Bitcoin Manual: Desktop Web + Local Wallet
A web wallet is usually a browser-based wallet . In some cases you can download a applications to manage your wallet without a browser. These web wallet providers usually offer means to buy bitcoins. For ease of use we recommend Coinbase because you can use your credit card to purchase bitcoins.
Coinbase lack anonymity, that’s why we prefer to use Local Wallets in combination with Coinbase. We buy bitcoins using coinbase. Sent them to our local wallet and use the local wallet for online purchases, which gives us a more secure and anonymous transaction. For our local wallet we will be using MultiBit HD.
1Installing Coinsbase + MultiBit HD
1.1 Create an account
We are going to use Coinbase to buy bitcoins. Visit www.coinbase.com and create a account.
1.2 Account verification
To verify your identity you will need your phone number and either an ID card, driver's license or passport and a Webcam. Simply tap Buy to start the verification process.
This will allow Coinbase to verify if your bitcoin account is legitimate yours. This can be tedious, but once you get past this, it’s going to be smooth sailing. Using bitcoin for transaction will be super easy and convenient!
No webcam? Try using your smartphone to verify your account.
1.3 Installing MultiBit HD
For secure and anonymous transactions, we are going to use MultiBit HD. Visit www.multibit.org and click on download for either windows, mac or linux. Download and Install the application on your system.
1.4 Starting up MultiBit HD
Multibit HD will ask for your password when you start it, don’t worry about.
Click on the “create” button in the bottom right corner of the window and carefully follow the instructions to create a new account.
1.5 Setting up MultiBit HD
Click on “Preferences” on the left menu to change some settings in order to make MultiBit HD more useable. The most important one is Bitcoin display. Click on the “Display” button.
For faster transactions you should set “Fees” to “Highest”. This will increase the fee by a tiny margin but decrease the time it takes to process your transactions significantly.
*The default setting of your wallet's fee is set to 0.0001 BTC. As of lately, that fee is not sufficient to get your bitcoin transaction confirmed in a proper time. Increasing the fee to 0.001 BTC or higher dramatically increases the chance that a bitcoin miner picks up your transaction quickly.*
1.6 Changing Bitcoin display
It is important to change the Bitcoin symbol from mB to just B. This will make the currency calculation less confusing.
1.7 Changing currency display
Not every exchange rate provider are able to provide every currency. If you wish to use a different currency than US Dollars or Euros you will have to search for a provider that has your prefered currency.
*Please note that every exchange rate provider has it’s own exchange rate, resulting in slightly different prices.*
1.8 Verify your changes
The most important thing is changing mBTC to BTC. You can verify your changes on the top left corner of the page. It should show a bitcoin icon without a ‘m’ before it - if not, please take a look at the bitcoin settings again.
2Buying Bitcoins
2.1 Choose your payment method
Navigate to “settings” in the left menu and click on the “+Add a Payment Method” button. Select the payment method for bitcoins which you prefer. Follow the instructions and you will be able to buy Bitcoins in no time.
2.2 Buying Bitcoins
To buy bitcoins, click on “Buy/Sell” bitcoins in the menu on the left. It will open a window where you can select the wallet you want to use to buy bitcoins. It will calculate everything for you.
If you are using credit card to buy, do note that Coinbase charge a small fee.
3Transferring bitcoins to local wallet
3.1 Create a new request
Click on “Send/Request” in the menu on the left and click on the “Request” button to make a request.
3.2 Local Bitcoin Wallet address
You can ignore the amount in this window. The amount will depend on how much you want to sent from your Coinbase wallet.
You can add private notes to describe this transaction - only you will be able to see it. It’s basically a description for yourself.
Before you click on "Finish" be sure to copy the recipient code. That is your wallet address for this transaction. This is how you will be able to send bitcoins from Coinbase to your local wallet.
3.3 Charge your Local Wallet with Bitcoins
Open Coinbase and click on “Send/Request”. Copy-paste the bitcoin address into the recipient bar and fill in the amount of BTC you want to transfer from Coinbase to Multibit HD. Click on “Send Funds” when you are ready, this will prompt a new window for you to double check if everything is correct. Click on “Confirm” when you are ready.
The status of your transaction should be set on “pending”. When the transaction is processed the status should be set to “Sent” in both of your wallets.
4Paying with Bitcoins
4.1 Select Bitcoin method in checkout
To check out at Nirvana Shop with Bitcoins you have to select the “Pay Anonymously with Bitcoin” option at checkout and continue with your checkout.
4.2 Confirm your Bitcoin payment
After placing your order, you will be redirected to a Bitcoin payment page. Click on “I confirm my order” when you are ready to proceed.
By confirming your order the Bitcoin exchange rate will be frozen for your order for 15 minutes - which is usually more than enough to finish your payment.
4.3 Wallet key
The new window will give you approximately 15 minutes to finalize your order.
By confirming your order you will be redirected to a new page. This page contains important information. The Bitcoin address of your Nirvana Shop order and the amount of BTC your order cost. Keep this page open because you have to copy paste the amount and the address to Coinbase in order to complete your order.
4.5 Confirm the payment request
Allow your browser to launch MultiBit HD and confirm the purchase in Multibit HD with the pink “Yes”.
4.6 Finalize purchase with MultiBit HD
Click on “Pay this payment request” to finalize your order!