Finance

Practical guide to paying with Bitcoin

By Hervé , on September 27, 2023 , updated on September 27, 2023 - 5 minutes to read

In today's digital world, virtual currencies such as Bitcoin have gained in popularity and are increasingly accepted by different platforms and merchants around the world. So knowing how to pay in Bitcoin is becoming an indispensable skill for many users. In this article, we present the procedure for making a payment in Bitcoin, as well as some tips on how to master this payment method.

What is Bitcoin?

Before detailing the procedure for making payments with this virtual currency, it's crucial to understand what Bitcoin is. Bitcoin is a cryptocurrency created in 2009 by an individual or group of people using the pseudonym "Satoshi Nakamoto". This electronic currency is based on a decentralized computer network known as the blockchain, which ensures the traceability and security of all transactions.

The Bitcoin price

Like all other currencies, the price of Bitcoin fluctuates according to supply and demand. However, unlike traditional currencies, Bitcoin is not regulated by any financial institution or government. As a result, its price can fluctuate widely in a very short space of time. It is therefore important to check the Bitcoin rate before making a payment, to be sure of the actual amount to be transferred.

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Step 1: Get a Bitcoin wallet

To start using Bitcoin, the first step is to obtain an electronic wallet. This will enable you to store and carry out transactions in Bitcoin. To create your Bitcoin wallet, several options are available:

  • Software portfolios: these downloadable applications for computers or smartphones are secure and easy to use.
  • Hardware wallets: also known as "cold wallets", they take the form of a physical device that you can connect to your computer to carry out your transactions.
  • Online wallets: these services generally operate via a website or mobile app and store your Bitcoins in the cloud. However, be sure to check the security of the service before getting started.

Tip: Secure your wallet

It is essential to protect your Bitcoin wallet with a strong passwordWe recommend that you regularly back up your wallet data and update your software to benefit from the latest security enhancements. In addition, we recommend that you regularly back up your wallet data and update your software to benefit from the latest security enhancements.

Step 2: Getting Bitcoins

Now that you have a Bitcoin wallet, it's time to acquire some Bitcoins so you can use them to make payments. There are several ways to acquire Bitcoins:

  • Online exchange platforms such as Coinbase, Kraken and Binance allow you to buy bitcoins in exchange for other currencies (euros, dollars, etc.).
  • It is also possible to carry out transactions between private individuals via an intermediary service such as LocalBitcoins.
  • Finally, some people choose to "mine" bitcoins, i.e. to participate in the process of creating and validating transactions on the Bitcoin network by making the power of their computer available.
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Step 3: Make a Bitcoin payment

You're now ready to pay in Bitcoins. Here's how:

  1. Check that the site or seller accepts payment in Bitcoin. This information is usually indicated on the payment page or in the general terms and conditions of sale.
  2. Proceed with the transaction as you would with any other online purchase, until you reach the payment page. Select the Bitcoin payment option.
  3. The site or seller will provide you with a unique Bitcoin address in the form of a QR code to scan with your e-wallet, or as a string to copy and paste.
  4. Open your Bitcoin wallet and select the Send Bitcoins option. Enter the address provided by the site or seller and specify the amount to be sent, respecting the payment details.
  5. Confirm the transaction to finalize payment.

Tip: Don't confuse addresses

Be sure to check the Bitcoin address provided by the site or seller before making a payment.. As transactions carried out via the blockchain are irreversible, it is impossible to recover funds sent to the wrong address.

Tips for managing your Bitcoin payments

To take full advantage of this innovative and secure payment method, here are a few essential tips:

  • Find out about the transaction fees applicable when sending Bitcoins. These may vary depending on the network and services you use.
  • Be aware of the exchange rate between Bitcoin and your local currency when making a payment, to avoid paying more than necessary.
  • When making a Bitcoin payment, be sure to follow the instructions provided by the site or seller regarding the exact amount to be transferred and the time limits to be respected.
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In short, Bitcoin offers an attractive alternative to traditional payment methods. By carefully following the procedure described in this article and applying the tips mentioned, you should be able to take full advantage of this innovative and secure technology to carry out your online transactions.

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