Currently, the market capitalization of the leading cryptocurrency, bitcoin is over 169 billion US dollars with a 24 trading volume of over 29 billion US dollars. Several crypto experts will tell you that bitcoin is good as a store of value rather than as a means of payment, but it is not entirely true. Bitcoin has all the features to work as a successful means of payment, and many vendors around the world believe so too.
Bitcoin as a means of payment
In order to start using Bitcoin as a payment method, the first requirement is to open a bitcoin wallet. Your bitcoin wallet will work as a bank, your personal bank. Whenever you have to pay for something in bitcoin, you will need to transfer bitcoins from your wallet to the person you want to pay. While creating your bitcoin wallet,
You can choose from:
- Desktop wallet
- Mobile Wallet
Own some bitcoins
After creating a bitcoin wallet, you will need to transfer some bitcoins into your wallet.
You can buy bitcoins from different places, including:
- Cryptocurrency exchange
- Peer to Peer transfer
In order to purchase bitcoin, you will need to sign up on a crypto exchange. For example, you can sign up on Binance and then buy bitcoins using your credit card or another mode of payment. Once you have purchased some bitcoins, you can transfer them to your wallet that you created in the previous step.
Note: Remember always to send the exact Bitcoin amount as shown on the payment window.
How to pay with bitcoin?
After you have got some bitcoins in your wallet, go to a webshop that accepts bitcoin as a mode of payment and select a product that you would like to buy. After selecting the product, choose “Pay with Bitcoin” on checking out. You will be provided with information about and the equivalent price in bitcoins.
The first option to pay using bitcoins is by scanning the QR code and fill in the number of bitcoins that you have to send. If you are using the desktop wallet, then click on the “Pay using Bitcoin Client,” and that will open your wallet and create a payment.
Steps to pay manually:
You also have the option to use a web wallet to pay in bitcoins and initiate a manual payment.
- Copy the Bitcoin address, as shown in the payment window.
- Paste the address in the “send to” column in your wallet.
- Copy the amount of bitcoins that you have to pay.
- Paste the amount in your wallet.
- Click the send button.
Paying with bitcoin can be a bit confusing at first, but it is not something you have to be worried about. But while paying with bitcoin, you have to be extra careful as transactions with bitcoins are irreversible. It is advised against to pay in bitcoins on the dark web as it can be against the laws in many countries. The leading cryptocurrency has come a long way over the last decade, and several crypto experts believe mainstream adoption of bitcoin is inevitable.