/li]
[li]Add a mention for how to sell your PPC back to fiat, by following the steps in reverse[/li]
[li]Add a mention for non-exchange routes, such as Shapeshift, but do not demonstrate[/li]
[li]Keep the rest of the content as proposed[/li][/ul][/quote]

There must be general “How to Use an Exchange” videos already. The contents of the video actually is not only “How to Use an Exchange”. How about “How to Use an Exchange to buy and sell your Peercoins” ?

Good thought, [member=5782]mhps[/member]. I’ve updated the title to, “How to Use a Peercoin Exchange.”

[member=28779]Cybnate[/member], I’ve now updated the opening post with the proposed changes. Voting can start when you and [member=30766]river333[/member] are ready.

Thanks!

I think “Peercoin Exchange” might be confusing, as it sounds as though there are exchanges dedicated to peercoins

MHPS’s title is better, but long. How about: “Using an Exchange to buy and sell Peercoins”