HOW TO USE BITCOIN (CRIPTOMONEDA)?

This blog is created for those who want to learn about cryptoneses and how to use them

The criptomoneda bitcoin can be used in any type of commercial and financial transaction in the real world. In the commercial field, bitcoin can be used to pay for online purchases of a myriad of products, directly in virtual stores such as Overstock, NewEgg, Microsoft, Dell, Expedia and G2A, among many others, and buy gift cards, For use in stores such as Amazon, iTunes, Starbucks, eBay and many more. You can also pay for purchases at physical stores that accept the cryptonnet, such as restaurants, shops, clinics, supermarkets, and so on.

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Announcement of receipt of bitcoins as payment method
In the financial field, the criptomoneda bitcoin is used for saving, investing, sending remittances to relatives and friends and making loans to individuals or companies with whom the terms and conditions of such operation have been agreed.

BASIC REQUIREMENTS
In order for anyone to carry out the transactions mentioned above you must meet two basic requirements, have a digital wallet Bitcoin (Bitcoin Wallet) and keep a balance of bitcoins in it.

To open (create) a Bitcoin digital wallet, the user must be clear what kind of wallet he wants to have. There are two types of purses: standalone applications (apps) installed on computers or mobile phones, free download, and online accounts on some platform of a company's criptomonedas purses, which can be seen as bank accounts of criptomonedas.

Both types of portfolios change some benefits for others: independent applications grant anonymity and greater security, but without the necessary care, the user can lose his private key or his backup and, with them, his bitcoins. On the contrary, online wallets eliminate the problem of keys and backups, but sacrifice anonymity and add external risk factors: hacks to the platform, unavailability of funds, among others.

When the digital portfolio is created, two digital keys are generated, a public key, bitcoin address or user account number, which allows deposits to be received in the portfolio, and a private key of the owner of the portfolio that enables the transfer of cryptones to other Portfolios of other users to pay or, in general terms, to specify some commercial or financial transaction that has made.

To learn by doing, here is a tutorial on how to create, configure and use a portfolio of bitcoins.

To learn how to acquire bitcoins with fiduciary money or other criptomonedas and keep balance in the digital wallet, go to: How to buy and sell bitcoins.

HOW THE TRANSACTION WORKS
If the user is going to pay for an online purchase, he usually has to choose the payment option with bitcoin, scan the QR code or copy the seller's bitcoin address in his digital wallet, verify the data (amount and public key), place his password Private to accept the transaction and send. Depending on the payment service used by the seller, the seller will release the purchased product or service instantly or after 1 to 3 confirmations on the Bitcoin network.

When it is desired to receive bitcoins, the user must give the person who sends the criptomonedas his public key or bitcoin address. Then, the sending person must configure the transaction in his portfolio of bitcoins, that is, place the amount to be sent, the bitcoin address of the person receiving and approve the transaction through the use of his private key. At the end, the transaction will be executed and the debit and credit will be reflected on the respective sides of the transaction, instantly.

However, even if the change is instantly reflected in the balances of each user's wallets, the veracity of the transactions must be confirmed. To do this, the transaction will be propagated by the Bitcoin network to be confirmed by the miners network and included in a block of the block chain.

Each confirmation that the network grants to a transaction greatly reduces the likelihood of fraud, thus adding legitimacy and trust. It is recommended to wait a certain number of confirmations before using the funds: for small transactions (1 BTC or less), 3 confirmations; For large transactions (more than 1 BTC), 6 confirmations.