How to buy Bitcoin and use BitBucks
To use BitBucks, you must first transfer Bitcoin to your BitBucks wallet. If you already have Bitcoin BTC on another Wallet, you can easily transfer it by scanning the QR code. If you don't have a Bitcoin BTC yet, you can easily buy it on a Bitcoin Exchange Place or soon in our BitBucks App.
From our blog on buying Bitcoin:
Best Bitcoin Wallets & Exchange Places to buy Bitcoin
Since Bitcoin is becoming more and more popular, its important to know where you can actually buy Bitcoin. But whats important and what sets apart the different providers?
Buying Bitcoin: The Guide
Have you heard of Bitcoin before? You are curious and always wanted to own Bitcoin? But ultimately it was too difficult and the step too big? No problem. In this guide we will help you to buy Bitcoins. It's easy.
Can I mis-type with my transaction?
No. Bitcoin addresses have a checksum of their own symbols. The chance of accidentally entering a false address with the correct checksum is virtually zero. It is much lower than, for example, with IBAN numbers.
Do you need banks in order to use Bitcoin?
Yes and no. If you want to buy Bitcoin directly from, for example, the stock market, you will need a valid credit card or bank account. Another way to get bitcoin is by using custodial wallets like BitBucks. This is possible because Bitcoin is a monetary protocol for the Internet. You can use Bitcoin in the same way as you access a website. Access is enabled by wallet software, which is available in various models free of charge, or by direct connection to a node.
How do I buy Bitcoin?
Generally from digital wallets or currency exchanges. These exist in virtually every country. These facilities will usually confirm the identity of their customers via video-based methods. You can then purchase Bitcoin via bank transfer or in some cases using other payment methods such as credit cards and PayPal for instance. After the purchase, users can store the acquired coins in their Bitcoin Wallet.
Many countries also have platforms for direct trade between private individuals which are quite popular. There are often vending machines from which you can buy Bitcoin. In addition to that you can also purchase credit vouchers in kiosks.
An alternative way to the purchase of Bitcoin is acceptance. For example by using BitBucks! You can accept Bitcoin as payment for goods or services that you provide. In some countries, employees or freelancers may be able to convert part of their salary or fee payments into Bitcoin.
How do I top-up Bitcoin to my BitBucks Wallet?
For this you need a second Bitcoin Wallet next to the BitBucks App: We recommend the Blue Wallet or Electrum where you can store your Bitcoin credit. Using the top-up function in the BitBucks app, you can then simply transfer Bitcoin to your BitBucks account by entering the Bitcoin address.
Isn't the Bitcoin price too volatile and therefore a risk for me as a merchant?
If you sell your Bitcoin on the same day at the end-of-day price, the volatility of the Bitcoin price hardly plays a role for you as a merchant. In addition, due to the pending halving and the deflationary character of Bitcoin, the price is expected to stabilize over time anyway.
What are transaction fees?
A Bitcoin transaction attracts a fee which is paid to the miner. Under normal circumstances fees amount between one and five cents. However during peak times these may increase noticeably to values of 50 cents or even one euro. If you pay too little in fees, you will have to wait longer for confirmation of your transaction. Most wallets select the appropriate fees. Wallets like BitBucks, in which transactions can also be internally calculated, can save you fees and accelerate confirmation of your transactions.
What is a Bitcoin wallet?
A Bitcoin wallet is software you can use to administer your bitcoins. There are many wallets for all common computer systems. You can choose between local and online wallets. A local wallet gives greater independence and privacy, while an online wallet can offer more convenience.
What is a Blockchain transaction?
With a transaction, you transfer Bitcoin from your Bitcoin wallet to another party. This transaction or payment will be signed off with your private key and forwarded to the node in the Bitcoin network. This is propagated across the whole network until it reaches a miner, which can confirm the transaction.
What is an BTC address?
Bitcoins are sent to addresses. An address is an approximately 35-digit character combination. It has a similar function as the IBAN number for bank transfers: You can transfer money to it by entering it in a field on the transfer form. However, unlike IBAN numbers, your wallet can form an almost infinite number of addresses.