What are Bitcoins?

Bitcoin is an online crypto-currency platform. When I mean online money I really do.

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Why are we focusing on this?

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Because it is the main system used to give donations on this site for us to improve our quality.

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How do they operate?

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Like any other currency as I said, Bitcoin is an online Virtual Currency Platform which is not illegal. These currency have originated from Bitcoin Miners and this is situated in a company called blockchain. These people have made Bitcoin as a buying/selling system online A.K.A Forex Trade which can be done through Debit Cards, Credit Cards or even Mobile Phone Payments such as M-Pesa, Airtel-Money, Selcom and other service providers. The transactions are done through Bitcoin Addresses; if you do give someone your Bitcoin Address for Bitcoin Donations or in your website you have a donate me button or if you put a Bitcoin Transaction QR Code of your Bitcoin Address, they will send you Bitcoin. The currency is counted as Dollars at main but can be changed to your Country Currency. Though I Am in Tanzania I prefer using USD as my main Bitcoin Currency. These Addresses are SHA-256 Algorithimically generated addresses which can not be hacked easily. Especially you can put double encryption for your Bitcoin Address using BIP38 Passphrase which is what people like I normally use, just for security reasons to prevent theft of my money.

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Can it be easily hacked?

Since it uses SHA-256 and other Security Algorithms. It can't easily be hacked. But if you use with SHA-256 in addition BIP38 No one can hack because of all the Encryptions set on your Wallet Address, let's proceed on how to get your wallet and do an example payment.

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Explanation First then Video.

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Creating your Wallet, Backing up your Recovery Phrase and Increasing Security

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1. Go to www.blockchain.info

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2. click on wallet.

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3. click on sign up.

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4. Enter the details and proceed.

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5. Go to the email you registered with and confirm your account. Do not misplace or give anyone your Identifier since that's your username where all the funds are saved. If you do give someone your Identifier then it will be eaiser for him/her to steal your money. You will need it every-time to login to your wallet.

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6. You will automatically be logged in. Now you just opened a Blockchain Bank Account. What you need to do now is backup your recovery Phrase. This Phrase will help you keep your funds safe incase you loose your Identifier you can recover your money using this Phrase.

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7. Go to security.

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8. Click on backup recovery phrase.

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9. Put the 12 Phrases in Notepad or Print the sheet they give you and write down the phrase.

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10. Verify that you got they phrase by re-entering part of it. Done. Do not give anyone this phrase again here is where your money will be vulnerable to be stolen by the person you gave the 12 Phrases.

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11. You can follow the tutorial to continue on getting a better Security.

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How to send and receive payments

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1. Go to main menu or dashboard of Blockchain.

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2. Click on receive Bitcoin. Here you will see a big type of string with mixture of numbers and letters. This is the Bitcoin Address. Below you will see a QR Code, specifically for transferring funds to your wallet.

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3. Copy the Bitcoin Address and Give a Merchant to send you payments.

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4. Wait for 3 Confirmations from the network and the transaction to your wallet will be confirmed. Then you will see the money.

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5. To receive payment you must have your partners address so you will be his Merchant. Go to Dashboard of Blockchain and click on send Bitcoin. Copy his address or QR Code and put on your Wallet. Enter the amount and click send. Wait for 3 Confirmations from the network and the transaction will be confirmed. Fees will be charged for Every Merchant that makes transaction to Government.

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If you need BIP38 Wallet Address you can get but you will need to see the video because I mainly can't explain it.

 

2017 1 BTC (Bitcoin) = $4,230.

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