The most asked question.
WHAT IS BITCOIN?
Bitcoin is a cryptocurrency (simply put, a digital currency). Which was developed in 2009 and since then has grown to become very popular and one of the most successful cryptocurrencies in the world today.
Bitcoin isn’t owned by anyone neither does any government have jurisdiction over it hence why most people prefer it in the digital world because of its decentralized and anonymous nature. Unlike other normal currencies in the world, bitcoin is generated via a process called mining.
With Bitcoin, you can easily send a transaction worth billions in minutes, a few years from now Bitcoin may be a very necessary currency for making transactions.
WHAT IS THE SPECIAL THING ABOUT BITCOIN?
The major difference between bitcoin and your normal fiat currency like pounds, dollars, etc is that bitcoin is digital and doesn’t come in print form and is not produced nor controlled by any central bank in the world.
Asides the differences, bitcoin shares very close similarities with the other normal currencies.
A unit of bitcoin is called Satoshi, the same way we have the cent for dollars, and kobo for Naira, Pesewas for GHC.
100,000,000 Satoshi makes a bitcoin.
You can trade with this Bitcoin
In 2008 1btc=$0.50
(Feb 5, 2017 @ 19:07)
One interesting thing is, you buy bitcoin when the price is low and sell it when the price is high(eg. those who bought bitcoins at 2008 are now millionaires now )
Another question is that how do you earn from Bitcoin?
You can earn from Bitcoin by investing
We have various Bitcoin investment, which you can invest in…
Another question is…
How to withdraw your money since it is not like your normal currency?
We have various Bitcoin merchant around that buy and sell just like forex bureau when you earn from those Bitcoin investment company you can sell it to them and they will deposit the equivalent to your account
I know of Bitcoin merchant that deposit into your account if you are from the USA
Also in Uganda, Zimbabwe, Mozambique and Sierra Leone they can pay into you mpesa wallet.
In Ghana, they pay into you AirtelTigo or MTN mobile money
We have e-mall such as Amazon and eBay
So the money you earn from any BTC investment you invest in can be converted to your local currency or you use to buy goods online.
They also accept Bitcoin to buy goods
WHY DO YOU NEED TO OPEN A BITCOIN ACCOUNT?
You need to open a Bitcoin wallet because of the following reasons
☑ A bitcoin wallet is an online bank account whereby you send and receive the fund. For example, if you want to buy something online you can go to your Bitcoin wallet and send the amount of product you bought online into your recipient Bitcoin account.
And also if you want to withdraw your Bitcoin (BTC), you can send the equivalent of btc to Bitcoin exchange or merchant which would deposit your money in your local currency…
You also use the Bitcoin e-wallet to fund the BTC investment we will be investing in.
And your earnings from the Bitcoin investment will be credited into your Bitcoin e-wallet.
Don’t be worried about how you will fund your wallet or withdraw your earnings in your local currency.
There are trustworthy merchant and exchange around the world which will help you out in your various locations.
HOW TO OPEN A BITCOIN WALLET?
Before you open a Bitcoin wallet
You must have the following:
♦ An email address, I recommend Gmail but you can use any.
If you have a Gmail account already you can proceed to www.blockchain.com
But if you don’t have a Gmail or an email, you can google Gmail on your browser and sign up for a Gmail account.
When you click on www.blockchain.com
It takes you to a page, locate wallet and click on creating e-wallet.
A dialogue box will pop-up where you will put your name and your email.
Then click submit.
You will receive a mail including your wallet I.d and password.
From the mail, you can also confirm your registration for a Bitcoin e-wallet
Note: Don’t share you wallet I.d and password with anyone, not even me.
Please keep your wallet I.d and password saved, don’t forget it, it’s just like your account number and account name.
Anytime you want to log in you can copy it from your mail and log in to your Bitcoin e-wallet.
After successful login, you will see send and receive
You will see a long alphanumeric character, and you were told to copy
It looks like this (18YaE6TkQsMGBj8QT8ZmM9sKfufFtCFPBt)
Go to your Notepad paste it there and save it so you can use it at anytime
That is your wallet address and will be using it to collect and receive Bitcoin
This wallet address is unique, every user has their own.
You use this wallet address to deposit bitcoin to your wallet.
When you want to fund your wallet you give or transfer your local currency to any Bitcoin merchant I recommend to you and the merchant will credit your Bitcoin wallet based on the amount you want to deposit.
Also if you want to withdraw, the merchant will give you his or her wallet address, you will transfer the Bitcoin from your e-wallet to the merchant own, then the merchant will give you the equivalent in your local currency.
#sharing is caring