Getting and sending Bitcoin (use a computer/laptop)
1. Sign up to a Bitcoin exchange
Independent Reserve is a registered Australian company and has trading fees starting from 0.50%. You will need to verify your ID and send some funds to Independent Reserve via bank transfer initially. Once you’ve done this, here is how to get started.
2. Buy some Bitcoin
Fill in a small amount in the “Volume” text field
click “preview buy order”, and confirm the order.
Send the Bitcoin out of Independent Reserve (and to your lightning wallet)
3. In Independent Reserve, click “accounts” at the top of the page, then look for “XBT” (Bitcoin trading ticker) and click the corresponding “withdraw” link.
4. Copy your receiving address
From Blue Wallet (see instructions in step 6 on the right) paste it here in the “Destination address” field.
Double check the address matches when you copy/paste and click send!
How to put some Bitcoin into Blue wallet
1. Download Blue Wallet onto your smartphone
Blue Wallet is available on Android and iPhone.
When you first start the app you will see this screen:
Tap on either of the plus sign icons to create a wallet.
2. Leave everything as it is and hit the big blue “Create” button, then tap on the purple coloured wallet.
3. Before you receive any bitcoins to this wallet you will want to back up your magic phrase in case something happens to your phone. Click “options” in the top right corner.
4. Tap Export / backup.
5. Write down the 24 words in order on paper and keep it safe. Do this a few times on different sheets of paper if you’re prone to forgetting things easily. Press the cross icon in the top right corner when done.
6. Tap the “Receive” button down the bottom
Either tap on the grey numbers (this is your address) to copy it and paste it in an email to yourself or tap the “share” button and email the address to yourself so you can paste it in your computer.
Transfer some bitcoins into your lightning wallet
- Click the plus icon near the top right corner to add another wallet
(don’t worry you won’t need to back up this one too – it’s linked!)
- Ensure that “Lightning” is selected and tap “Create”
- Tap “manage funds” then “Refill”
- Tap your wallet (it should have some BTC in it to work)
If you have only recently sent the funds from Independent Reserve please wait at least half an hour (it takes the Bitcoin miners some time to include the transaction into the blockchain).
You should see something like this. You’re ready to send and receive lightning payments!