How to Use Bitcoin
Okay, so you’ve heard of this bitcoin thing and you want to send some bitcoin to someone, but you don’t know where to start. Here’s the quick and easy walk through.
1. The first rule of using bitcoin is, you need to get some. There are several ways of doing this. My favorite is the Cash App! Although I am working on
I have used other ways to purchase bitcoin. One of those companies was a little draconian, however. I’m not going to name names, but it will block your account if you send your money to someone they don’t like, such as an anonymous flower salesman if you live in a place where certain flowers are illegal or a site like Wikileaks that Satoshi said kicked the hornets’ nest. I received a nasty letter from this site when I cashed out a small amount of bitcoin from the online poker room America’s Card Room (Full disclosure, I am also an affiliate of America’s card room.) I initially recognized the value of bitcoin because of my experience of Online Poker’s Black Friday, but that’s a story for another blog post) or whomever else there team determines is worthy of censorship.
So that’s why I recommend the Cash App. You can get that here: https://cash.app/MCLFTJT –We will both get $5.00 if you sign up and deposit some money using this link.
Here’s the process.
1. Download the Cash App
2. Enter your email or phone number.
They will send you a confirmation code
3. Type that confirmation code here:
4. Enter your first and last name
5. Enter your Zip Code
6. Enter your bank account information. The App won’t let you take a screen shot of this step, but it’s pretty self-explanatory.
7. There arre some cool features to the CASH App. First, you can get a bank account. You need to go through some KYC and AML Stuff to confirm your identity, at least in the Unites States, but I imagine it is the same in many other countries. You can use this app the same as any other bank account. It gives you a routing number and a checking account number. You can get then set up a direct deposit to that bank account through your work. I signed up for Door Dash and got my money deposited directly to the cash App.
8. You can also obtain a Cash App Card. It’s a cool looking black card that has the bitcoin symbol on it. Unfortunately, at the time of this writing, you cannot directly spend your bitcoin, but rather exchange it for fiat before using the card. There are other ways to do this if you are interested using and something called a shift card. You can get that too, but I used it when bitcoin was $400. When bitcoin reached $19,000, I experienced buyer’s remorse after using that card to buy big gulps at 7-11 and other useless junk I can’t even remember.
If you must spend your bitcoin, you will have to sell it manually in the Cash App before you can use your coin. ( You have already been warned about buyers remorse 😊)
9. Now that you have your information all in. You can add some cash to your cash app or earnm some money via direct deposit. I signed up for door dash and earned a few bucks here and there delivering pizza, wine, and fast food to people. The money went directly to the cash app.
10. Buy Some Bitcoin. The BTC will show up in your account.
11. Now you are ready to send some bitcoin. Open the cash app. Click on the place where you put your picture. click on Bitcoin.
Scroll down to where it says withdraw bitcoin and click on that. It will ask if you want to transfer your bitcoin to another wallet. Click yes.
12. Warning: Bitcoin transactions cannot be reversed after they are confirmed in about ten minutes, but for all intents and purposes you should consider any bitcoin you send to someone else gone. If you send more than you meant to, you will not be able to change that, so be careful.
There are several calculators out there that will convert bitcoin to your native fiat currency. I like: https://www.coindesk.com/calculator
If you want to send $5.00 USD of value to someone using bitcoin, type 5 into the USD (or your chosen currency) It It will tell you the deicimal place of bitcoin that you should send. At the time of this writing it is 0.001425BTC, but it changes by the minute if not second. Remember, if you forget a zero, you are sending 10 times what you thought, so be careful
To send money to bitcoin, make sure it is a bitcoin address and not a bitcoin cash or some other address. If you send it to the wrong wallet, it is like burning that money as the transaction will never get confirmed, you will lose it, and no one will ever receive that money. Here is a screen shot of Dan Carlin’s bitcoin address. Dan Carlin produces the show Hardcore History. It’s awesome and I like to ship bitcoin to him. https://www.dancarlin.com/dc-donate/ You can either type his address or use the QR Code. The QR Code is the easiest way. Scan the QR code and click confirm. Make sure you verify the address when you send bitcoin. You want to make sure the monies get sent to the right address.
Of course, if you found this information valuable, feel free to try this out on my bitcoin address too. 😉 Thanks.