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Crypto 103: Paying for a Purchase Order with Bitcoin

Remember this screenshot from yesterday? This is your purchase order with Textverified.

Check out this blog post for a breakdown of your purchase order

Now we need to pay it! There are two convenient ways to send us your Bitcoin, i.e. pay your balance. First we’ll show you how to pay via mobile device only and then we’ll cover QR codes in a separate post.

See that long string of letters and numbers? That is the Textverified wallet address for your transaction. When using secure digital currency exchanges, this wallet address will be different each time you complete a transaction (for more information, check out this article on wallet addresses over at Coinbase).

Open your digital currency exchange app or navigate to their site from your web browser. You should see a screen that looks something like this one, from Coinbase:

This is your wallet, where all your digital currency lives

Since we’ve already activated the “sending” function, click the “Send” button, which will take us to this page:

The amount of Bitcoin you own is still represented in USD (or your local currency). That means the $8.98 above refers to how much Bitcoin we own in USD. Below it, you can see that we own about 0.00057 BTC, or Bitcoin.

First, and this is an important step if you’re using multiple cryptocurrencies from a single wallet, make sure to select “BTC Wallet” so you’re paying in Bitcoin.

Next, using the number keypad, enter the amount of Bitcoin listed on your Textverified payment invoice. In this case, it is 0.000479 BTC. Then press “Continue.”

Due to security protocols, we aren’t able to take screenshots of the next screen, but it works as follows: You will now be prompted to enter a wallet address. This is where you’ll copy and paste the Textverified wallet address from your purchase order.

This wallet address lets your digital currency exchange provider know where to send your payment, so it’s important that you enter the whole address correctly. There should also be a spot for transaction notes where you can add in your Textverified “Order No.” to help keep track of your payments.

Your provider will then ask you to “Confirm” the wallet address you’ve entered. Once you do that, you’ll see a receipt for your transaction:

The amount you send will appear slightly higher than what you actually owe Textverified because every digital currency exchange will charge a small fee to process your transaction.

In this example, we owe 0.000479 BTC to Textverified, but we actually paid 0.000536 BTC, which includes the Coinbase processing fee. You can see below that the actual amount we paid in USD is $8.42.

After a few minutes, you’ll receive an email from Coinbase confirming your transaction. This email will also display the transaction fee amount you paid in USD (or your local currency) — $0.86 in our example below.

Soon after that, you’ll also receive an email from Textverified letting you know that you’ve successfully added credits to your account. Happy verifiying!