Safety & Security With Cryptocurrency Services

Safety & Security With Cryptocurrency Services

Reading Time: 4 minutes  The world of bitcoin and cryptocurrency is new and there is risk. There are many cryptocurrency services on the internet and many more coming online. Many have good intentions and unfortunately many have bad intentions. There is also the scenario where you use a good intentioned service that has attracted bad intentioned users. I can understand if you are hesitant about using many services and with justified concern. So we are going to look at the risk points of the services we may use so we can make a more informed decision about the risk. Being aware of things to consider will help you protect your funds. I have personally lost coins and had close calls along with watching a number of scams and opportunists try to prey on the unwitting. So hopefully this experience will help us reduce the potential risk. In this post we are going to focus on being safe with using 3rd party services. Not all services are equal, as some are taking full control of your funds and others are pushing the boundaries of the technology to provide you with more peace of mind.   Objectives – Some quick ways to research services – Things we can do to protect ourselves   Research Potential Service Providers Find some information on the service you want to use so you know something about who you are working with. Try CrunchBase.com to see if they have the service in their database and if they do, they often have some good information and history on people. This will provide an indication of how transparent...
Add Cryptocurrency Payment Gateway to WordPress and WooCommerce

Add Cryptocurrency Payment Gateway to WordPress and WooCommerce

Reading Time: 4 minutes  Our Objectives – Signup with a cryptocurrency payment gateway provider – Install a WordPress WooCommerce compatible payment gateway plugin – Configure gateway and plugin to communicate and accept payments   Things You Will Need – WordPress website – WordPress eCommerce plugin WooCommerce installed and configured (Please let me know in the comments if there is demand for a basic tutorial to set these up)   Lets allow people to buy from your existing online shop with bitcoin or another cryptocurrency also known as “alt coins”, short for alternative coins. We are going to use an existing WordPress install that has the WooCommerce plugin installed and we will add another plugin that will allow us to offer and accept cryptocurrency as another payment option. This cryptocurrency payment gateway plugin will require us to have an account with the payment gateway provider. This post requires that you know your way around the WordPress Admin panel and can install and activate plugins and change settings. If you need help or more detailed information, please let me know in the comments. This tutorial only shows you how to accept payment with a cryptocurrency. So if your online store is already in USD, that is the only price customers will see. The customer will not know how much they have to pay in cryptocurrency until they checkout and go to the gateway provider. This is because the prices are live and constantly adjusting, so to use the most accurate exchange rate, the cryptocurrency price is calculated and displayed at the last moment. There is a plugin that will allow you...
I Want to Buy Bitcoins

I Want to Buy Bitcoins

Reading Time: 3 minutes  So you want to buy some bitcoin, but not sure where to start? No problem, lets look at some options on how to buy bitcoin. Be aware that if this is your first time it could take a few hours, or it could take a couple of weeks. Please don’t let this discourage you, it is going to depend on your personal situation as to how long this takes. The technology is still new and being accepted and “on ramps” are still being built. When buying bitcoin for the first time, you need to consider the options available in your country and local area. – Finding people locally might be sparse or abundant. – Bank deposits or transfers may be instant or take 5 days. – Many places do not take credit cards as the funds are easily reversible, where Bitcoin transactions are not. – Online exchanges may require “KYC” “Know Your Customer” information like photo ID’s and copy’s of bills. Verification of people and accounts can take time. Keep these things in the back of your mind, as it may frustrate you, but it is part of the learning process and the second time will be easier 😉 Exchanges This is a large and complex area. Not all exchanges are equal. Some specialize in different areas, some have different KYC requirements and user interfaces can also vary a lot as well. For this post we really want to focus on exchanges that will allow us to buy bitcoin with government issued fiat. International wire fees for sending money add up quickly, so finding local...
Potential Income Sources

Potential Income Sources

Reading Time: 3 minutes  How am I going to make this “magic internet money?!”. Good Question, and here are the areas I already have experience in and will post more details as we go along. Not all of these options are going to be for everyone, but I’m going to explore a number of them as best I can. As the technology evolves I expect that opportunities will also evolve and come and go. Affiliate Marketing Affiliate marketing is a very popular system in general. You can receive a commission for referring people to a product or service. There are already a wide range of opportunities out there and together we will explore more. Advertising There are some advertising platforms that solely work with bitcoin already. You can be an Advertiser or a Publisher and pay or receive income from using these services. You may have a site where you have advertising space you want to place ads, or you could be wanting to target crypto currency users and send out ads to bring people into your site. Selling Products & Services You can either have an existing e-commerce site or want to start a new one. If you want to add crypto currency to your payment options or you would like to start a store where you accept crypto currency only, then there are some great options out there. There are gateway providers with easy and advanced API options and plugins ready for Content Management Systems like WordPress. We may also explore new platforms for selling that are using peer-2-peer and blockchain technology. There are some interesting projects...

Our First Bitcoin Income

Reading Time: 3 minutes  We are going to start small and simple. There is greater opportunity amongst it, so don’t be discouraged by the initial small amounts. We need to start somewhere and it is great we are able able to obtain some Bitcoin with such little effort. There is also a referral system that will allow us to earn for sending new people to use the website. You will need a Bitcoin address to be paid to. I would suggest dedicating 1 address from your wallet that you use for all faucets so you can keep track of how much you have earned. If you do not have a Bitcoin address yet, then please follow our tutorial. Setting up a Bitcoin wallet on your PC Our Objectives – Earn Bitcoin so we can receive our first payment – Learn the system so we can teach others – Setup a referral link to share with people so we earn for teaching We are going to use what is known as a faucet. It is called a faucet because they release small varying amounts of cryptocurrency like a leaky faucet might drip water. A note of caution, not all faucets are the same. So I have chosen a faucet that I think is reasonable and not to trashy. So maybe read through this post before you venture off to the faucet so you know what you are looking at, how to use it and are not overwhelmed. You will be presented with lots of advertising as this helps fund the faucet. If we stay focused on the tasks below it...

Setting Up a Bitcoin Wallet on Your PC

Reading Time: 2 minutes  Cryptocurrency wallets! Wow, so many options it is hard to know where to start. So I’m going to choose a starting point for you. This post is really for someone who has never setup a wallet before. I have chosen Electrum because it can be used on OSX, Windows and Linux PC’s so most people can follow along. It is a light weight wallet, which means you do not have to wait for it to download the full block chain which is gigabytes in size. It is reasonably secure for how easy it is to use. It has the features you will need to be able to get started right now and be able to do a few more advanced things later on if you need to. Cryptocurrency: Bitcoin Wallet: Electrum (Version 1.9.8) Device: Personal Computer Operating System: OSX (but also available on Windows and Linux so please follow along) You will need to download and install the package for your PC from https://electrum.org/download.html. After you have the package installed we will walk through the setup wizard together. Step 1 – We are going to “Create new wallet” Step 2 – Electrum will create your addresses and private keys using a “seed” of random words. Write it down in a SAFE place. No really write it down or if you are a memory person lock it in. The next step will double check you wrote it down. The QR-code is of the words in the seed. So you could alternatively scan that. Be wary of some apps that scan or take pictures, as they often...