Bitcoin is often thought of as an investment asset or a high risk commodity. However, what a lot of people don’t know is that Bitcoin can be used as a payment system.
In this article, we’re going to explore how Bitcoin can be used as a payment system, and whether or not it’s easy for beginners.
Bitcoin was created in 2009 by Satoshi Nakamoto. Nakamoto’s vision was to create a decentralized electronic cash system.
What this meant was that there would be no central authority controlling the Bitcoin network. Instead, the network would be powered by its users.
Since its inception, Bitcoin has grown to become the world’s largest cryptocurrency by market capitalization. BTC is currently worth over $100 billion.
The Bitcoin network is powered by a technology called blockchain. Blockchain is a distributed ledger system that allows for secure, transparent and tamper-proof transactions.
One of the key benefits of Bitcoin is that it allows for borderless transactions. This means that anyone, anywhere in the world can send and receive BTC without having to go through a bank or other financial institution.
This makes Bitcoin particularly attractive to those who live in countries with unstable currencies or who don’t have access to traditional banking systems.
Another benefit of Bitcoin is that it’s fast and efficient. Transactions are typically confirmed within 10 minutes and can be done 24/7.
This is in contrast to traditional banking systems which often have slow processing times and are subject to business hours.
So, what about using Bitcoin as a payment system? Well, it’s actually quite easy to do. There are two main ways to accept BTC payments – through a BTC wallet or through a BTC payment processor.
If you have a BTC wallet, you can simply provide your wallet address to the person who wants to pay you and they can send the funds directly to your wallet. Creating a BTC wallet is very easy and only takes a few minutes. There are many different wallets available, so you can choose one that suits your needs (we recommend using Coinbase).
Once you have a wallet set up, all you need is your wallet address which you can provide to the person who wants to pay you. They will then send the funds directly to your wallet address. It really is that simple!.
If you don’t want to set up your own BTC wallet, you can use a BTC payment processor such as BitPay or CoinGate. These companies will provide you with a BTC address which you can then give out to people who want to pay you.
The funds will then be transferred into your account with the payment processor where they can be converted into your local currency or used to purchase goods and services online. Setting up an account with a BTC payment processor usually only takes a few minutes and there are no fees involved unless you’re converting the BTC into another currency (which most payment processors charge a small fee for).
So, in conclusion, yes – it is quite easy to use Bitcoin as a payment system! Whether you choose to set up your own BTC wallet or use a BTC payment processor, the process is quick and easy.