Nibank: Bitcoin for you

Bitcoin

Where everyone can share information and learn about Bitcoin.

Whether you are a complete beginner and have many questions or an advanced pro, I would like to hear your experiences regarding this digital currency in the comment section below the article please.

I will try to update this article often and add as much value as possible.

If you are completely new to the idea of Bitcoin and cryptocurrency, you can watch this introduction video.

BITCOIN INTRO VIDEO

By nature most people seem to get excited about something once they understand it so if you didn’t understand everything in the video, don’t worry about it for now.

If you find Bitcoin interesting you will learn quickly because it really isn’t complicated at all.

If you wondering if there is a difference between “Bitcoin” and “bitcoins” then the answer is yes.

Bitcoin (BTC) is like the currency brand name and bitcoins are the actual digital units (the money). Bitcoin partitions are called Satoshi, named after the supposed creator of Bitcoin, Satoshi Nakamoto… .

1 Satoshi is a hundredth million of a whole bitcoin so it would look like this 0.00000001 = 1 Satoshi.

WHERE DO YOU START?

You going to need a wallet, which is like having a digital bank account and you need a wallet address, which is like a bank account number so you can receive Bitcoin payments.

This is a very simple process that will take you 5-10 minutes.

STEP 1

Create a Bitcoin wallet and a wallet address.

Your Wallet Address will look something like this: 183D3jrX2xgyYpTKTGARQ4d9CVpiYvHsEs (Donations are welcome to this address for all our hard work) :Cool:

You can even get the bar-code to scan with a mobile device:

Bitcoin Wallet Address

Choose one or all of the following wallets but for starters it is best to decide on one. Choose wisely and rather to accumulate your bitcoins on one account. If you experienced and know what you doing you might find it beneficial to pick up another wallet account.

If you live in South Africa choose Luno.

BLOCKCHAIN is probably the most recommended and trusted Bitcoin wallet right now. Low transaction fees (10 000 Satoshi)

COINBASE will also accommodate Ethereum and Litecoin which are alternative cryptocurrencies to Bitcoin and also very well known. Higher transaction fees (1st payment 100 000 Satoshi and 50 000 thereafter). In South Africa you cannot buy or sell Bitcoin, you can only send and receive. I assume that other countries might also have restrictions to only send and receive.

LUNO is especially recommended for South African users and has many benefits like the referral program. For every R500 transaction made through Luno both you and your referral will receive R10 each.

Currently these are the 3 wallets I use personally and have not had any issues with.

STEP 2

You might want to research for more wallets if you from a particular country that implements restrictions on Bitcoin and other cryptocurrencies.

Make sure you check if they are safe first! You can use Scam Adviser to do this.

Please remember to ask question below in the comment section if you get stuck or you need help regarding creating a wallet and an address.

If it’s necessary I will find a video on YouTube and embed it here for you.

HOW TO GET BITCOINS?

Now that you have a wallet with an address to receive Bitcoin payments it’s time to look at the option you have.

Mining – This involves a rather large investment to either buy your own mining equipment (hardware) or buy into a pool / company who is mining. If you more advanced in this regard you might find this article very interesting. 2017 BITCOIN MINING HARDWARE COMPARISON.
Investing – Buying and holding, hoping it will gain value over a long period of time.
Trading – Buying low and selling high is a very common practice. If you buy Bitcoin at lets say $4000 today and next month it goes down to $3000 don’t panic and sell, wait till it climbs again and sell when it reaches $4500 or $5000. A lot of traders make their profits this way. You can contact me directly if you buying or selling.
Faucets – This is my favorite method of claiming free bitcoins (Satoshi) because it is completely risk free and no investments are required. Read THIS ARTICLE for more information on how to claim free Satoshi daily and develop a strategy for getting active referrals, to build passive income streams from their daily claims as well. THE BITCOIN FAUCET will also provide more information on how to get started with this.
Payment method – Many merchants and distributors are starting to accept Bitcoin as payment. You can provide a service or product and get paid directly in Bitcoin.
Completing Online Jobs – People started accepting payments in Bitcoin on forums, sites like FIVERR for surveys, writing, blogging,
Buying from family or friends instead of strangers! – Rather support family or friends before you buy from a stranger
Affiliate Programs – Earn by joining referral programs that pay in Bitcoin.
Find more methods – Use forums like BMF to discover more interesting ways of earning Bitcoins. Mr. B (Daniel) pays in BTC for your comments, helpful posts and tutorials!
Gambling – Not recommended but many have made their fortunes playing FREE BITCOINAuto-Bet system. Don’t bet what you not prepared to loose!