Bitcoin payment may just be the most secure currency on the internet. Payment and transfer of funds may be done without handing out any sensitive and personal information. No physical account is actually required. Transactions cannot be tampered with, as that means the re-doing of the whole block. Read on to understand more about Bitcoin payments and get started with your first Bitcoin payment: recharge your prepaid mobile with Bitcoin.
The Simple way to Use Bitcoin
If an individual wants to make a bitcoin transfer, he or she will first publish their intentions and the nodes will scan the whole bitcoin network to validate that the user has enough bitcoin to transfer. Once the system has all information checked out, the transaction gets included onto a block. This gets attached to a later block hence creating the “blockchain”.
Let’s Dive into Bitcoin Payments
The Bitcoin wallet does not actually hold your Bitcoin as the word might suggest. The only thing your Bitcoin wallet holds is your bitcoin address. This address keeps a well-organized record of all your transactions which in turn reads your balance.
The Bitcoin address is a sequence of a long string of 34 letters and number known as the “Public Key”. It doesn’t really matter even if the whole world saw this sequence. This public key has an equivalent “Private Key” made up of 64 letters and numbers making it next to impossible to crack. The private key is crucial and is supposed to be kept safe and securely away. Many may be worried about exposing their public key, but there are assurances that there is no way one can figure out your private key using your public key.
This is important because once any transaction is carried out, the private key is used to “sign” the bitcoin address. To do this you are required to input both the transaction details and private key. This can be done from within your Bitcoin wallet either at your computer or smartphone.
Here now enters the bitcoin’s genius part. In order to validate your transaction, the signature must have been made by the private key corresponding to the public key.
Transactions on the blockchain
Once the transaction has been validated it gets linked into the block alongside other transactions. This forms the blockchain. Each block includes a hash of the previous block and this is what links the blocks together, sort of the links of a chain. If any change is made to the previous transaction the hash of the next block will also need to be changed. Any change is hard to perform especially considering the number of blocks that you’ll need to go through. This is what makes transacting using Bitcoin next to impossible to tamper with.
How to Pay with Bitcoin and Other Cryptocurrencies
a. Get yourself a Wallet
First things first you will need a Bitcoin wallet, which as discussed above will hold your public address. This allows you to receive, hold and spend Bitcoin.
b. Move Bitcoin into Your Spending Wallet
You can move Bitcoin or other cryptocurrencies into your spending wallet by buying them on cryptocurrency exchanges against your local currency.
c. Make A Payment
Making a payment is fast, convenient and super secure with Bitcoin. No sensitive data is required instead you will be required to make payment from your Bitcoin Wallet.
Payments, especially with services like Cryptorefills, allowing you to Recharge Your Prepaid Mobile with Bitcoin, help Bitcoin payments adopted all over the globe.
Bitcoin payments may seem complicated at first but making your first payments using Bitcoin or other cryptocurrencies will give your freedom of making payments across the globe without depending on any bank or financial institution and feeling that it is the most efficient way to go.
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