How to Use Bitcoin: mining, wallets, payments

How to get a Bitcoin wallet: Hype and Coinbase

by Silvia Mazzetta Date: 10-12-2020 bitcoin cryptocurrency


You have certainly heard of Bitcoin, the virtual currency that periodically makes people talk about itself because of its innovative and particular nature. In this case, you have probably also wondered how it is possible to get and subsequently spend Bitcoins, and if it is something useful, as well as legal.

Am I right?

If so, you're in the right place at the right time! In this guide, in fact, I will explain in a simple and detailed way what they are and how to pay in Bitcoins.

First, however, I would like to briefly explain to you the nature of this digital currency, which is becoming more and more popular on the Internet and beyond. The Bitcoin, often abbreviated in BTC, is one of the many cryptocurrencies, a sort of digital currency produced from the calculations made by a machine, which can be a normal computer or a system dedicated only to the production of this currency.

Due to their nature, Bitcoins are not held by a bank or a single organization, but are instead created by users who are part of the Bitcoin network and who provide their own computing power: it is a decentralized system and very innovative, since it allows you to exchange a currency without the intermediation of a central institution. To learn more, read on.

You may have noticed that I told you about how Bitcoin is generated by users themselves through the computing power provided. This operation is called mining and allows the entire Bitcoin network to support the generation and exchange of digital currency. The creation of the same is delegated to all the nodes of the network, that is to the machines that perform particular mathematical calculations to "find" valid Bitcoins.

This operation, however, allows not only to produce new Bitcoins: also the Bitcoin exchanges between people are validated through mining.

There is, therefore, no central body able to control the real origin and destination of the digital currency. All such operations are managed by users in a peer-to-peer perspective.

Are you wondering what all this implies?

First of all, that Bitcoin exchanges are always completely anonymous by nature. No one can know that it was you who paid a certain amount of money with Bitcoins, nor who you paid it to. Second, the security of the Bitcoin protocol is extremely complex, because it comes from complex calculations that require thousands of powerful computers to run. It is therefore virtually impossible for the Bitcoin network to be violated to such an extent that it endangers your digital funds.

Some of the questions you could ask me are: if all these operations are anonymous, how do I pay in Bitcoin? Where can I keep my funds? And how can I manage them?

Don't worry, I'll explain everything in this article and you'll know exactly how to create a Bitcoin account and make the most of it.

The first information I want to give you is that there are many services to help you buy, store and use your Bitcoins. Just like for traditional currencies, for cryptocurrencies the first step is to get a wallet, to accumulate your savings.

The wallet can be of two types: online and offline.

The online wallets are stored on specialized platforms, which I'll show you later, able to ensure the storage of Bitcoins in a place that is always accessible. A bit like a sort of private bank. In this case you can access and use your cryptocurrency from wherever you are.

Offline wallets, on the contrary, are generally files stored on your device that allow you to consult and spend Bitcoins only if they are physically accessible. You must therefore always have your device available to work with Bitcoins in your possession.

Now that you have all the preliminary information at your disposal, I will show you how to get a Bitcoin portfolio and how to use it in a simple, fast and secure way.

How to get a Bitcoin wallet

As I told you earlier, to pay in Bitcoin online you need a wallet where you can keep your digital money and thanks to which you can spend it freely. But, how to get it?

HYPE

One of the simplest and most immediate solutions to obtain a Bitcoin wallet is to rely on HYPE: an e-money account associated with a Mastercard, both physical and virtual, which can be opened in minutes and can be managed comfortably from Android app (downloadable from the Play Store or Huawei AppGallery) and iPhone, or from PC, with extreme ease.

Using HYPE opens up many possibilities, including - for adult users - to open a Bitcoin wallet in 30 seconds, free of charge and without sending documents or having to suffer long waits. All, of course, with maximum security and with the ability to constantly monitor the trend of the balance and the Bitcoin market, buy and sell Bitcoin and send them to make payments.

As far as "traditional" currencies are concerned, HYPE allows you to make purchases online and in physical stores, also through Google Pay and Apple Pay, with the possibility to get cashback on over 500 online stores; it allows you to send and receive money; send and receive free transfers; make ATM withdrawals; pay bills/bills and much more.

To open your HYPE account, all you have to do is log in to the official website, making sure you have a valid ID at hand, and follow the quick wizard that is proposed to you. There are three different plans from which you can choose: HYPE Start (the basic plan that does not include fixed monthly expenses); HYPE Next (2.90 euro/month with a 20 euro bonus on Amazon using the AMAZON20 code during registration) that breaks down the limits of withdrawal, recharge and spending provided by HYPE Start and also allows you to home users and credit your salary; and finally HYPE Premium (9,90 euro/month with 25 euro bonus on the first top-up using the PREMIUM25 code during registration) which includes all the advantages of HYPE Start and Next to which adds a full travel insurance (for delays, flight cancellation and medical insurance), the World Elite Mastercard debit card, free payments and withdrawals worldwide and priority assistance (also via WhatsApp).

To open your Bitcoin wallet, simply log into your account in the HYPE app, go to the Menu section, press the Bitcoin button and read the quick service presentation. Then press on the Activate for free button, accept the terms of service and in a few moments the game will be done! This will open the menu with your current balance, Bitcoin market trend and buttons to buy, sell and send Bitcoin. For more information on how to pay and how to get paid in Bitcoin with HYPE, please read the following sections of this guide.

COINBASE

We explained that Bitcoin wallets are divided into online and offline, and that there are several services that can provide the functionality of a crypto currency portfolio. Now I propose you one of the most reliable and long-lived online wallets that exist, Coinbase.

Creating an account on Coinbase will allow you to manage your cryptocurrency in a convenient and secure way, without necessarily having access to your home computer.

The first step you need to take is to open your navigation program, making sure that it is advanced enough to access the Coinbase website.

Now, press the button at the top right with the word Start from here, which will take you to the Coinbase registration page. Then enter the first name, last name, email address and password you want to use, check the box I am at least 18 years old and accept the User Agreement and Privacy Policy documents and press the Create Account button.

Then click on the Next button once more and then click on Accept, after reading the privacy policy. You may or may not agree to receive the proposed updates by selecting Yes or No on the proposed screen. Now check your inbox, where you will find Coinbase's confirmation email.

At this stage, all you need to do is click on Verify email address to be transferred to Coinbase and complete the registration process. You will be asked to enter your phone number in order to activate the verification in two steps: this point is crucial for your security, as it allows you to have much more control over the accesses made to your account. Enter, then, your number in the appropriate field and press the Send code button, then type the code received via SMS in the proposed box.

In this last step you will be asked to enter your data in order to verify your identity. Acting as a sort of bank for digital currencies, in fact, Coinbase applies financial regulations in a very strict way, thus ensuring security and reliability.

In addition to your first name, last name and date of birth, you will be asked to enter your tax code and answer questions. You can enter in the field For what will you use Coinbase? the option Online Payments, for example.

When you are done, press the Continue button.

To finish, Coinbase requires you to load the front and back images of a document. You can decide whether to upload photos or scans already present, if you own them, or whether to take pictures of your documents through a webcam or cell phone camera.

Once this is done, Coinbase will inform you that the verification procedure may take a few hours. An email will notify you when this process is completed.

Did you receive the Coinbase email with the verification of your account? Great! Now your Bitcoin wallet is active and ready to be used. In the next part of the guide I will show you how to use Coinbase, in order to provide you with all the tools to load and administer your account without any problems.

In the next article we will see how to pay in Bitcoin to buy products and services.

Money photo created by pvproductions - www.freepik.com
 
by Silvia Mazzetta Date: 10-12-2020 bitcoin cryptocurrency hits : 1556  
 
Silvia Mazzetta

Silvia Mazzetta

Web Developer, Blogger, Creative Thinker, Social media enthusiast, Italian expat in Spain, mom of little 7 years old geek, founder of  @manoweb. A strong conceptual and creative thinker who has a keen interest in all things relate to the Internet. A technically savvy web developer, who has multiple  years of website design expertise behind her.  She turns conceptual ideas into highly creative visual digital products. 

 
 
 

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