What is Bitcoin?
Bitcoin: Digital Currency
Bitcoin Mining
Bitcoin Trading
Bitcoin Wallets
What is Blockchain?
Bitcoin in South Africa?

Learn how to trade and mine in cryptocurrency and bitcoin.

Bitcoin Mastery have events all over Southern Africa teaching people how to use passive income, trade with bitcoin, invest in property, the millionaire mindset, trading in commodities and the cashflow quadrant.

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Bitcoin Wallets

To make payments with Bitcoin you need to have a Bitcoin Wallet which is essentially a bank account to store your bitcoins in. You can receive, store, pay with and send bitcoins. This is where the “keys” which allow you to spend your bitcoin are stored, and since the security of your bitcoins is so important, these wallets must be strong enough to stop attackers. Many different types of wallet exist, each offer their advantages and disadvantages.

There are a number of bitcoin wallets to choose from depending on the device you want to use to access your wallet ie. Desktop, Mobile or Web wallets, these allow you to access on both your desktop & computer. 

Desktop wallets: The original bitcoin client, Bitcoin QT is an example of a desktop wallet. These wallets store private keys locally on your computer, and some, such as Armory and DarkWallet, offer additional features like improved security and anonymity.

Online Wallets: These wallets are web based, with your private keys stored online. These wallets allow users to access their bitcoin anywhere, however they entrust the wallet provider with the private keys, which can be risky. Coinbase, Xapo and Coinjar are reputable examples of online wallet providers.

Mobile Wallets: These wallet apps allow you to pay on the go with a smartphone or tablet. People can use their phone’s camera or NFC capabilities to pay in bitcoin, using QR codes or simply tapping a payment terminal. These wallets are often liked to an online wallet provider who create the mobile app as an extension of their online wallet.

Paper Wallets: The paper wallet offers one of the easiest, most secure storage methods for your bitcoin. When done properly, a paper wallet’s private key will only be accessible by taking physical possession of the wallet, nothing is left online. Store your bitcoins in safes and other secure locations, as long as no one steals your paper wallet, the bitcoins it can spend are safe.

Other: Many more kinds of wallets exist which are not yet as popular as those listed above. Examples of these include brain wallets and hardware wallets.

Now you have a wallet you can fill it up with bitcoins! You can buy bitcoins with credit card or bank transfer. All you need to do is supply a bitcoin address: A Bitcoin address is a single-use token. Like e-mail addresses, you can send bitcoins to a person by sending bitcoins to one of their addresses. However, unlike e-mail addresses, people have many different Bitcoin addresses and a unique address should be used for each transaction.

Paying with Bitcoin couldn't be easier - find a vendor that accepts bitcoin, browse their store, go to the check out and choose the "Pay with Bitcoin" option. The payment details for the vendor will be made available which includes the Bitcoin address for the transaction and how much you will need to pay. Enter the recipients details in your wallet as well as the amount and click send & you will have made your payment.

Make Your Wallet Bulletproof

Here are some straightforward steps to make sure your bitcoin will survive anything. Regardless of whatever wallet you’re using, one of these steps can help you:

Back it up: If you lose a computer with a bitcoin wallet, those private keys, and the bitcoins they have access to, are lost forever. Avoid this by making a copy of your wallet and storing it safely somewhere else, so if something does happen, you still have access to your bitcoins.

Encrypt it: Using a strong password to encrypt your wallets data makes it much more difficult for attackers to gain access to a wallet.

Go Offline: This is known as “cold storage”, and is a very safe way to store bitcoins. A paper wallet is an example of a “cold wallet”. By having your bitcoin wallet’s private keys offline, hackers cannot access your wallet.

Always remember, a bitcoin wallet is only as safe as your cyber security. A perfectly managed wallet is useless on an unsecured device or computer.

The advantages of paying with Bitcoin

Cryptocurrencies support anonymity

Perhaps one of the greatest freedoms associated with any cryptocurrency at the moment is anonymity. Where normal online purchases with a credit card or debit card are inherently linked to the individual’s identity, Bitcoin transactions are by their very nature anonymous. A machine-generated Bitcoin address is the only form of identification needed when seeking to transact with Bitcoin – no questions asked. While relatively harmless for purchases you would prefer to keep from your significant other or parents, critics point out that this anonymity lends itself too easily to illicit transactions. In response, many Bitcoin service providers are now implementing KYC - 'know your customers ' or AML - 'anti-money laundering', which requires proof of identity and residence.

Bitcoin is tax-free

Since the majority of Bitcoin transactions cannot be traced back to any particular person (at least not without great effort), Bitcoin balances and transactions are impossible to tax. As the currency continues its ascent and funds are diverted from struggling currencies to the digital realm (as happened in Greece and Cyprus back in 2015), this is one area that regulators will likely address in pretty short order.

Almost fee-free too

One of the greatest benefits associated with Bitcoin is that it is inherently immune against outside interference. The reason for this lies in the fact that it is essentially a decentralised currency, which means that there is no one single entity or authority that manages the cryptocurrency. This eliminates overheads, fees, and other costs typically associated with fiat currencies, resulting in the bare minimum of transaction fees for paying with bitcoin.