Bitcoin (BTC) is a decentralized digital currency that can be transferred almost instantly and securely between any two people throughout the world. It’s like electronic cash that you can use to pay friends or merchants. Paying with Bitcoin is actually very easy once you get your head around the basic concept. We highly recommend learning to use cryptocurrencies as they are likely to become more and more integral to the world’s economy.
The first idea you need to be familiar with is the term ‘Bitcoin Wallet‘. This is similar to your bank account in the traditional sense and is used to store your Bitcoins. Each wallet is assigned a Bitcoin address (or a number of addresses). This is a seemingly random string of characters that is unique to your wallet. For example, it will may look something like this: 000000000000000wwwerrrtyuccbrtre31
When transferring Bitcoins to another Person/Company, all you need is their BTC address. Bitcoins are divisible to 0.00000001BTC so you do not need to purchase whole Bitcoins; you can simply purchase the precise amount required for successfully completing your order with us here at Chem Theory.
Here is the easiest way to create your Bitcoin wallet:
- Visit Blockchain.info and click ‘Wallet‘ followed by ‘Create A Free Bitcoin Wallet’.
- Fill in the relevant details and create a SECURE password.
- Click continue and your wallet is then created. Remember to take a note of your wallet ID. However, this will be emailed to you also.
- You can now access your wallet by logging in.
NOTE: Whenever sending your Bitcoin Payment to Chemical Vendor Shop, you first must make sure that you transfer the BTC to your OWN wallet from your chosen Exchange. DO NOT send your coins directly from the exchange to Chemical Vendor Shop as this can cause a multitude of issues.
The next task is to purchase your Bitcoins. This can be carried out using various Exchanges. We will not go into great detail here as each Exchange as their own unique criteria. More information can be found on their own websites.
Below is a quick rundown of some reliable Exchanges that we recommend using.
LocalBitcoins – The best method for anonymity and one of the few places where no ID verification is required. You can purchase Bitcoins from a multitude of Vendors in your area using a number of payment methods. Some of these include:
- Bank Wired Transfers
- PayPal
- Cash Deposit
- Cash in Mail
Coinbase – A large US based exchange that requires ID verification and a deposit via bank transfer. Instant verification is possible with some banks.
Kraken – An EU based exchange. They have the lowest fees for purchasing cryptocurrency with FIAT and they have a wide selection of cryptocurrencies to choose from. Highly recommended. ID verification is required.
Bitstamp – An excellent exchange if you are within the SEPA zone – this includes most European Countries. Quick deposits can be carried out via Bank Transfer with some of the lowest fees in the industry. ID verification is required.
CEX.IO – Buy Bitcoins with a credit card with a very quick turnaround time. ID verification is required.
LibertyX – Purchase Bitcoins using cash at many stores located throughout the US.
For a complete list of Exchanges that accept credit card please click the link here. Please note that we do not vouch for all of these exchanges. We recommend you carry out your own research first to help make the choice that suits you best.
Bitcoin’s price is often highly volatile, so it is generally good practice to purchase slightly more coins than you need (around 3-5% more). To calculate how many BTC you need to place your order, please use the rates provided by your chosen Exchange.
After you have purchased your Bitcoin from your chosen Exchange, the next step is to transfer the required amount to your designated BTC Wallet. Then from your BTC Wallet, the last step is to transfer the total amount to the address provided from our store when placing your order.
If you have any more questions, please contact us.
