In this generation where technology is making things very easy for us, we strive hard on daily basis just to adapt to the new development. Bitcoin, a new cryptocurrency that is a form of electronic cash. A lot of companies have adopted this new electronic means of payment. Individuals and business organizations are using Bitcoin as a means of online payment.
In this post, I will show you step by step guide in creating your own Bitcoin address that can be used to send and receive Bitcoin.
Before we learn how to create a Bitcoin address, let’s learn some basic terms on Bitcoin cryptocurrency and some FAQs.
WHAT IS A BITCOIN?
A Bitcoin is basically a type of digital currency in which encryption techniques are usually used to regulate the generation of units of currency and now verify the transfer of funds. It’s also a decentralized form of electronic cash that is independent of a central bank or an administrator that can be sent from peer to peer.
WHAT IS A BITCOIN ADDRESS?
A Bitcoin address is just like an email address which is a single use token used to send Bitcoins from persons to persons. Probably you want to receive money from another country; Bitcoin can be a means of payment. You can also use it to pay for stuffs online.
WHICH COUNTRIES SUPPORT BITCOIN FOR TRANSACTION
Definitely, so many countries support Bitcoin, there is a comprehensive list of countries that support Bitcoin written and verified by Wikipedia. You can click here to get the comprehensive list. If your country does not support Bitcoin, there is always a way out, you can always contact me if you need a way out.
WHO CAN USE BITCOIN?
Basically, anyone can use Bitcoin in as much your country supports it. Even though a specified age wasn’t given but you should be at least 18years of age before you can use Bitcoin for transactions.
CAN I REDRAW BITCOIN TO MY BANK ACCOUNT?
Well some countries support that, for example in Nigeria, you can actually redraw Bitcoin directly to your bank account using luno. Luno was introduced recently to permit end users to be able to redraw to your bank account and before you must do that, you must have valid means o identification.
Now that we have learnt some stuff about Bitcoin, let’s now create a Bitcoin address for you.
HOW TO CREATE A FREE BITCOIN ADDRESS
1. There are many websites that allows you to create a Bitcoin address, for now I will recommend coinbase to create a Bitcoin address. Visit coinbase site here. As shown in the screenshot, input your active email address and click on get started.
2. Next, you should select if you need this address for business purposes or individual. In this tutorial, we shall use individual. Simply fill your name and choose a well secured password and prove you are not a robot. After that, click on create account.
3. After that, you need to visit your mail box and check your verification link to activate your account. If you didn’t see any verification link, you can as well check your spam folder for the link. If you didn’t still see the link, resend the link to your mail box.
4. When you have gotten the message, simply click on verify my email address and you will be taken to a page where you need to input your working number. Note that after inputting your number, you will be sent a code to verify your number.
5. Now that you have successfully verified your number, it’s time to get a working Bitcoin address. Normally, you will be redirected to the homepage, simply navigate to tools as shown the screenshot below. Simply click in generate Bitcoin address and your address be will generated automatically
6. All you need to do now is to copy it and save it somewhere you can remember. If you want to receive money from someone in another country, simply send them the address and they will be able to send you Bitcoin.
Congratulations, you have successfully created your first Bitcoin address, start making transactions now.
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