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Bitcoin is a virtual currency and a peer-to-peer network. Bitcoins can be used like cash in exchange for goods and services. To pay with bitcoins you transfer them to the receiver via the Bitcoin network.
Firstly you need a wallet to store your bitcoins. The security conscious may opt to download a software wallet, which stores your bitcoins on your computer. Alternatively you can have an online wallet using one of the online wallet providers. Apps are available for your mobile phone to access your online wallet and sent payments.
Like a physical wallet, if you lose your Bitcoin wallet then you lose your bitcoins so make sure that you have a backup whichever method you decide to use.
Now you have your wallet you need bitcoins. New bitcoins are created through a process knowing as “mining” where you download a software “miner” that does work in return for bitcoins. The work involves verifying bitcoin transactions and recording it on the block chain. The more work it does the more bitcoin you get in return so hardware performance matters.
Mining difficulty is controlled by the Bitcoin network to make sure that only so many bitcoins can be generated. Most users do not mine bitcoins due to the difficulty and expense. It is recommended that you research before mining, look at the guide on http://www.weusecoins.com/en/mining-guide.
Just like buying foreign currency, you can buy bitcoins using an exchange. Bitcoins have an exchange rate that can determine its value when converting to other currencies such as GBP.
How do I use my Bitcoin to Pay at Digitech4all.eu?
At the checkout simply select Bitcoin as your payment method, and then click the “Complete order with bitcoin” button. You will then be taken to Coingate to complete payment. Coingate.com will convert the Bitcoin value of your order to Euro using the latest exchange rates. You have 15 minutes to pay the exact amount shown. You can either scan the QR code, or transfer the bitcoins to the wallet address shown. Once done you may need to press the refresh icon to see that your payment is complete. Note: Any under and over payments will prevent us from processing your order correctly. Please contact customer services in this case to ensure that your bitcoins are returned to you. Now your payment is complete, the Bitcoin network will confirm your transaction.
Get in touch with our customer services team who will cancel your order, you will then be refunded.