Bitcoin Payment Tutorial

[Hazing]

xartan okay. And it’s not that I think they’d try to put one past us. I was just thinking... there are two sides and they might be leaning somewhere that drastically benefits them. Because when in doubt, I think I always tend to just overpay. Lol. Or not say anything about a few dollar discrepancy. Which I don’t think I am going to start now. As long as it’s nothing major. A few bucks here and a few there? No big deal.

eta: I think you’re right. It’s probably not something I need to start worrying about st this time

 

[xartan]

I see what you mean.

 

[edwinkx]

it seems peculiar to me that a TD would give you the price of the watch in Bitcoin amt eg: 0.05BTC instead of $500.00

By quoting you a price in BTC TD is highly susceptible to the due fluctuations of the coin so unless the TD is interested to build BTC holdings for trading

 

[Duckber]

it seems peculiar to me that a TD would give you the price of the watch in Bitcoin amt eg: 0.05BTC instead of $500.00

By quoting you a price in BTC TD is highly susceptible to the due fluctuations of the coin so unless the TD is interested to build BTC holdings for trading

Not instead of the USD, but both. If I don't get told the BTC amount how can I meet their demands accurately? Doesn't make sense otherwise.

 

[CodyMHerrick]

Super helpful! Thanks for taking the time to put it together

 

[Thesystem3]

First step is to buy bitcoin and hold it for 2 years. Never spend your bitcoin you’ll regret it!!

 

[Ndagger]

Coinbase seems pointless, sets the buying limit to £50 per week can't see a way around it

 

[tabishmon]

Coinbase is confusing, how am I supposed to add funds? I can only receive BTC, and it's showing me qr code and wallet address, nowhere can I see card option

 

[fnf01]

So I'm an idiot, well thats harsh, but really you don't know what you don't know. So to buy my first rep I got it picked out messaged TD, figured I wanted to pay BTC, found this guide, put in order with TD, deposited funds to my coinbase, bought BTC, went to send BTC to TD and bam what do you know Coinbase has an 11 day hold on my wallet. I can use the funds I deposited to buy more crypto but to actually send it I gotta wait wtf. My understanding is because I linked a bank account (which to me should be instantaneous) there is a stupid long processing time. Now I can use the "pretend" money I've deposited to buy crypto but I can't send that anywhere until my "pretend" original deposit turns into real money in 11 days. But hey its not like BTC is volatile or anything so that couple hundred dollars should still be a couple hundred dollars in almost 2 weeks. Plus it won't piss off the TD now that I've made an order but can't pay them for it until 2 weeks. I guess the lesson is buy directly into BTC with a visa and not deposit "cash" to then buy BTC.

 

[StanleyKipski]

great read, just used bitcoin to make a purchase..

 

[voliviavv24]

.

 

[Madrya]

In fact, investing in cryptocurrency is a very interesting business. When I started to delve into it, I was a bit confused. Then, I met people who understand this field and they managed to explain everything to me. They even recommended *** removed link to a site that triggers scam alert *** with which I work until this day.

 

[Silkyv9l]

For security purposes, I would highly recommend transferring your BTC from coinbase or whatever exchange you are using to a hot wallet before sending to your TD, especially if you have bank accounts linked or other assets stored on that exchange. You will have to pay the blockchain gas fees (aka transfer fee) 2 times instead of 1, but it's well worth the insurance of not having your accounts hacked. Do you research and make sure you understand the tools you are using. Plenty of information can be found with a quick google search.

 

[CF_Stan]

Thanks to the OP for this guide, it was very helpful.

I've just completed my first payment to a TD with Crypto. I used Coinbase, it was very straight forward.

Create an account and Verify
Add a money source - Bank or Card
Add money to the CB account
Purchase crypto
Send to TD's wallet address

For first time payments I recommend you send a minimal amount and request confirmation from the TD that they received it OK. Then send the balance.

I used Tether tokens, kind of by accident as that was the first option on the TD's payment page. However after reading a little about the different tokens I found that Tether is less volatile as it's value is linked to USD.

 

[wolfwood]

Thanks to the OP for this guide, it was very helpful.

I've just completed my first payment to a TD with Crypto. I used Coinbase, it was very straight forward.

Create an account and Verify
Add a money source - Bank or Card
Add money to the CB account
Purchase crypto
Send to TD's wallet address

For first time payments I recommend you send a minimal amount and request confirmation from the TD that they received it OK. Then send the balance.

I used Tether tokens, kind of by accident as that was the first option on the TD's payment page. However after reading a little about the different tokens I found that Tether is less volatile as it's value is linked to USD.

I am trying to buy USDT and pay with it to a vendor. I'm in Canada. Do I just sign up on Coinbase and buy the USDT with my debit or credit card?

 

[CF_Stan]

Yes as detailed above when setting up your CB account you will be prompted to add a money source, I used bank account but I think there is an option for credit card.

Once done you then transfer funds to your CB account and then use those funds to make your crypto purchase.

 

[MarkPark]

Advice requested - I have some BTC on an exchange (kraken, not coinbase). Is it safe/good practice to pay a TD directly from the exchange, or should I withdraw to a personal wallet first and then pay from there? Or does it make no difference? I suppose my concern is that exchanges may have blacklisted certain wallet addresses, or may monitor withdrawals and be able to use that information somehow.

 

[Bardecome]

As a relatively new member my first purchase from a TD has come with some nerves and some questions about the process. I couldn't find too much information regarding how to pay with Bitcoin so I thought I would create a bit of a tutorial:

There are many different websites and ways to own and transfer Bitcoin but for the purpose of this tutorial I am using coinbase.com. (I am in no way affiliated with them but they seem the most user friendly).

Step 1:
Create a coinbase.com account. Follow the steps to create your account and then you will need to upload a photo of your identification for verification purposes. You will also need to add a credit card that your purchases will be debited from.

Step 2:
You will then have access to the following home screen:

Here you can see the current market value of a lot of different types of crypto currency. For now lets stick to Bitcoin.

Step 3:
Click on the Bitcoin area bottom left of the above image. That will take you to the following Bitcoin part of the website showing current market value:

Step 4:
Buy some Bitcoin. On the right of the screen see the "Buy Bitcoin" button. Press this and then enter the amount of Bitcoin you wish to purchase. Please note that you will most likely be buying Bitcoin in your local currency. Go to google and type the amount in USD your TD wants you to pay and convert to your local currency. When buying the coin make sure you buy about 5% more to cover all fees. I usually take out 10% to be sure that I will have enough to cover the item after fees and a potential drop in Bitcoin value. WHICH BRINGS ME ONTO THE NEXT POINT: Bitcoin is a very fluctuating currency. If you buy $100 USD worth of Bitcoin you might have $97 in your account after fees. If the value of Bitcoin goes up then your $97 goes up and you will have available $100 worth of Bitcoin to use. Alternatively if the value of Bitcoin goes down then your $97 might go down and only be worth $94. This may catch some people out and you may have to pay more to your TD. After all Bitcoin is very much like a stock market. It goes up and down in value and can do so quickly. For example:

The following image shows the value of Bitcoin on July 29 at $13,508.

This image shows the value of Bitcoin 4 days later at $15,363.

Step 5:
Once you have the Bitcoin in your account you can send an amount to your TD's address. They usually provide this in an email after your order has been confirmed. If you click on the Accounts tab at the top of the coinbase.com home page you will see an overview of your owned crypto currency. Under Bitcoin click the SEND button. Enter the address the TD sent you and type the amount you owe them. This may have to be converted from USD to your local currency. Round up to the nearest dollar to make sure all is good with the conversion. Press CONTINUE and follow the steps until the payment is sent.


I am also growing in the crypto space and I find resources like you mentioned really helpful in understanding market trends. I personally use learn.binany.com materials that helped me learn the basics and take my first steps in trading. These resources provide a great foundation to start confidently working in the crypto world.


Please feel free to add to this if you have more experience than me. Hopefully this helps someone else out there!!

Regards,

AW

Thanks for sharing this tutorial! It's really helpful for those who are new to Bitcoin and want to get a solid start. Coinbase is indeed a user-friendly platform, especially for beginners, and the step-by-step process you outlined will definitely make things easier for anyone who’s unsure about how to pay with Bitcoin.

 

[daytrader]

In fact, investing in cryptocurrency is a very interesting business. When I started to delve into it, I was a bit confused. Then, I met people who understand this field and they managed to explain everything to me. They even recommended *** removed link to a site that triggers scam alert ***with which I work until this day.

Investing is any way quite risky so you need to stay full accountable for your investments and be ready to lose some money in bad scenario.

 

[eBoy]

Investing is any way quite risky so you need to stay full accountable for your investments and be ready to lose some money in bad scenario.

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