What is BitCoin?

Bitcoin cryptocurrency is becoming popular day by day. It is an easy and convenient method to transfer all type of payments between two or more persons.

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What is bitcoin and how to use it in BitsTrades?

Bitcoin is the more safer and fastest way to pay any individual or a company in the world. It's most secure and efficient virtual currency for payments. There are key advantages of using Bitcoin as a payment method for business or personal purpose.

Bitcoin is a digital virtual currency and is the form of money created based on the program code and computing powers. Bitcoin is not owned by any person, state, company or banks. It is the world's first decentralized payment method. Everything depends on Bitcoin network including money transfers. Transfers are made on the peer-to-peer basis without any intermediaries between sender and receiver.

Advantages of Bitcoin:

  1. Strong Safety Level

    Bitcoin transactions and balances were handled by Blockchain network. No one can control or block blockhain wallet. Bitcoin does not depends on any agencies, government or central banks. It is not regulated by any international laws. The wallet is created anonymously, and all transactions can not be cancelled once its made.

  2. Cheap transaction fees anywhere in the world

    Bitcoin transactions are very cheap. Transaction fees does not depend on transaction location or any law or regulations of country. Regular bitcoin transaction fees range from $0.20 to $1 in average. You can make a free transaction without paying any duty or charges.

  3. Convenience

    Bitcoin system works 24x7 all days, including holidays. It is not a bank, so you can send and receive payments even on holidays!

  4. Instant transfers

    Bitcoin has capability to transfer small or large amount of payments any where in he world. safe money transfer of small or large amount of payment.

  5. Protection against inflation

    Sometimes national currencies depreciate by 1-20% of more. It depends on central bank of particular country or on world economy. While Bitcoin depends millions of transactions and proof of work. Additional point is that Bitcoin is protected against inflation.

If you're new to bitcoin you can find out how to create a bitcoin account and how to buy and sell bitcoin from this handy guide:

It’s very easy and simple to create and use wallets on BlockChain.info:

Follow the link https://blockchain.info/en/

  1. Click on “Wallet” button
  2. Click on “Create a new wallet” button


  1. Enter e-mail.
  2. Enter password.
  3. Confirm the password.
  4. Click on “Continue” button.

Write down, make a screenshot or print the mnemonic password (in the red square on the screenshot). It will help you to recover your password if you forget it!

Click on “Continue” button.


  1. Enter your password.
  2. Click on “Open Wallet” button.

(Don’t forget to put down your identifier)


This is your Bitcoin Address (Bitcoin wallet).

Login in your blockchain wallet.

  1. Click on “Send Money” button.
  2. Enter Bitcoin address of receiver.
  3. Enter amount of bitcoin.
  4. Click on “Send Payment” button.
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Done!

Now you can see your transactions here:

Go to https://www.coinbase.com/ and click on Sign Up

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Fill in your “First Name”, “Last Name” and “Email”. Create a secure Password, (minimum 10 characters long). Don't Forget Your Password, Write it down and keep it in a secure place or use a password manager (for example, free KeePass software or free LastPass)! WARNING: Forgotten passwords are UNRECOVERABLE and will results in LOSS of ALL of your bitcoin!

Click on “CREATE ACCOUNT”


Verify your email.

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Once you confirm your Email you are already logged into Coinbase.

You will need to verify/change the Currency to USD and to BTC. Click on Settings.


And then Click on Preferences.

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Change the “Local currency” to “United States Dollar (USD)”.
Change the “Time zone” to your location and Select “Bitcoin units” to BTC. Click on “Save”.


Click on the Security tab.

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Click on “Verify A Phone”


On “Choose a country” drop down menu and select the country where your phone number is associated with. Put “Your phone number” in the space provided and click “Next”.

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Receive your code on the phone, enter the verification number and click on “Verify Phone Number”

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Go to https://www.coinbase.com/ and click on “Sign In”

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Click on “Send/Request”


Make sure you are on the “Send” tab. Fill in the Bitcoin address of the recipient, the amount of bitcoin you are sending (use BTC units) and write a message identifying the transaction from MMM Global PO (This makes it easier to identify past transactions). Then click “Send Funds”.

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Next you will need to enter your code and click “Confirm”.

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Payment Completed!

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Go to https://www.bitgo.com/ and press “Create a wallet”.

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You are then directed to “Create Your Wallet” account page. Enter your Email and create an extremely secure password. IMPORTANT! This password will be for your account on bitgo.com, which shouldn’t match your e-mail password and should be a minimum of 10 characters long. Don't Forget Your Password, Write it down and keep it in a secure place or use a password manager (for example, free KeePass software or free LastPass)! Re-enter the password, read Terms of Service and check the box you agree to them. Press “CREATE BITCOIN WALLET”.


You will be sent an Email confirming your registration.

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Open the Email message and click “Click Here to Verify” button.

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A new tab will be open, informing about successful verification of your Email.

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Enter the password (created in step 2) and press “Log In”

You will be offered to choose the option of 2-Step verification for the better protection of your account. As per recommendation of bitgo.com website it should be Google Authenticator (GA). You may also choose another option (a text message to your phone, for example), however in this example we are going consider the GA case. Select it and press “Next”.


Use your camera or a device with GA App to connect GA to the your bitgo.com account by scanning the QR Code. Or manually insert the code indicated below (item 1 in the screenshot) in GA App. IMPORTANT! Write or print out the code and keep it in a safe place, that in case of loss of the device you could restore access to your wallet! Type in the 6-digit code, generated by the GA and press “Submit”.

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GA has been successfully connected, press “Create Wallet Now”


Create a name for the wallet. For example “My 1st wallet” and click “Next”.

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Choose the option of a backup key. There are four options to choose from, in this example we will use the easiest choice — “Recovery Service”. Choose it and click “Next”.


For enhanced security, you will be required to create a secondary password for the wallet to complete payment transactions along with your GA code. Select the option More Secure, invent a new password and re-enter it. For your convenience write all passwords on a separate piece of paper or use a password manager (for example, free KeePass software or free LastPass). Press “Next”.

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A popup will appear requesting to save file. Press “OK”.


A pdf file will download to your computer. Find and open it. This file will contain different codes with instruction to them. The first code we need — is for activation.

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Type it in the Activation code from the PDF file and click “Activate wallet”.


After the wallet activation you will see the main page with your wallets (currently there’s only one, “My 1st wallet”), balances of the wallets and actual Bitcoin price. To view wallet details click on the wallet’s name.

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You will see the wallet’s balance and address for the receipt of funds. As well as buttons for moving to various configuration menu.


In addition: for your convenience you may create several wallets that can be used for different purposes to keep things separated and if it’s necessary you can transfer bitcoin from one wallet to another:

а) Click on the wallet on the main page and press “Receive”

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b) Now you can view all earlier generated addresses with the received amounts. Also you can generate a new receive address or use generated QR code. It should be noted, that all addresses generated earlier are functioning and you can receive bitcoin on any of them. There’s no need to generate a new address for each transaction.


c) All transactions for that wallet will be displayed on the “Transactions” page. When you click on the individual transaction you will be able to see amounts and addresses associated with the transaction.

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Click on the name of the wallet on the main page. Go to the "Send" section.


Fill in recipient's address (field 1), Bitcoin amount (field 2) and click "Next".


You will be asked to verify transaction details. If everything is correct — click “Send funds”.


To carry out transaction — type 2-step verification code (in this example we used Google Authenticator — GA). As well enter the password of your wallet.


After entering a correct password you would see the confirmation that transaction was sent successfully.

https://localbitcoin.com/country/NG

Here bitcoin buyers and sellers meet online. You do not need to make KYC (Know-Your-Customer) procedures. KYC is a normal requirement of exchange services. Be careful and only buy from traders with positive reviews.

  1. Click on “Sign up free” on the top menu.
  2. Fill in your personal details.
  1. Enter a username (no spaces allowed in username).
  2. Enter an e-mail.
  3. Indicate password.
  4. Duplicate your password.
  5. Tick a box.
  6. Click “Register”.

After you clicked “Register”, you need to check your emailbox. You will receive a letter with title “[localbitcoin.com] Confirm your email to complete your registration”.

Open the letter and click on the link.


After you confirmed your email, follow the next steps:

  1. Click on “Buy bitcoin” on the top of your page.
  2. Choose the preferred Seller from the list provided and click “Buy”. Pay attention that chosen payment method is convenient to you.

  1. Enter the amount of BTC you wish to buy.
  2. Enter your receiving transfer online contact details in the message box and other details for the buyer to see.
  3. Click on “Send Trade Request” button. (Be sure you're ready to pay when clicking the button, if you don't pay before the payment window is over, the trade will be automatically cancelled.)

Once you have made the payment, click the “Mark payment complete” button. Once the trader has verified that your payment has been received your Bitcoin will be released from escrow and they are instantly availalbe in your Localbitcoin wallet.

Done!

You can sell your bitcoin on the localbitcoin.com website, if you have them in your localbitcoin.com wallet. In order to send bitcoin from your Bitcoin wallet to another please check the above description called “How to send bitcoin”.

The localbitcoin address can be found by clicking on the “Wallet” button, under the “Receive bitcoin” sign.


After you made sure to have the required amount of bitcoin in your wallet, follow the next steps:

  1. Click on “Sell bitcoin” on the top of your page.
  2. Choose the preferred Buyer from the list provided and click “Sell”.
  3. Enter the amount of BTC you wish to sell.
  4. Enter your receiving transfer online contact details in the message box and other details for the buyer to see.
  5. Click on “Send Trade Request” button.

When the buyer makes the payment and clicks on “Mark payment complete” button, the required amount of bitcoin will permanently be reserved in the escrow. From that point, the deal can no longer be automatically cancelled.


  1. Enter the amount of BTC you wish to sell.
  2. Enter your receiving transfer online contact details in the message box and other details for the buyer to see.
  3. Click on “Send Trade Request” button.

When the buyer makes the payment and clicks on “Mark payment complete” button, the required amount of bitcoin will permanently be reserved in the escrow. From that point, the deal can no longer be automatically cancelled.

After you confirm the payment that has arrived on your account, you will need to release the bitcoin.

Done!

https://www.nairaex.com

NairaEx allows you to buy and sell bitcoin through Nigerian bank account. First you need to register.


To create an account:

  1. Enter your First Name
  2. Enter your Last Name
  3. Enter your email address
  4. Invent and enter your username
  5. Invent a strong password and enter it
  6. Re-type your password
  7. Confirm that you accept the terms and conditions
  8. Click “Register”

After the registration you need to:

  1. Verify your phone number
  2. Verify your identity and submit bank account name and number

After the verification will be completed, you will be able to buy bitcoin:

  1. Choose that you want to buy bitcoin
  2. Choose a buy payment option “Naira Bank Account”
  3. Choose an amount of bitcoin you want to buy
  4. Type your bitcoin wallet
  5. Click “Submit”

https://nairaex.com/dashboard

Deposit bitcoin on your NairaEx account and sell them.

  1. Click on “Sell bitcoin” on the top of your page
  2. Choose the preferred Buyer from the list provided and click “Sell”.

After you made sure to have the required amount of bitcoin in your wallet, follow the next steps:

  1. Click on “Sell bitcoin” on the top of your page.
  2. Choose the preferred Buyer from the list provided and click “Sell”.

After you made sure to have the required amount of bitcoin in your wallet, follow the next steps:

  1. Click on “Dashboard” on the top of your page.
  2. Choose that you want to sell bitcoin.
  3. Choose a bank account you want to use to sell bitcoin.
  4. Choose an amount of bitcoin you want to sell.
  5. Click “Submit”.

There are 2 types of Bitcoin exchanges:

  1. Bitcoin exchange platform where you buy and sell bitcoin from the holder of exchange himself (like NairaEx).
  2. Bitcoin marketplace where you are able to trade bitcoin (like Bitfinex).

On Bitcoin marketplace you can leave the orders to buy and sell bitcoin for the price set by you. So, on Bitcoin marketplaces you can act not only as a buyer or seller, but also as a trader. It’s more difficult and it demands more time, but it allows you to buy or sell bitcoin at a better price.


https://www.bitfinex.com/

Bitfinex is one the biggest Bitcoin marketplaces where you can buy bitcoin at the best price. But the trading are going in USD.

To sign up:

  1. Enter your Name
  2. Enter your email address
  3. Invent a strong password and enter it
  4. Click “Open account”

Later, you should check your emailbox, find the letter with the subject “Please verify your email address”. Open it and click o “Verify my email address”.


Now you need to deposit money on your Bitfinex click. For that, click on “new deposit”.


If you want to buy bitcoin, you need to deposit money with bank wire (so, you should have USD account in a Nigerian bank). You will also need to submit the documents to Bitfinex to verify your identity. Identity verification will take a few days. Bank wire transfer can take about a week.


After you the money is deposited to your account, you can buy bitcoin.

Go to the exchange page:
https://www.bitfinex.com/exchange

There several types of orders you can use to buy bitcoin. Details you can find in their FAQ. You need to specify the order size (number of bitcoin you want to buy) and preferred price. After that you should click “Buy”.


If you want to buy or sell bitcoin at the best price and you are ready to wait, you can specify the order size (preferred amount of bitcoin you want to sell) and the desired price. If you sell, your order will be put to the “Asks” columns and you will need to wait until it will be matched.


If you want to sell bitcoin immediately, choose “Market” type of orders.


  1. Then you need to look for the bids with the price and amount which are convenient to you.
  2. In order size you can reduce the number, if you want to sell less bitcoin.
  3. Click “Sell”.

https://www.bitx.co/in/global/en/signup

BitX operates Bitcoin exchanges in several countries around the world. You can securely and easily buy and sell bitcoin using your local currency. People place orders to buy or sell bitcoin at particular prices into the system. Whenever a buy order matches a sell order, a trade occurs. BitX takes care of transparency of transactions.

BitX allows you to sell and buy bitcoin with Nigerian Naira, but its market is very limited.

Guide how to get started: https://goo.gl/5q2pVh.


Bitcoin Wallet

BitX is not only a bitcoin exchange platform but also a bitcoin wallet service. You can easily send and receive bitcoin.

To send bitcoin you need:

  1. Specify the bitcoin wallet address of the recipient.
  2. Amount you want to send.
  3. Leave a note (optional).
  4. Type GA code (if you installed GA key to protect your account).

Instant Buy step-by-step

Simply select "Buy / Sell" from the Navigation menu and follow the steps further below.


Steps:

  1. Make sure the Buy button is selected
  2. Choose the currency (the local currency you'll spend or the bitcoin amount you'd like to buy)
  3. Choose the amount for your chosen currency (in this demo, we are spending ZAR 150)
  4. Review the transaction (which shows the exchange rate and the amount of bitcoin you'll receive)
  5. Click buy

Check your e-mail for your account activation link.


Complete your registration.


Set password:

  1. Create new password
  2. Re-enter password
  3. Click on “Set my password” button

Instant Buy/Sell step-by-step.

Simply select "Buy / Sell" from the Navigation menu and follow the instructions on the right.

https://cex.io/

Trading platform which accepts payments via bank wire transfers and bank cards (Visa and MasterCard).

Guide: https://cex.io/guide.

  1. Enter the email
  2. Enter the password you want to use
  3. Tick the box that you agree to the Terms of Use
  4. Click “Register”

Activate your account through email.


  1. Get registration code.
  2. Click on “Complete registration” button.

Enable Two-Factor Authentification on your account, having chosen either Smartphone app option or SMS/Phone Request option.


  1. Enter confirmation code.
  2. Click on “Confirm” button.

Start using CEX.IO


https://cex.io/trade/deposit#/currency/USD/instrument_id/card?back_to=%2Fbuy-bitcoin

To buy bitcoin, you need to fund your account.

  1. Choose how you want to deposit money: a) with payment card, b) with bank transfer.
  2. Add details of your credit card or bank account.
  3. Type amount you want to deposit.

If you want to buy bitcoin instantly, you can go to “Buy bitcoin” page:
https://cex.io/buy-bitcoin

  1. Choose already offered amount of USD you want to use to buy bitcoin. And click “Buy”.
  2. You can choose your own amount you want to buy:
    1. Type of amount of USD you want to use to buy bitcoin.
    2. Click “Buy”.

If you want to buy at the best price, you can use Exchange, go to Trade section to find more details (scroll this FAQ a bit down).


If you want to buy bitcoin instantly, you can to “Sell bitcoin” page:
https://cex.io/sell-bitcoin

Choose already offered amount of USD you want to use to buy bitcoin. And click “Buy”.

If you want to buy at the best price, you can use Exchange, go to Trade section to find more details (scroll this FAQ a bit down).


To buy and sell bitcoin at the best price, you should use marketplace and trade bitcoin:
https://cex.io/trade

  • To buy bitcoin:
    1. Choose the Sell Order with the price convenient to you.
    2. Enter amount of Bitcoin you want to buy.
    3. Click “Place Order”.
  • To sell bitcoin:
    1. Choose the Buy Order with the price convenient to you.
    2. Enter amount of Bitcoin you want to sell.
    3. Click “Place Order”.