Bitcoin was the first form of cryptocurrency ever issued. Talking about Bitcoins, this popular cryptocurrency was first introduced to the financial investment markets by Satoshi Nakamoto in 2009. Those who had faith in it then and have been investing for a long period of time have earned millions and billions.
At present, as of August 5, 2022, a single Bitcoin is worth 23,096 USD, a price too high for most to pay. For more info on Bitcoin and its workings, Register Now.
Although the skepticism surrounding Bitcoins and cryptocurrency in general still persists, the fog of hesitance is slowly but surely lifting. As Bitcoins are becoming increasingly popular day by day, tech-giant companies such as Microsoft, PayPal and Home Depot are accepting Bitcoins as their preferred payment methods.
Microsoft was one of the earliest platforms to accept Bitcoin payments. Back in 2014, they allowed users to use Bitcoins to purchase digital content on their devices. However, PayPal beat Microsoft to the punch only by a couple of months. While Microsoft’s announcement came in December 2014, PayPal made its announcement just three months earlier, in September.
Bitcoin Payment Guide: How To Use Bitcoin To Pay For Goods And Services
Earlier, the process of making payments using cryptos involved extensive coding and laboring away at your computer. However, now, it is way simpler and easier to do. Although the exact process of Bitcoin payments depends on the app that you are using, there are some general steps to follow for them all.
This is a simple enough step. You need to register on a trading platform that lets you exchange fiat money for cryptocurrency. You can buy one, multiple or even less than a whole. A lot of people have been using BitQT recently, which is a cryptocurrency exchange that simplifies the trading process for beginners and provides beneficial trading features.
Get a wallet
Storing your digital currency safely is extremely important in order to avoid scammers and hackers looking to steal your money. There are two options for this- hot wallets and cold wallets.
Some of the world’s popular wallets include Exodus, Electrum and Mycellium.
Sending and receiving payments
You will need a wallet for paying via Bitcoin or even other forms of cryptocurrency. Generally, you need to:
- Open your app and locate the ‘Send/Receive Payment’ or button that indicates a sending or receiving feature.
- To Send:
- Enter the amount you wish to send.
- Scan the QR code, and once you enter your recipient’s wallet address, all you have to do is click on the ‘Send’ button to confirm the payment.
- To Receive:
- Share your wallet address
- Click on ‘Accept Payment’ when the transaction shows in your wallet.
Reap The Rewards: 4 Advantages of Paying In Bitcoins
- Since your crypto wallets require private keys and no private user information is necessary during transactions, a spirit of anonymity is maintained while making payments through Bitcoins.
- By utilizing Bitcoins as a payment method, the fees spent during transactions are minimized. For instance, the lesser role of middlemen reduces their fees from the total costs as well.
- Bitcoins are available to everyone regardless of any discrimination. Additionally, unlike physical cash, it is possible to pay through Bitcoins from anywhere, as long as you have a stable internet connection.
- There is a full, public ledger account of all transactions made via cryptocurrency as they are all recorded through blockchain technology.
With the increasing popularity of Bitcoin and other cryptocurrencies, both large and small-scale businesses have been implementing crypto payments as part of their payment methods.
Paying through Bitcoin can prove to be very advantageous for those who know how to play the game. Unlike traditional payment methods, Bitcoin transactions are safe from fraud and provide complete anonymity.
The above-mentioned pros are only a few of the many plus points of Bitcoin payments. Of course, there are several cons that we must consider as well, such as the volatile nature of such currencies and their environmental impact.
However, from a financial standpoint, Bitcoin and crypto investments are smart choices. These digital currencies are paving the way for a globally financially secure future!