BITCOIN EDUCATION



WHAT IS BITCOIN?


Bitcoin Is A Decentralized Digital Currency,
It Is Like Virtual Cash Or Gold,
It Is Transferred From One Person To The Other,
It Has No Bank Or Government Prerequisites Or Control,
Bitcoin Is A Crypto-Currency.
The First Bitcoin Was Issued In 2009 And The Founder Of Bitcoin Is Satoshi Nakamoto
When Bitcoin was launched 1 bitcoin was worth $1 , 2017 we have seen 1 Bitcoin reaching  $1000 , imagine that rise. Bur good thing about bitcoins is you will always get them for the money you have .. example : if you have $10 your bitcoin balance will be like 0.0023.. read bitcoin price history by clicking here
Every Currency Has A Limit And With Bitcoin We Have A Limit Of 21 Million
A Predetermined Amount Of Bitcoins Are Released Every 10 Minutes, Halfed Every 4 Years, Until The Year 2140
The Bitcoin Protocol Or Network Is Impossible To Hack,
Bitcoin Is Controlled By Consensus Of Market Participants,
No Government Controls Bitcoins So They Have No Taxes,

IN SUMMARY:

  • Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like rands, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.
  • It’s the first example of a growing category of money known as *cryptocurrency*
  • It is an international Currency or Worldwide - not limited on based in a single country

WHY IS BITCOIN IMPORTANT?


Millions Of People Do Not Have Access To Banking Services (Bitcoin Is The Solution To This Problem)
It Solves The Problem Of Cross Currencies Purchases And Transfers That Comes From Cross Currency Exchanges That Are Very Expensive

WE MENTIONED THE TERM CRYPTOCURRENCY ABOVE, YOU MIGHT BE WONDERING…

WHAT IS CRYPTOCURRENCY?


Well, Cryptocurrency is a digital currency where the encryption techniques are used to regulate the generation of units of currency.
The verification of transfer of funds is an important part of cryptocurrency which provides authenticity and transparency to the equation.
Instead of fiat currency, cryptocurrency is produced by solving mathematical problems based on cryptography.

HOW DOES BITCOIN WORK?


Bitcoin once you have them you buy or purchase with them from bitcoin accepting stores, exchange them to cash in any exchange i.e altcointrader , localbitcoins to do transactions you will be using an app or computer program that provides a personal Bitcoin Wallet that allows a you to send and receive bitcoins and also store them.
This is how Bitcoin is used by most users.
Behind the scenes, the Bitcoin network is sharing a Public Ledger called the “Block Chain“.
This ledger contains every transaction ever processed, allowing a user’s computer to verify the validity of each transaction.
The authenticity of each transaction is protected by digital signatures corresponding to the sending addresses, allowing all users to have full control over sending bitcoins from their own Bitcoin Addresses.

A couple of terms or words that might be new to some of you were mentioned above, terms like:
  • Block Chain
  • Bitcoin Wallet : Which is where you store your bitcoins
  • Bitcoin Address : which is like an account number cause it is what you use to receive bitcoins.
If you do not fully understand these terms yet, do not worry, we will cover them in the up coming lessons.
For now, just make sure you understand how Bitcoin works.

PLEASE WATCH THIS SHORT VIDEO BELOW– HOW DOES BITCOIN WORK:


WHAT IS A BITCOINWALLET?how-to-create-a-bitcoin-wallet-on-localbitcoins

A “Bitcoin Wallet” is basically the Bitcoin equivalent of a bank account.
It allows you to receive bitcoins, store them, and then send them to others.

HOW TO CREATE A BITCOIN WALLET ON LOCALBITCOINS.COM:

Step #1:
  • Click and open the LocalBitcoins.com website.
  • Click the Sign up free button.
  • Carefully complete the registration form and click the Submit button.
Step #2:
  • Carefully complete the registration form and click the Submit button.

NOW THAT YOU HAVE CREATED YOUR BITCOIN WALLET, IT’S TIME TO LOAD SOME BITCOINS MY FRIEND!


HOW TO BUY BITCOINS?

Step #1:
  • Login to your LocalBitcoins Bitcoin Wallet.
  • Click on Buy bitcoins
  • Preferably, buy from an online seller, with good rating like 100%
  • Click the Buy button
  • Specify the amount either in BTC or ZAR (or your country’s currency)
  • If you are happy with the seller’s Terms of Trade, click the Buy bitcoins for button. Also see payment methods the seller have. You can also change Country to your own country to find sellers in your own country

CONFIRM HOW MUCH YOU WANT TO BUY, WRITE THE MONEY YOU HAVE:

Once you send request or click Buy , you will be able to communicate with the seller. ensure you read terms as you see them next to the trade request.

HOW TO SELL BITCOINS?

So let’s say you have been collecting some Bitcoins through Bitcoin Mining, Bitcoin Exchange communities or even Trading.
Now you want to sell some of them and turn them into normal cash so you can spend your moolah!
  1. Login to your Bitcoin Wallet
  2. Click on Sell Bitcoins
  3. Choose the buyer you wanna trade with, preferably someone with a good rating.
  4. Click the Sell button
  5. Specify the amount either in  ZAR or BTC you want to sell to them
  6. Click the Send Trade Request button

PUT THE AMOUNT YOU WANT TO SELL:


WATCH THIS VIDEO THAT SHOWS YOU HOW TO BUY BITCOINS:


YOU CAN ALSO USE WWW.ALTCOINTRADER.CO.ZA

VISIT WWW.ALCOINTRADER.CO.ZA OR EVEN GOOGLE IT CLICK ON REGISTER. FIL IN YOUR DETAILS AND REGISTER. IF YOU GET AN EMAIL FOR CONFIRMATION.LOGIN AND CONFIRM , IF YOU DON'T GET IT JUST LOGIN WITH EMAIL AND PASSWORD YOU CHOSE. AFTER LOGGING IN YOU WILL SEE A SCREEN PAGE BELOW.

IF YOU DONT HAVE BITCOINS YOU CAN BUY THEM AT ALTCOINTRADER. SIMPLE WRITE THE VALUE OF BITCOINS YOU NEED ON BUY AS I DID BELOW. WRITE THE BITCOIN VALUE AS IT IS, THAN AUTOMATICALLY YOU WILL GET PRICE IN RANDS FOR THAT BITCOIN VALUE WHERE IT SAYS TOTAL, THE MONEY THERE IS IN ZAR/RANDS. IF YOU ALREAD HAVE BITCOINS, YOU WANA EXCHANGE/SELL THEM TO GET CASH IN YOUR BANK THAN YOU USE SELL NOT BUY. AGAIN YOU WRITE THE AMOUNT OR VALUE OF BITCOINS YOU HAVE. AUTOMATICALY YOU WILL SEE THE PRICE OR MONEY YOU WILL GET FRO THOSE BITCOINS YOU HAVE. NOTE: BITCOINS DONT START AT 1 BUT THEY START AT 0.0000... NUMBERS, SO YOU CAN GET BITCOINS FOR EVEN R500 TRY 0.05 E.T.C




IF YOU WANA BUY BITCOINS AND YOU HAVE CASH. YOU NEED TO DEPOSIT MONEY TO ALTCOIN TRADER THROUGH FNB, ABSA.  THE AMOUNT OF MONEY YOU HAVE THAN YOU WILL GET BITCOINS EQUAL TO YOUR MONEY. MAKE SURE YOUR WRITE THE REFERENCE GIVEN TO YOU WHEN YOU CLICK ON DEPOSIT. CAUSE THAT YOUR OWN UNIQUE REFERENCE. IF YOU WRITE YOUR NAME OR ANYTHING ELSE. I FELL SORRY FOR YOU CAUSE I TOLD YOU.  CHECK IMAGE BELOW


ONCE YOU DEPOSITED THE MONEY IT MUST REFLECT IN YOUR ALTCOINTRADER IN A DAY OR 2 PROVIDED YOU DIDNT MAKE MISTAKES ESPECIAL ON REFERENCE.

THAN ONCE YOUR MONEY IS THERE YOU SIMPLE DO WHAT I TOLD YOU ABOVE, YOU GO TO BUY, AND WRITE BITCOIN VALUE FOR THAT AMOUNT YOU HAVE. IF YOU DONT KNOW THERE VALUE , EASY, USE GOOGLE . EXAMPLE: YOU DEPOSIT R1500 NOW GO TO GOOGLE AND WRITE: BITCOIN VAUE FOR 1500 , BUT IT WILL NOLONGER BE 1500 IF YOU WANT 1500 ATLEAST DEPOSIT 1600, JUST ADD R100 MORE, YOU DOING THAT FOR DEPOSIT FEES. THAN YOU GET THE VALUE GO BACK TO ALTCOIN TRADER AND WRITE IT THERE ON BTC AMOUNT ON BUY. THAN YOU CLICK BUY. THE BALANCE YOU HAD IN ZAR WILL CHANGE IMMEDIATELT TO BALANCE IN BTC ( BITCOINS)

NOW YOU HAVE BITCOINS, BUT THEY ARE NOT IN YOUR WALLET. NOW YOU NEED TO SEND THEM TO YOUR WALLET. NOW YOU NEED TO CLICK ON WITHDRAW FUNDS/COINS. SCROLL DOWN  TO WITHDRAW BTC

GO TO YOUR XAPO, COPY YOUR WALLET ADDRESS, COMEBACK TO ALTCOIN TRADER, PASTE YOUR WALLET ADDRESS THERE AS YOU SEE BELOW, WRITE BITCOIN VALUE YOU WANA WITHDRAW AND SEND TO YOUR WALLET THAN CLICK WITHDRAW. THATS IT, IF MINUTES YOUR BITCOINS WILL REFLECT IN XAPO, READY FOR YOU TO PH 



NOW YOU WANA WITHDRAW, SO WE REVERSE THE PROCESS. LOGIN TO ALTCOIN TRADER AND CLICK ON DEPOSIT YES I DIDNT MAKE A MISTAKE CLICK ON DEPOSIT. WHAT YOU DOING NOW IS YOU WANA DEPOSIT BITCOINS TO ALTCOINTRADER AND SELL THEM TO GET CASH IN YOUR BANK ACCOUNT

SO CLICK ON DEPOSIT. SCROLL DOWN TO DEPOSIT BTC INTO YOUR ACCOUNT
THEY GOING TO GIVE YOU A WALLET ADDRESS THAT YOU USE ONLY TO TRANSFER BITCOINS TO ALTCOIN TRADER.  COPY IT AS YOU SEE ON IMAGE BELOW. COPY IT AND PASTE IT ON XAPO THAN SEND YOUR BITCOIN TO ALTCOIN TRADER



ONCE YOUR BITCOINS REFLECT ON ALTCOIN TRADER BALANCE. NOW YOU GO ON SELL, WRITE THAT BITCOIN AMOUNT YOU HAVE AND CLICK ON SELL. IMMEDIATELY YOU BITCOINS ARE EXCHANGED TO CASH.

NOW YOU WANA GET THAT MONEY INTO YOUR BANK ACCOUNT CLICK ON WITHDRAW. ADD YOUR BANKING DETAILS. IF YOU ALREADY ADDE THEM THAN JUST WRITE AMOUNT OF CASH YOU NEED AND CLICK WITHDRAW AS SEEN BELOW

FUNDS WILL BE IN YOUR ACCOUNT WITHIN A DAY OR 2

IF YOU STILL DONT UNDERSTAND HERE IS A VIDEO WATCH IT IT WILL EXPLAIN MORE ABOUT USING ALTCOINTRADER