How to Buy Bitcoin and How to create a Bitcoin Address and Wallet

Crypto-currency is growing and you made the right choice of joining the space. With new blockchain projects and use cases that keep on increasing. There is no other better time to join.

Over the past few months that we have been operating, we keep getting asked how to start with Bitcoin. Whether it be online or in person, with this article we will guide everyone who is new to Bitcoin to walk the right way and also properly secure their coin!

START

HOW TO BUY bitcoin?

There are many ways to buy Bitcoin, it is best to find a solution that is suitable for your country. This also means that if your country does not allow buying Bitcoin, you will have a hard time.

The most common method for people to buy is on exchanges like Coinbase. Users can download the App or visit their website to create an account. Coinbase will ask you to verify yourself and you can start buying using your bank account. As every country is not the same and Coinbase is not supported in every country, you may need to look for the most suitable exchange to buy on based on your currency and where your bank is located. The best tips I always give is too simply search “Buy Bitcoin in (your country)”. Choose the one that is most recommend and trustworthy.

Other methods can include buying with Bitcoin on websites like Changelly or CoinMama. These websites accept Debit and Credit cards directly so you do not need to worry about the multiple verifying steps exchanges may throw at you. Despite the convenience, however, the rates and fees will not be as good as exchanges.

I NOW HAVE bitcoin!

HOW TO CREATE A WALLET

The safest way to store Bitcoin is on a wallet not on an exchange. You need to send it from the exchange to your Bitcoin wallet.

(A wallet is where private keys are generated. Private keys are needed to verify every Bitcoin transaction so wallets are like your personal bank. It gives you full control over you Bitcoins because you have the private key. In contrast, if you left your Bitcoins inside the exchange after you have bought it, those private keys will be with the exchange. As your private keys are with the exchange, if they lose it, got it stolen or decide to stop their services, your Bitcoins are forever lost.)

The first thing you need is to find a Bitcoin wallet to use. There are many to choose from both on mobile and on desktop. As ELLIPAL provides a mobile wallet for its users, we will use ELLIPAL wallet as an example.

Creating a Bitcoin wallet on ELLIPAL is simple, just download the App and create an account on the ELLIPAL App. Select Bitcoin and joint down the mnemonics (these are a simpler form of your private keys in which acts as a backup to your account) and you are set! You can select your Bitcoin account on the App and copy the address or bring up the address QR code.

DEPOSIT bitcoin TO YOUR NEW WALLET

At this point, you can go back to the exchange and select Withdraw. It will ask where to send it to so just put your new Bitcoin address and finish the process. The Bitcoin should arrive in your ELLIPAL wallet very soon.

TAKING A STEP FURTHER

KEEPING YOUR bitcoin SAFE IN COLD STORAGE

As mentioned, the private key is what gives access to your Bitcoin. Now it is safe inside your new wallet and also in a form of mnemonics where you wrote down. However, for a skilled hacker, it is possible to hack into your phone or desktop to steal your private keys.

So if you bought a lot of Bitcoin, it is strongly recommended by everyone in the crypto-industry to use a hardware wallet. These are similar to the wallet you have on your phone or PC but instead, it is completely offline. Due to the offline nature, even the most skilled hackers find it impossible to steal your private key.

ELLIPAL also provides one of the most secure hardware wallets around. It is like an addition to ELLIPAL’s mobile wallet, only that this time your private keys are generated and stored inside the hardware wallet which is completely offline.

DO YOUR OWN RESEARCH AND BE RESPONSIBLE

Cryptocurrency is well known for being decentralized. This means everything will be in your own hands and you will hold all responsibility of what happens to your Bitcoin. This can be both good and bad so make sure to study well before making any decisions and don’t forget to keep learning!

Published at Thu, 16 May 2019 08:42:58 +0000

October 27, 2017

The Genesis System Wants to Record Cleaned Fracking Water on the Blockchain

There are more than 900,000 active gas and oil wells in the United States, according to Drillinginfo. Unfortunately, recycling and cleaning the contaminated water has not been an option, with companies typically transporting the produced and flowback water in barrels to underground disposal well facilities.

That is until now.

U.S.-based Genesis Research & Technology Group has developed, tested and patented a new water purification technology system that can be utilized for multiple applications, including oil and gas, industrial, food and agriculture, humanitarian efforts, and emergency and disaster relief. And in partnership with blockchain development company MVP Asia Pacific Inc., they are creating an Internet of Things (IoT) water quality sensor to permanently store tamper-proof water quality records on the Ethereum blockchain.

The IoT sensor system has safeguards in place to ensure that the readings aren’t manipulated. Genesis will also operate under an independent auditing system enabling third-party-approved access to make sure no one alters the sensors. The IoT sensor aims to reduce the carbon footprint associated with unnecessary transportation, and to enable unusable water to become usable again. Over a three-year period, Genesis has shown proven results that up to 2,000 barrels of fracking water can be treated on-site without chemicals into clean water

“A Genesis water recycling system will allow oil producers to be friendlier to the earth’s environment, conserving water, not exposing the roads and countryside to the millions of trucking miles necessary to transport water, and not dispos[ing] of millions of gallons of contaminated water in the ground,” said Ron Price, CEO of Genesis Research & Technology Group, to bitcoin Magazine.

By combining the Genesis water treatment system with the blockchain via the IoT solution, the United States Environmental Protection Agency (EPA) and communities around the world can have confidence that the information they see is real, readily accessible and verifiable, said Price. This in turn will make the fracking industry more transparent, discouraging wasteful and environmentally unfriendly practices. It’s also hoped that this will provide an incentive to companies who may be rewarded by consumers and governments to promote excellence.

According to Darren McVean, CEO of MVP Asia Pacific, blockchain technology presents huge potential for the environmental and land rehabilitation sectors.

“In the past, governments and community groups have had limited to no access to land, water and air quality records,” McVean said. “As a result, few have confidence in the records and this has stifled investment in environmentally friendly technology.”

Genesis will be launching their ICO on October 26, where there will be a maximum of 40,000,000 Water Tokens available. Genesis hopes to have their first system operational and generating revenue within six months after the closing of the ICO. They plan to have 12 systems up and running within nine months after the ICO.

The post The Genesis System Wants to Record Cleaned Fracking Water on the Blockchain appeared first on Bitcoin Magazine.