Bitcoin send payment

It works similarly to the processing of a standard credit or debit card payment service , with some specifics to bitcoins. For example, you visit a Walmart store to make a purchase, swipe your Amex or Visa credit card at the counter, and punch in the PIN number to make the necessary payment. Similarly, you can make an online purchase at the Walmart website, and make the payment using the same credit card by entering the details on the payment page of the website. In both cases the in-store swipe machine or the online web portal , a payment service system works behind the scenes and enables authentication and processing of your credit card for making the payment.

Bitcoin payment services work in a similar fashion. They act as an intermediary layer between the payer and receiver for processing of the bitcoin payments, which also involves recording the transaction on the blockchain public ledger. They allow merchants to accept payments in bitcoins both online and at physical locations without the buyer or the seller worrying about the complex background process of bitcoin payments that gets executed in the background. All popular bitcoin payment services offer multiple mediums for merchants to accept bitcoin payments. They include solutions for various platforms, like integration with e-commerce platforms like Shopify, PrestaShop, and Magento; for payment through in-store point-of-sale POS systems, like Soft Touch and DC POS; and for direct payments from within the popular billing and accounting solutions, like Host Bill and Invoice Ninja.

One can also find solutions for accepting donations in bitcoins through such services, which include integration with donor services like NationBuilder and Targeted Victory.

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Essentially, anyone who signs up for bitcoin merchant services can start receiving bitcoin payments from the customers via any and all kinds of transaction mediums from across the globe. A bright kid in Ethiopia can develop a great Android app and receive bitcoin payments from global users using the bitcoin payment integrated with the Android software development kit; or a prominent restaurant in Venice, Italy can use the bitcoin payment-enabled Soft Touch POS to receive bitcoin payments from its patrons.

Cryptocurrency on PayPal - FAQs

In terms of steps, the following workflow gets executed:. The bitcoin payment service instantly converts the received bitcoins into the currency of the merchant's choice, eliminating the volatility risk. One can even opt to get the bitcoins in their own wallet, instead of exchanging them for fiat currencies.

The service also sends the necessary details in a secure manner to the blockchain network for the transaction to be authenticated and recorded on the public ledger. Miners, who verify and add the transactions to the blockchain, receive a bitcoin miner fee. This fee does not go to the payment service but is given to reward the miners for their work done for verification and authentication.

Compared to a standard credit card payment, bitcoin payments purport to be relatively cheaper due to lower transaction costs. Bitcoin payment services claim to maintain transparency in the highly dynamic exchange rates between bitcoin and the fiat currency.

Are Bitcoin Payment Services Similar to Credit Cards?

Using such services, a merchant not only gets various mediums to accept global payments, but he also gets a reliable and authentic identity in the virtual world of cryptocurrencies, which is much safer, transparent, and dependable for getting payments. Imagine being asked to make a direct payment to an individual bitcoin wallet, versus seeing the payment being processed through the network of an established payment service provider — a customer would find the latter more trustworthy to proceed with.

That is the value-add a business gets from such services. BitPay is one of the early and popular offerings available in the U. Coinbase, a cryptocurrency exchange, also offers a merchant app for businesses for bitcoin payment services. CoinGate, SpectroCoin, and CoinsBank are other leading players offering similar services in a variety of flavors to suit the needs of merchants and payers willing to deal with bitcoins.

A settlement is available in a variety of fiat currencies by the different operators. It supports direct bank deposits in 38 different countries and bitcoin settlements in countries across the globe. Bitcoin and other cryptocurrencies have recently come on the radar of regulatory agencies and monetary authorities across the globe.

bitcoin send and receive full tutorial in hindi - how to send bitcoin from zebpay to other wallet

While many nations, like Japan and the U. Bitwala makes it simple to cash out your crypto and pay with your Euros, directly from one bank account. You can access your bitcoin from your Bitcoin wallet. Bitwala also uses secure protocols for enhanced security, such as multi-signature wallets, so you can make a bitcoin payment with total peace of mind.

Bitwala was founded in Germany and is protected by German regulations.

Bitwala is the easiest way to send, receive and transfer bitcoin.

Bitwala users can get the most from their bitcoin with a simple and intuitive interface that makes it easy to receive funds, pay other people, and convert bitcoin to EUR and vice versa. How to send and receive bitcoin Bitwala is the easiest way to send, receive and transfer bitcoin.

Get your free account. Open your bitcoin wallet You can open a bitcoin wallet directly through the Bitwala web or mobile app. Enter your bitcoin wallet address Enter the bitcoin wallet address or scan an address QR code. Confirm your wallet password Complete the transaction by confirming your wallet password. Start sending BTC. Bitwala: the next generation banking experience, for everyone If you're keen to start using cryptocurrency right away, Bitwala offers a quick and secure way of doing it.

FAQs How do I receive bitcoin? How do I send bitcoin? By Cryptopedia Staff. While fairly intuitive, sending and receiving bitcoin and crypto is different than using a credit card, Venmo, or PayPal to transfer funds. Send Crypto and Receive Crypto. Reasons to Send and Receive Crypto. How to Send Bitcoin and Crypto.

How to Receive Bitcoin and Crypto. Learning the Basics. A cryptocurrency wallet will have at least one private key and public key pair. The private key proves ownership of your funds and gives you the ability to spend the funds associated with your public address. Therefore, it must be kept secret.

Receiving Bitcoin

Your public key allows you to receive cryptocurrency transactions. The public address that can receive transactions is usually a hashed form of your public key. Therefore, you can freely share your public address without worry. There are many reasons to send or receive crypto.

Often, the sender and the receiver are the same person. You may want to:. Send crypto between your exchange wallets. Send crypto between your mobile, desktop, or hardware wallets. Send crypto from your mobile wallet to your exchange wallet, or vice versa. You may also want to make a purchase with crypto or send crypto to someone else. Likewise, you could also be the recipient of a gift, airdrop, or payment. Cryptocurrency payments have gained significant popularity in many parts of the world. This varies slightly depending on the wallet you are using, but the basic procedure is as follows:.