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Transaction methods with the help of bitcoins

Let us first know what Bitcoin is?

In one word Bitcoin is “Virtual Currency” these are digital currencies which help you in doing electronic transfers through your smartphones or computers.

As their real value is not assigned like in case of paper currency and other elements like gold and silver it can be converted into any form of money. One can use this money to buy any product or pay for any availed services.

Bitcoins are non-transferable. You cannot transfer them to anyone; you need to first create your own bitcoin wallet and earn your bitcoins either by purchasing them or by getting them from someone or you can also earn it by doing data mining.

Bitcoin app Download:

The bitcoin app can now be easily downloaded on to your smartphones. Simply just log on to your Google play store app and in search type “ wallet” click on install button and get it downloaded on to your smartphone or on your IOS device.

Bitcoin wallets are of Three Types:

Software wallet - This is a digital form of a wallet, in this type of wallet your bitcoins are saved in your electronic device, like your computer or your smartphones. This type of transaction is very quick and easy as the transfer process is very fast, but there is always a risk of hackers hacking your wallet.

Hosted wallet - In this process, a third party handles your wallet and the entire process of buying and selling is taken care by him. The third party should be a trustworthy person as all your details will be with him to complete the transaction.

Physical wallet – In this wallet, you can save your bitcoins in offline mode. This form is considered to be the safest form, in this form for any transaction first your bitcoins should be installed in the software and then only you can proceed with your transaction.

Here we have upgraded your transactions with bitcoins

If you are already dealing with bitcoin for your online transaction then there is good news for you as our website also accepts bitcoin transactions. And for all those people who are unaware of bitcoins and want to have a brief knowledge about it- just don’t worry!! And allow us to explain how bitcoin online transaction can make your transaction experience Hassel free. For those who are new to the word of bitcoin transactions, we have mentioned the entire system in an explicable manner below.

Where can I find my Bitcoins?

There are 3 ways to find your Bitcoins:

By buying and selling of services.

First of all, you need to find people who are having bitcoins available with them and are ready to spend them, so that you can sell them your product or services for which in return they will pay you through their Bitcoins. If you are not able to find such people then you can also buy bitcoins by paying cash or you can do data mining as explained below.

You can buy bitcoins from someone who is willing to sell his bitcoins by paying him 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. The person you are dealing with should be trustworthy so that you can use escrow services like coin cola or local bitcoins for the transaction. The other form of getting bitcoin is through OTC method in this you need to provide your ID proof for security purpose. ID proof of the person with whom you are doing the transaction is also required.

Buying Bitcoins from various exchanges and outlets

For buying bitcoins from these exchanges and outlets you need to first verify your identification details. Once your identity is verified then you can easily use it for the transaction process. The customer can directly buy bitcoins from these types of exchanges and outlets, these exchanges are also backed up by online services in settling the transactions between the users.

Bitcoins can also be bought from your nearest ATM’s. These bitcoins have one directional usage means it can be either used as cash for buying some product or services or it can be bought from someone. The issue is that government has got strict regulation for installing such ATM’s so one may have problems to locate such ATM’s.

Getting Bitcoins from Data Mining:

If none of the above-mentioned methods is useful for you in obtaining the bitcoins then you can use Data Mining method. In this, you have to solve complex mathematical puzzles about different transaction history. If you are able to solve these mathematics puzzles then for this you will be getting free bitcoins as a reward, a processing fee will be charged for this entire transaction. However, this process of collecting bitcoin is very tough as the mathematical puzzles are very hard to solve.

How to set up your bitcoin wallet:

A bitcoin wallet is your virtual wallet in which you can keep your money and can use it for purchasing some goods or services. This wallet can be of different forms like computer software or in as a physical piece of paper. These Bitcoins wallets have specific keys which are used during any transactions process. You can also store your money in this wallet for your future transaction.

How to transfer bitcoins for making any transaction :

Transferring money through software wallet – To initiate the transfer process you need to press the send option button of your bitcoin wallet or you can also go for the trade bitcoins option. In trade bitcoin option it is essential to feed the full details of the receiver’s wallet. You can either type it or can copy paste the details into your address book. There is one review option available which allows you to check whether all details have been filled correctly or not click on that and check it before you send the bitcoins.

Transferring it through paper wallet – In this, you have to first install your paper wallet into the software wallet this can be done by scanning the QR code or by entering the distinct letter series. After installing your paper wallet into software wallet just follow the same options as you did in case of software wallet.

Transferring through hosted wallet – This is somewhat similar to transferring money through software wallet. In this, you will have to look out for hosted wallets which show themselves as online banks through which your transaction can take place. There are chances of these online banks being fake as these hosted wallets do not assure any security and they don’t have any insurance cover. One should always keep this in mind that once you have hosted your wallet on a particular website after that your wallet cannot be retrieved and you will lose all your bitcoins.