Investing in bitcoin is one thing, but what good is it if you can’t actually spend it? Bitcoin only has value because we have given it value. Because it has become an accepted digital currency and people choose to trade in it, it has become a valuable commodity, without actually being a physical thing. So if bitcoin has value then we should be able to trade it for other things that we need or want, which is exactly why there are now a number of available places to spend bitcoin.
How Do You Spend Bitcoins?
It’s a question on many lips, especially those who are new to the world of bitcoin. Spending bitcoin is actually a very simple process that is not unlike making an electronic funds transfer. You will basically be sending bitcoin to a specified bitcoin address.
You can make the actual transaction in a few ways, which will usually depend on the person on the receiving end. If they already have a payment procedure in place for customers, clients or patrons paying via bitcoin, then you will have to follow their process. It could range from any of the following:
- Paying via your bitcoin wallet to their bitcoin address
In your bitcoin wallet, you will be required to type in the recipient’s address as well as the amount you wish to pay them, before processing the payment
- Scanning a QR code that is linked to their bitcoin address
This works in exactly the same way, except that you simply need to scan the QR code from your wallet software, whereby the recipient’s address and amount due will be pre-populated. All you need to do is confirm the transaction for it to be completed.
- Payment via URL
If the payment processor is fairly organised, you might make payment via a pre-defined payment gateway that will allow you to sign in to your wallet from the checkout page to confirm the transaction.