“When bitcoin currency is converted from currency into cash, that interface has to remain under some regulatory safeguards. I think the fact that within the bitcoin universe an algorithm replaces the function of the government …[that] is actually pretty cool.”
Al Gore, Former Vice President of the United States
Bitcoin is seen by some as an investment and seen by others as spendable money no different to dollars and pounds. If you are happy with the gains you have made you can sell all or some of the Bitcoins you have earned at a bitcoin exchange.
To move your bitcoins from your Bit By Bit Bitcoin Address you need the corresponding Private Key which is located in the first email from Bit By Bit, with the subject “Your Bit By Bit Account is Ready“. The combination of the Bitcoin Address and Private Key is commonly referred to as a “bitcoin wallet”.
The Bit By Bit bitcoin wallet is not connected to the internet, this is what is known as a ‘cold wallet’. To move bitcoins from a cold wallet, the wallet needs to be connected to the internet first, once a wallet is connected to the internet it becomes a ‘hot wallet’. The easiest way to connect your Bit By Bit wallet to the internet is to download the Blockchain Wallet app:
The first time you open the Blockchain Wallet app you will have to ‘create a wallet’ afterwards you can import your Private Key from the first email from Bit By Bit into the Blockchain Wallet app by scanning the RED Private Key QR Code.
Next you will need to setup an account with a bitcoin exchange like Vimba and send your bitcoins from your imported Private Key in the Blockchain Wallet app to the address specified by the bitcoin exchange.
Once you bitcoins have arrived at the bitcoin exchange you can sell your bitcoins for New Zealand Dollars (NZD).
