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What is Bitcoin and How to Buy Cryptocurrency »

At the core of every society’s socioeconomic existence and development is its currency. A growing phenomenon in many countries including Ghana is a gradual shift from the use of physical cash to virtual money in our daily transactions. Mobile money services have made it very easy and convenient to pay for goods and services, meaning it’s no longer necessary to walk around with large sums of money at the expense of your safety.
With such an increasing interest in virtual money, it is no surprise the growing popularity of bitcoin around the world.

Contents:
1. Who is Satoshi Nakamoto and what is Bitcoin
2. What is Bitcoin wallet
3. How to earn bitcoin
4. What is mining and how to mine bitcoin
5. How to Buy Bitcoin in Ghana
6. How to sell Bitcoin in Ghana

1. Who is Satoshi Nakamoto and what is Bitcoin

1.1. What is bitcoin
1.2. What is Satoshi
1.3. How much satoshi in the bitcoin
There are a lot of rumors around the name of Satoshi Nakamoto. Some argue that this is a Japanese, quiet, polite personб who invented bitcoin and retired. Others firmly believe that this is a group of computer geniuses who, together, came up with the concept of “cryptocurrency” and “bitcoin” and “blockchain”. Be that as it may, neither the representatives of the scientific world, nor the ubiquitous journalists were able not only to communicate with Satoshi, but even to see him. It is only known that this man invented bitcoin in 2008 and in 2010 he left his invention and did not begin to develop it.
According to one of the researchers, it can be assumed that it was not Satoshi Nakamoto, who invented the electronic coin, whoever he was, but the American scientist Nick Szabo, back in 2005 the Bit Gold system was called. Nakamoto saw prospects in the development of this technology, improved it and created bitcoin. It is almost impossible to prove whether this is true now, because the dates of writing articles by Nick Szabo changed from 2005 to 2008, and it is difficult to prove who was the pioneer in this area. Be that as it may, the official author of the bitcoin cryptocurrency is still a Japanese scientist or a group of persons, acting under this pseudonym.

1.1. What is bitcoin.

Что такое биткоин, подробно в обменнике криптовалют satoshi.com.uaAs its name suggests, bitcoin simply means “electronic coin”. Bitcoin is basically a long chain of computer codes that can’t be altered once it’s created, each transaction is noted in a specific ledger and kept unchanged with the help of a unique technology called “blockchain”. During transactions, a specific digital record is created which closes the next block of the chain and allows a new block to be created. This technology fundamentally differs from the electronic bank transfers we’re accustomed to, and comes with a number of additional advantages.

* Complete anonymity – bitcoin transactions between two parties remain completely anonymous as no personal data is indicated, the transfer is carried out between two bitcoin addresses.

* The system is completely decentralized – bitcoin transactions remain completely peer-to-peer and are not affected by any rule change in the banking system or any financial institution. It also doesn’t depend on the exchange rates of the currencies we are used to (dollar, euro, cedi etc)

* Safety – it is completely impossible to hack someone’s bitcoin wallet because it’s a separate file with a unique set of numbers. This information is only available to the owner of the wallet.

These are a few reasons the bitcoin cryptocurrency has become one of the most popular digital coins in the world, and its popularity will most likely continue to increase as a result of the constant pursuit of ways to improve the blockchain system and use of bitcoins by the inquisitive minds of computer geniuses. This has resulted in an increasing number of other electronic coins “altcoins”. A cryptocurrency dealer will offer its client the exchange of bitcoin not only for a dollar or cedi, but also for one of the alternative cryptocurrencies.

1.2. What is Satoshi?

Every currency can be divided into smaller denominations. Just as the dollar has cents and the cedi has pesewa, bitcoin also has its smaller denomination known as “satoshi”. It’s named after the creator of the bitcoin cryptocurrency and blockchain technology, scientist Satoshi Nakamoto.

1.3. How much satoshi in the bitcoin

For most currencies the value of the larger denomination is usually the hundreds of its smaller denomination, for instance One Ghana cedi is made up of one hundred pesewas. So it’s very likely to assume one bitcoin will contain one hundred Satoshi, but that’s actually not the case. The creator of bitcoin cryptocurrency Satoshi Nakamoto per his calculations decided that one bitcoin will contain one hundred million Satoshi.

At the time of its initial release on the world wide web bitcoin had a very low price, it was even possible to purchase two dozen bitcoin at a very low cost. That is no longer the case as the increased demand for bitcoin has led its price to reach tens of thousands of dollars, meaning it’s now more convenient to purchase satoshi. Admittedly it is almost impossible to accumulate one bitcoin by buying one hundred million satoshi in parts, however satoshi itself has a certain value that allows it to be exchanged or used as a form of payment for goods and services, conduct transactions and also accumulate.
There are many satoshi converters/calculators on the internet that can help you quickly calculate the amount of satoshi and also convert the amount into bitcoin, Ghana cedis or any other cryptocurrency.
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2. What is Bitcoin wallet

2.1. Where to store bitcoin
2.2. How to create the bitcoin wallet
2.3. How to top up the bitcoin wallet
Electronic money is already a part of our daily lives, most of us are already familiar with the concept of an electronic wallet as a result of the numerous transactions we regularly make using our mobile money wallet or bank Visa card. For cryptocurrency you need to register a separate wallet which will contain the data of your special address. Bitcoin is a computer code so the wallet for its storage is a separate file with a long row of numbers.
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2.1. Where to store bitcoin

The choice of how to store bitcoin is a really personal one. Modern technology offers numerous options for storing bitcoin and other cryptocurrencies, so you decide which one suits you best. Let’s take a look at the types of bitcoin wallets that are available to help you make an informed decision.

  • usual bitcoin wallet;
  • mobile;
  • for PC;
  • online wallet;
  • digital bitcoin wallet.

Regardless of the operating system you use, there’s a bitcoin wallet available for you. Consider the advantages and disadvantages of the different types of wallet for storing bitcoin:

  1. Mobile – the obvious advantage of having a mobile bitcoin wallet is that it’s constantly available as we have our smartphone on us almost all the time, meaning a transaction can be made at any time. Also, mobile applications are easily understandable even for inexperienced users.
    The disadvantages inсlude being susceptible to a hacking attempt as a result of being constantly connected to a network. Also, in case you lose your gadget and it doesn’t have a strong password or PIN, you risk losing your bitcoin.
  2. PC – safety is the biggest advantage with this method as your bitcoins are connected to your PC making it very difficult for an unauthorized person to get access to it. The disadvantage being you may not be able to make transactions outside of your home.
  3. Hardware – with this your bitcoin wallet is like a flash drive with a code on it, meaning your password isn’t on the network which makes it almost impossible to get hacked. It is very easy to lose a flash drive so extra care must be taken to ensure that doesn’t happen.
  4. Online – having an online wallet means it’s accessible on any device once there’s an internet connection. This system is easy to use, however do not forget that if you link your bitcoin wallet to a phone number, your data might become available to unauthorized persons in case of loss of the mobile phone.

2.2. How to create the bitcoin wallet

Creating a bitcoin wallet is very simple and easy, just go to the bitcoin.org website and sеlect the appropriate option.
Many people prefer the hardware type of data storage on a bitcoin wallet also referred to as “cold”. It is convenient to have such flash drives with you at all times, and you’re the only one that can see the wallet address. You can enter a bitcoin wallet in Ghana or any other country from any computer device.
Alternatively, you can also create a bitcoin wallet on the PC, this can be done by anyone who has ever registered on any resource. This process unlike many of the registration procedures on the bitcoin.com site does not require personal data. You just install the application on your computer, run a program like “Electrum”, choose a name for yourself and allow the program generate your personal code, this will be your bitcoin wallet as such you need to keep it out of the reach of unauthorized persons. To confirm the receipt of a place for your bitcoins, enter the proposed seed.

2.3. How to top up the bitcoin wallet

Privat24, Exmo exchange and many electronic payment systems provide replenishment services, but we recommend replenishing your bitcoin wallet in Ukraine, using our cryptocurrency exchanger. The procedure will not take much time, and having replenished your “reserves”, you can exchange one cryptocurrency for another, or choose a fiat one.
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3. How to earn bitcoin

3.1. Where to earn bitcoins
3.2. How to earn satoshi
3.3. Bitcoin faucet
3.4. Satoshi faucets
3.5. Free bitcoins
3.6. How to earn bitcoins in Ukraine

Many people are now reaching a conclusion that bitcoin might be the currency for the future, meaning it’s becoming necessary to get access to this cryptocurrency. Before considering the ways to earn bitcoin you need to first answer a few questions::

  • Is your computer powerful enough;
  • How much time can you spend in order to earn back bitcoin?;
  • How much of your own money are you willing to invest to earn bitcoin ;
  • For what purpose do you need bitcoin?.

3.1. Where to earn bitcoins

как заработать биткоин, пошаговая инструкция, satoshi.com.uaCreating bitcoin on your own requires a certain level of expertise, this process also demands special conditions and a lot of time. This means most people turn to miners who are united in pools (farms) to create cryptocurrency, but for this you need to first invest your own funds.
It’s also possibly to receive bitcoins as a reward for entering captchas, performing simple math operations or answering questions on certain sites on the internet.
You can also consider trading on the cryptocurrency exchange if you’re serious about earning bitcoin.

3.2. How to earn satoshi

The process of earning satoshi is similar to earning bitcoin. You need to register on the respective sites, the next step is to open your personal bitcoin wallet. Like many resources on the internet, satoshi and bitcoin sites may not be reliable. Therefore you should not trust them to store your coins, always withdraw satoshi immediately no matter how little it might be. The conditions for earning satoshi differ from site to site so it’s up to you to find the most convenient method. Making satoshi in Ghana is as easy as in other countries around the world.

3.3. Bitcoin faucet

Bitcoin faucets refers to websites where you can earn bitcoin. Earning bitcoin on such platforms require perseverance, attentiveness and patience. It’s even possible to turn on automatic mode so you can earn bitcoin without spending all day in front of your monitor.
Bitcoin faucets have different modes of electronic coin payment

  • Discrete faucets – coins are credited for a specific period of time
  • Cumulative faucets – your earnings constantly increase until you reach an automatically fixed payout point, then your satoshi is transferred to your account and you start all over.

Choose the site that best suits you, and don’t forget to immediately transfer any electronic coin you earn into your bitcoin wallet.
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3.4. Satoshi faucets

onsidering the fact one bitcoin contains one hundred million satoshi, it’s quite logical to assume earning bitcoin will not be a speedy process. Therefore, bitcoin faucets are essentially satoshi faucets, so by performing the actions suggested by the site such as viewing ads, entering captcha among others you can earn satoshi. There are satoshi faucets that automatically credit you with electronic coins, and others that require you go through a registration process. Satoshi can be transferred to your account at least once every five minutes or at least once a month depending on its availability. There are times the acquisition of satoshi can slow down or even stop, in such cases you’ll look for another cryptocurrency faucet.

3.5. Free bitcoins

Among the huge number of sites on which you can earn satoshi or bitcoins, there are those on which you can get cryptocurrency for free.
Many of us are annoyed by the huge amount of ads that interrupt an interesting program or movie. But, if you want to get Satoshi for free, you will have to accept that there will be too many ads on the resource. If you do not want to be distracted by it constantly, connect to such a site from a separate browser so as not to disable the applications you need on your favorite search engine.

3.6.How to earn bitcoins in Ukraine

Since bitcoin is an electronic coin and exists only on the World Wide Web, earning bitcoin in Ukraine is as easy as in any other country in the world.

  1. You can become a miner, if your technique allows or turn to professionals, who will earn bitcoin for you.
  2. You can go to bitcoin or satoshi taps, perform simple actions and get the opportunity to earn bitcoin.
  3. You can combine business with pleasure – play an exciting game and receive Satoshi as a reward.
  4. And if you are a serious person and you are not interested in games, you have a direct road to the cryptocurrency exchange.

The number of Russian-language versions of sites, offering to earn bitcoin, is huge. Earning satoshi or bitcoin in Ukraine, at the moment, is not so difficult, because our officials have not adopted the law yet, regulating the issues of cryptocurrency. It’s time to dare and accumulate.
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4. What is mining and how to mine bitcoin

4.1. Cloud mining of bitcoins
4.2. Bitcoin mining on PC
4.3. Bitcoin farm

Mining bitcoin simply refers to the process of finding new blocks in the blockchain. Whereas it was possible to mine bitcoin in the early days using any average computer, the system requirements for mining bitcoin are now on a very high level. You’ll need to create special conditions for this, as well as using powerful equipment.
Some of the mining methods for bitcoin are as follows.
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4.1. Cloud mining of bitcoins

Cloud mining is for those who do not have the means to purchase an expensive powerful computer or ASIC miner, and also lack the expertise to mine personally. Remote data centers with enough capacity for full mining are available, you simply pay for using the power of these centers without taking part personally in the bitcoin mining process. However, you get your share of the cryptocurrency.

4.2. Bitcoin mining on PC

Mining bitcoin on a PC has gradually become a very difficult process, but if you’re willing to invest a lot of money into acquiring the right hardware it’s possible to make good money just by keeping your computer running.

4.3. Bitcoin farm

The inability of most computers to independently mine bitcoin has led to the rise of “bitcoin farms”. Users combine the computer power of several computers to form a network in order to successfully mine bitcoin. A bitcoin farm can also consist of several ASIC miners, which significantly increases the earning of bitcoin, this method might not be affordable for everyone.
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5. How to Buy Bitcoin in Ghana

Buying bitcoin in Ghana is a very fast and simple process that can be done using this website. As mentioned earlier you first of all need to create a bitcoin wallet, once that is done you can start to purchase bitcoin using any of the mobile money services.
The first thing you do is to sign up if you don’t already have an account on this platform.
Once you’ve successfully signed in you can proceed to purchase bitcoin or satoshi by using any of the mediums available.
MTN customers can buy bitcoins in Ghana using their MTN Mobile Money account, Vodafone Cash for Vodafone customers and AirtelTigo Money for AirtelTigo subscribers.

Provision has also been made for those who desire to purchase bitcoin in Ghana using their bank account.
Our system allows you to make transactions from any bank in Ghana. Just sеlect your preferred bank, enter your details and confirm your purchase. It’s that simple!

G Money users can also buy bitcoin in Ghana using their G Money account on this platform.

Our exchange rate is stated on the website to help you calculate how much you’re willing to spend on your bitcoin purchase.
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6. How to sell Bitcoin in Ghana

We also provide services for people looking to sell their bitcoin for Ghana cedis. By using our bitcoin exchanger, you can sell bitcoin and other cryptocurrencies and receive payment either to a bank account or your wallet on any of the mobile money platforms. We also offer the best exchange rates for your bitcoin, and you can contact us for even better rates when selling in bulk. Kindly use the ‘Contact Us’ form or connect to us on social media and our messenger channels, WhatsApp and Telegram. You can sell bitcoins for Ghana cedis to any mobile wallet or bank. Supported wallets are MTN Mobile money, AirtelTigo Money, Vodafone Cash and G-Money. You can also have your cedis transferred to any bank of your choice by selecting the bank in the dropdown when selling your bitcoins. On our exchange, you can also sell Ethereum and USDT at the best rates in Ghana.

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