A. Set-up your digital wallet
We would suggest you read up on what is Xapo Digital Wallet before you continue.
Now follow these steps:
STEP 1: Sign-up to the Xapo Wallet.
STEP 3: Once you have installed the App on your phone, you can access Xapo from your desktop browser at anytime. With 2-Step Verification, you’ll protect your account with both your password and your smartphone.
STEP 4: Setting up your wallet correctly:
Firstly, once you have registered and installed your XAPO wallet, login into XAPO and ensure that you have switched on the 2-Step Verification shown below.
See diagram 1
See diagram 2: ensure both settings are set-up and active.
Secondly, for the sake of accounting and keeping a clean record of transactions, we set-up a wallet for each platform we invested within XAPO, see diagram 3 below.
We did this for many reasons…
1) Tax auditing
2) To allow us to see what we had invested and made from each platform and
3) To avoid any confusion as transactions in XAPO are very user unfriendly. This makes sense if you are investing in more than one platforms, however if you are only investing in say Genesis Mining then there is no need to complicate your wallet set-up.
Lastly, if you have the cash we suggest you order you XAPO card so that you can start transacting and get a feel for how powerful this product really is. There are two ways you can order your VISA debit card: 1) via normal post you will wait 30 days to receive it just like we did. 2) via DHL in a day or two, see fees associated to your XAPO debit card.
C. Set-up 2-Step verification
Download and install Google Authenticator onto your phone. With 2-Step Verification, you’ll protect your account with both your password set in XAPO and code that is generated on your phone.
Please read up on best practice security.
See diagram 3
How To Buy Bitcoins
Option A (for South African’s only)
Now that you have your digital wallet correctly set up you will need to buy Bitcoins to place in your wallet. This will allow you to transact and invest in various platforms mentioned in ways to invest.
We use Bit-X because they offer a great service, competitive prices and multiple currency options. So sign up for FREE. Please note that for fraud reasons they ask you to submit a full copy of your National ID, proof of residential address and a bank statement or utility bill. It takes Bit-X a day or two to approve applications BUT if you send a polite email to email@example.com they tend to approve you more quickly.
Option B (for anyone)
We use Localbitcoins because it is a person-to-person bitcoin trading website enabling anyone to sell and buy bitcoins. Another thing going for this site is that 99% of the time you can do instant buy or sell trades and before the trade happens, you can see both the seller & buyer’s history of exchanges and multiple reviews. If you are buying for example, the seller places their bitcoin in a neutral trade account. Once the trade has happen and proof of payment is received by the seller the platform instantly releases the bitcoins.
One other last feature that we liked is that if you bank say with FNB, you can choose traders who also bank with FNB which means there are no delays for the funds to appear in the seller’s account and makes the release of the bitcoin instant. This is great if you are in a hurry to buy bitcoin.