How to use Luno – Buy, send, and trade Bitcoin – realitime transfers



hi in this video I'm going to quickly demonstrate how to use a Luna as a platform for transacting with bitcoins the first thing you'll need to do is go to the website which is www.hyken.com trees and they do have an option for using your fiat currency that is your actual local legal tender your actual cash currency in your domain where you are so you can need you'll need to log in or sign up to their website and I have done that and when you log in you will get a screen that looks like this this is the home screen of Luna it's a little bit different than the one on the mobile platform I do have a video of the you know on the mobile platform welcome to have a look all right so you will now need to deposit money into your Luna account which then can be Tron's used to transact or using to Bitcoin right so how do you do that you will need to load money so how you do there you go to deposit money and you'll need to have a local bank account in your country and for example if this is video was taken in South Africa so these are the local banks in South Africa and if you were with say Capitec Bank you will then tell Luna how much you are wanting to deposit there is a limit for example here it says 6700 yr they're limiting to 6700 because Luna is not an anonymous platform that means they need your ID your email address and some personal details so just so you know this is different to ace Jack's wallet for example Jack's being more anonymous they're not requiring these type of details from us Luna allows you to convert your fiat currency into Bitcoin and one of the reasons is they will require authentication because certain countries have certain laws regarding movement of funds so in South Africa we have something called FICA which is a law which means that financial service providers or buddy who transact financially needs your details they need your proof of residence where you live your copy of your ID and so forth so this is why they have limited this deposit if I give them more personal details I can then increase this deposit amount in larger proportions as they get more information from me all right so so you might want to put in six tiles and then you'll get a reference number this is the Bank reference number you'll need so if you have a Capitec bank account you will then make a transfer to their bank which happens to be F and B there's their account number at the branch and so on and you must use this as your reference number if you're going to use a different Bank for example maybe you'll then use standard Bank I think Luna do have a standard bank account and this is just another Bank that is available in this country of South Africa and then what will happen is you can see you can deposit straight to the same Bank which allows the transfer to happen much quicker and in do so Luna will actually let you know that it deposit was made they'll send you an email and in the email or say write funds we received and you can now use those funds to buy Bitcoin on their exchange and it doesn't take long it's can be minutes I have noticed late at night it does take longer so be prepared to wait a few hours but usually it's minutes especially if you are transacting in the same Bank okay so now you've added funds into your lunar account you've got some cash on hand and now you want to convert it to Bitcoin how do you convert the money in your wallet or Rand value that you've actually transferred from your local bank until you know how do you get that it's a bit cold well you will not need to buy but good okay there's two ways to do that you can do it directly by simply pressing the Buy button and you can say well I want to I'm just going to put in in my local currency yours might be USD you might be you might be Nigeria you might be Malaysia the Luna is available in many correct countries so this is my local currency which happens to be sorry which is Rand's and maybe I want to convert I want to buy 3000 rands worth of bitcoins and that will give me point zero five Bitcoin so effectively they're charging me fifty-seven thousand two hundred and seventy four Rand per Bitcoin but if you know look at the exchange price at the moment it's fifty five six nine nine it is an expensive way of buying a Bitcoin when you do the instant buy or sell the fee is quite high and if you want to know more about the fees it's a good idea to just have a look on the hub or on their website in terms of fees because the fees are not that straightforward for example it depends if you are buying instantly or if you are making an offer or you it will determine what the fees will be so you can go on their website and look at the fee schedule for your country very important very important to do this for example the fees that take a fee is shown here and they do differ from country to country not by a lot but it does make an impact in terms of your training if you do a lot of trading you don't really want to be paying fees all the time and how do you get around paying some of those fees is to actually not use this instant buy and sell but rather to trade on the exchange I will get into this exchange now and there is a way to do this I will comment on it now and sort of go back to this instant buy and sell right so if I had to do this instant buyer i would then get the effective bitcoin value of point zero five two three eight immediately I will be paying a higher fee than normal and if I want to know about the fee I look at it on their fee schedule and then what will happen is I will immediately see in my butt coin wallet here this will be incremented by point zero five or whatever it was so just so you understand that but Luna is actually an online wallet system it actually allows you to to store your but Cohen online and therefore you should be aware of the bondages and disadvantages of online systems okay now trading on the exchange now as I said yeah if you want to have fewer transaction fees it's probably better to use the exchange and how the exchange works is this is an online exchange showing you the current buying so car orders for example right now there is a 46 spread which is the difference between what the person is offering to Salah Bitcoin net versus what the price that will probably be accepted and that is the spread so you kind of all are actually making an offer and if somebody accepts your offer and actually buys it from you they pay the fee whereas if you accept someone else's offer then you will be the one who's paying the fee but don't be fooled that there are some limitations to this because even if everybody does accept your offers and then you have minimal fees they lunar will look at your trading volume for the month and the certain amount of Bitcoin trading world where they will apply a fee to there so you've got to just have a look at the trading volume in total another thing you should know is you know does allow you to actually send a Bitcoin if you do look at the option here and the home it says here sin which means you can literally just get the Bitcoin address from anybody that you want to send funds to and they will also charge you a fee again so you've got to be careful of the fees in terms of sending bitcoins to third parties on the internet for example maybe doing some online shopping and then this website happens to actually accept Bitcoin there it is they accept Bitcoin as a form of payment but I have found that when I've used you know the fee was quite high and then you have to do the transaction within a short time space and obviously as you know it Bitcoin transactions the foster you transact them but higher the fee tends to be all depending on the so what happens you've got about 10 minutes to finalize the transaction and in my case the transaction was not finalized within 10 minutes and then it had to be reversed and therefore I'd then paid another fee on the Bitcoin on the Luna and I can actually just show it to you here is a buy and sabai send fee which is she was quite high and the the I also had a receive fee so you can see just for paying with Luna if he was pretty high so just to be aware of the fees okay moving on we now go to this exchange and as I said this is probably the best place to buy and sell if you are going to be wanting to reduce fees now for example the current cost of now is let's see fifty six thousand and forty two that is the exchange now you might be wondering why it's so high in terms of rents not just to be aware if you're a South African the Bitcoin value is actually a little bit inflated in South Africa for example if you do go and look on the exchange right now and you say BTC czar you should see a it's fifty three thousand two hundred and thirty five ways if you actually look at Luna they're charging fifty six thousand forty Tuesday just could be a little bit careful you not paying the cost price all right you'll have to check this in your country as well for example if you happen to be in Nigeria for example let's say you can see the cost of one Bitcoin in your currency of Mara and if you in US dollars you can also then see in terms of US dollars and here all the you can do this and have a look so just to be clear this isn't the cheapest price right okay so now we want to actually buy Bitcoin so what you're going to do is you go to determine what price are you comfortable with so right now I can see there's a spread of one maybe I'll choose an amount of fifty five eight three four just so that this is a quick transaction and how much do I want to buy let's say our bite point zero zero let's at point zero four no that's too much it's at point zero one so that's five hundred and fifty eight grand off Bitcoin so I'm going to see if I can put this bidding so this means that if I put this bidding if somebody buys it they will then be paying the fee so let's just have a look this just check fifty five thousand eight hundred and thirty for the current amount is the closest is fifty five eight thirty nine yeah this will probably be accepted pretty quickly so I'll place the bid now as I've placed the bird it cookie checks with me if there if I'm satisfied with Vera mark and then it adds my baby see there's my better stars appear there and it's actually sorted in there over there with another with other people who have also probably wanting to solve at that cost and then what will happen is I will just wait until however long it takes and see if it eventually somebody eventually buys it what will happen is I can have a look at my at my previous transactions and it will it usually shows you your current transactions I just want to see if I can could you get that going right so it's showing me here there is a pending open order of point zero one Bitcoin at a price of fifty five thousand 1834 and the price is five hundred fifty eight red it is still pending it hasn't happened you can cancel it if you want I may stop it right now or I can just wait for it I'll just wait for it that is fun and once it gets accepted I will see the Bitcoin value here increase and that's it that's how you do it now moving on let's look at how you sing someone a butt coin right moving on let's look at how you sin someone some Bitcoin you will then need their butt coin address so there I have the Bitcoin address of someone I want to say in funds to and here I'm using Jack's for example and this happens to be my public Bitcoin address so I this is on another computer and I have copied the Bitcoin address and I'm gonna send myself some Bitcoin let's but I'm gonna convert it into rands because it's much easy I'm going to send myself three hundred Rand of a Bitcoin and I will just say here the reference this is actually for you it's actually not for the receiver the reference is actually going to be put in my transactions it will just give me the reference I can remember what this transaction was for right so now what I'll do is I'll just say send and it'll ask me to confirm this a my condo as satisfied – same point zero zero five blah blah blah but going to this public key address and I'll say confirm right now it's fairly secure they are now sending me an email just to check it and I have now received the email and I will then verify the payment on my email I've received the email and I'm not gonna just say authorized so you're not seeing it but there we go you can see the email has come in and I'm not replying and I'm saying authorize and the action will be initiated as soon as my reply email gets – Lou knows servers right this should be quite soon okay so out of interest the payment has taken place and my wallet has been decremented all this money has been taken off and I'm not looking at my Jax wanted to see when this Bitcoin amount gets landed into my Jack's wallet it should be happening quite soon I did make a small transfer and let's see when it actually comes in there we go so payment was received it was point zero zero five three five now just so you're aware the man that are transferred was actually let's just have a look here at the transaction but go insane feed the man that I transferred was point zero zero five three five two and the month that I received was point zero zero five three five one seven four and that's where the fee was taken loo no charge an amount in order to stew this transaction well what maybe maybe you know is not actually necessary charging in itself is that they have to pay anything for the mining fee and obviously you know do make some profit from that but this is also being paid to the miners who actually perform the transaction on the Internet okay so that was not even 45 seconds and that's how you send and receive if I wanna now send to my Luna account it's not a problem I press the send button and this is just happens to be a another wallet this is a digital wallet kolchak's and what I do is I then come here and I will then say receive I want to receive a Bitcoin so if I say receive Bitcoin I need to get an address and there is my public address in order to receive but going so if I then copy that and put it into another Bitcoin wallet and then I can say Ron I want to send ten dollars then I will receive it on the other side at Luna and then they will also ask me to to authorize and in the transaction will take place so that is how you buy and sell and trade on Luna and so how to you how you deposit money on the air if you want to see how to do this on the mobile platform please watch my video and I hope this was helpful and thanks for watching

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