Step 1: Download xsats
Download the xsats app on iOS or Android!
Follow the in-app prompts to activate your account in no time.
Step 2: Prepare your Wallet
Open your wallet to generate a new receiving address - where you'll receive your bitcoin.
This can be a software wallet like Blockstream's Green Wallet (you can view our guide on setting up Green Wallet here), or a dedicated bitcoin storage device (Hardware Wallet) like CoinKite's ColdCard or Ledger's Nano S.
For larger amounts of bitcoin, we recommend using a hardware wallet for improved security.
Make sure that the wallet you choose is non-custodial, which means that you control the Bitcoin 'private keys' (the keys you need to spend your bitcoin). If you allow third parties (e.g. Coinbase or banks) to hold your bitcoin, the bitcoin is not really yours. You only own an IOU for bitcoin. In this situation, there are many ways that this bitcoin can be stolen, seized or lost.
It is much safer to learn how to self-custody your bitcoin and use a non-custodial service. This way, you maintain full control over your bitcoin. Don't give this power to third party custodians! There are many new companies jostling to control your bitcoin - at xsats, we strongly recommend that you don't let them! Bitcoin is most valuable to you when you custody and control it independently.
For the purposes of this guide, we will use a Ledger Nano S in conjunction with Ledger Live. It's far better to connect your wallet to your own node instead of Ledger Live (more guides on this coming soon!), as this gives you more control and protects your privacy. That said, the most important thing is to custody your own bitcoin - this is your first step to Bitcoin sovereignty!
Ledger Nano S
Plug in your wallet, enter your password and navigate to the Bitcoin 'app'.
Go to 'Accounts' in the Ledger Live menu, then tap 'Receive'.
Select the 'Account' where you would like to receive your bitcoin, or create a new account if you don't already have one.
Click on 'Continue'.
Now check the screen of your Ledger device to ensure that the address shown there matches the address shown in Ledger Live. Your hardware wallet is the source of truth - this step ensures that Ledger Live is not compromised and the address shown is truly your own. After ensuring the addresses match, press confirm (tick) on the Ledger device.
Now click on 'Show QR Code' as indicated in the screenshot below.
The QR code displayed will, when scanned using the xsats app, communicate your bitcoin address (the string of characters shown below the QR code). Note, to prevent bitcoin from being accidentally sent to our demo wallet, we have obscured part of the QR and address. Keep this open - we'll come back to it shortly.
Step 3: Secure your xsats account
Assuming you successfully registered and verified your xsats account in Step 1, you can now enter the xsats app.
Before going any further, we recommend that you activate Biometric login (TouchID/FaceID) in the 'Security' menu of the left hand tab.
We also strongly encourage you to setup 2FA - this is an additional security measure, which protects your xsats account from hackers. Download the Google Authenticator app (or your app-based 2FA app of choice) then visit the "Security" menu once again in xsats. You'll need to copy the 2FA 'secret' (another string of characters), create a new account in Google Authenticator and paste the secret with an appropriate label (e.g. xsats-your email address). You should also back this code up in a password manager or write it down on paper and keep it in a safe place, in case you lose access to your phone.
Next, copy the TOTP (time-based one-time password) code, open the xsats app, tap 'Verify 2FA' in the 'Security' menu then paste and submit this code. The code changes every 30 seconds so you may need to repeat if you run out of time and the code you copied is no longer valid.
Once you have successfully setup 2FA, you will now need to paste this TOTP into the app every time you login to xsats. Although this may seem inconvenient (it does add a few seconds each time you login to xsats) it is well worth it for the huge security gain.
Step 4: Link xsats to your wallet
You now need to add the bitcoin wallet address you retrieved from your hardware wallet in Step 2.
In the xsats app, visit the central tab (with the Bitcoin logo) and tap on the QR code on the top left corner. Agree to give the xsats app access to your camera and then scan the QR code from Step 2. You should see a green success message.
Next, tap on the bitcoin logo to close the camera, and check the address shown matches the address shown in your wallet.
Step 5: Send Payment
Now that your xsats account is all setup, verified and secure, and you have told xsats where to send your bitcoin, you're ready to buy bitcoin direct to your private wallet!
To do this, visit the right hand tab.
Enter the amount of £ to see the amount of bitcoin or sats (1BTC = 100 000 000 sats) you'll receive (this includes withdrawal fees! - there are no extra fees) and tap 'Buy' to proceed to payment.
Next, please carefully read and acknowledge the terms and conditions, then send a payment to the details shown from within your bank's website or app (e.g. RBS, Barclays, etc.). Note that you can copy each piece of information to the clipboard by tapping on it, then paste it in the relevant field in your bank.
Please make sure your payment reference matches the 12-digit reference shown to avoid delays.
When we receive your payment (normally within seconds, with UK FasterPayments), your order will be processed (usually within 10 mins). Your bitcoin will be sent directly to your wallet, which should show your incoming balance shortly.
That's it! You now own some bitcoin! As long as you keep your wallet and seed backup safe, your bitcoin is now securely held and controlled by only you.
Welcome to the world of self-sovereign finance.
