Bitcoin is a promising payment method with which price surge predictions take place. Its inception took place in 2009, and since then, Bitcoin has become a pioneer in terms of cryptocurrency. Looking at its journey, bitcoin has come a long way. In its initial days, Bitcoin was regarded on speculative terms, and now it has matured to become a reliable payment method that is known to be accepted by a wide range of retailers and enterprises all around the world.
If you are someone who wishes to use bitcoin for payment purposes and you want to know the ways in which you can do so hassle-free, then this article is for you. Here we will tell you the steps that you can use easily to make payments using bitcoins. You can follow these simple steps and then make payments easily using bitcoins.
1. Get Bitcoin
The first thing you need to do is get bitcoin so that you can use it to make payments. The ways in which you can get bitcoins are as follows:
- The most popular way to get bitcoin is through the exchange of cryptocurrency. These are online market places where the buying and selling of currency takes place. You can purchase bitcoin with the help of traditional currencies such as the US dollar and the euro.
- P2P, which means a peer-to-peer platform, can also be used to get bitcoin. These platforms are LocalBitcoins and Paxful, which are popular enough to get you bitcoins.
- There is a concept of a bitcoin ATM in some regions where you can exchange cash and get bitcoin in return, which acts as a bitcoin ATM.
- Another concept that can be used is mining. It is a process where advanced people make use of special technology and solve complicated mathematical issues, and in return, they earn bitcoins. This is also a way in which one can get the cryptocurrency.
2. Choose a Bitcoin Wallet.
It is a wallet that is required to securely store your earned bitcoins. This wallet is also used for transmitting and receiving bitcoins. There are different types of such wallets, which are:
- Software wallets, which are applications that can be installed on a mobile or PC. For example, Electrum and Trust Wallet.
- Hardware wallets: these are actual wallets that let you keep your bitcoin offline securely. Some of these are Ledger Nano S and Trezor.
- Paper wallets, which are physical documents that contain physical documents and have a private key,.
- Online wallets are provided by online cryptocurrency exchanges to store bitcoins; some exchanges provide this facility to their consumers.
Make payments using Bitcoin.
Once you have bitcoin in your wallet, you can use it for a number of payments, such as online shopping, person-to-person payments, peer-to-peer transactions, and invoices for payment requests.
Confirm the transaction and track it.
After making a payment using bitcoin, you need to confirm your transaction status. These transactions are stored in a public database, which is known as a blockchain. These blockchains can be accessed using blockchain explorers, websites, and apps.
The three-way process of this transaction involves blockchain exploration, confirmation, and waiting for confirmation.
Transaction fees
A transaction fee is also levied when you make a payment using bitcoin. This fee is paid to miners that confirm the transactions you make in the blockchain. The criteria that is used to determine the charge of transaction fees involves many terms, such as priority and regularity of payment that you make using this cryptocurrency. The transaction fees keep varying for different transactions and are not fixed at all as they are based on various parameters, exchanges, and the type of transaction.
Maintain security
You must have complete information about your bitcoin payments and must maintain security as well. The ways it can be done are as follows:
- Keep your wallet and private keys secure and with you only.
- Stay informed about your crypto account.
- Follow regulatory compliance in the case of crypto payments.
- Have a backup of your wallet recovery and the private key that you have set for security purposes.
- Stay away from fraud schemes, phishing, and fake websites.
Read Also: Alpha Group Secures Premium LSE Listing, FTSE Beckons
