Back in time, mining for gold was most probably much the same as Bitcoin, it has a scarcity and is volatile in it’s very nature.
Life mining in bitcoin may not be very rewarding, just like the gold rush the tools are expensive! Collaborating together at Bitclub Network is a way of becoming a miner where the equipment is available, where you share in the gains and losses.
Before going ahead with how to setup your Bitclub membship fees, I must remind you that I am affiliated to Bitclub as a team member with friends working together.
For the purpose of ease I will be using Coinbase as the wallet description, being one of the most recognised working within 32 countries worldwide.
Reminder, this is banking so have a notepad handy to keep a copy of your username, secure password and the wallet number.
Setup Your Local Bank to Coinbase to buy Bitcoin
1. Sign up for a Coinbase account, offering you a safe place to store your bitcoin before taking the next step, and under their insurance policy offered.
2. Connect your Bank Account:
(a) Check to see what verification requirements are needed.
(b) Prepare the necessary documentation into PDF or similar ready to forward onto Coinbase. This may take a couple of hours or days depending on your country and banking days when open.
Once the verification process is completed you will be able to purchase bitcoin by transferring funds from you local Bank account into Coinbase to convert into bitcoin. Now you can invest, shop online or pay friends in bitcoin through your wallet.
Obtain a Mobile Wallet for your bitcoin on either Android or iPhone. (Does work on a desktop computer from the online site.)
1. Download the wallet. Copy your wallet number and QR Code for safekeeping. This wallet number is the number to add into your Bitclub Profile.
– To add to your Bitclub Profile go to your Name, by clicking on your name, top right side of the page, paste ‘Bitcoin Payout Address’. “Save your Bitcoin address for all payments and commissions. In order to request Bitcoin you must enter a valid Bitcoin address below and save it to your profile. All requests will be sent to the address on file.”
2. You are able to set up double authorization in which case you will receive a message with verification number to input each time you log into the site.
As soon as you have the above setup you will be able to transfer the US$99 for Bitclub Membership fees. All future transactions will work on the same procedure, buy Bitcoin equivalent of the US Dollar value requested, and then move bitcoin to Bitclub.
Personally I found the easiest was working from my desktop, when I had the bitcoin ready to move – by opening up both Coinbase and Bitclub to copy and paste the details between the two platforms.
Paying your Bitclub Membership Fee in Bitcoin Only
1. Sign into Bitclub and go to ‘My Account ‘ under the drop down menu you will see the option to Add Bitcoin.
2. Click on the Add Bitcoin button where you have the option to Create Invoice, from the minute you click on create invoice you have 10 minutes to complete the transaction, this is because of the volatile movement in bitcoin. The amount is put in and ‘held’ for that period. If you feel you are running out of time and are unable to complete the transaction, start again with a new invoice, you sure won’t be the first to get caught on the timer.
3. The Invoice has a long number to copy and paste into Coinbase to link the payment. If working on a mobile device you are able to use the QR Code for the same purpose.
4. Coinbase will give a green tick when the transaction transfer is correct.
5. Bitcoin, working on the blockchain will reflect in Bitclub as ‘Pending’ until the relevant clearance steps have been completed in the blockchain to pass the payment through as verified.
To sum this all up, you will open a Coinbase Account and once verified with your Local Bank details you will be able to transfer funds into Coinbase in your currency to convert into Bitcoin. If you are working in Euro check the bitcoin value in Euro and compare to US$ for the amount you need to move.
Add your Coinbase Wallet Number into your Bitclub Profile to enable moving your commission out or adding more bitcoin into Bitclub.
Open both Coinbase and Bitclub when transacting, copy and paste the invoice reference number from Bitclub into the prepared to move amount in Coinbase and that is your first move into the bitcoin/blockchain world of FinTech.
Good luck with mining, have fun, ask questions and don’t sweat, it’s not mining like in the old days of toil and soil, it is more a patience game and working with team members, getting to know how technology on the blockchain is changing the world of finance.
Thought for Today: “More gold has been mined from the thoughts of men than has been taken from the earth.” – Napoleon Hill