Step 1: Get a Bitcoin Wallet
There are various options available for a bitcoin wallet each with varying benefits. For this guide I will be using a third-party service called Blockchain.com
#1. To set-up a bitcoin wallet head over to blockchain.com and click on ‘Get a Free Wallet’.
#2. You will be redirected to a sign-up where you will need to create a wallet account using your e-mail and a password.
That’s it! You just created a bitcoin wallet that you can now use to pay bitcoin invoices. You can use the Send/Request buttons to send or receive bitcoin.
When you click on the ‘request’ button you will see a popup window that will display an address. This address is called a bitcoin address (looks like a string of random letters and numbers), which is unique address valid only for your wallet. You can use this address to receive bitcoin into your wallet.
More Options for Bitcoin Wallets (feel free to skip this section and head down to Step-2):
Some popular options are mentioned below, if you wish to create your wallet using any one of the them, simply click on it and follow the guide.
- Android/iOS Wallets:MyCelium, Coinomi, Edge, Bitcoin.com
- Desktop Wallets:Exodus, Electrum
- Hardware Wallets:Ledger, Trezor
- Online Third-Party Wallet providers:Btc.com
- Paper Wallet
Step 2: Purchase Bitcoin and send it to your wallet
Once you have created your Bitcoin Wallet, its time to fill it up with some bitcoin. To purchase bitcoin the most convenient and secure way is to use an exchange.
There are many cryptocurrency exchanges available that can be used to purchase bitcoin for fiat currency. Payment options vary but majority exchanges have the option to pay via bank transfer while some also accept credit and debit cards. For this guide I will be using CoinMama simply because it supports a large number of countries and is easy to use.
Get Started:
Register for a Coinmama Account -> Get verified (ID verification)
Buy Cryptocurrency:
#1: Choose bitcoin: Log into your account -> Select Bitcoin and the currency you’d like to pay with.
#2: Select the amount of bitcoin you would like to buy
#3: Enter your wallet address: Enter the bitcoin address of your wallet. The ‘request’ address you saw in Step 1 would be used here.
#4: Choose you payment method: You can pay using a credit card, debit card, or direct bank account transfer.
#5: Confirm your wallet address: Look for a wallet confirmation link in your email and click on it if the wallet address is correct.
Once the payment has been approved and your wallet address confirmed, Coinmama will deliver the coins to your wallet!
More Options for Bitcoin Exchanges (feel free to skip this section and head down to Step-3):
Some popular options are mentioned below, if you wish to use any one of the them, simply click on its name and follow the step-by-step guide:
- Exchanges: Kraken, Binance, BitPanda, BitStamp, Gemini
- Peer-to-peer: LocalBitcoin, Paxful
- Bitcoin ATM
Step 3: Pay your Bitcoin Invoice
Once you have bitcoin in your wallet you can now pay bitcoin invoices.
To pay the invoice you have to:
1. Copy the Bitcoin Address:
The bitcoin address can be copied and pasted in your desired wallet to make the payment.
2. Copy the amount in BTC:
Once you have copied the bitcoin address, you have to copy the amount mentioned in the invoice. Make sure to copy the amount mentioned in BTC and not the fiat currency (USD, Euro, etc.).
3. Send the Bitcoin
In your wallet, click on the ‘send’ button which will open a pop-up window. Enter the copied bitcoin address and amount in the respective sections and make the payment.
A few important points to remember:
- Irreversible Transactions: Bitcoin transactions are irreversible and most payment processors do not have a refund facility. Before transacting with any merchant please do your due diligence.
- Network Fees: All bitcoin transactions incur a network fees which is the fees paid to the miners who run the algorithms to fulfill your transaction.
- Transaction Confirmation: Bitcoin network can sometimes get clogged so your payment may take some time to confirm. Just look-up your transaction at blockonomics.co to get an estimate of your conformation time. Also, make sure to pay proper network fee to get faster confirmation time.
