Bitcoin

How To Pay With Bitcoin

25th January 2021

Now that you’ve accumulated yourself some BTC you want to fully immerse yourself in the world of cryptocurrency. We get it. It’s terribly exciting, and we’re here to help you every step of the way. See our guide below on how to pay with Bitcoin, you can literally pay everything from your electricity bills to your dog’s day care with the Tap app.

How Does The Bitcoin Network Work?

Before we dive into how you can pay all your bills with Bitcoin, let’s establish how the Bitcoin network actually works. As the cryptocurrency is decentralized with no governing authority, the workload of maintaining the network is spread between a big network of nodes (computers). These nodes are responsible for maintaining the network, and ensuring the integrity and security for all parties using it.

Then there are miners. Bitcoin miners are responsible for verifying and executing transactions. Once you indicate that you want to send BTC to an address, the transaction enters a transaction pool where it waits before being executed. The miners will then fight to solve a complex cryptographic puzzle, and the first to do so will mine the pending transactions. Once this is completed, the miner will add all the verified transactions to a block, and add it to the blockchain by broadcasting the addition to the network. The network will then accept the new block, update their blockchains, and the miners will get to work on the next block.

Should a miner submit information that is inaccurate, the network will immediately pick this up and reject the information, however this is not common and highly unlikely. But the safety net is there. It’s also worth noting here that all transactions on the Bitcoin network are irreversible, so should you enter a wrong wallet address or sell BTC that you didn’t want to, unfortunately there is no helpline to call for a refund. Always be sure that the information you entered is correct (or better yet, scan the QR code for extra safety).

How To Pay With Bitcoin

Now for the good part. With Tap Global, the app is designed to give its users split-second access to crypto trading and payments. The Tap hot and cold wallet structure allows users to buy and sell crypto instantly, as well as liquidate funds swiftly when wanting to spend crypto through the Tap Prepaid Card. We’re going to look at paying a bill with Bitcoin directly from the Tap app.

Step 1: Sell Bitcoin

From the home screen, select the Crypto option under Assets. Select the cryptocurrency you would like to use, in this case we’ll use Bitcoin. Select Sell, and enter the amount you would like for your bill. The amount will be calculated based on the most competitive price found on the market in real time (thanks to the smart trade technology on the backend). Once you are happy, confirm trade.

crypto wallets

Step 2: Access Euros

Once the trade has gone through, the Euro amount indicated in the previous Sell step will be deposited into your Euro Cash Wallet. You can access this from the Assets section on the home screen. Select Euro from the list and select either Transfer To Another Tap User or Send To Bank Account.

Should the account that you are paying have a Tap account, you can easily transfer Euros or Bitcoin directly to their account, incurring minimal fees. In the case that the recipient doesn’t have a Tap account, select Send To Bank Account.

Step 3: Add Beneficiary

Here you have 3 options: 1) to myself (another account), 2) to another person, or 3) to a business. Select the option that best suits your situation, in this case we will select Business. Enter the details requested like currency, country or region and bank account country or region. Follow the instructions until you have successfully added the beneficiary.

Benefits

Step 4: Pay Bill

Once you have confirmed the addition of the beneficiary, go back to the Euro Cash Wallet and select Send To Bank Account. Select the business from your list of beneficiaries and confirm the amount to send.

Once the transaction has been executed both parties will receive confirmation and you will see the funds taken from your Euro cash wallet.

Crypto Seamlessly Slides Into The Finance World

With the Tap app, users have fast and easy access to both the fiat banking system and the crypto markets. As the pioneers in alt banking, Tap Global is years ahead of its peers and quite literally tapping into the future. Join the revolution and learn how to pay with Bitcoin today.


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