Advantages of using Bitcoin
There’s a reason why Bitcoin has fast gained a reputation for being extremely safe and advantageous—it promotes security and privacy. Thanks to Bitcoin, gone are the days when you have to input any of your personal or private information when making a transaction. Instead, all Bitcoin transactions are made using two keys:
- A Public Key: This is your Bitcoin address, visible to everyone.
- A Private Key: This is only known to you.
When you send Bitcoin, your unique signature will be a combination of your public and private keys.
Here’s a look at the many advantages of using Bitcoin:
- Receive your commission payments in under an hour once commissions are processed around the 10th each month.
- No restrictions on the amount you can receive.
- No fees.
- No personal information required to receive payments.
- No risk of payments being delayed by third parties.
- Minimum payments will be set at $10.00 USD and triggered when we run commissions (there will not be any options to set this amount higher).
- Maximum increments we can send are $40,000; however, with multiple wallet addresses, we can send multiple increments in one day (we will never use the same wallet address twice).
If your monthly earnings are significantly larger, we strongly suggest looking into Bitcoin Armory. Thanks to the Armory Secure Wallet, Bitcoin users can trust a secure, offline storage solution for holding the digital currency. Use this to hold the majority of your Bitcoin balance offline, while using other online or mobile wallet applications for regular day to day spending. The Armory also offers Tutorials should you wish to use their services.
How to create a Bitcoin Wallet
To choose a Bitcoin wallet, check out Bitcoin.org and select the wallet that works best for you based on your device and operating system.
Please refer to the following instructions and accompanying images on how to create a Bitcoin wallet using one of our recommended wallets, Blockchain:
- Visit blockchain.info
- Click the ‘Wallet’ tab.
- Click ‘CREATE NEW BLOCKCHAIN WALLET’ and fill in the required information.
- Record the Wallet Record Mnemonic in the event you need to recover your information or password.
- Verify your address via the email sent to you from Blockchain.
How to Create a Bitcoin Address
Please note that we will require you to provide us with a new Bitcoin Address for every month’s commission.
- On the Blockchain site click on the ‘Receive‘ tab.
- This automatically generates a new ‘unique’ bitcoin address.
- We strongly recommend labelling the new address, by hitting customize, in order to ensure you are using the correct one— once payments are sent we cannot recall them.
- Copy and provide us with the new address each month.
- Additionally under ‘Settings’ > Addresses, click on ‘Manage Addresses’ to view/edit your addresses.
How to Create a Kraken Account
To Create a Kraken Account
- To create a Kraken account, visit kraken.com
- Click on ‘Sign Up’ and fill in the fields.
- Verify your account via the welcome message or your username on the top right corner.
- Fill in the required information and click on ‘Get Verified’.
How to withdraw from BlockChain to Kraken
To withdraw from BlockChain to Kraken:
- On Kraken, click on your Username and select ‘Deposit’ from the dropdown menu.
- Select ‘Bitcoin (XBT)’.
- Scroll down and click on ‘Generate New Address’.
- Copy and paste this address on Blockchain under the ‘Send Money’ tab and click ‘Quick Send’.
- You will receive a notification once the transaction has been successfully confirmed.
Exchanging Bitcoin to Cash
- Under the ‘Trade’ tab on your Kraken account, select ‘New Order’ and then ‘Sell’.
- Input the amount of Bitcoin* you would like to exchange for cash and select ‘Market’ (this option sells your XBT at the best market price).
- Select ‘Sell XBT for CAD’ (or desired currency)**. Once your order details appear, select ‘Submit Order’.
Additionally, you can exchange your Bitcoin to cash using debit card programs including:
*The minimum amount of bitcoin you can sell is 0.01 XBT.
**You can change the currency of the exchange at the top left corner Currency Dropdown box
Withdrawing your Bitcoin
- On the Kraken site, visit the funding tab and click ‘Withdraw’.
- Select your currency.
- Add your account and click on ‘Save Bank Account’.
*Please note that for most fiat withdrawals you have to be at least tier 2-verified. However for SynapsePay(USD), Vogogo (CAD) and PayCash USD/GBP withdrawals you have to be tier 3-verified.
- The name on the bank account you are withdrawing to must match the name on your Kraken account. Please enter your Kraken name in the ‘Full Name’ field.
- Residents of EEA (European Economic Area) countries should always choose SEPA withdrawals if possible, since SEPA is faster and cheaper than wire.
- Take care entering your account details. We recommend copy/pasting the information. Make sure to double-check that you’ve entered all the information correctly.