This Article Is Purposely For Those Who Want To Know All About Bitcoin
The most asked question.
What Is Bitcoin?
Bitcoin is a cryptocurrency (put, a digital currency) developed in 2009 and has grown to become very popular and one of the most successful cryptocurrencies in the world today.
No one owns Bitcoin. Neither does any government have jurisdiction over it, so most people prefer it in the digital world because of its decentralized and anonymous nature. Unlike other regular 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 virtual currency for making transactions.
What is the unique thing about Bitcoin?
The significant difference between bitcoin and your regular 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 from the differences, bitcoin shares very close similarities with the other regular 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
Today 1btc=$1010.00
(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(e.g., those who bought bitcoins in 2008 are millionaires now )
Another question is that how do you earn from Bitcoin?
You can earn from Bitcoin by investing.
We have various Bitcoin investments, which you can invest in…
Another question is.
How to withdraw your money since it is not like your regular currency?
We have various Bitcoin merchants around that buy and sell just like the forex bureau. When you earn from those Bitcoin investment companies, you can sell it to them, and they will deposit the equivalent to your account.
I know of a Bitcoin merchant that deposits into your account if you are from the USA.
In Uganda, Zimbabwe, Mozambique, and Sierra Leone, they can pay into your M-Pesa wallet.
In Ghana, they pay into you AirtelTigo or MTN mobile money
We have e-mall such as Amazon and eBay
So you can convert the money you earn from any BTC investment you invest into your local currency or you use to buy goods online.
They also accept Bitcoin to buy goods
Why do you need a Bitcoin Account?
It would help if you opened 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.
If you want to withdraw your Bitcoin (BTC), you can send the equivalent of BTC to a 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 merchants and exchanges 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.
- Visit www.blockchain.com
- It takes you to a page, locate your wallet and click on creating an e-wallet.
- A dialogue box will pop up where you will put your name and your email.
- Then click submit.
- You will receive 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 your wallet I.d and password with anyone, not even me.
- Please keep your wallet I.d and password saved, don’t forget. 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
- Click receive
- You will see a long alphanumeric character, and you were told to copy
- copy it
- 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 you 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 into 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.
If you want to withdraw, the merchant will give you his or her wallet address, transfer the Bitcoin from your e-wallet to the merchant’s own, and give you the equivalent in your local currency.
That’s why you need to use the Bitcoin merchant I recommend to avoid losing your hard-earned money.
Some of the merchants are Ebitcoinics Moore, and pay plus.
You can also check this article taking you through all the terminologies in Bitcoin.
