Bitcoin is that rare case where selling is easier than buying. As we all know, the opposite is usually true for things. Exchange offices differ from one another in two ways: the amount of information requested and the degree of automation of the exchange. You can learn about the first only by going to a particular site and studying the fields for entering information about yourself. The algorithm of the exchange can be found out in advance.
How to avoid mistakes
If you have chosen the site, which does not require a person on the other side of the monitor, you will be offered a QR-code, containing both the address of the wallet, where you need to send the bitcoins, and the amount of bitcoins. You can use this bitcoin wallet https://cryptopay.me/bitcoin-wallet. Use your computer (laptop) and smartphone to pay. Start the exchange in a browser on your desktop, and open your wallet with your smartphone (you can enable VPN before each wallet download). This will allow you to scan QR-code on your computer screen directly from your cryptocurrency wallet and will save you from errors of inaccurate address copying. Keep in mind also that there are viruses that monitor the clipboard for bitcoin addresses and spoof them unbeknownst to you.
How to make exchanging faster and easier
There is such a thing as a bitcoin transaction fee. It is taken automatically by the cryptocurrency network itself and depends on the current network load, i.e. on the intensity of bitcoin exchange between its owners. This fee is paid to miners who mine bitcoin blocks, but the amount of the fee does not depend on the miners themselves.
You can always estimate the network load and the amount of commission depending on it, which allows you to make a financial transaction within a reasonable time by visiting the Bitcoinfees website. I recommend targeting half an hour. The commission is calculated based on the number of bytes per satoshi (1 bitcoin equals 100,000,000 satoshi).
If it turns out that you chose an insufficient amount of commission, bitcoin transfer can take several hours or even days (with peak network load, usually occurring during sharp movements in the market price of the cryptocurrency). However, you don’t have to worry too much about this due to two circumstances:
- If you send bitcoins, they will definitely arrive at their destination. There is no other way.
- If you exceed the time limit (usually 90 min) given for not paying the request, that is not dramatic. The request will be automatically activated as soon as the bitcoin transfer is completed.
How to track exchange status
In order for a transaction to be credited, it must be validated on the network, that is, written into new bitcoin blocks. Blocks are generated by miners, on average, every 10 minutes. Usually it takes 3 confirmations to validate a transaction, so ideally a bitcoin transfer will happen within 20-30 minutes. You can always track the current status of any transaction with the public blockchain overview via Blockchain Explorer. Both the exchanger, there and the cryptocurrency wallet will provide you with direct links with which you can always find out what address and how much bitcoins you have sent.
At the moment, the use of cryptocurrency is actively developing. Now you can even order a plastic card to pay in stores using https://cryptopay.me/.