Bitcoin is rapidly growing and is becoming the choicest method of payment for products as well as services. Many people in today’s time want their transactions to remain private. Therefore, they go for Bitcoin rather than any third-party platform. Because Bitcoin is reaching several countries and you may have your chance with it, you should know how to make payments from Bitcoin. In this article, I will tell you how to make your Bitcoin payment. Also, there are many places where you can spend Bitcoin. We will have a look at them also. Let’s get started without wasting any time.
Steps To Make Payments From Bitcoin
1. Set Up A Wallet For Bitcoin
Bitcoin is the largest cryptocurrency in the market. Therefore, it is necessary to select the best wallet to HODL it. What is HODL in crypto? Why is it not HODL? Many people ask this question. HODL is a slang that came from a Reddit user who drunkenly typed ‘he is HODLing’ instead of ‘he is holding’. Anyways, you have to set up a Bitcoin wallet. You can select a mobile wallet, a soft wallet or a hardware wallet. A Bitcoin wallet helps you keep a track of your balance. After selling the wallet, you are ready for transfers.
2. Buy Bitcoin From An Exchange
If you already have your Bitcoin, no need to focus on this step. Anyone getting started with no Bitcoin should buy it from a crypto exchange platform. The top crypto exchange platforms to buy Bitcoin are Binance, Coinbase, Kraken and Bitfinex. Some countries do not allow these platforms to enter their boundaries. People in such countries could then buy Bitcoin by contacting someone through social media. Thousands of sellers exist who are looking for buyers. Before buying, make sure that the seller is genuine. Exchange platforms take guarantee because they verify everyone becoming the part. You need to be careful with other platforms.
3. Reach The Vendors Accepting Bitcoin
Some businesses are accepting Bitcoin, while others are not. You cannot make your payment using Bitcoin for an offline store. Approach the online platforms that are willingly accepting Bitcoin. Chances are that if you are making your purchase from Microsoft, Expedia, Namecheap, Overstock, Shopify, Subway, Pizzaforcoins, CheapAir, Dish, Newegg, LightSpeed Hosting, etc. you can use Bitcoin. Select any one of them and choose the Bitcoin payment option on the website. One benefit of paying with Bitcoin is that the charges are low. There are no additional taxes involved. You possess a lot of control while paying with Bitcoin.
4. Make The Payment
The last step is to make your payment with Bitcoin. Visit the website and find the vendor’s Bitcoin address. Then enter the address and the amount you want to pay. When you click on the make payment button, the transaction is verified by thousands of nodes present in the blockchain of Bitcoin. However, one thing you should note is that transactions with Bitcoin are irreversible. You cannot get your Bitcoin back on the condition that you mistakenly transfer an extra amount. That is one disadvantage existing. From its own side, Bitcoin is secure.
Where To Spend Bitcoin?
I have already thrown light on some companies, but Bitcoin is going beyond. You can even book your space trip by paying the required amount to the spaceflight company. A very notable player making that record is Virgin Galactic. Have you heard about the Winklevoss Twins? They booked their trip by just spending Bitcoin. Many web hosting companies are accepting Bitcoin. Hostinger and Hostwinds are the two well-known businesses from where you can apply for the services by paying with Bitcoin. Those who want to bid on an auction website can have their opportunity with Sotheby’s, a multinational corporation headquartered in New York.
Besides all these, crypto exchanges are already in the path of accepting Bitcoin. One of the greatest platforms in the world of cryptocurrencies is Binance. It has its own token, Binance coin, to purchase the services. However, you can also use Bitcoin while approaching Binance. Crypto exchanges generally prefer HODLing Bitcoin instead of fiat. You can exchange your gift cards to buy Bitcoin with many platforms if you do not want to buy Bitcoin directly. As Bitcoin is getting widespread, more and more businesses are trying to receive it from the people. Bitcoin and other cryptocurrencies could replace fiat in the future.
So, this is all about how to make payments from Bitcoin for different businesses. I also have made you aware of the HODL meaning in the world of cryptocurrencies. Besides HODL, numerous interesting crypto and blockchain facts exist. To learn more about them, visit a crypto platform educating the basics and advanced concepts. Binance and Kraken have come up with their academy. You can learn and earn some tokens. Dealing with transactions secretly gives a good feeling, and people somewhat crave that. Finally, if you want your freedom while making transactions, take out your Bitcoin.