How to use Bitcoin?

Bitstamp – Easier, cost-effective way to pay

I have seen people complaining about buying Bitcoins from Localbitcoins because there are very few sellers who ac-cept Paypal and usually with really high price per BTC. So let me introduce you Bitstamp. First of all Bitstamp takes only 0.25% fee per transaction and minimum transaction is 5USD. Since they don’t accept Paypal as payment method it will usually take few days before you can get your Bitcoins but I think it is worth of waiting.


Creating an account

First you need to make account with your personal and real details.


Click “Open an account” and you will be asked about your first name, last name, email and country.

After that there might be some more questions and email confirmation and they will send your log-in username to your email. I don’t remember for sure since I made my account long time ago.

But before you can buy, sell, receive or send bitcoins you have to confirm your real identity to them by sending them scanned image of your ID, driving license, passport etc. and electric bill or similar. This process will take couple days before your account will be ready for use. Once your account is activated you can deposit or withdraw funds or buy/ sell Bitcoins.


Depositing money

There are few ways to deposit money including EU Bank, International Bank, Bitcoin, Ripple and Astropay. I have only experience with EU bank transfer. Just click “Deposit” link and then choose the way you want to send moneys and follow further instructions. Bank transfers take usually few days. When sending euros or other currencies to Bitstamp they convert them to USD without an extra charge.


Buying or selling Bitcoins

Buying or selling Bitcoins is pretty straightforward. Just click “Buy / Sell” link.

Then you will see two big buttons “Buy Bitcoins” and “Sell Bitcoins”. Just click what you want to do, enter the amount, submit it and wait. Usually it won’t take longer than 20 second to complete transaction.


Withdraw or send money/Bitcoins

Also you can withdraw your moneys just by clicking “Withdrawal” link, choose the way you want to withdraw and enter necessary information. This is also how you send Bitcoins.
Choose “Bitcoins” from the list of ways of withdrawal and enter the Bitcoin wallet address and amount you want to send. Always check the right amount from Google before sending Bitcoins.For example 250USD is at this moment 1.10 BTC. Address Label is optional and can be left empty.