- Paying with bitcoin for Kadabra is as simple as paying with a credit card (or maybe even simpler!).
- With the integration of GoURL Bitcoin, the payment is received and recorded automatically, so once you finalize your transaction, you’re done! No more follow-up needed from your side!
- Simply select Bitcoin/Altcoin when you checkout, follow the onscreen instructions, and you’re done!
We offer payment through a number of cryptocurrencies for users who are familiar with and comfortable using them. Among these, Bitcoin is the most commonly known of cryptocurrency and the most likely place for first-time digital currency users to start. As such, we have put together the below guide to help new users understand that the concept of bitcoin and ease them through the process of getting started with using bitcoin today!
What is Bitcoin?
Bitcoin is a digital and global money system (currency). It allows people to send or receive money across the internet, even to someone they don’t know or don’t trust. Money can be exchanged without being linked to a real identity, it’s fairly simple to set up, and very easy to use!
One of the differences between using bitcoin and using regular money online is that bitcoin can be used without having to link any sort of real-world identity to it. Bitcoin does not keep track of users; it keeps track of addresses where the money is. Each address has two important pieces of cryptographic information, or keys: a public one and a private one.
The public key, which is what the “bitcoin address” is created from, is similar to an email address; anyone can look it up and send bitcoins to it. The private address, or private key, is similar to an email password; only with it can the owner send bitcoins from it. Because of this, it is very important that this private key is kept secret. To send bitcoins from an address, you prove to the network that you own the private key that corresponds to the address, without revealing the private key.
How does it work?
In summary, you create yourself a wallet (like a bank account), purchase bitcoin with your credit card or bank account to put into that wallet, and then use the bitcoin in your wallet to pay for whatever you are purchasing.
For a new user, we’ve outlined the basic steps to follow in order to get started with using bitcoin as a form of currency. If you want to learn a little more detail on how bitcoin works, you can check out a detailed video here.
Step 1 – The Wallet
Your “Bitcoin Wallet” is where all your money is stored. Your wallet is basically a bank account, and has a bank account number. The only difference with a standard bank account is the bitcoin account number consists of a seemingly random string of numbers and letters, whereas a bank account number is structured based on bank, branch, transit number, etc. Bitcoin wallet “addresses” tend to look something like this:
The complexity of the wallet address makes it nearly impossible to send bitcoin to the wrong recipient. If the address is written incorrectly, it simply will not send!
Copy + Paste is your friend here 🙂
The easiest, and most common way to create a bitcoin wallet is as follows:
- Go to Blockchain.info and click ‘Wallet’ followed by ‘Create A Free Bitcoin Wallet’.
- Fill in the relevant details and create a SECURE password.
- Click continue and your wallet is created. Make a note of your wallet ID, it will be emailed to you as well.
- You can now access your wallet by logging in.
Step 2 – Adding Bitcoin To Your Wallet
Before you can pay anyone with your wallet, you must first buy bitcoin and add it to your wallet. You can’t use money you don’t have, so make sure to keep your wallet stocked up!
The wallet identifier you received after creating your wallet should NOT be shared with anyone. Next to the Send button on the main page in your wallet, there’s a Receive button, which provides a receive address you can publicly share, as well as a QR code if you’re using a phone to share your address. The receive address is what you will need to buy Bitcoin from a bitcoin exchange or vendor, and changes periodically for security reasons!
The two most popular bitcoin vendors (exchanges) in the United States are:
- Coinbase – A large US based exchange that requires ID verification and deposit via bank wire. Instant verification is possible with some banks. Coinbase is the world’s most popular way to buy and sell bitcoin.
- LocalBitcoins – One of the only places with no ID verification. You can purchase Bitcoins from thousands of different vendors in your area and pay via a variety of means, including: bank wire, cash deposit, cash in mail, cash in person, PayPal, MoneyGram, store cards etc.
Paying for bitcoin on these sites is very similar to buying products from any other online retailer, and it’s fairly straight forward. Make sure you’ve got your bitcoin address handy! Note: There are more exchanges than the ones we’ve listed. We are not associated in any way with these companies, nor do we vouch for them. If you would like a list of other exchanges who accept credit cards, go here.
The basic steps are as follows:
- Create an account on one of the sites mentioned above
- Link it with your bank account, paypal, or credit card, depending on what they ask for or your preference
- When it asks you where you want to send the bitcoin once it’s purchased, put in the Receive Address
- Once the transaction is done, you’ll see the bitcoin in your wallet!
Step 3 – Paying Someone
Paying someone is simply a matter of:
- Logging into your wallet on Blockchain
- Clicking the send money button
- Entering the amount you’d like to send in either bitcoin or US dollars (specific to 0.0000000001 BTC or less than 1/10th of a US cent!)
- Entering the recipient’s wallet address (remember to copy + paste!)
- Pressing send!
The payment then needs to be confirmed, which usually takes up to a half hour. This step is similar to the “Pending Authorized Transactions” step with a credit card.
Note: If you require any assistance, send us a message through our Contact Us page, and we’ll do our best to get you set up