Bitcoin Tutorial

Bitcoin is a relatively new method of exchanging value through a “virtual” currency. It can be far less expensive, as compared to some other common methods, to send and receive payments, especially international payments. Information below is offered to help familiarize you with this method of sending donations or other use of Bitcoin.

SIMPLE AND QUICK METHOD

(1) Go to How to Pay with Bitcoin and follow the instructions. To keep it simple select the Bitpay wallet. Buy Bitcoin as the instructions explain.

(2) Select “send money” option from your wallet.

(3) In another tab on your browser, open this page (if not already open) and click on this Bitpay link.

(4) Complete the information (donation amount, etc.) on the form and click on the “Bitpay donate now” button.

(5) Copy the bitcoin address that appears on the donation page and paste it in the “address” field on your wallet “send money” page form.

(6) Complete the transaction using your “send money” form on your wallet account page. It may take several minutes for the transaction to complete. A small transaction fee will have been deducted from the donation amount sent to us, but your full donation amount will be shown on the donation page as an acknowledgement of your donation.

For more detailed information about Bitcoin, see below.

OPEN A BITCOIN WALLET ACCOUNT

Wallets are usually free to open. Compare transaction fees, if any, and other features before opening a wallet account.

Note: Some exchanges include a wallet with the account. You can still open a wallet of your own with control of your own keys, and transfer between wallets. See under “PURCHASE BITCOIN” for information on exchanges that include wallets or similar features (such as the circle.com payment system).

Some wallets to compare are found at the following websites:

Bitcoin Wallet Comparison

Choose your Bitcoin wallet

Review Best Bitcoin Wallets

Wallets I can recommend as easy to set up and secure include: Blockchain Wallet; and Electrum Wallet.

You can try the online demo at https://www.cointree.com.au/Secure/Demo to see how to buy and sell Bitcoin, receive and send, and pay bills with a Bitcoin wallet. Note that this is an Australian exchange. The methods and payment options vary somewhat with different wallets or exchanges.

PURCHASE BITCOIN

Bitcoin can be purchased in various ways, for example, from individuals in person, or from online exchanges, as well as by other means.

A comparison of Bitcoin exchanges and other information about using Bitcoin can be found at the following websites:

Bitcoin Exchange Guide

Bitcoin Exchange Reviews (Australian exchanges)

99bitcoins.com

HOW MUCH DOES IT COST TO BUY BITCOIN?

Exchange fees vary. Some do not charge any fees except the nominal network transaction fee that applies to all purchases of Bitcoins. Others charge a fee of 1% or less, and still others may charge 5% or more.

The price of Bitcoin varies between exchanges, and for direct trading between buyers and sellers the price is set by those doing the trading.

Compare Bitcoin price and transaction fees, as well as other factors, when shopping for an exchange.

WHEN BUYING BITCOIN HOW IS PAYMENT MADE?

It depends on the exchange. Many offer bank transfer which costs little or nothing. To pay by bank transfer, of course, you will have to give the exchange your banking information (as with services like PayPal and others). Cash, debit card, credit cards, wire transfer, and other payment methods are also available at various exchanges.

HOW MUCH DOES IT COST TO SEND OR RECEIVE BITCOIN?

Many wallets allow users to send and receive Bitcoin free.
Others charge a fee, especially to merchants receiving Bitcoin.

HOW CAN I DONATE TO MESSENGER CHURCH OF GOD USING BITCOIN?

First obtain your Bitcoin wallet and purchase sufficient Bitcoin to cover your donation.

Send your donation using Bitpay links on www.cogmessenger.org website.

When you reach the donation payment page, payment from your wallet can be made using the click-to-pay button if supported by your wallet, or by scanning the QR image if supported by your wallet and device, or by cut and paste.

PLEASE NOTE: BITPAY CURRENTLY LIMITS OUR DAILY TRANSACTIONS TO A MAXIMUM OF $10,000 (USD). IN THE RARE EVENT THAT YOUR DONATION MAY EXCEED THAT AMOUNT, PLEASE BREAK IT UP INTO SMALLER AMOUNTS TO BE SENT ON SUCCESSIVE DAYS.

Terms of Use: For information only. User assumes all risk associated with the information provided.

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Copyright © 2015 by Rod Reynolds

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