Bitcoin Wallet Basics

This page will show you how to get started with an easy to use everyday spending wallet. However, we do recommend that everyone aspire to learn proper self-custody. A great tool for this is Sparrow, one of the best wallets for full financial sovereignty. And it’s developed locally, right here in South Africa!

sparrowwallet.com

Instructions for Sparrow Wallet:

If Sparrow seems a little daunting to start with, a simpler tool for self-custody is Blue Wallet. Learn self-custody with Blue Wallet.

Get started with Blink:

An easy to use everyday spending wallet.


iPhone / iOS
https://apps.apple.com/ng/app/bitcoin-beach-wallet/id1531383905

Android
https://play.google.com/store/apps/details?id=com.galoyapp

Huawei
https://appgallery.huawei.com/app/C105387593

  1. Download from above links, install, open application
  2. Register a new account, enter phone number, receive sms, verify account with sms activation code, open wallet. (This step may not be necessary, with recent updates Blink allows you to open a wallet without verification.)
  3. Select menu top right (three lines ‘hamburger’ menu)
  4. Change currency conversion rates to ZAR (or your preferred currency for fiat conversion rates)
  5. If you were required to provide a phone number in step 2, then add email as recovery method and remove phone number. (This step is optional, but recommended, because wallet recovery with email is more secure than with phone number, and without a recovery method added you will lose access to your funds if you lose your phone.)
    • NOTE – Even if you do add an email / sms recovery method, do not store large amounts of money in Blink. It is a spending wallet intended for small amounts.
  6. Go back to home screen, select ‘receive’, select ‘paycode’ and set your preferred  lightning address (you cannot change this, so decide carefully, it will look something like this: your-name-here@blink.sv) – there’s no need to use your real name for this, you can use any name you like, provided that it is available and not yet taken by someone else. 
  7. Share your paycode that you just created to receive Bitcoin payments from anyone with a Bink wallet, or anyone with a Bitcoin Lightning-enabled wallet like Wallet of Satoshi, Phoenix, Aqua, Zeus, etc., etc.
  8. There are also other, slightly more complex options for receiving Bitcoin, these are visible in the ‘receive tab’ and are labelled ‘Lightning’ and ‘On-chain’, but the easiest route is simply sharing your paycode, which is also displayed in the format of a QR code. (You could print this code and stick it up on a wall to receive payments without opening your phone)
  9. To send Bitcoin to someone simply select ‘Send’ from the Bink home screen and then either scan their paycode QR, or (if they sent their paycode via messaging app) copy paste it into the ‘Destination’ field. There are ‘scan’ and ‘paste’ icons next to the ‘destination’ field. Follow on screen instructions to complete the transaction. 

Note on storing larger amounts of Bitcoin:

Blink is just a fun spending wallet. It is custodial, meaning you don’t own your private keys. Don’t keep large amounts here. For larger amounts use a self custody wallet like Sparrow.

If Sparrow seems a little daunting to start with, a simpler tool for self-custody is Blue Wallet. Learn self-custody with Blue Wallet.

In addition to Blink and Sparrow, we also use the following wallets: Aqua, Fedi, Machankura, Blockstream Jade, Trezor

Stablesats in Blink:

Blink does have a synthetic dollar account, but those aren’t real dollars. It’s just a feature that locks in your bitcoin at a stable fiat price, in case you’re worried about price volatility this is a good option.

How to get more Bitcoin:

In order of priority, the best ways to get Bitcoin are

  • Mine it
    • Out of the question unless you really know what you’re doing and have access to very cheap electricity.
  • Earn it
    • The best option for most people is to accept it as payment in exchange for selling your goods and services, advertise to your customers that you accept it as payment and list your business here: https://btcmap.org 
  • Buy it peer-to-peer
    • You have to know someone who knows someone. Start small and build trust.
  • Buy it on an exchange like Cape Crypto, Luno or VALR
    • Cape Crypto is the best option because it has Bitcoin Lightning enabled, and is therefore good for purchasing and transferring smaller amounts at lower transaction costs and higher transaction speed.
    • Because Luno / VALR / other KYC exchanges have your identity attached to your account with them, your name is forever attached to the coins you own. Do not make the mistake of assuming that your Bitcoin is anonymous. It is not. The blockchain is transparent and ownership of coins bought on an exchange can easily be tracked.

How to spend your Bitcoin:

  • Pick n Pay:
    • Visit any Pick n Pay store in South Africa, ask the cashier to “pay with a QR code” (It’s option 2 ‘contactless QR code’ on the credit card terminal), select ‘send’ in your Blink wallet, open the qr code scanner (like you would do to pay any other lightning invoice), scan the QR code on the credit card terminal, and pay. It’s that simple. 

  • Visit:
    • https://btcmap.org
    • Browse thousands of places that accept Bitcoin as payment world-wide.