Bitcoin guide: your guide to finally understanding cryptocurrency

Famous cryptocurrency today, Bitcoin was created in 2009. It is an electronic currency based on a “peer to peer” system. Compared to traditional monetary systems, the particularity of Bitcoin is that it is not subject to a central financial regulatory authority. Despite this specificity, this cryptocurrency is attracting the interest of an increasingly growing number of investors.

Thus, the purchase of Bitcoin is today largely democratized, because its use offers numerous advantages. So how do you buy bitcoins, store them, and spend them whenever you want? Here is the guide!

How to buy bitcoin?

To buy Bitcoins, you must go through exchange platforms. Among these, there are: Binance, Kraken, Bitstamp, Etoro, Coinbase, Coinbase, Coinhouse etc. These are also known for offering trading spaces to investors and brokers. But, due to the number of online scams surrounding the purchase of this currency, you must exercise great vigilance by only operating on official platforms.

In addition to these different virtual platforms, there are physical counters all over France. It’s the case :

  • from Coinhouse to Paris,
  • from Bitcoin Avenue to Caen,
  • from Byzantine to Brest and
  • from Comptoir des cybercurrencies in Bordeaux.

Their advantage is that they are secure and provide spaces where beginners can get personalized advice. The only downside is that they charge high fees.

Once your purchasing platform or counter has been identified, you will need to pay for your Bitcoins. To do this, several payment methods are offered, but the most economical remains bank transfers.

Unlike card payments whose commissions can go up to 10%, bank transfers cost you much less. However, they take a longer validation time (up to three days) and can sometimes result in a discharge signature from your bank.

One last tip to secure your bitcoins is to store them on a hardware wallet. Similar to a USB key, it is a physical wallet that allows you to avoid exposing your bitcoins to hacking attempts.

How high will the price of bitcoin go?

Bitcoin just keeps setting records. On February 22, it reached $58,332. This dynamic finds its justification in the law of supply and demand. Indeed, the increasingly increasing value of this cryptocurrency is due to its scarcity, as Bitcoin attracts more and more investors.

For some specialists, bitcoin could reach a million dollars in the medium term. Because, unlike other traditional currencies, this cryptocurrency is distinguished by the limitation of its production . This is what justifies its volatility and its significant increase in value compared to other currencies. Better, the greater the monetary creation (that of traditional currencies), and the greater the adoption of bitcoin, the more its value increases.

What is the legislation in France on bitcoin?

Article L315-1, I of the French Monetary and Financial Code provides that “ electronic money is a monetary value which is stored in an electronic form, including magnetic, representing a claim on the issuer, which is issued against remittance of funds for the purposes of payment transactions defined in Article L. 133-3 and which is accepted by a natural or legal person other than the issuer of electronic money. »

As such, bitcoin cannot be qualified as electronic money. Because it is generated independently of any initial remittance system. However, Bitcoin payments are not illegal in France.

Indeed, even if it does not benefit from the protection of the euro, the Bitcoin protocol is legally recognized in France. As such, a purchase made in Bitcoins is not considered a real payment, but rather an exchange of value. It is therefore not possible for a French merchant to demand to be paid in bitcoins. However, economically, Bitcoin allows you to establish value and carry out exchanges like any other currency.

Due to this limitation (lack of regulation), caution should be exercised when investing. Indeed, Bitcoin is a highly risky speculative product in various respects.

How to pay in bitcoin?

With the success linked to the use of bitcoin in the United States, we have understood that there is no need to be an expert in cryptocurrencies before being able to use bitcoin. Thus, this virtual currency is increasingly used in several other countries such as France. So, how to pay with bitcoins and what platforms can you pay with bitcoin on?

Bitcoin payment procedures

In France, the number of online stores and physical stores that accept Bitcoin as a means of payment continues to grow. So, to make a payment with bitcoin, several methods are available to you:

  • Using the QR code

This is the simplest way to pay with your bitcoins. To use it, simply choose the Bitcoin option during checkout. Next, scan the QR code of the item you wish to purchase using your smartphone and you will be redirected to your Bitcoin wallet. All you have to do is check the amount to be debited and validate your payment.

  • Payments from your bitcoin wallet

To pay for your purchases in Bitcoins, you can also open your wallet on your computer or phone. Then, copy the recipient’s address in the field indicated for this purpose and validate your payment.

Merchants who accept bitcoin payments

Whether online or in physical stores, many companies today accept Bitcoin payments. Among the most famous are: Coingate, Microsoft, Expedia and many other merchants around the world. This dynamic is facilitated by the integration of the Bitcoin payment option on Shopify stores.

However, it should be noted that large e-commerce platforms such as Amazon, Cdiscount or Ebay are hesitant to introduce bitcoin as a means of payment on their platforms. However, it is possible to use your bitcoins to make purchases on these platforms. This is possible thanks to Amazon gift cards that you can get on SpectroCoin or LocalBitcoins. You can also use Purse or go to to exchange Bitcoins for said gift cards.