This article focuses on a detailed description of how you can access Bitcoin and start using it for transactions or source of wealth storage. We will take a look what you need to get in place before you purchase your first bitcoin, getting a Bitcoin wallet, and making your first transaction.
It’s no new information that Bitcoin is here to stay and the great potential that comes with is limitless. I recommend you read Bitcoin in the business world should you have doubt
If you are unsure or new to the whole bitcoin technology please follow this link to get the basics BITCOIN- THE NEW MONEY
Now to the crust of it…
All You Need to Access Bitcoin
Bitcoin as you may already know is a currency… just like the dollar, pound, Naira etc however it is decentralised, meaning no one owns or controls it solely. It’s a peer-2-peer technology built under the Blockchain technology without any governmental or institutional control.
To access Bitcoin all you need is an internet connection and a Bitcoin Exchange or Direct Deposit Plaform online… just like a bank in the case of conventional currency.
Bitcoin can also be “mined” but you will need a set of very expressive super computers for this purpose. Learn more about bitcoin mining here
To Buy bitcoin in Nigeria, I have put together a list of verified Bitcoin Merchants and Exchange Companies here
But before you buy Bitcoin, you need to have a Bitcoin wallet where you can store your bitcoin for later use…same thing as an account in conventional currency.
HOW TO OPEN YOUR OWN BITCOIN WALLET
Bitcoin wallets contain your Bitcoin address and a private key (synonymous to your account number and PIN) for sending and receive bitcoin.
Several Bitcoin wallets are available. Most of them are highly trusted, secure and reliable; however, I have put together a list of the common Wallet sites that I can recommend for ease of access and recognition for various online solutions.
List of bitcoin wallet sites
I will walk through the process of registering for a wallet on Coinbase.com for an example. But note that it usually similar for other ones.
- Visit Coinbase.com and signup for free
- Go to your email and verify your account and you are set
Next is to retrieve your wallet (bitcoin) address for receiving bitcoin into your wallet
- On the left side bar, click on Accounts
4. On the Accounts page top right hand corner click on the wallet address button to display your wallet address
5. A pop-up box displays your unique bitcoin wallet address
- Your wallet address can be copied and sent to your creditor to transfer bitcoin to you (It is usually advisable to get a new address for each new credit transaction by following step 4 above)
Now that you have opened a wallet, it is time to fund it for transactions. Several exchanges and merchants readily available online, I have put together a list of verified Bitcoin Merchants and Exchange Companies and done a step-by-step guide on funding your bitcoin wallet.
I have been in the Cryptocurrency ecosystem for about three years. My passion for this niche of financial tech space inspires me to share with you all I can in the world of Cryptocurrency, Blockchain and financial technology.