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How to open bitcoin Account

Here are three steps to help you get started using Bitcoin Cash right now:

 Step 1: Download a bitcoin wallet

A Bitcoin wallet is an app or program that allows you send and receive BCH. Wallets also keep track of your BTC balance which is held in one or more bitcoin addresses. Generally, wallets also have a feature that keeps a history of your Bitcoin Cash transactions. There are many different wallets across various platforms. While they all share certain basic functionality, features vary from one wallet to the other so it’s worth learning more about How to Choose a Bitcoin Wallet before downloading the wallet of your choice.

Step 2: Add Bitcoin or Bitcoin Cash to your wallet

Now that you have a wallet, you probably want to add some bitcoin to your balance. Have your Bitcoin or Bitcoin Cash wallet address ready and visit the buy Bitcoin page. Here, you will be able to easily purchase bitcoins with a credit card. You can also buy BCH and BTC right from the wallet mobile app.

Another option is to choose a Bitcoin Exchange where you can quickly set up an account and buy bitcoins with funds from a bank account or credit card. Keep your private key(s) private and never share with anyone. It is very important to backup your wallet’s private key and any other credentials for offline storage. Failing to backup could result in the loss of your Bitcoin holdings if you should ever lose the device on which the wallet is installed.

Step 3: Use a bitcoin wallet to send and receive bitcoins

Receiving bitcoins is as easy as giving the sender your public address. Sending bitcoin requires a few more steps and since bitcoin transactions are irreversible, it is important to pay attention when sending. Overall, the process for sending bitcoin is actually quite easy:

1. Copy the receiver’s public Bitcoin address (or scan QR code)

2. Open your wallet and navigate to its “Send” feature,  paste the receiver’s address into the appropriate field

3. Specify the amount you want to send

4. Confirm that the address 

   and

    amount are both correct

5. Send

Bitcoin Cash is accepted by thousands of individuals plus many websites, and brick-and-mortar businesses around the world.

Best Practices for new bitcoin users

Congratulations! You have bought your first BTC and know the basics of receiving and sending—you are now a full-fledged Bitcoiner! You have the basics but there is always more to learn. Bitcoin is a tool that is only as useful as your ability to hold and spend it properly. Here are some best practices for new BTC users to read and learn

Reasons why invest in bitcoin

Reason 1) Scarcity + Network Effect

Bitcoin is an open source peer-to-peer software monetary system invented by an anonymous person or group named Satoshi Nakamoto that can store and transmit value.

It is decentralized; there is no singular authority that controls it, and instead it uses encryption based on blockchain technology, calculated by multiple parties on the network, to verify transactions and maintain the protocol. Incentives are given by the protocol to those that contribute computing power to verify transactions in the form of newly-“mined” coins, and/or transaction fees. In other words, by verifying and securing the blockchain, you earn some coins.

In the beginning, anyone with a decent computer could mine some coins. Now that many bitcoins have been mined and the market for mining coins has become very competitive, most people acquire coins simply by buying them from existing owners on exchanges and other platforms, while mining new coins is a specialized operation.

Bitcoin’s protocol limits it to 21 million coins in total, which gives it scarcity, and therefore potentially gives it value… if there is demand for it. There is no central authority that can unilaterally change that limit; Satoshi Nakamoto himself couldn’t add more coins to the Bitcoin protocol if he wanted to at this point. These coins are divisible into 100 million units each, like fractions of an ounce of gold.

For context, these “coins” aren’t “stored” on any device. Bitcoin is a distributed public ledger, and owners of Bitcoin can access and transmit their Bitcoin from one digital address to another digital address, as long as they have their private key, which unlocks their encrypted address. Owners store their private keys on devices, or even on paper or engraved in metal.

In fact, a private key can be stored as a seed phrase that can be remembered, and later reconstructed. You could literally commit your seed phrase to memory, destroy all devices that ever had your private key, go across an international border with nothing on your person, and then reconstruct your ability to access your Bitcoin with the memorized seed phrase later that week.

Reason 2 Gold vs Bitcoin

This reliance on the network effect is not unique to Bitcoin or other cryptocurrencies. Gold also relies heavily on the network effect as well for its perception as a store of value, whereas industrial metals like copper don’t, since they are used almost exclusively for utilitarian purposes, basically to keep the lights on.

Unlike Bitcoin, gold does have non-monetary industrial use, but only about 10% of its demand is industrial. The other 90% is based on bullion and jewelry demand, for which buyers view gold as a store of wealth, or a display of beauty and wealth, because it happens to have very good properties for it in the sense that it looks nice, doesn’t rust, is very rare, holds a lot of value in a small space, is divisible, lasts forever, and so forth. If gold’s demand for jewelry, coinage, and bars were to ever decrease substantially and structurally, leaving its practical industrial usage as its primary demand, the existing supply/demand balance would be thrown out and this would likely result in a much lower price.

Reason 3 Cryptocurrency Security is Tied to Adoption

A cryptocurrency’s security is tied to its network effect, and specifically tied to the market capitalization that the cryptocurrency has. If the network is weak, a group with enough computing power could potentially override all other participants on the network, and take control of the blockchain ledger. Cryptocurrencies with a small market capitalization have a small hash rate, meaning they have a small amount of computing power that is constantly operating to verify transactions and support the ledger.

Bitcoin, on the other hand, has so many devices verifying the network that they collectively consume more electricity per year than a small country, like Greece or Switzerland. The cost and computing power to try to attack the Bitcoin network is immense, and there are safeguards against it even if attempted at that scale by a nation state or other massive entity.

Any news story you have ever heard about Bitcoin being hacked or stolen, was not about Bitcoin’s protocol itself, which has never been hacked. Instead, instances of Bitcoin hacks and theft involve perpetrators breaking into systems to steal the private keys that are held there, often with lackluster security systems. If a hacker gets someone’s private keys, they can access that person’s Bitcoin holdings. This risk can be avoided by using robust security practices, such as keeping private keys in cold storage.

Payback guaranteed

Cryptocurrency transactions are irreversible. Our role is therefore to deliver your cryptocurrencies to the addresses that you indicate to us.

Once the funds are delivered, there is no option to reverse the transaction. Therefore, we would ask you to check the accuracy of your receiving address before confirming the transaction and proceeding to payment.

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