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Need help with Bitcoin?

Contents

Bitcoin wallet

 


What is bitcoin?


CONTENTS

Bitcoin is a decentralized digital currency created and operating on the Internet only. No one controls it; the currency is issued through operation of millions of PC's all around the world using a math algorithm calculation software. This is exactly what bitcoin is about.

What is bitcoin?
The word “Bitcoin” in the English language has been formed by joining “bit” (minimum data unit) and “coin” (a metal coin used as money). The most widespread abbreviation of Bitcoin — BTC — is usually used in exchange trading and financial articles. This is the first and the most well-known cryptocurrency of all, a symbol and flagship of the cryptocurrency world, and a currency unit of the same name that circulates within the system.

Cryptocurrencies in real life
In the English language, cryptocurrency is a virtual currency protected by cryptographic methods. Cryptocurrency is, above all, a fast and reliable system of payment and cash transfers based on the most advanced technologies and independent of any government. Initially, bitcoin was only relevant for mathematicians, cryptographers and people passionate about computer and network technologies. Bitcoin was then just a proof of the ability of electronic money to exist with no guaranteed backing. It could rather be seen as an electronic equivalent of gold — just like gold, bitcoin is hard to mine, its amount is limited, and mining it requires more and more effort over time. In the fall of 2009, BTC 1 could already be bought for 0.8 cents. It was the start of exchange trading that has seen many ups and downs, high-profile bankruptcies and successful projects. Bitcoin transactions were initially rare and infrequent. The first and most famous transaction involved buying two pizzas for BTC 10,000 — it happened in May 2010 (it equaled $ 25 at the time). Since then the exchange rate has gone over $ 1,000 and back down to $ 150, but that's another story to tell…

Bitcoin exchange rate chart

At the early stage of Bitcoin development, it was made popular by the Japanese exchange, MtGox, and the illegal online market, Silk Road. Now, Bitcoin is independent of any exchange or pool, while illegal activities with cryptocurrencies are now dealt with by law enforcement, just like any other financial crime.
Today, Bitcoin is a modern digital currency that is ideal for payments on the Internet. More and more stores accept Bitcoin as one of payment options. Ease and convenience of bitcoin account creation attract more and more people from emerging economies to this currency. In many states of Asia and Africa, the Bitcoin network is a replacement for expensive and hard-to-access banking services. Developed countries actively use POS terminals for bitcoin payments in stores, ATM's for cryptocurrencies, hardware wallets for Bitcoin. There's been a real boom of startups that use Bitcoin. As it turns out, the block chain technology is also good for distributed storage of data on various assets, not only financial transactions. Several thousand other cryptocurrencies have been created, based on Bitcoin or from scratch.
More interesting videos about Bitcoin:

https://www.youtube.com/watch?v=2QLYkkSLUu0/

https://www.youtube.com/watch?v=gKGgrvTZ80Y/

How does bitcoin work?
Read on to learn how cryptocurrency, with Bitcoin as an example, works.
What is the most important feature of Bitcoin in economic terms? It's a digital commodity of limited supply; its algorithm is specifically designed to only allow 21 mln units max in the system, each of them also known as a bitcoin. The issue timetable is defined in the code and predefined. After the last coins have been generated, the number of units stop changing.
The Bitcoin economy is based on a deflation model that raises fear among many economists. However, these fears have no practical basis.
In reality, this relatively small number of coins is quite sufficient for everyday payments as 1 bitcoin is divided into 100,000,000 units, or “satoshis”, named after the system's founder. Sometimes, millibitcoin (mBTC, one thousandth) and microbitcoin (uBTC, one millionth) are also used.

Bitcoin issue timetable
You can also use bitcoin to buy anything online, just like you do with dollars, euros or rubles, and bitcoin is traded in the exchange market like these currencies. But the most important difference between bitcoin and all other forms of money is the decentralization. Bitcoin is beyond control of any authority in the world. Some are baffled by this fact as it means that no bank can control your money.

Who created bitcoin?
Bitcoin started from a concept — a document published on 31 October 2008 by a mysterious person going under a nickname of Satoshi Nakamoto. Despite numerous journalistic investigations, no one knows who the real developer of bitcoin is or whether it's a person or a group of people. On 3 January 2009, this concept was implemented in code in real life. 06:45 PM GMT, 03 January 2009 is the moment the first block in the system — the so-called genesis block — was generated. This day is celebrated as the Bitcoin birthday by the community all over the world.

The developer of the software who named himself Satoshi Nakamoto proposed an electronic payment system based on mathematical calculations. The idea is exchanging coin with no central authority in place, electronically, more or less instantaneously, at minimum cost.

Who created bitcoin?
NO ONE. This currency is not printed by a central bank and does not follow the rules. Banks may print any amount of money to cover a state debt, thus depreciating their own currency. In contrast, bitcoins can only be issued digitally, and anyone can start producing or, as they say, mining bitcoins at any time. Bitcoin mining is performed by using computational capabilities of a computer in a distributed network. When bitcoins are transferred, the transaction is processed in the same network, thus turning bitcoin into an independent digital payment system.

Bitcoin mining complexity chart

Can a billion bitcoins be mined?
No. The Bitcoin code contains a limit that set the maximum number of mined bitcoins at 21 million. However, bitcoin can be endlessly divided into smaller units — it's a digital currency after all! 1 satoshi is BTC 0.00000001 (name after the system founder)
What is bitcoin's backing?
National currencies used to be backed by gold or silver; now they are backed by GDP. Theoretically, you could walk into any bank in your country and exchange your paper money for its gold equivalent, or vice versa. Bitcoin is not backed by anything; it's pure mathematics.
Any person from anywhere on the globe may run the bitcoin mining script from their computer and feel like a central bank in miniature. The source code of the script is openly published, and anyone may see how it works.
Differences between bitcoins and conventional electronic currencies.
Below is a list of features that make bitcoin stand out among electronic and paper currencies:

  • Decentralization and availability
    The Bitcoin network is a combination of all client programs (wallets) and a distributed database, or block chain that is stored on each computer with a full client installed. The block chain is a fully open register of all transactions in the system. Anyone may connect to this register via their personal wallet or a web-interface of special monitoring services from anywhere in the world, with no passwords or any other authorization requirements.
    There is no central body that would control the network which is distributed among all members, with each computer mining bitcoins being a part of the system. It means that no central body is in a position to dictate rules to bitcoin owners as happened, for instance, in early 2013 in Cyprus. Even if a part of the system goes offline, the payment system will remain sustainable.
  • Anonymous payment opportunities
    Bitcoin is a convenient and optionally anonymous method of payment where an address (account number in the system) is not related to its owner and requires no ID to be created. It's a string of about 34 Latin alpha-numeric characters long in various registers. For instance, an address might look as follows: 1BQ9qza7fn9snSCyJQB3ZcN46biBtkt4ee. It may be converted into a QR-code or any other 2D code to facilitate payment, or it may be transferred in its initial form.
    Yes, that's right. It's totally anonymous and absolutely transparent at the same time. You can create an infinite number of bitcoin addresses with no reference to your name, address or any other data.
  • Complete payment transparency
    The history of any payment may (theoretically) be traced down to the moment of coin generation, and this payment will never be removed from the database. Knowing a Bitcoin address only, you may view all transactions accepted by this address or submitted from it at any time.

The Bitcoin network stores the entire history of transactions that have ever taken place; it's called a series of blocks or block chain.
A block chain is a public shared register that represents a basis of the entire Bitcoin network. All confirmed transactions are included in the block chain. Based on this information, bitcoin wallets may calculate your balance and verify that bitcoin owners actually spend bitcoins in new transactions. The integrity and chronological sequence of a block chain are based on secure cryptography.

The block chain knows it all. Therefore, if you have a publicly used bitcoin address, anyone may see how many bitcoins you own; however, if you do not specify it's your address, no one will ever know it belongs to you. To ensure complete anonymity, one Bitcoin address is generally used for a single transaction.

  • Near-zero fees
    Your bank may charge you a $ 50 fee for an international funds transfer in cold blood. Bitcoin will never do that. There are small fees that are totally insignificant and do not depend on the transfer amount.
  • Speed of transfer
    You can transfer money to anyone anywhere; it will be delivered in a matter of minutes after the Bitcoin network processes the payment.
  • Irrevocable transactions
    After bitcoin is transferred to the recipient, it's impossible to get it back. Unless the recipient is willing to do it themselves.
  • No network control
    Since a block chain is a distributed database based on peers, the Bitcoin network has no controlling central body that can suspend an account, change the amount of currency units in the system, lock or cancel a payment. Transactions within the system are irrevocable, just like transactions with cash.
  • Unequalled security
    Each new block adds to the requirements to computational capabilities miners need to calculate the block chain from zero; the longer the chain, the harder it is to hack the network. Today, Bitcoin is a decentralized computational network that has a performance 8 times higher (in terms of SHA-256 hash calculation rate) than the total performance if all super-computers in the world. To capture control over it, even partially, vast resources and hundred-million-dollar expenses are required.
  • Network support award
    New bitcoins are issued as an award for those who perform computation providing for transaction transfer. Computation has been dubbed mining, from the English word “mining” meaning extraction of minerals. Those who engage in computation activities are called miners. Their task is writing all transactions that took place from the moment the last block was issued (10 minutes on average) into a single block and “seal” it with a complex cryptographic signature. The next block is calculated based on the signature of the preceding block that ensures irrevocability of transactions and prevents counterfeit currency units from getting into the system. This way, the blocks are connected together, forming a block chain.
    These rules prevent making changes to the previous block as this would invalidate all subsequent blocks. Additionally, mining creates a lottery-like process where no user can simply add blocks into the chain. Thus, no one can control the block chain or replace its parts to roll back their transactions.
  • Ease of use
    You would have to go through seven levels of hell to open an account for a company in a bank; you might also be banished with no explanation. It's not a problem in the Bitcoin network — you'll need 5 minutes to create a bitcoin wallet and start using it. No questions, no fees.
  • Free choice of participation level
    You can install an official Bitcoin Core client that stores the entire history of transactions. If you do not need offline operation and block chain analysis features, you can install one of the lite or mobile wallets that require a lot less resources. If you only intend to pay for small purchases while travelling or to just try out the technology, a mobile or online wallet would be enough. Maximum safety is ensured by hardware wallets with additional protection.

As a new user, you can start using bitcoin even if you don't know all technical details. As soon as you install a bitcoin wallet on your computer or mobile phone, it will generate your first bitcoin address; in the future you will be able to create as many addresses as you want. You can communicate your addresses to your friends who will be able to make payments to you or vice versa. In reality, it's very much like e-mail, except that a bitcoin address must only be used once.

A transaction is a transfer of funds between bitcoin wallets to be included in a block chain. Bitcoin wallets contain confidential information, the so-called secret code, that is used to sign transactions and provide a mathematical proof of the transaction having been approved by the wallet owner. This signature also prevents making changes to the transaction after it is submitted to the network. All transactions are broadcast to all users and confirmed by the network via mining, generally within 10 minutes.

Different states have very different attitudes towards cryptocurrencies. Some clearly encourage their use — in Australia, Germany, the Netherlands, New Zealand, Singapore, some US state, various offshore countries; others impose serious constraints that could be transformed into a total ban — in Indonesia, China, Russia, Ukraine. Total bans have so far been imposed by the hot Latin Americans in Bolivia and Ecuador.

Many governments have chosen to monitor the situation with careful optimism — most countries of the European Union, Great Britain and Switzerland, the US federal government, Canada, Japan and countries of South and East Asia. Most developed countries are adapting their financial legislation to be able to regulate cryptocurrencies and are about to resolve this issue.


Bitcoin Legality


Bitcoins are legal if used for legal purposes. If you do not commit unlawful acts, your operations with Bitcoins cannot be suspicious.

The unique nature of Bitcoin does not allow the law to consider it as money. Also Bitcoin cannot be deemed as a product or service. The question of the legal regulation is still in its infancy, and governments of different countries look at each other carefully, hoping that one of them will prompt how, eventually, to treat the cryptocurrency.

As a whole, in relation to Bitcoin the countries can be divided into 3 camps:

  1. The countries which understand that Bitcoin is a new and perspective technology which can bring many positive things.
  2. The countries which have no common ground, and they have been studying Bitcoin so far—without accepting it officially, or rejecting it.
  3. Totalitarian states which are, literally, afraid of Bitcoin, as they got used to exercise full control over whole financial flow of funds.

Thus there is a question: can Bitcoin be prohibited or closed down?
Theoretically, such conditions can be created in which it will be very difficult to use it, however, in real life it is practically impossible. Bitcoin is not owned by anybody, that is why there is no one to put pressure on that Bitcoin be closed down. Each user is a full-fledged part of a network, while there are millions of such users, and all of them are from different countries.

The only leverage on Bitcoin are exchange markets that convert fiat money to the cryptocurrency. In theory the government can deny banks to deal with such exchanges, but in practice there are many ways to circumvent the bun.


How to add a new Account in your Personal Office?



  1. Choose “Accounts”

  1. Press “Add”

  1. Fill in the bank details as specified on the picture:

BitCoin

  1. First, delete all information from the field “Full bank details”
  2. Create the Account name, ex.“MyAccount-Bitcoin”
  3. Select the account’s currency - Bitcoin
  4. In the “Bank Code” field write “BTC”, then word “BitCoin” will appear
    in the “Bank Name” field automatically
  5. In “Account Number” write your BTC wallet number
  6. Click “Save”

Japanese yen

  1. Create the Account name, ex.“MyAccount-Yen”
  2. Select the account’s currency - Japanese Yen
  3. In the “Bank Code” field write 3-4 digit Bank code
  4. Write the bank name
  5. In “Account Number” write your bank account number
  6. Write your Surname’
  7. Write your name
  8. Write the full bank detailes
  9. Click “Save”


  1. Your new account will appear in “Accounts”

How to Provide Help (“buy” Mavro)?



 

You can “buy” Mavro by Providing Help (transferring money) to another participant:

Click "Provide Help" on the dashboard in your Personal Office.


 

 

In the opened window:

  1. Choose the way you want to transfer funds - via bank or via bitcoins. We recommend to use Bitcoins
    If you decide to transfer funds via bank:
  2. Type the amount you want to Provide Help in
  3. Read the Warning and tick the box that you hаve read it.
  4. Click “Ok”

 

 

If you decide to participate with Bitcoins:

  1. Choose the currency you want to Provide Help in
  2. Type the amount you want to Provide Help in
  3. Read the Warning and tick the box that you have read it.
  4. Click “Ok”

 

 

After successful completion of all steps above, you will see a notification that your request has been added. Click on “Ok”.


 

 

  1. The created request will be in queue to be processed by a dispatcher (automatic program).
  2. In a short time there will be an Order appearing on your dashboard that you need to complete (to transfer your funds). You may receive one order or several orders for amount of your request for “Providing Help”. If you choose Bitcoins (not option “Other Bank”), you must transfer the exact amount in Bitcoins (not the amount in JPY).

 

 

Click on the “Details” button to see the information about the Provide Help request


 

 

In the opened window you can see the detailed information about your request.


 

 

To cancel the Provide Help request click on “Cancel request” button.


 

 

To confirm press OK.


 

 

  1. Specify the reason for deleting the request.
  2. Click on “Delete” button.

 

 

Your Provide Help request has been successfully deleted.

Click OK.


 

 

You can see the deleted requests clicking on “Show archived requests” button.


 

 

Here is how the request with the "Deleted” status

looks like.


 

 

Each order includes the following information:

  1. Period of time remained to complete transfer.
  2. Transfer amount.

 

 

When you press the area of the Order (or on “Details” in the lower right corner of it) you will see:


 

 

  1. Transfer amount.
  2. Details of a recipient's account for transfer
  3. Recipient's phone number to contact in case of difficulties with transfer. Your contact number as Sender.
  4. If you chose Bitcoins in your request, in your Order you will find instructions how to transfer Bitcoins.

 

 

You should make every transfers on time. In case of difficulties with a transfer, a recipient and a sender can get in touch with each other via chat (if a phone of one of the participants is not available for some reasons).

  1. Press “Messages” in the upper right corner of an Order.
  2. In the opened window type your message.
  3. You can add a file if necessary.
  4. Click on “Send”.

 

 

After you have transferred money, you must show a recipient that the transfer was completed. He will be able to confirm receiving of your funds after you send a transfer evidence.

How to send an evidence of transfer:

  1. Click on the blue button with the triangle inside.
  2. Click on link “I completed this payment”

 

 

In the appeared menu, you should attach a screenshot or photo of completed payment transaction.

You can make a screenshot:

— with PrtScr button (next to F12 button of your keyboard). Press PrtScr. After that an image of your screen will be sent to the clipboard. Open the program for processing images (the simplest one is Paint). Select “Paste” in the program menu or Ctrl+V. Save the image on your computer.

— with a specialized software (LightShot etc.)

  1. Click on the button "Browse File" to attach a photo or a screenshot.
  2. Write a comment if you want.

 

 

Click on “Next” button.


 

  

 

After that Order’s icon become half green.

Once your recipient confirmed the receiving of funds, the icon will become fully green. And your Mavros will become confirmed.


 

 

If the transfer has not been made timely, or you refused to do a transfer without a valuable reason, your account will be blocked automatically. You will be notified about it in Personal Office.

In blocked mode the only available operation in Personal Office is contact to the Support Team.


 

 

After creation of a Request for Providing Help, check your Personal Office and email daily. So you will be aware about new orders for transfer and could prevent your account blocking for any possible reason.

For example. If you can not complete an order for any circumstances, make sure to write your reason to the Support Team:

  1. Click on blue button.
  2. Click on “I refuse to make money transfer”.

 

How to provide your Bitcoin address to the second party of the transfer?


If you need to provide your Bitcoin address to another user, you should first access your Bitcoin wallet and the address of your bitcoin wallet.

You can click for example on the button “Receive”.


You will see the window with your Bitcoin wallet address. Copy this address.


On Bitflyer.jp click ‘Account Funding’ - “Incoming BTC” Bitflyer.jp


Enter your MMM Personal Office and click on “Accounts”.


Then, click on “Add”


Fill in your account data and paste your Bitcoin wallet address in the respective field. Now, another participant who wants to transfer money to you will see your Bitcoin address. When creating Help request, you can click on the order, access the section “Messages” and send your Bitcoin address there as well.


HOW TO GET HELP (“SELL” MAVRO)?



In order to Get Help (“sell” Mavro) click on the appropriate button ("Get Help") on the dashboard of your Personal Office.


  1. Select already registered account to Get Help (if you want to add a new one better use Accounts menu).
  2. Click on "Next" button.

Choose one of your existing accounts and click on "Next" button.


In the opened window you can see:

  1. — maximum amount of Mavros available to withdraw.
  2. — a leftover, as withdraw amount has to be multiple 100.
  3. — total amount for current withdraw.

Take follow steps:

  1. Click on “all” to withdraw maximum amount of specific mavro-account.
  2. Enter any amount less than maximum amount of specific mavro-account.
  3. Click on “Next” button.

Check your amount for withdraw and click on "Next".


Created Request for Receiving Help appears on your desktop in Personal Office.


If you click on active Getting Help Request, a popup window will open where you can verify details once again. In the Getting Help Request you can also see the amount of Mavro for sell.


After creating your Getting Help Request you should wait for orders to be displayed on your dashboard. You will be able to see information about participant(s) who will transfer funds.



Appeared orders on your Dashboard will be of yellow color. After a sender confirmed that funds had been transferred, make sure to check your account. You should confirm a receipt of funds only when you see them in your account.

When a sender confirmed sending funds but you did nothing with an order, after some time the order’s icon will become yellow with a question mark.

When you click on this icon there will be two options:

  1. confirm the receipt of funds
  2. inform that the funds are not received.

If the funds are not received, after an investigation of Security Department this icon will become red with a cross.

It means that the order wasn’t completed. Such icon will appear if a sender didn’t confirm timely that the funds were sent.

In case of described situations the dispatcher will create another order for you with another participant to send his help to you.


Confirm orders only after making sure that the funds were received on your bank account or bitcoin wallet!

If funds are received and you confirmed receipt of funds, then this icon will turn green. It means that help has been successfully provided!


Keep in mind that you can extend the period of payment for 24 hours, if necessary. If a sender is not able to meet a standard requirement for 48 hours, you can give him additional time to complete this order. In order to do that:

  1. Сlick on the icon.
  2. Click on 24 hours extension.

Always report to the Support Team if you notice any unusual activity. FAQ: How to get in touch with the Support Team?


How to check if a transaction was successful?


Variant 1: look at an order status in your Personal Office. After a participant receives funds, he will confirm the transaction.


Variant 2: Bitcoin transactions will appear almost immediately in your transaction history.

As soon as the transaction is completed, you will see “Unconfirmed transaction” in your transaction history, which means your transaction has not been confirmed yet.

Although Bitcoins were sent, your transaction has not yet been processed and can be cancelled.

Your transaction is considered completed when it has got 3 confirmations. It usually takes about 30 minutes, but the period length may change. Your transaction, till then, will have been displayed as pending (Unconfirmed transaction).

30 minutes is the average time to get confirmation. Generally, getting confirmed may take more or less than half an hour.

Confirmation is a form of reaching agreement about who and how many Bitcoins possesses.As soon as confirmation is available, everyone agrees that you fully own now the Bitcoins you received, and they are at your disposal.

Until the moment your transaction gets confirmed, some network hosts check if the system is not deceived in any way. The more confirmations you receive the less the chance of its cancellation.

Only 6 confirmations or 1 hour (if based on time) will suffice to make the transaction cancellation almost impossible.

It is considerably better than using credit cards where the return of funds can be carried out even 3 months after the transfer!

How to check your transactions?

Go to your bitcoin wallet. It can be on Bitflyer or Blockchain (or other).

On Localbitcoins click “Wallet” in the upper right corner, scroll down and you’ll see the list of transactions.


On Blockchain.info and others click on “Transactions”.


On bitflyer go to “buy/sell” section and scroll down.


On blockchain.info choose the transaction and click If the transaction is not confirmed, there will be written “Pending: 0/3 confirmations”.


If the transaction is confirmed, you will see “Transaction Confirmed”.

As soon as the transaction is confirmed, you can use the Bitcoins you received at your discretion.


How does Bitcoin transaction work?


Bitcoin system’s transactions are conducted between wallets which have digital signature. Each online transaction is public, and every participant may not only view its sender’s and recipient’s data in a public block chain, but also to trace the whole history of transactions, which were made prior to it - down to the inception of the first cryptocurrency.
In order to understand what a transaction is, have a look at the example below.

Ichiro sends Mariko some Bitcoins. This activity is a transaction itself which will contain three types of data:

  • Input — a signature evidencing which address Bitcoins came to Ichiro from (let’s assume he has received them from Kichiro);
  • Amount — the number of Bitcoins which Ichiro sends Mariko;
  • Output — Mariko’s Bitcoin address.

To send anyone Bitcoins, you need two things: a Bitcoin address and a privacy key. The privacy key is a sequence of letters and digits, but unlike your Bitcoin address it is kept secret.

Your Bitcoin address is like a transparent deposit box. Anyone can look inside, see what there is, however, only that can open and take the content who has a privacy key.

Getting back to Ichiro and Mariko, when Ichiro wants to send some digital coins to Mariko, then, using the privacy key, he signs a transfer “request” where, as indicated above, three types of data are provided: the Bitcoin address, from which Bitcoins came to Ichiro, the amount and recipient’s address.

After that, he sends this “request” from his Bitcoin wallet to the Bitcoin network, where it is found by miners who then confirm a new online transaction by adding it into the transaction block, which, eventually, leads to increasing the balance of Mariko’s Bitcoin address.


How to create a bitcoin wallet?



1. Go to the BitFlyer.jp site

2. Choose how to sign up

  • by e-mail
  • by Facebook, Yahoo or Google

 


If we choose Facebook we will see the warning. There press “Log in as [your_username]”.


3. After signing in, agree with the rules.


4. And one more time agree with the rules


5. In order to verify your identity, click the "Personal information".


6. Enter the personal info in the required fields:


7. Confirm.


Then you can proceed to filling in the bank details:


8. Enter the bank details:


For example:


9. Confirm:


How to buy bitcoins?



Sign in to http://bitflyer.jp

To buy bitcoins you need to add funds to Bitflyer account.

You can do this with the help of online banking or ATM.


After this you need to verify your identity: scan or photo your passport and add to the corresponding fields, as stated in the instruction.

Verification usually takes a day or two.


Now you can proceed to buying bitcoins: enter your bitcoin identificator.


Press “Account funding”.


Here you can see the bank details.

You need to send money from your bank account to that account.

For example, ¥10000.


Press “Home” and you will see your assets.


If you have upgraded your account to Business level you can buy bitcoins directly from your credit card.

To upgrade account click “Upgrade your account class”. You will need to provide your bank account info.


After you upgraded your account you can buy bitcoins clicking on “Buy with credit card” tab.


If you do not want to upgrade you account to Business Class then after adding funds to the bitflyer account through bank wire.

Proceed to the section of buying/selling bitcoins:


In the field “Amount (BTC)” state the amount of BTC you want to buy and press “Buy coins”.


Now on the screen you can see your BTC and JPY balance. It means you have bought bitcoins successfully.


How to add funds to your bitcoin account?



Sign in to http://bitflyer.jp

You can add funds this with the help of online banking or ATM.

Press “Account funding”.


Here you can see the bank details.

You need to send money from your bank account to that account.

For example, ¥10000


Press “Home” and you will see your assets.


How to find your bitcoin wallet address?



Sign in to your Bitflyer account at https://bitflyer.jp


Go to “Account funding” tab


Choose “Incoming BTC”


Here is your bitcoin wallet address:


How to sell bitcoins?



Sign in to http://bitflyer.jp

Go to the section “Buy/sell bitcoins”.

Enter the amount of Bitcoins you want to sell.

Near you’ll see the corresponding amount of JPY.

Press “Sell coins”.


Press “Home”.

Here you can see the amount of JPY that you have received from selling bitcoins.


How to send bitcoins to another person?



After you create a Request to Provide Help, you should wait for the Order (transfer instruction).

Here's how the Order will look like in PO:


To see the instructions, click on the Order.

In the opened window you will see:

  • amount of BTC to transfer,
  • a BitCoin Wallet of your recipient who need help,
  • and the manual how to transfer BitCoins.

Copy the bitcoin address of the recepient.


Then Sign in to your Bitflyer account at http://bitflyer.jp

  1. Go to “Account funding” tab
  2. Choose “Outgoing BTC”

You need to add bitcoin address of the receiver:

  1. Enter the label for new bitcoin address
  2. Enter the bitcoin address of the receiver
  3. Click “Add”
  4. Enter the amount of BTC you want to send.
  5. We recommend also to choose some additional fee for transaction.
  6. Click ”Proceed to send bitcoins”

Your bitcoins has been sent.


How to withdraw funds at Bitflyer?



Sign in to http://bitflyer.jp

Go to “Account Funding” section.

Choose “Withdraw JPY” tab.

You can withdraw JPY if you have upgraded your account to Business class adding your bank account.


To do it go to the home page and press” Upgrade your Account class”.

Then follow the instructions.

After you upgrade you’ll be able to withdraw bitcoins to your bank account.


How to protect your bitcoin wallet?



Sign in to http://bitflyer.jp

  1. Go to “Settings” section
  2. Choose “Security” tab
  3. Tick the box “Enable E-commerce”
  4. Tick the box “send login notifications by email

Then tick the boxes to enable 2-factor authentication.

In the list below choose the method to receive confirmation code.

If you choose “text message” you should add your phone to the account.


If you choose Authentication app

  1. Click “Authentication app”
  2. Choose what app you want to install on your phone and install it
  3. Scan qr-code or enter the key in your authentication app on your mobile phone
  4. Enter the authentication code that app gives you
  5. Click “Enable 2-factor authentication”

If you choose to receive code by Email

  1. Click “Email”
    The letter with the code will be sent to you, open it, copy the code.
  2. Enter the code from the letter
  3. Click “Enable 2-factor authentication

If you choose to receive code by sms, you need to add your phone first.

  1. Go to “Settings” section
  2. Choose “bitflyer account information” tab
  3. Enter your CELL phone
  4. Press “Upgrade Account Settings”

Reload the page and go again to the “Security” tab.

  1. Press “Text message on your cell phone”
  2. You’ll receive a code via sms, enter it
  3. Click “Enable 2-factor authentication”

How to recover lost password?



If you forgot your password from bitflyer account, in the sign in from at http://bitflyer.jp press “Lost your password”.


Enter your email and press “Request bitFlyer to change your password.”


You’ll receive an email, open it and click on the link.


Enter and re-enter new password.

Then click “Reset”.


Click “Return to Login”

And in the sign-in form enter your email and new password


QUESTIONS-ANSWERS


1. What are the advantages of providing help with Bitcoins?

  1. Security
  2. Speed
  3. Safety
  4. Payment tracks and verification
  5. Low fees

2. Why does the MMM system advocate Bitcoin?

We have similar ideology—both Bitcoin cryptocurrency and the MMM Community create a fair financial system that everyone could live happily. Cryptocurrency can be used in any country of the world. Whereas difficulties in its using are rather psychological than technical. Having set up a Bitcoin wallet and having conducted only one transaction, you will understand that it is: easy, safe, secure, profitable, and fast.
These transactions become more and more popular. It will be as usual as using a favorite gadget.

3. What determines Bitcoin's price?

Bitcoin's price is set by the bidders in the stock market and on exchange platforms.

4. What is a Bitcoin address?

It is a wallet identifier in the Bitcoin system similarly to a bank account. It normally contains 27 to 34 characters and consists of random digits and Latin letters. It also can be presented in form of a QR code. The address is totally anonymous and has no data about its owner. It can be obtained on a grant basis, using, for example, software of the Bitcoin system.
Example of an address: 4qViLJfdGaP4EeHnDyJbEGQusnCpmw1qW.
It is possible, via such addresses, to send and receive Bitcoins as simply as emails.

5. Does it matter on which site was a Bitcoin wallet created?

It does not matter. There is a slight difference, and it consists in wallet security systems and convenience.

6. Is it be possible to perform transactions among all Bitcoin wallets created on any of suggested services?

Yes, it is.

7. I have two Bitcoin addresses, can they both be added to the MMM PO?

Yes, they can. You may add unrestricted number of Bitcoin addresses to your PO.

8. Does it matter what to specify in the “account name” of the system?

No, it does not. An account name is created for you exclusively that you may choose a relevant account when creating a GH request.

9. What should I do: first buy Bitcoins and then offer help or wait until a PH order comes and buy Bitcoins after that?

If you are a new member, we recommend you to buy Bitcoin first. I.e.before you create a PH request. But if you know already how to operate Bitcoin, you should buy it at the moment when you got a PH order created. In that case you will not be affected by price fluctuation risks.

10. How long have Bitcoin orders been created compared to JPY orders?

Much faster. If in case with JPY a PH-GH cycle is carried out within 3-4 months, using Bitcoin—you will need just 1-2 months.

11. How much does it cost to pay with Bitcoin?

A Bitcoin transaction fee is calculated for every single transfer. It is standard and not dependant on the payment amount, but on the block size in bytes. It usually ranges from 0,0001 btc to 0,001 btc. A Bitcoin transfer takes several seconds while transaction confirmation speed—on average from 10 to 60 minutes. If you want to speed up confirmation of transactions, you may increase the fee on your own. Then transaction will be completed faster.

12. Why is there JPY shown upon providing help with Bitcoin?

The currency depends on the country your residence. Since you are located in Japan, your basic currency is JPY. This means that Bitcoin here acts as the JPY transferring means. For example you want to provide help for 10,000 JPY. For that you need to buy 0.01 Bitcons for 10,000 JPY, transfer Bitcoins to a participant’s account, he/she will exchange them for 10,000 JPY and spend for his/her own needs.

13. How soon will I be able to get money when I am selling Bitcoins?

Transferring funds from a Bitcoin wallet to a bank card takes from 15 minutes to 24 hours. It may also depend on the selected stock market or exchange platform, as well as on Bitcoin buyers’ reaction time.

14. I want to work at the Bitcoin service. Tell me what and where should I send.

We are still looking for the new Bitcoin consultants who would help the participants to solve problems, answer their questions and gave detailed recommendations concerning Bitcoin.
Requirements to candidates:
  1. Perfect knowledge in the Bitcoin cryptocurrency field. You should know how to get/provide help in MMM, add an account into the PO, create a Bitcoin wallet, exchange the cryptocurrency for traditional money, and so on.
  2. Fluent English and Japanese.
  3. Responsibility and interpersonal skills.
To apply please contact your Guider

15. Are there bonuses for the first request in Bitcoins?

You get a 3% bonus for each providing help with the cryptocurrency. It makes no difference whether it is a first or hundredth one.

16. Is it possible to use a Bitcoin account only to withdraw Bitcoins?

Yes, it is possible to get help in the cryptocurrency to a Bitcoin wallet only.

17. How many digits should be there after the decimal/ full stop in Bitcoin transactions?

In a Bitcoin transaction after the decimal there can be from 1 to 8 digits.

18. If I participate in the system using Bitcoins, are Leader Bonuses and Old Mavro calculated in JPY or bitcoins?

MMM Japan uses the JPY for all calculations. But you can ask to send Get Help amount both to your bank account and Bitcoin wallet. You create a JPY GH- or PH-request and the system generates orders for a certain amount of Bitcoin at a current exchange rate. You have 48 hours to transfer the amount specified in the order to the other party.

19. Do I need to register another MMM account to participate using Bitcoins?

No. You don’t have to create a new account. You need to go to the “Accounts” section in your PO and add a new Bitcoin account.

20. Why does it take so long to get my Bitcoin transaction confirmed?

You might have set the standard (the lowest) transaction fee. That’s why it takes more time to have your transaction processed. If you want to have it confirmed sooner—increase the transaction fee. You can do it at any time.

21. Can I use different bitcoin addresses to provide and get help?

Yes, you can.

22. May I specify one Bitcoin address in different MMM accounts?

No. One Bitcoin address can be used for one account only.

23. How to make a screenshot with Lightshot?

1. Follow the link (http://prnt.sc) and download the LightShot application.


2. Install it on your PC. After installation the Lightshot icon (a feather) will appear in the lower right corner of the screen.


3. Click on the icon with the left mouse button OR press Prntscr at the keyboard.


4. Choose necessary area of the screen.

A. If you need to quickly send screenshot via skype or another messenger:

Click on the cloud sign at the panel at the lower right corner (upload to prntscr.com).


Click “Copy” .

24. What Bitcoin trading platform do you recommend?

You can choose any Bitcoin platform you like, but we recommend you to use Bitflyer
(http://bitflyer.jp), Zaif (http://zaif.j), Kraken (http://kraken.com) or Qouine(http://quoine.com)

25. Can I register with Zaif if I have already signed up for Bitflyer?

Yes, you can.

26. What does “buy” and “sell” Bitcoin mean?

Bitcoin is a cryptocurrency. Like any other currency (yena, dollar, euro), it can be bought and sold for other world currencies according to the current exchange rate. You can use different payment/transfer methods for this.

27. It is compulsory to use Bitcoin in MMM, isn’t it?

No, using Bitcoin is not compulsory. You can choose either Bitcoin or Bank transaction. But we recommend using Bitcoin due to its numerous advantages.

28. How to check my Bitcoin wallet balance?

You can find your balance on the platform where you had your Bitcoin wallet created. Usually this section is called “My Funds”, “My Wallet”, “Balance” and so on.

29. What to do if the sender didn’t pay a Bitcoin-order?

The system will automatically match you with another sender (it will generate a new order.) The participant who didn’t complete the order, will be locked.

30. Can I buy Bitcoins with a credit card?

Yes, Bitflyer, Zaif, Quoine and Kraken give users this opportunity.

31. How many Bitcoin wallets can be registered on one mobile number?

A mobile number is linked to an account, not to a Bitcoin wallet. In one account you can have unlimited number of Bitcoin wallets and addresses even using one mobile number.

32. After registering Bitcoin wallet we continue to work in the MMM PO, don’t we?

Yes, you create PH and GH requests in the MMM Personal Office. However to transfer Bitcoins, you will need the platform where your wallet or another Bitcoin service has been set up.

33. What is the minimum and maximum PH amount in Bitcoins?

The minimum PH amount is ¥5,000 (the Bitcoin amount depends on the current exchange rate). The maximum PH amount is $10 000.

34. Can first and last names specified when registering a Bitcoin account be different from those in the MMM account?

You, personally, may use one Bitcoin wallet to pay for different orders created on different requests, i.e. use it for different PH transfers. However it is prohibited to use the same Bitcoin wallet by several accounts (different people), as we have a rule: one person - one account. This means your Bitcoin wallet cannot be used by anyone else.

35. Is it permitted to make payments on several MMM accounts from one Bitcoin wallet?

You, personally, may use one Bitcoin wallet to pay for different orders created on different requests, i.e. use it for different PH transfers. However it is prohibited to use the same Bitcoin wallet by several accounts (different people), as we have a rule: one person - one account. This means your Bitcoin wallet cannot be used by anyone else.

36. How to deal with a problem of sudden changes in Bitcoin price?

The cryptocurrency is gaining momentum now, and thus the exchange rate is growing too; sometimes, however, it can move downwards. Price fluctuations are usually insignificant during 48 hours that are given to transfer funds. But we always advise our members to buy Bitcoins immediately after a PH order creation. Do not wait long until the exchange rate rises.

37. I have provided help with Bitcoins, how soon can I create a GH request?

You may create a GH request immediately after your Mavro in the PO have become confirmed (their color should change to green).

38. Can I use the other site for creating a wallet and participating in MMM?

Yes, to participate in MMM you can use any platform where it is possible to create a wallet and transfer Bitcoins.

39. Why Bitcoin orders do not allow to contact the other party?

To interact with the other party, use the chat in the order, and there is absolutely no need in any additional way to be in touch! You transfer Bitcoins from your wallet to a receiver’s wallet, confirm payment, and write in the order’s chat that you have paid. Even if the receiver does not confirm the order (that he/she has received funds), our service will do it for him/her, since any Bitcoin transaction can be checked.

40. Can I operate Bitcoin via mobile phone?

Of course, you can! There are a lot of applications for mobile phones with a Bitcoin wallet.

41. How to check if a transaction was successful?

Variant 1: look at an order status in your Personal Office. After a participant receives funds, he will confirm the transaction.


Variant 2: Bitcoin transactions will appear almost immediately in your transaction history.

As soon as the transaction is completed, you will see “Unconfirmed transaction” in your transaction history, which means your transaction has not been confirmed yet.

Although Bitcoins were sent, your transaction has not yet been processed and can be cancelled.

Your transaction is considered completed when it has got 3 confirmations. It usually takes about 30 minutes, but the period length may change. Your transaction, till then, will have been displayed as pending (Unconfirmed transaction).

30 minutes is the average time to get confirmation. Generally, getting confirmed may take more or less than half an hour.

Confirmation is a form of reaching agreement about who and how many Bitcoins possesses. As soon as confirmation is available, everyone agrees that you fully own now the Bitcoins you received, and they are at your disposal.

Until the moment your transaction gets confirmed, some network hosts check if the system is not deceived in any way. The more confirmations you receive the less the chance of its cancellation.

Only 6 confirmations or 1 hour (if based on time) will suffice to make the transaction cancellation almost impossible.

It is considerably better than using credit cards where the return of funds can be carried out even 3 months after the transfer!

How to check your transactions?

Go to your bitcoin wallet. It can be on Bitflyer or Blockchain (or other).


On Localbitcoins click “Wallet” in the upper right corner, scroll down and you’ll see the list of transactions.

On Blockchain.info and others click on “Transactions”


On bitflyer go to “buy/sell” section and scroll down.


On blockchain.info choose the transaction and click If the transaction is not confirmed, there will be written “Pending: 0/3 confirmations”.


If the transaction is confirmed, you will see “Transaction Confirmed”

As soon as the transaction is confirmed, you can use the Bitcoins you received at your discretion.