Some mobile wallets also offer discounts and other incentives for making daily purchases using Bitcoin. For example, Airbitz offers 20 percent discounts at Starbucks.
BitGo and BTC. com are examples of some online Bitcoin wallets. If you have an account on an online Bitcoin exchange, your exchange account would also be considered an online wallet. [4] X Research source
There are several mobile wallets, including Copay, that can be used both as an app on your smartphone and as software on your computer.
Hardware wallets are good if you plan on holding Bitcoin for the long term. The investment may not be necessary if you plan on converting your Bitcoin to fiat currency right away.
If you’re using a software wallet, encrypt your computer and use a strong firewall. You should also make sure that you have strong anti-virus protection that is installed and up-to-date.
That public address is valid forever, so don’t worry if you navigate back to the “receive” page and your wallet generates a new address.
The public address can also be emailed or texted. No one can do anything with it except give you money – they cannot access your wallet with it – so there’s no real need to be concerned about keeping it secure.
The payment request generates an email that is sent to the person who will be paying you Bitcoin. That person can simply click a link on the payment request to send you the Bitcoin.
If your wallet is set up to accept more than one type of cryptocurrency, make sure that you’re checking the transactions in the Bitcoin section of your wallet.
If you are a merchant accepting Bitcoin for relatively small transactions (the equivalent of a few dollars US), 1 confirmation may be enough for you to verify the transfer. However, industry standard for safety and security is 6 confirmations, which will take approximately 1 hour. To check the number of confirmations your transaction has, copy the transaction ID from your wallet and paste it into a block explorer, such as blockchain. info.
Visit several of these sites and review the services they provide and fees they charge. Comparing the various services will help you find the one that best suits your needs.
You’ll want to link your account to your business’s bank account so that you can convert Bitcoin to fiat currency and deposit that income into your business’s bank account. You’ll also have the option of choosing the fiat currency that you want to convert Bitcoin to. Exchange rates and fees differ depending on the fiat currency you choose.
If you use tablets or another point-of-sale system, you may be able to integrate a code so that the QR code displays on the tablet or point-of-sale display for your customers.
You don’t necessarily have to be a coding expert to add the payment code. These service providers have plugins that will work with major shopping cart payment systems, such as OpenCart and Magento.
Some payment processing providers may require you to collect a minimum amount of Bitcoin before you can convert it. Check your account information to make sure.
