You don’t need to buy or own 1 full bitcoin. You can buy/earn a part of Bitcoin known as “Satoshis” or Sats. As in India, we often use Paisa as the smaller unit of a Rupee; similarly 1 Bitcoin = 100 million Sats.
Summary
1. How to Buy?
2. How to Earn?
3. Where to Store?
4. How to set up Samourai Wallet?
5. How to Withdraw?
How to Buy?
These are not recommendations. You should do your own research & learn how bitcoin works before putting a single penny into it.
How to Earn?
Instead of ‘buying’ bitcoin, there are many ways to ‘earn’ it. Some of them I have mentioned below.
- Payment – Getting paid in BTC for products or services you offer like freelancing etc.
- GoSats – This is one of my favourite ways for now. It’s just a simple VISA Debit Card issued through IDFC Bank. I can transact anywhere online or offline & get cashback in bitcoin (Sats) or Gold without paying anything extra. You can download the app (click here) & use my referral code GSGC9190 for joining bonus sats. Anyway, I wrote a detailed post on this – click here.
- Nostr Posts – When you post something on Nostr protocol, other Nostr users can Zap (tip) you with Sats (BTC). Unlike other social networks, quality posts in Nostr get rewarded with Sats. Learn about Nostr from here – Nostr-Resources.com.
- Stacker news – It’s like Reddit. You can post interesting news/updates and people can like/upvote your post by paying you in Sats (BTC). Unlike Reddit, you can make money by posting quality content. Check it out from here – stacker.news
Where to Store?
- Samourai Wallet (Android)
- Blue Wallet (iOS)
- Phoenix Wallet (Android & iOS for Lightning)
Download the wallet from the Play Store or App Store link provided on the website. Don’t search the name on Play Store, you may get scammed by downloading a duplicate app with same name. If you want a more secure way, directly download the .apk file from the wallet’s website and install it.
How to Setup Samourai Wallet?
Step 1: Click ‘Get Started’
Step 2: Click ‘CHOOSE’ and select any directory where you want to keep a backup of your wallet.
Step 3 (Optional): Turn on Tor if you want extra privacy, but this may slow down your wallet a bit.
Step 4: Click ‘Create a new wallet’
Step 5: Enter a password (passphrase) of your choice. And physically write that password (passphrase) on a paper in a secure place. There will be no ‘Forget Password” later as it’s on-chain, so if you forget password (passphrase) you will loose all your sats (bitcoin). Click NEXT.
Step 6: Click NEXT
Step 7: Enter any PIN, this is just so that no one can open your app from your phone. Kinda like an app lock. Re-enter & then Confirm.
Step 8: Click the right arrow ->
Step 9: Write these 12 words in exact same order in the same place where you wrote your password (Refer Step 5). As I said earlier – there is no ‘Forget Password’ later. You lose these 13 words (Passphrase/Password + these 12 words) and you lose all your sats (bitcoin). Click the right arrow -> (In next two screens)
Step 10 (Optional): Click ‘CLAIM YOUR PAYNYM’. It’s like the UPI ID you have, anyone can send you Sats/BTC to this PayNym and you will receive it in your wallet but with more privacy (as multiple addresses are created behind the scene)
Step 11: Now, delete your wallet i.e. the Samourai app from your phone. And reinstall it.
Step 12: Open the app and click ‘Get Started’
Step 13: Click ‘CHOOSE’ and select any directory where you want to keep a backup of your wallet.
Step 14: Click ‘Restore an existing wallet’
Step 15: Click ‘I have a Samourai paper wallet’ and enter the 12 words that you wrote down in Step 9.
Step 16: Click ‘ADD BIP39 PASSPHRASE’ and enter the password (passphrase) that you wrote down in Step 5.
Step 17: Enter any PIN (it doesn’t need to be same as Step 7), this is just so that no one can open your app from your phone. Kinda like an app lock. Re-enter & then Finish.
Step 18: PayNym is same as Step 10.
Yay, you now have a bitcoin wallet. Basically, you created a wallet then deleted it and then logged into that same wallet to check everything you have written down is correct or not.
How to Setup Phoenix Wallet?
How to Withdraw?
Every 4 to 5 months you should withdraw all your bitcoins/sats to your own wallet. Exchanges or any other apps can be hacked and you will lose all your bitcoins/sats. Non-custodial wallets like Samourai can’t be hacked.
Step 1: Open Samourai Wallet & click + in lower right corner.
Step 2: Click Receive
Step 3a: Copy the address (bc1….) Long press on that alphanumeric value to copy.
Step 3b: If your exchange allows QR, then you can use that too.
Step 4: Log in to your exchange or any other app from where you want to receive bitcoin to your Samourai Wallet.
Step 7: Click Withdraw. Some exchanges also call that “Send” – which means sending your bitcoin from the exchange wallet address to your own Samourai wallet address.
Step 8: In the Destination Address or Bitcoin Address paste the address you just copied (bc1….)
Step 9: Select the Max Amount/Withdraw All.
Step 10: Exchange or the app may ask for OTP to verify, complete that.
Check your Samourai Wallet within the next 15 mins, you should see an incoming BTC transaction. Refresh the app. That’s it, your sats (BTC) are safe now. If you want to receive or send bitcoin in mili seconds like at the speed of UPI, start learning about the ‘Bitcoin Lightning Network’.
Note: If you’re doing this for the first time, don’t withdraw all the bitcoins; just withdraw a little amount to test if you’re doing it right.
Conclusion
Below are the most important points:
- Don’t take this as investment or financial advice. Study yourself and decide.
- Always check your local laws before using the above resources.
- Avoid any centralized exchange that doesn’t let you withdraw your BTC to your own wallet.
- Never forget those 13-words (Seed Phrase + Password). There is no “Forget Password” in the crypto world.
- Never leave ₹50,000+ BTC on any exchange or app. Withdraw as fast as possible.
If you have any questions or feedback, email them at SaveInvestRepeat@proton.me