1. Read through the information about Bitcoin: https://bitcoin.org/en/
2. This is where you set up your wallet which is a bank account for free: https://wallet.mycelium.com/contact.html - Android Version.
For iOS (Apple) devices we recommend:
You do not need a name – the account is anonymous but the transactions are stored online (so everyone can see the transaction but no-one knows who it is from). This is the public link of all live transactions: https://blockchain.info/
So this ensures that the transaction is legal, and most importantly secure.
When you down load the App – it’s like a bank account stored on your phone.
You can convert those Bitcoins into cash or pay someone in Bitcoins and the transaction happens pretty much immediately (within 10 to 30 sec).
For the Apple iPhone 6
Go to the App Store APP on your phone.
There are two good ones – search for:
Copay Bitcoin Wallet
Xapo Bitcoin Wallet
Both are good, but pick which one you like.
So what you need to do now is open the App.
1. Click on Receive money – then it will show 32 letters and numbers something like this: 1De4Fwa132dyhgF46CeeWxTY7Ner6 *This is the account number. Record this somewhere safe make sure that is 100% correct and make sure you copy the account number to exactly.
If you want to receive money you will need to find a local place to convert this to cash (list in Step 5 below).
On your APP on your phone it will show you approximately what value you have in currency chosen in Bitcoins.
For example: When you convert the USD to your country currency this will be how much you should get.
Now the local Bitcoin person may want to take a small fee – this is ok – but try not to pay more than 5%. Generally 2% or 3% should be a good fee for them.
We suggest that you back up your wallet.
- To do this – there will be a button in the top right hand side that says back up.
- When you select this it will give you 12 Words – record it in the exact order and the exact word and make sure it is exactly the same.
- These 12 words – you will need to write down somewhere and keep them very very safe (as this is the key to your wallet).
- So if someone steals these words they can open your wallet and steal all your money.
- So make sure where you keep these 12 words – that you keep them super safe and secure.
- If you lose your phone (or someone steals it) all you need to do is set up another mycelium bitcoin account (again) and instead of selecting back up – you select RESTORE and enter those 12 words in the EXACT order they are given to you and this will give you access to your money
Now once you have the Bitcoins – from the test transaction that we have just sent you. You need to convert this Bitcoin into cash. But you need to ask them what the fee will be. If it is more than 5% then it is too much.
You can then use one of these two processes:
Process 1 - This is where you transfer from Bitcoin to your bank account- Bitpesa: https://www.bitpesa.co/
Process 2 - This is where you can convert Bitcoin into cash using a service called Local Bitcoins: Please choose your country from this link: https://localbitcoins.com/
1. Using www.localbitcoins.com – all the transactions are reviewed and the money is held in a Trust (escrow) account so only when the transaction is done then the money will be released.
2. We have done some research and found that Bitpesa: https://www.bitpesa.co/ is a much larger company and is backed by much larger financial support base. They also have a large Facebook following and the various online reviews are excellent.
So you should not have any problems converting Bitcoins into bank transfer for your bank account – they only take 3% commission which is much cheaper than Western Union.
*But please understand that Bitcoin price does fluctuate so the value will vary on a minute by minute basis (this is like currency exchange).
3. You can also use the Bitcoins from this account to pay other suppliers, people or employees etc.
If you have any questions please email us directly at: firstname.lastname@example.org