How to Receive Bitcoin?
Bitcoin has grown to become the largest cryptocurrency by market cap in the whole
world. It is no longer unknown how bitcoins have spread across all boundaries and are
explored by everyone.
The ideas of bitcoins were set up in a whitepaper that Satoshi Nakamoto had developed.
It brought along a view of lower transaction fees as it does not operate under any
centralized administration or authority, unlike commercial banks and currencies.
Thousands of people research about bitcoins and its history every single day. Questions
like how to get a bitcoin account, how to get a bitcoin address, how to get
bitcoins for free, and so many others have now been answered.
Cryptocurrency has never been as accessible as it has become now in today’s market.
But, we all know that bitcoins are pretty heavy on the pocket. It is sometimes not a
financially viable option for many to buy bitcoins. A lot of people are still unaware of the
fact that there are numerous other options in which you can get bitcoins for free.
Various websites and programs use bitcoins as a marketing strategy giving away
fractions of bitcoins if you satisfy any of the requirements. Options like reward
programs or maintaining an interest yielding bitcoin account are two of the many.
Each option of alternatively earning bitcoins is catered in such a way that it meets
different goals. While some are short term, some are medium and long term options.
Let us discuss this more to have a clearer idea of the prospects of it.
1. How to buy bitcoins
The easiest way to get bitcoins is to buy it. For buying any cryptocurrency, you first need
to have a wallet. Sign up with a trustworthy provider that allows you to send, receive, or
store your bitcoins.
Once you do that, you will need to register with an exchange platform. Exchange
platforms are simply marketplaces to trade cryptocurrencies. You can check the various
listings out up by multiple traders and choose to buy or sell according to your
requirements and choice.
These platforms generally support all kinds of payment methods like debit or credit
cards, bank transfers, and others. But, these platforms charge a transaction fee which is
a percentage of the amount of transaction you make.
A few of the most popular exchange platforms are Coinbase, Coinnama, and BitStamp.
2. How to get bitcoins for free
There are websites known as bitcoin faucets that give away free bitcoins to its customers
and visitors. It is more like a reward program where you need to solve a captcha or task
to receive one satoshi. One satoshi is just one-hundredth of a millionth of a bitcoin.
If the users continue to store the bitcoins for an extended period, it can become a
considerable amount of bitcoins, which you will have earned by paying nothing.
3. How to receive bitcoins from someone
If someone is paying you bitcoins, there is a method to be followed to receive it.
● First, log in to your bitcoin wallet and go to account options. Click on the ‘receive’
button to get your bitcoin wallet address.
● Once you generate your unique bitcoin wallet address or QR code, share it with
the person from whom you shall receive the bitcoins. Each transaction creates an
individual address for the recipients.
● Also, if you have activated more than one type of cryptocurrencies to your wallet,
you must choose ‘Bitcoin’ before proceeding to request for bitcoins.
● The public or wallet address is unique and cannot be used for any other purpose
than sending you bitcoins or funds.
● The sender can scan the QR code or enter your wallet address and send the
bitcoins to you in no time
● You can also create a payment request if you are indicating to be paid for any
products or services offered. In this kind of claim, you can mention the amount of
bitcoin that is to be sent to you along with a note describing the service provided
from your end.
● After the sender has paid you the bitcoins, you will receive a notification of the
same. Your transaction will be noted in the recent transaction history section.
● Remember, once a transaction is complete, it cannot be reversed.
4. How to get a bitcoin address
The bitcoin address acts as an account number for your bitcoins. As we all know, it can
be used for both sending and receiving bitcoins from anywhere across the globe.
Most often, we mistake to think that the wallet stores our bitcoins. But in reality, the
wallet saves few keys to let us access out bitcoins safely. There are two types of keys i.e.,
the private key and the public key. The private key acts as a digital signature for you,
while the public key is the password you use to authorize any trade with them.
5. How to accept bitcoin payments
If you are a service provider who is ready to take bitcoins as a payment method, you will
need to process the payment with a bitcoin payment processing provider. Only
then, you can get the bitcoin money and will be able to transfer the funds to your
bank account for withdrawal and use.
Follow the instructions below to have set up your account correctly to receive bitcoins.
● First, you need to select a payment processing provider suiting your
requirements. Every provider has a different set of features and charges
differently for transactions.
● Sign up and create an account by entering a valid email address and password.
● Most providers allow you to use the basic version and features with just the email
and password. But, if you would like to use the additional features, you have to
verify your identity and enter your banking details.
● It is advisable to link the account with your business account so that you can
directly transfer the income after converting the bitcoin to your fiat currency.
● You can also choose your fiat currency. Different fiat currencies attract different
transaction fees.
● Now, you have to generate a QR code that the customers will be used to pay you
bitcoins in exchange for your services.
● Your customers can scan the QR code and pay you in less than minutes.
● If you are running an online store, the bitcoin payment processing providers let
you use a code that will be added to your website.
● Customers can click the QR code icon and scan it to make payments.
● Convert the received bitcoins to your fiat currency, and you can now transfer it to
your bank account immediately.
Before selecting a payment provider, never forget to check the structure of fees that will
be levied on your transactions.
Conclusion
As businesses are growing and beginning to accept payments in bitcoins, the payment
methods for both the customer and merchants are widening. It is a great way to start
exploring this ever-improving cryptocurrency, which is only rising over the years.
But like always, remember that bitcoins are an extremely volatile asset that experiences
unexpected ups and downs in its liquidity and price. It is good to be aware of our
financial constraints before diving into the unknown.
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