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What Is Bitcoin?

24.07.2015

                                                                                            BITCOIN GUIDE

 

 

Bitcoin is an international digital currency. It is open-source and nobody controls or owns  it. Bitcoins aren’t printed, like dollars or euros, but are maintained by a community of  open-source developers. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen.
 

Bitcoin is notable for a number of advantages:
 

  • it is easy (person to person), you can send bitcoins using your computer, tablet, smartphones, or any other device to anyone, anywhere in the world.
     

  • extremely fair minimal fees (less than 3 cents for every transaction)

          

  • it is secure, transactions are verified with state-of-the-art encryption

         

  • it is open-source (fully decentralized)       
     

To avail the advantages of bitcoin you need to use a bitcoin wallet (to send and receive bitcoins) and use the services of bitcoin exchanges (to buy and sell bitcoins, i.e. to convert them to your local currency).
 

“What is Bitcoin?” video: https://youtu.be/HNYBq0ib7iE


How to Create a Bitcoin Wallet?
 

To start using bitcoins you need to create a “bitcoin wallet”, this is basically a bitcoin equivalent of a bank account where it allows you to receive bitcoins,  store them and send them to others. There are many kinds of bitcoin wallets. Here, we just listed two of the many.
 

Please note that “bitcoin wallet” is only for keeping, sending and receiving bitcoins and not for buying bitcoins.
 

1. Blockchain

https://blockchain.info/wallet
 

To register:

  1. Go to the website https://blockchain.info/wallet  
     

  2. Click “Start a new wallet” (Later you will just login in) http://prntscr.com/7pu02q
     

  1. Put  your information and submit it.
     

  1. Then check your email for verification link  http://prntscr.com/7ibftk

http://prntscr.com/7ibg52


 

2. GreenAddress (Alamat / tanda hijau)

https://greenaddress.it/en/wallet.html#/create_warning
 

Please follow this manual to use GreenAddress bitcoin wallet:

https://www.expresscoin.com/wallets/bitcoin/greenaddress

 

How to Buy Bitcoins?
 

There are many different websites where one can purchase bitcoins in Malaysia using Malaysian Ringgit  for local bitcoin exchanges or US dollars for international bitcoin exchanges.

Malaysia bitcoin exchanges set reasonable prices and the services are easier. For international bitcoin exchanges, you need to pass more difficult verification process and you need to pay in US dollars (with payment card or bank wire).
 

Buy Bitcoins with Ringgits: (Beli Bitcoins dengan Ringgit)
 

1. LocalBitcoins.com

https://localbitcoins.com/country/MY

This is a platform where bitcoin buyers and sellers meet online and enter into a transaction without going through much rigid KYC (Know-Your-Customer) procedures as customarily required by exchanges. Be careful and only buy from traders with good reviews

Guide for Localbitcoins: https://youtu.be/hroPcR-0zSI


2. BitX Malaysia

https://bitx.co/my

BitX operates Bitcoin exchanges in several countries around the world.

The BitX Exchange is a market platform where people can buy and sell Bitcoins using local   currency, securely and easily. People place orders to buy or sell Bitcoins at particular prices into the system. Whenever a buy order matches a sell order, a trade occurs. BitX takes care of clearing the trades so that there is no risk of counterparty default.

Guide how to get started: https://bitx.freshdesk.com/support/solutions/folders/1000211439

 

Buy Bitcoins with US dollars:
 

1. Bitstamp

http://bitstamp.net/

Very popular website. One of the biggest Bitcoin exchanges in the world. The prices are low. But you need to send money in US dollars via bank wire transfers.

Registration: https://youtu.be/mMqKtxOyQO8

Verification of the account: https://youtu.be/Lpt4HF6ZWWY


2. ANX

https://anxbtc.com/

A multi-currency online Bitcoin exchange platform supporting all major global fiat currencies. Based in Hong Kong.

Guide: https://youtu.be/V1ACvl4oyz4


3. Cex.io

https://cex.io/

Trading platform which accepts payments via bank wire transfers and payment cards (Visa and MasterCard).

Guide: https://cex.io/guide


Note: Bitcoin exchanges may ask you to send  high quality pictures of your ID and proof of residence document to verify your identity.

 

Important notes when “Providing Help” using bitcoins:
 

  1. You should buy bitcoins first before you create a request to “Provide Help” using bitcoins.

 

  1. MMM follows the international value of bitcoins at the time of transaction. Bitcoin exchange value being very volatile, changes often. You can use this site to check on the current exchange value of one bitcoin in ringgits or in any other currency: https://bitcoinaverage.com/converter

 

  1. When doing bitcoin transactions with these Bitcoin exchange sites, no need to mention that it is MMM related. You can simply say that it is for other purposes (gift, assistance to your friend, etc).