What Is A Bitcoin Account?
Creating a Bitcoin wallet is as easy as installing software on your mobile device or laptop/desktop.When you install the app, your Bitcoin wallet is automatically created. You can then receive bitcoin to your wallet immediately, store it safely, and use it as you please.
How do I create a bitcoin Account?
Which wallet suits you best depends on several factors, such as what your buying needs are, and what you would like to use the bitcoins for. When you’ve just started buying bitcoin, an online wallet is the easiest and most user-friendly way to manage them. A much used free wallet is Coinomi. This wallet also supports other coins. You set up a Coinomi wallet by following these steps:
1. Go to the App store (iOS) or Google Play store (Android).
2. Search and download Coinomi.
3. Open the app and write down your 24-words recovery phrase. Very important, this will be the back up to your wallet!
4. Set a strong password
5. Add bitcoin to your wallet
6. Use your receiving address to receive bitcoin
What’s a bitcoin receiving address?
A receiving address is similar to your bank account number. Each bitcoin wallet has a unique bitcoin receiving address. You can share this bitcoin address with others to let them know how to send coins to your wallet. A common question is how to get a BTC address. Each wallet automatically generates a bitcoin address. If you’ve just created a new wallet, then you have a unique bitcoin address right away. When you enter this address on our order form, we’ll know where to send the coins to.A new bitcoin address is not only generated once you’ve created a new wallet, but after each transaction as well. And for a good reason: when your address regularly changes, your privacy on the network is better protected.Would you like to use your old bitcoin address again? No problem! Each address on which you’ve previously received bitcoin, can be used again. It doesn’t matter if someone sends coins to your most recent address or to your oldest address- the bitcoins will arrive in the same wallet. In most wallets all generated addresses can be found in the transaction history.
Please note!
For receiving as well as sending bitcoin, always copy and paste the receiving address. This lowers the risk of making a mistake. Don’t write or type the address. All cryptocurrency transactions are irreversible; once the coins have been sent, there’s no way of getting them back.
How do I receive or send bitcoin?
When buying or receiving bitcoin, you use the receiving address from your wallet. We can’t emphasise it enough: copy and paste this address, do not write or type it. A bitcoin receiving address is similar to your personal bank account number on which you receive your bitcoin. But where do you find your bitcoin receiving address?
The receiving address
First, log into your wallet. In most wallets, the receiving address can be found under the button ‘Receive’. There are wallets in which a bitcoin receiving address will automatically change once it has been used for a transaction. This is in consideration of your privacy. But don’t worry: ‘old’ receiving addresses will always stay valid and linked to your wallet.
Receiving
For receiving bitcoin in your wallet, copy the receiving address from your wallet, and paste it on the BTC Direct order form. This way we’ll know which wallet to send the coins to.
Sending
Sending bitcoin is just as easy! Click on ‘Send’ in your wallet. Enter the receiving address you’ve copied from the recipient. Fill in how much you would like to send, and confirm.
Creating a bitcoin wallet backup
When you create a bitcoin wallet, it’s important to make a backup as well. This way you ensure you will always have access to your wallet, and thus your bitcoin.Most wallets show a series of 12 or 24 randomly generated words. This is called a seed phrase or a recovery seed, and it functions as a backup for your wallet. Write this seed down with pen and paper, and store it in a safe place. Do not store it digitally or online, since this makes it vulnerable to hacking.If you should ever lose your wallet login credentials, you can use the backup to regain access to your coins.
How to buy bitcoins in Uganda with MTN or Airtel Money
- Log into your BFX account on www.mybfx.co and click on New Transaction.
- Choose UGX in the “You sell” field and BTC in the “Recipient gets” field. Enter the amount of UGX you would like to sell or amount of BTC you would like (recipient) to receive. Click NEXT.
- Select your recipient by adding a new one or selecting one from your saved list. Click NEXT. Enter the mobile money number you’re going to use to pay. A payment prompt will be sent to your phone as soon as you complete the steps.
- Review and confirm payment details on the next page then click CONFIRM AND PAY.
- Make payment with your MTN or Airtel Money (the number you entered in the previous step).
- Bitcoins will be sent to the address as soon as you make the payment! Please allow some time for blockchain confirmations.
If you would like to buy bitcoins worth more than 4,000,000 UGX, please submit the request and we will contact you to provide bank transfer instructions.
When buying bitcoins with UGX, please follow these tips to prevent any unnecessary delays
- You can now make Ugandan Shillings payments in a better faster way. Every time you start a transaction to buy bitcoin, you will need to enter the mobile number you use to pay within the transaction. Please do not pay before receiving a prompt on your phone on your MTN or Airtel Money. If you do not get one, please check your balance. If you still have trouble, please contact us.
- Currently we do not encourage transactions done after-hours as our trading desk is closed by then. You will likely get a different rate past 5.30PM. To avoid this, always transact between 9AM and 5.30PM from Monday to Friday.
- Ensure you make payment with the number on your profile. If you are using a different number to make payment, please add it on your profile first before making payment.
- If you would like to buy bitcoins that are worth more than the mobile money limit (4,000,000 UGX on our platform), submit the request on the New Transaction page and we will provide bank details and rate after that. These transactions take a few hours to complete when done in the morning. You can also split the transaction into two for automated transaction via mobile money.
Cost Of Opening Bitcoin Account in Uganda
| Shanial1996 +479; Seen 1 hour ago | Airtel Money | 57,907.00‑998,186.00 UGX |
| Shanial1996 +479; Seen 1 hour ago | MTN Mobile Money | 37,782.00‑1,000,000.00 UGX |
| Lauramay1 +262; Seen 1 hour ago | Airtel Money | 100,000.00‑1,500,000.00 UGX |