Bitcoin is rapidly becoming one of the most preferred methods of paying for goods and services. There are a lot of reasons behind this, primarily because it’s easy to use and very private. These days, more merchants are taking bitcoin than ever before, so if you’ve ever wondered how to make a bitcoin payment or why you should start accepting bitcoin as payment, this guide will put you on the right track.
How to Make a Bitcoin Payment in 4 Easy Steps
1. Set Up Your Bitcoin Wallet
The first thing that you need to do is set up your bitcoin wallet. Think of it just like the wallet that you use to store your physical currency, but just online. It will act as a bank account that you can keep, send, and get money through. Check online to find which wallet suits your needs best. Many of the best wallets work both on your laptop and your smartphone, which makes keeping track of your bitcoin easier than ever. All you need to do is set up an account, and you’re ready to get started.
2. Acquire Bitcoin
Next, you need to acquire some bitcoin. You can buy bitcoin with your credit or debit card online or through a variety of different means, including trade. Many people like to diversify how they get their bitcoin, so it’s best to have a few different monetary avenues.
How To Get Your Bitcoin
Buy Them Online
The easiest way to get bitcoin is to simply purchase them online. First, you need to have your bitcoin wallet all set up to receive payments. Next, you need to facilitate a cryptocurrency exchange. Different wallets have different exchanges affiliated with them, so make sure you check your particular one to ensure that the currency exchange corresponds with what your wallet is able to do. Then, you’re ready to start buying.
You can generally purchase bitcoin with debit or credit card payments or even other services, like Venmo or PayPal. This makes buying bitcoin easier than ever before. Some wallets even allow you to make reoccurring purchases, which you can set up through your PayPal account quite easily.
Buy Them in Real Life
You can also buy your bitcoin in real life. There are bitcoin ATMs all around the world, which function exactly like regular ATMs but give you bitcoins instead of traditional currency. You can then transfer these bitcoins to your personal wallet using online codes. There are also retailers that allow you to swap traditional currency for bitcoin. You can find a list of them online and visit the ones that are closest to you.
You can also earn bitcoins online. There are plenty of ways to do this, but one of the most popular ones is by playing online games. Certain games allow you to rack up bitcoins over time, including bitcoin casinos and other games of chance. You can also do work online to accumulate bitcoin. Various websites will pay you in bitcoin if you take surveys or promote their social media posts. Many of these activities take just a few minutes a day and can net you a whole lot of bitcoin in return.
You can also turn to your writing skills to make extra bitcoin. Many cryptocurrency websites will pay you in bitcoin if you make social media posts or write blogs about bitcoin. As an added bonus, you can learn more about bitcoin by making these posts, which will help you to use the currency better and make smarter decisions about getting more bitcoin for your wallet.
3. Find Out if the Vendor Takes Bitcoin
Many major vendors accept crypto payments these days, so it’s really more of a matter of who doesn’t take it than who does. Still, you can go online and check to see if your preferred vendor accepts bitcoin as a currency. There are ample amounts of lists online that detail all of the big vendors that accept that currency. Alternately, you can go straight to their website if you prefer.
4. Make the Payment
When it’s time to make the payment, you simply need to get the vendor’s bitcoin address and put it into a specific field in your wallet. Then, indicate how many bitcoins you want to send, and press the payment key. Your bitcoins will arrive almost immediately. It’s as simple as that! Conversely, people can send you bitcoin by doing the same process, and you will be able to see your bitcoin right away as well.
Benefits of Paying With Bitcoin
There are plenty of benefits to paying with bitcoin in addition to its ease of use. Once you start using bitcoin as your preferred currency online, you won’t want to go back to traditional payments.
You Have Control Over Your Money
Unlike traditional currency, bitcoin isn’t governed by countries or banks, so you have a lot more control over your money in the long run. Many people like the idea that they can use their money anytime, anywhere and that it’s universally accepted without any expensive exchange fees. Bitcoin is really the ultimate currency of the future.
It’s Very Private
Discretion is a huge part of bitcoin transactions, and all transactions are totally private and anonymous. Bitcoin gives you the anonymity of cash, with the ease of paying with a card. Although it would be possible to trace a bitcoin transaction theoretically, it’s certainly not easy. This saves you a lot of headaches. It makes it harder for hackers to target your finances and also keeps your identity a secret if you are purchasing sensitive items.
No Banking Fees
Most banks and online services like PayPal charge transaction fees, but your bitcoin wallet will not pay high fees. There’s no transaction cost whatsoever. This saves you a lot of money in banking fees in the long run.
Now that you know how to make a bitcoin payment, it’s time to get started. Contact ForumPay today to learn how we can help you streamline the process and make your bitcoin transactions as smooth as possible.