Blockchain 101 Episode 41 – Can I use Bitcoin as a form of payment

As a digital currency, Bitcoin is an accepted payment method in countries such as Japan and Germany. Most merchants accept Bitcoins through a third-party payment processor.

Customers first pays using Bitcoins, then the payment processor will take the Bitcoins and convert it to fiat, so that the merchants will receive the payment in fiat instead of Bitcoins.

Through a third-party, the transaction won’t require a real transfer of Bitcoins Only involving a change in both parties’ asset balance, making Bitcoin payment instant. Paying with Bitcoin is easy Open your Bitcoin wallet APP and scan the QR code, or click on the Bitcoin address to skip to the PC client for payment.

Different from online payment tools like AliPay, when using Bitcoin for payment, Its real-time exchange rate will show up after scanning the QR code. Validation from both parties are needed before the payment goes through.