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 Complete Bitcoin Tutorial For Beginners Part 1

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PostSubject: Complete Bitcoin Tutorial For Beginners Part 1   Fri Jan 27, 2017 5:54 pm

What Is Bitcoin?

Bitcoin is an innovative payment network and a new kind of money.Bitcoin uses peer-to-peer(directly from person to person without passing through any financial institution) technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network.

Bitcoin is an electronic currency.It's just like mobile money or paypal.You can't physically touch it.Bitcoin is completely decentralized.Which means no authority or bank controls bitcoin.
The reason why bitcoin is widely used is because it's anonymous,has extremely low fees and it increases in value.

When we say it's anonymous it means no one will know your identity when you send or receive it.Unlike other payment systems which has your name and all other information about you attached to it.
Bitcoin also increases in value.For eg) the price of 1 bitcoin 2 years ago was around $400 and it's price today is $900.So if you bought some bitcoins 2 years ago you would have a huge profit today.

You can send around $10,000 worth of bitcoin with just a fee of about $0.5.No bank or financial institution will ever give you such low fees.And with banks you'll have to fill a whole lot of paper work to be able to do such a high transaction like that.With bitcoin it's just a click of a button and you can send any amount anonymously without any paper work.


How To Start Using Bitcoin
The first step to get started with bitcoin is to create a bitcoin wallet.Take the wallet as a vault or bank which safely stores your bitcoin.With bitcoin you are your own bank.

STEP 1
Please those who are new.If you don't have a bitcoin wallet create one below. Please use a reputable browser.

1.Create a bitcoin wallet here:https://www.coinbase.com/join/581c44bf46083d186efdf071
OR
Here:https://blockchain.info/wallet

Download the coinbase app to your android phones :https://play.google.com/store/apps/details?id=com.coinbase.android&hl=en
OR
Download the blockchain wallet App:https://play.google.com/store/apps/details?id=piuk.blockchain.android&hl=en

STEP 2

Like you use numbers in mobile money for sending and receiving money.Bitcoin also has it's own unique way.Any one who has a bitcoin wallet has a unique bitcoin address which is used to send and receive money.

Example of bitcoin address is:17pEhajSVdT6whcEu8GRibYKssEp3imuYK
To find your bitcoin address.
1.Login to your coinbase account/blockchain account
2.Click tools or accounts on the left panel  to view your bitcoin address if you use coinbase.If there is no address click create new address.

1.For blockchain click receive to view your address.
You can create as many as you want.

OR
In the coinbase app tap the menu button and select btc wallet.Then tap QR icon in the corner and press my address.
For the blockchain app tap the receive button

STEP 2.1
Since you plan to use bitcoin you have to know it's equivalence in USD and Ghana cedi.
As at now 1 bitcoin is $921 which is 4,320gh.

10gh is equivalent to 0.0022 bitcoin which is also equivalent to $2.1.

You can google any amount in Ghana cedi to find it's equivalent in bitcoin and vice versa.
For eg)
I'll type:20 Ghana cedi to bitcoin.
Google will display de results for you.

Please you must know the USD and Ghana Cedi equivalence of bitcoin.
It's very important.


Now that you know have a bitcoin wallet and you now know the value of bitcoin in our local currency.it is now time to buy some bitcoins into your wallet.There are several reputable sites such as payplux.com,ebitcoinics.com,cofredgh.com,eccurency4u.com and ebtekghana.com.
I personally use ebitcoinics and cofredgh so I'll provide tutorials for both of them.

STEP 3

How to fund your bitcoin wallet

NB: Please make sure you know how to copy and paste.
We will not be held responsible for any wrong entries


How To Buy Bitcoins From Ebitcoinics
1.Go to eBitcoinics.com and create an account
and login.

2.After that click the buy now button.

3.Under E-Currency to buy select bitcoin

4.Payment method select mobile money.

5.Under amount, you need to enter the amount in USD that will give you the equivalence you can afford in afford in Ghana cedis.The site already has a convertor.
Eg)If you enter $3 it'll show 13gh in the Ghana cedi tab.Please I recommend you purchase something between 15gh-20gh or if you're rich enough you can purchase 100gh worth of bitcoins.

NB:Please use pc or google chrome,Firefox UC browser or Your androids default browser when buying at  ebitcoinics to avoid any complications.

6.Under the bitcoin address copy and paste your bitcoin address from coinbase or blockchain into the space provided.

7.Now you'll see a table with Various mobile money numbers.Choose the network you are on.Click the instructions beside it to see how to pay. Eg)If I'm on mtn I'll send the amount in Ghana Cedi that I require to buy to the mobile money number stated in the instructions.
NB:Please make sure it's Taaby Investments or NCIS ebitcoinics .

8.After making payment you'll get a text message on your phone which shows a Ref.Number or Transaction ID.

9.Copy the Ref Number or Transaction ID carefully into the form and enter the amount sent again.

10.Click Submit for them to start processing your request. It takes less than 10 minutes for them to finish.

11.You'll now have the amount you purchased sent to your bitcoin wallet in less than 10 minutes.

VIDEO


How To Buy Bitcoin From Cofredgh
Visit CofredGH and create a free account and login afterwards.
1.At the top of the cofredgh site click the 2nd box and click deposit.

2.Click the mobile money network you use and click manual.

3.Enter the amount and enter your pin and click confirm.

4.Cofred gh will display their mobile money number to use and the reference you will enter when sending the money.

5.After you have successfully sent the money using your mobile money account,the cofred systems will automatically detect the payment and it will appear in ur cofred account.

6.Now go back to the box at the top and click the 4th box and click my BTCs

7.Click add new bitcoin address and enter your bitcoin address and give the account a name and enter your pin and click add new account

8.Go to the left hand panel and click electronic currency and click buy/sell electronic currency

9.Click buy/sell bitcoin.

10.Enter the amount in usd that you want and select your btc address from the drop down menu.

11.Click process transaction and they will  send the bitcoin to your coinbase account after it has received 3 confirmations from the blockchain network.

Basically these are the things you need to know about bitcoin.We'll continue in part 2.
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