Here,i will explain to you on how you can create a bitcoin wallet in Nigeria for online transactions ,especially to use with MMMUnited & MMMNigeria?
So let’s get to it…
I guess you arrived at this page because you wanted to invest in one of those mutual aid or crowdfunding platform like MMM right?..And you would like to use Bitcoin with them.
Bitcoin is a decentralized e-payment system generated on a secured set of algorithms used in sending payment from one end to another,it is not controlled or owned by anyone and its the most popular and most secured e-payment system in the world.
You can create a free bitcoin wallet from different bitcoin wallet provider services online. I use Blockchain.info as a Bitcoin wallet provider in this tutorial, you can use them too.
What you need to create a Bitcoin Wallet with BlockChain.info
- A good android or iPhone smartphone or a PC
- An updated browser because blockchain features doesn’t work on old browsers…
- Use browser’s like Google chrome, updated Firefox, UC browser, Opera browser with JavaScript enabled (don’t use opera mini).
Let’s get started with Blockchain
Blockchain is a free bitcoin wallet provider and it supports any country which means you can easily register for bitcoin wallet without a location barrier.
Now…Open this link in new tab –> blockchain.info
Locate and click wallet in the menu tab
It will load the login page, click “create new wallet at the top” simply look for the wallet signup page.
Fill the form with your real information and specify a very secured password you can remember.
Very important you must know that Blockchain.info doesn’t store your password on their server which means, if you forget your password, your bitcoin wallet is gone!!!…Although Blockchain.info will allow you create a recovery password.
Because ones you have lost the password, you can’t access the wallet again, you can only transfer your funds away from it by using the recovery password you created for the wallet…
What is a recovery password?
A recovery password is just like a second password that will be used to recover your funds or bitcoins from the wallet .
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How to create a Recovery password for my Bitcoin wallet (Blockchain)
Login to your wallet, On the dashboard click menu and click “security center”.The security center page is where you can make your bitcoin wallet very secure…
The page is like this image below
Click on the blue color “backup phrase” button
Enter your main wallet password on the popup, (your main wallet password is the password you used to login)
The recovery passwords will be generated
Please ensure to write the generated recovery password somewhere safe to avoid the unexpected.
Creating a password hint
The security page can also allow you to secure your wallet from hackers by creating a password hint which will allow you to quickly remember the password you are using…
Let’s say your password is –> “YoungBoy07″ and the password hint is “YB07“,
You can quickly remember your password using that hint
Link your Mobile Number
When you link your phone number with the blockchain wallet, a code will be sent as an SMS when you attempt to login which means you must at all cost secure your SIM card because you will not be able to login without it. SMS is at no cost, Its free.
There are other security features on the security center page you can play with.
Now, you have created a bitcoin wallet with blockchain successfully!
There are other security features on the security center page you can play with.
Now, you have created a bitcoin wallet with blockchain successfully!
So after creating your wallet account with blockchain.info, you will have a wallet ID and your created password to log into your account, sms or email verifications could be required depending on the security settings you did in your account.
Once logged in, you will be redirected to the dashboard. This is the screenshot of the dashboard on a mobile phone.
To use Bitcoin with MMMUnited or MMMNigeria, you need a bitcoin address created inside your bitcoin wallet, this address is a very long harsh string that is linked to your unique bitcoin account on the bitcoin network. It is this address you will fill into your MMMUnited or MMMNigeria account for getting your withdrawals paid.
To get your bitcoin address, Click on the “receive bitcoin” button…
Your bitcoin wallet address will be displayed,an example of a bitcoin address is "1NZhsSagKkYsR79tubUijo4vvibUjrfy2sLxVr"
The address is like your bitcoin wallet account number, without it, you cannot receive bitcoins from people …
After copying this address, log into your Personal Office at MMMUnited or MMMNigeria, click the account menu and click Add, ensure its on bitcoin,click next and put in your bitcoin address in the space provided for accounts.
That is it. You have added a bitcoin address to your MMMUnited/MMMNigeria account.
Since Bitcoin is an epayment system, you need to fund it with dollars prior to PH. Please do this before applying to PH so that you won't have to start running around in rush to fund it when you are suddenly matched to pay someone.
How To Fund A Bitcoin wallet
You can easily fund your bitcoin wallet with the help of e-currency merchants in Nigeria, my favorite ones are www.instantgold.ng and www.naira4dollar.com .
Open an account with either one of them and you can use them to fund your bitcoin wallet with dollar while you only pay the merchant in Naira i.e you pay instantgold in Naira and they help you put the dollar equivalent into your bitcoin wallet (at a small fee).
Open an account with either one of them and you can use them to fund your bitcoin wallet with dollar while you only pay the merchant in Naira i.e you pay instantgold in Naira and they help you put the dollar equivalent into your bitcoin wallet (at a small fee).
A helpful tip is that, if you intend to fund 100$ into your bitcoin wallet,you should buy about 105$ worth from instantgold merchant, the extra $5 is to offset the several fees paid while sending ecurrency from one person to another, just an advice.
Once they fund your bitcoin wallet, your balance will show up as decimals inside your blockchain.info account panel, this is normal because of the exchange rate between bitcoin and the US Dollar (1 btc= $898.98 as at the time of writing this article). Bitcoin is a heavy ecurrency and it is hundreds times worth more than the dollar, so if after funding your wallet with say $100 and you see your blockchain.ifo balance at say "0.1112371 btc",it's completely normal.
That is it! once your bitcoin wallet is funded, you can go ahead and make a bitcoin PH request at MMMUnited or MMMNigeria and when you are are matched to send bitcoin to the receiver, you will just go back to your blockchain.info wallet and send bitcoins to the address MMMUnited/MMMNigeria provides for you to send to (and at the eaxct amount you are directed to send to the person).
You will get a transaction ID after each blockchain money sent out. You can take a snapshot of the completed blockchain transaction (where it shows the transaction ID) and upload it as your POP (Proof of Payment) after you have Provided Help.
You will get a transaction ID after each blockchain money sent out. You can take a snapshot of the completed blockchain transaction (where it shows the transaction ID) and upload it as your POP (Proof of Payment) after you have Provided Help.
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***One very crucial thing is that you Must not use the same bitcoin address for new transactions, simply easily generate another address from your blockchain wallet for new transactions for security reasons. You can generate unlimited numbers of bitcoin addresses and all will be linked to your wallet fund.
To generate a new address on same wallet, navigate to settings by clicking the menu icon, Click “Address” and on the address page, scroll down and add new wallet address.
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I really hope you've learned something about using bitcoin on MMMUnited/MMMNigeria.
In case you don't know, MMMNigeria allows you earn 30% after one month of PH if you PH in Naira. However,you get 50% reward if you PH in bitcoin.
While in MMMUnited, you get100% returns when you PH. Only Bitcoin method is available for PH, you also get 5% referral bonuses and another 5% speed bonus if you send money fast when you are matched.
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