How to Make a Payment With Cryptocurrency
The process of sending and receiving crypto is much more simple, very much like using an app to send or receive money to and from your bank account. How you initiate the payment is specific to the application you choose. The below 3-step guide will walk you through the process of how to pay a bitcoin invoice.
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 a unique address valid only for your wallet. You can use this address to receive bitcoin into your 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 a bitcoin exchange.
There are many cryptocurrency exchanges available that can be used to purchase bitcoin for fiat currency. Payment options vary but the majority of exchanges have the option to pay via bank transfer while some also accept credit and debit cards.
Since the use of bitcoin exchanges involve fiat transactions, their usage varies based on location to accommodate the necessary regulations as well as currency support. For this guide, I have covered 3 locations, India, USA, and Europe.
India: When buying bitcoin in India, one of the most reliable and trusted exchange is WazirX.
USA: In the USA, the most popular and perhaps the easiest-to-use exchange to buy bitcoin is Coinbase.
Europe: BitPanda takes the lead in Europe as the best exchange to buy/sell bitcoin. It offers an easy-to-use platform and multiple payment options to buy bitcoin.
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.
You may also click the QR code in your Bitcoin Wallet and scan it to send the payment.