Hi, everybody and thank you for clicking on this article. I hate to be that guy, but we really need to start this article with a disclaimer. Please ensure that you have done your research before buying Bitcoin. If you are simply buying Bitcoin because your friends are doing it, or because it is going up in value, then you might need to do a bit more research.
Remember, never ever invest in something that you don’t understand. If you have done your research, however, and you are happy to buy Bitcoin then let’s go ahead and get started. So we’ll need to start by setting up a bitcoin wallet.
Now if you haven’t had time to do the research, don’t worry, a Bitcoin wallet is basically an online space where you keep all your bitcoins. It’s basically like what a wallet does in real life: it stores your money. So a bitcoin wallet stores your bitcoin money. Alright, now there are many bitcoin wallets out there.
The simplest one and the one recommended by SA shares, which is the number one portal for South African share information, or something like that, the one that they recommend is luno.com. Sowe is going to go there right now and check it out.
All right so you want to go onto your web browser and type in luno.com. Once the page opens, move over to the right-hand side and you see a blue sign up button. Click that button and then they’ll ask you for your email address and password.
Put in an email address, put in a password that is secure because remember you’re dealing with money now, and click the signup button. Alternatively, you can sign in with Google, Apple or Facebook, but I don’t really recommend it because if one of these places had to get hacked, all your Bitcoin money could potentially get stolen.
So rather just use the email and password sign up alright? Once you’ve done that open up your email and you should see an email from them asking you to verify your email address. Simply scroll down and click the link. Alright once you’ve clicked the link and confirmed your email address, you’ll need to do one more thing: they will ask you to verify your identity. Now you can simply do that if you’re a South African citizen by giving them your number.
Now I know there’s a generally accepted rule that you shouldn’t give your ID number out to anybody but remember that this is a reputable bitcoin wallet holder um it’s recommended by shares and if you still feel uncertain about that then definitely go and do more research and be 100 % confident of what you are about to do. But personally, I gave them my ID number and everything seems secure and it’s recommended by many and used by thousands of people out there.
All right I just have to get this out of the way to make sure that nobody makes any silly mistakes. Anyway if you move across to wallets, you will see a Bitcoin wallet is already open for you. If you’d like to invest in any of the other cryptocurrencies you can, but let’s focus on Bitcoin for now. Alright, I’m going to click on my Bitcoin wallet and select Buy. Alright, once that happens your wallet should have no money in it. Alright, so I’m going to pretend that I also need more money in my wallet.
I’m going to click the dots and say top-up, alright, then I’m going to click ‘top-up wallet’ and because I want this thing done for the article they say how would you like to add money to your lunar wallet and I’ll say instant EFT.
And then there’s also bank transfer, so if you want to know the difference between them the biggest difference is the pricing and the prices they charge so I’m going to put up a table now and you’ll be able to see that it’s actually cheaper to do a bank deposit or EFT than it is to do an instant EFT, but I’m going to use instant eft for the sake of this article.
Alright, then they ask you how much you would like to deposit so I’m going to use the minimum amount here and say next. Then you’ll see the fee comes in here and that’s how much they take out of my money. Uh, if you want to read more about using the link in the description. There’s a link actually to a portal of information, a learning portal where you can go and learn a whole lot about cryptocurrency.
So, if you want to there’s a link in the description to use that link and find out more about bitcoin and everything else you want to know. Anyway, I’m going to continue to Pay And then you’ll see that there are a list of banks that come up, nine banks, including time bank, which I’m a big fan of. So I’m going to enter my banking things and be back just now.
Alright and once that’s done you’ll see an astronaut putting up his flag on the moon and that makes sense because this wallet is called luno, but anyway your deposit was successful so now I can say done. Once you are happy with that you can go back to wallets, select your wallet again and say buy. Then we already have the money in the account. As you can see my balance went up.
I’m going to click that and say the amount of Bitcoin you want to buy. Now the good thing about this is if Bitcoin goes up in price, then I have made my biggest mistake on camera and you can laugh at me 20 years from now if the bitcoin price escalates and if it goes down then you can also laugh at me. Okay, so I’m going to select an amount, say once-off, and say next.
Then they will ask you to confirm. This is how much bitcoin that amount of money buys okay? And then I’m going to say confirm and that’s. You’ll see the astronaut putting up his flag on the moon again and you know that you successfully bought bitcoin.
Now if you see that the price is extremely high and it rises after you buy it and you say I want to get out, I want to sell. And if you would like to sell then they tell you how many Bitcoins you have available. Now there’s just one small trick here: if you goto the Luno terms and conditions, from what I can tell, you need to have a minimum of 10 US dollars in any currency.
So if it’s 10 US dollars it will be something like 160 Rand and that is the minimum sale that you can make when selling your bitcoin so in this case, I only have about a 58 Rand minus the nine Rands here. So I only have about 49 Rand worth of actual Bitcoin in my wallet. If I want to make a sale then the minimum sale I need to make is 160 Rand.
So you’ll need at least that to make a Bitcoin sale. If you just want to know though, if I try to sell my Bitcoin and I select this number and maybe make it a little bit smaller and I say next, you’ll see that this amount is lower than the minimum and that minimum is 10 US dollars in any currency. All right everybody, thank you for watching. Hope this was helpful.
If you would like to know how to do this on mobile it’s basically the same steps: the only difference is you would download the Luno app.
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