You have probably heard allot of Bitcoin news lately as the Crypto currency has been going mainstream and more and more people are starting to use the currency , but you might not really understand what the fuss is all about.
Well , just like Gold , silver and other mine able precious metals , you are able to mine bitcoins . But before you go digging up the back yard to see if you can find any , do some research first by googling "Bitcoin Mining" or just scroll through our blog .
There are allot of ways to get you started so that you can start earning some Bitcoins which can be spend all over just like the cash in your pocket. Throughout this post i will be sharing with you what i am doing and how i am doing it to earn bitcoins with little out of pocket expense. With that said , all investment opportunities require a investment to get started and if you are going to investing peanuts , you will get peanuts.
But , If you want to make your own informed decision on what you want to invest in , and how much , you can still follow through on my own strategy that i am sharing with you today so that you can see how everything works , and how we are doing it.
You will Need a Bitcoin Wallet .
First things first , you will need a wallet . Just like a bank account , you will need a Bitcoin Wallet where you will be able to send and receive your currency . This blog post we will have a look at the wallet that i am using and wallets in General .
I am using Bitx.co due to the support and services it offers in our region . I am from Southern Africa and you will want to be able to buy Bitcoins or sell bitcoins to get cash when you sell them . Bitx has also teamed up with Fastpay , which is a online payment processor which allows for payments to be processed when you purchase goods online . With the partnership , it means that thousands of merchants already using Payfast , have the option to except bitcoin payments as well.
Bitcoin adoption has soared over the last few months throughout South Africa and there has been allot of development throughout. They are already testing technology where you will be able to Buy electricity with your bitcoins which will make the whole processes much quicker and easier.. Imagine if the Bitcoins that you generate from cloud services and other investment opportunities generated enough bitcoins every month to pay your electricity . That would mean that you have no out of pocket expense for the power you are using and its paid for .
Well , there s allot more you can do with the currency , so lets get you started. Register a account with Bitx or any other wallet you want to use . When looking at wallets , just google bitcoin wallets and you will find hundreds to choose from . When looking at a wallet , you want to make sure that they are secure and that your funds will be safe , that they offer Buy an Sell exchange in your region and the phone app that they offer so that you can have your wallet in your pocket.
Setting Up Your account
Now that you have registered your account , you will want to setup your account so that you can make use of all the services. Go to <SETTINGS> and upload your KYC documents. KYC documents are I.D documents and Proof-of-Residence . This is required by all financial institutions all over the World . Even your bank requires your KYC when you open up a account . After that is done , you will now be able to link your bank account so that you can buy bitcoins or exchange your Bitcoins for Cash.
Your KYC can take up to 24 Hours before it is approved. Only after that will you be able to use all of the functions that the wallet offers.
Adding Your Bank account
Okay , so your account was approved and you are now able to add your bank account. Click on <BENEFICIARIES> and complete the steps provided. Adding your bank account to your wallet will allow you to be able to buy and sell Bitcoins. Fund your wallet with as little as R100.00 (U$8.00) just to get the feel for the process. It wont go wasted. Next time i will share with you how you can start earning Bitcoins every single day and how to invest them to generate even more.
But wait , there s one more thing you need to know. You will want to be able to receive funds to your wallet and you will need your wallet address.
Just like your bank account number , you have a wallet address when receiving money which you will find in the menu area when you click on <RECEIVE> . As displayed above the gibberish letters and numbers is your Wallet address and unique to your wallet. You will need to use your wallet address when signing up to cloud services , faucets , Investment opportunities and other so that they will be able to send you Bitcoins.
Remember that Bitcoin wallets can only be used for Bitcoins and you will not be able to send Litecoins , Dogecoins or any other Crypto Currency to your bitcoin wallet . Those currency have there own unique wallet or Multi - wallets to be able to except them . I will elaborate more about those currencies and wallets in my next post.