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BITCOIN

How to use bitcoins for the transaction

If you are dealing with bitcoin then your online transaction will be the easiest with our website as we accept bitcoin transactions. All those who are not aware of bitcoin and want to get a brief knowledge of bitcoin and their role in an online transaction then you can definitely go through as the entire system is mentioned in an explicable manner.

Firstly know what actually bitcoins are?

Bitcoins are digital currencies that can be helpful for the transaction through electronic transfers through your mobile or your computer. Unlike paper currency or gold the real value of bitcoin is not assigned or backed by any form but you can always convert it into money and can use them to buy any products or pay for any services. These bitcoins cannot be transferred to everyone but you need to first install your bitcoin wallet and earn bitcoins by purchasing them or getting them from someone or mining new bitcoins.

How can you get access to bitcoins?

Bitcoins can be accessed in 3 ways                                         

1. You can earn bitcoins by selling services and buying the services

  • You need to settle your transactions with those people who are having bitcoins so you can give them services or sell your products in return to bitcoins. There are also other methods of getting bitcoins other than getting it from some person. You can also buy the bitcoins in return for cash or you can also mine the bitcoins which are explained below
  • If you are unable to settle any transaction that can give you bitcoins then you can also purchase the bitcoins. You can buy bitcoins from a person, where you can pay through cash or credit and debit cards. You need to find someone who is trustworthy so that you can use escrow service which includes coin cola or local bitcoins. If you are using OTC then it will require your Id proof for maintaining security. You will also need to the ID proof of the other person who is involved in a transaction with you.

2. You can also buy bitcoin from various exchanges and outlets

  • These exchanges or outlets are helpful in selling bitcoins to customers directly; this also has a unique quality where the online service also helps in settling the transactions with the users, that means it settles the exchange transactions. To buy bitcoins from exchanges and outlets you need to first verify your identification details. Once it is verified you can easily use it for the transaction.
  • You 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 is the government has regulations on the installation of the ATM at a specific place and you may have a problem in finding an ATM for you.

3. Getting Bitcoins by mining

  • The third way of getting Bitcoins is by mining them if you cannot get them through any of these methods. You will have to solve typical mathematical puzzles about the history of different transactions. 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 persons.

Before starting with the transaction know how to set up a bitcoin wallet.

A bitcoin wallet is nothing but the same replica of your day to day wallet where you can store your money and you can give your money to purchase something.

Bitcoin wallets can take different forms it can be computer software or hardware or a physical piece of paper. Where you will store your bitcoin to make a transaction in future

These bitcoins wallets have unique keys which will be used when you have trade your bitcoin or use your bitcoins to buy something.

There are three types of wallets

  • The software wallet is the digital form of a wallet where your bitcoins are saved in your device, your computer or your mobile phones. Your transactions become easy with the software wallet as you can easily send or receive money on your device but this is also dangerous as this kind of wallets is susceptible to the hackers.
  • The next form of the wallet is the hosted wallet where a third party handles your wallet and the entire transactions of buying and trading are down by the third part. But the most difficult part is to find a trusted person whom you can give your entire details so that the person can handle all your transactions.
  • The last worm is the physical wallet where you can save the bitcoins in offline mode. 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.

Now you need to know how to transfer bitcoins for the transaction

To send the money through software wallet you need to click on the send option of your bitcoins wallet, you can also choose trade bitcoins options. Under trade bitcoins options you need to feed the receiver’s entire wallet details. You can type it manually or you can copy paste it to your address. You can then click on the review option and check the details that you have entered and finally send the bitcoins.

You can also send it through your paper wallet where you will be needed to install the paper wallet in the software wallet by either entering the unique letter series or scanning the QR code and then finally taking the same options as you have followed in the software wallet.

The third method is sending through hosted wallet which is similar to sending through software wallet. In this method, you will have to alert as many hosted wallet show themselves as online banks and there can be a problem of being fake 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 once cannot be retrieved and you will lose all your bitcoins.

How can you get the bitcoin app?

Now it is very easy to get the bitcoin app as you can get this app on your smartphones. 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.