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Benefits By Paying with Bitcoin & Bitcoin Cash

Posted on 7th Jun 2019 13:44:58 in Blog, Bitcoin

With the development of the digital world and the growing cryptocurrency trends, we are currently experiencing the next evolutionary stage of global economy. However, there are still many that fail to comprehend the functionality of mining and bidding Bitcoins and other cryptocurrencies. With that in mind, there are many that don't know how to pay with Bitcoin and Bitcoin Cash. So, Free Cryptocurrency has come up with a short and simple guide on how to do just that.

What are the benefits of having the option to pay with Bitcoin and Bitcoin Cash?

Given that both are secure internet currencies, Bitcoins (BTC) and Bitcoin Cash (BCH) are the monetary future of e-commerce. And the greatest benefit of using them is that you have a universal, globally accepted payment method. Well, not 100% spread and adopted, but we're going in that direction. All in all, you are able to pay for products and services without having to provide any confidential or sensitive financial information. And best of all - you don't need any type of account to do so. If you were planning to start a business, rent office space or make a call to relocate your offices as they stand today, you would be able to cover all the expenses though Bitcoin or Bitcoin Cash. So, what are the key steps in this process?

To begin with, you need to get a Wallet

No, we're not referring to just any old wallet. You will need a Bitcoin or Bitcoin Cash wallet - an app that gives you the option to handle your Bitcoins or Bitcoin Cash. This means receiving, holding and making payments. There are several different types of Payment Protocol-compatible wallets that you can use to pay BitPay merchants. Before you pay with Bitcoin and Bitcoin Cash, you need a proper wallet Our recommendation: use the open source BitPay wallet to pay with Bitcoin and Bitcoin Cash. This wallet app dynamically calculates sufficient miner fees, making is the perfection option for your payment needs. Not to mention that it is both easy-to-use and secure.

Next step - filling up your wallet

You can hardly do much with an empty wallet. So, you need to make sure to first buy some Bitcoins or Bitcoin Cash before going into the payment process. And here, you need to be as informed as possible. You can make exchanges for cryptocurrencies all over the world. However, each country and region offers different exchange rates. So, the word of the day here is - research.

Purchase Bitcoin from Trusted Vendor
Purchase Bitcoin from Trusted Vendor

For example, US wallet users are able to purchase Bitcoins directly from the app because the BitPay app provides a simple integration with Coinbase. Fill your wallet before making the payment. On the other hand, using exchanges and accounts is not the best way to conduct business with Bitcoin Merchants, given that the payments you send are not processed right away. So, once again - if you want to pay with Bitcoin and Bitcoin Cash, withdraw them from the exchange to the Payment Protocol wallet first.

Making the payment

As mentioned previously, one of the best things about Bitcoin and Bitcoin Cash payments is the effectiveness of it all. It all comes down to the simplicity of making fast, secure and convenient payments. Rather than entering your sensitive card information, you simply process the payment from your wallet app.

More are Vendors accepting Bitcoin
More are Vendors accepting Bitcoin

The only important thing to remember when making payments is the time frame. With the constant exchanges and payment processes, BitPay only offers a 15-minute BTC/BCH price guarantee. So, you should avoid making payments to expired invoices at all costs.

There are several ways to pay a BitPay invoice from your wallet:

  • QR Code Scan. This is the best option for mobile device users. If your wallet is on a different device, you can simply scan the QR Code to open the payment in your wallet. Once you sync your current device with the correct receiving Bitcoin or Bitcoin Cash address and sending amount, you will be able to make the payment.
  • Using the Wallet. If your wallet is on the device you are currently using, you can use it to process the payment. Simply tap the option to pay with Bitcoin and Bitcoin Cash, confirm the invoice and let your wallet make the payment.
  • Manual Payment. Copy the payment URL from the invoice and paste it in your wallet's "Send" screen. Double check your payment details, and send the payment. Quick and easy.

Bitcoin and Bitcoin Cash Miner Fees

You have to take miner fees into consideration when you pay with Bitcoin and Bitcoin cash. To better explain - miner fees present the expenses of the computing power your wallet app uses to create transactions. Miner fees cannot be refunded and are not associated with any particular wallet app. Their amount depends on the number of transactions waiting to be confirmed on the Bitcoin or Bitcoin Cash networks.

What about refunds and troubleshooting?

Most cryptocurrency wallet apps will offer you an insight into your payments and refunds to Bitcoin merchants. However, in case of refund request or any additional assistance with order processing, we advise that you contact the merchants directly. As the recipients of the payment, the merchants are the ones to initiate the refund process or payment assistance.

Remember that you will need to provide your wallet app invoice URL or your order ID for the merchant to assist you. Merchant refund policies differ, so make sure to contact the merchant to discuss refund options.

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