How to use bitcoins for the transaction
If you are dealing with Cryptocurrency, bitcoin, then your online transaction will be the easiest with our website as we accept Bitcoin transactions too. We wish to make this a bit informative to all those who are not aware of bitcoin and want to get a brief knowledge of bitcoin and their role in an online transaction.
Firstly know what actually bitcoins are?
Bitcoins are cryptocurrency or digital currencies that can be helpful for the transaction through electronic transfers through your mobile or your computer online. Unlike paper currency or gold the real value of bitcoin is not assigned or specified by any form but you can always convert it into hard money and can use them to buy any products or pay for any services online however, there are fewer people who accept cryptocurrencies and we are one of them! These bitcoins cannot be transferred to everyone easily but you need to first install your bitcoin wallet and earn bitcoins by purchase them or get them from someone or mine new bitcoins.
How can you get access to bitcoins?
Bitcoins can be earned in 3 ways:
1. You can earn cryptocurrency, bitcoins, by selling services and buying the services
- You need to settle your transactions with those people who deal in bitcoins so you can provide them services or sell your products in return of bitcoins. There are also other methods to earn bitcoins. You can also buy the bitcoins online in with cash or you can also mine the bitcoins which is explained below
- You can buy bitcoins from any person or an exchange where you can pay using cash or credit or debit cards. You need to find someone who is trustworthy so that you can use escrow service which includes coin cola or local bitcoins. Using OTC will require your Id proof for maintaining KYC and security. You will also need the ID proof of the other person who is involved in the transaction with you.
2. You can also buy bitcoin from various exchanges and outlets
- These exchanges or outlets are useful in selling bitcoins to customers directly; this also has a unique quality where the online service also help in settling the transactions with the users, that means it settles the exchange transactions for a meagre fee. In order buy bitcoins from exchanges and outlets you first need to verify your identity. Once it is verified you can easily use it for the transaction to buy or sell Bitcoins or other cryptocurrencies.
- In fact uou can also buy bitcoin from your nearest bitcoins ATM. These bitcoins are only one directional for use. This can be either used for trading for cash or can be bought. But the major problem now a days is that the government has restrictions and regulations on the installation of the ATM at specific places and you may have a trouble in finding an ATM near you.
3. Getting Bitcoins by mining
- The third way of getting Bitcoins is by mining them which is very difficult process and time consuming if you cannot get them through any of these methods. You will have to solve typical mathematical puzzles about the history of different transactions or algorithms. In return, you will get free bitcoins as a reward but you will have to pay a processing fee for the transaction of these bitcoins. This way of bitcoin collection is not very easy and it is impossible for most of the people as it’s a very tiring and cumbersome process.
Before starting the transaction know how to set up a bitcoin wallet.
A cryptocurrency, bitcoin wallet is nothing but the same replica of your day to day wallet where you can store your money online and you can pay for purchase commodity or services.
Bitcoin wallets are available in different forms, it can be computer software or hardware or a physical piece of paper. Where you store your bitcoin to make a transaction in future.
These bitcoins wallets have unique authorisation keys which need to be used when you have to trade your bitcoin or use your bitcoins to buy something online.
There are three types of wallets
- The software wallet is a free digital form of a wallet where you can save your bitcoins in your device, your computer or your mobile phones. Your transactions become very easy with the software wallet as you can easily send or receive money on your device but this is also dangerous as these kind of wallets is susceptible to the hackers and can be hacked easily and you will easily lose your money.
- Another form of the wallet is the hosted wallet where a third party handles your wallet and the entire transactions of buying and trading are done by the third party. But the most difficult part in this kind of a setup is to find a trusted party whom you can give your entire details so that the person can handle all your transactions without defrauding you.
- The last one is the physical wallet or hard wallet where you can save the bitcoins in offline mode and this is the safest way to save your bitcoins. This is the safest form but during transactions, you have to install your bitcoins in the software and only then you can do the transactions.
Know how to transfer Bitcoins
To send the money through software wallet to another wallet, you need to click on the send option of your bitcoins wallet, you can also choose “trade bitcoins” option. Under trade bitcoins options you need to enter the receiver’s entire wallet address. You can type it manually or you can copy paste it to your address and we recommend you to copy and pasting it as it is long and very confusing. Later you can click on the review option and audit the details that you have entered and finally send the bitcoins.
You can alsosend it through your paper wallet where you will be needed to install the paper wallet in the software wallet by either entering the scanning the QR code or entering unique letter series and then finally taking the same procedure as you followed in the software wallet transaction.
The third method is sending through your hosted wallet which is similar to sending through your software wallet. In this method, you will have to alert as many hosted wallet show themselves as online banks and you need to be really sure as there can be a problem of fake wallets as these hosted wallets do not have any insurance or they do not assure any security.
Remember the website where you have hosted your wallet as once it is lost it cannot be retrieved and you will lose all your saved bitcoins which will be a big loss.
How can you get the bitcoin app?
It is extremely easy to get the bitcoin app downloaded as you can get this app on your smartphones easily. You just need to search bitcoin.com wallet in your google play store or the app store or on your IOS device.
You need to locate the bitcoin app and then click to “install” or “get” button and it will start installing on your phone.