Today, in this article, we'll talk about how a Bitcoin transaction can take place and how you can purchase a bitcoin card now. There’s an application known as Zebpay that we will be using for buying bitcoins as well as selling bitcoins and trading as such.
Setting up your wallet account: Now, I'll just give you a simple overview as to how you can perform transactions using this application. Once you install the app from the Google Play Store, you just need to click on the option and verify yourself. There are three things that you need to provide to them - first is the details of any of your valid govt. issued ID card. You need to provide them a copy of your ID card and fill the form. Then you need to give the details of your bank account because in case you're selling any bitcoin, the money will be transferred to the respective bank account. Apart from that, you need to provide them with your valid address proof. Once you have done with this, they would go ahead with their verification process, and this would take somewhere between a day to three days as such, and finally, once you got the confirmation from the Zebpay team, then you can begin to purchase bitcoins and sell them as well.
How to buy/sell Bitcoins: So, once the account is ready, the first thing you need to do is that you need to load some money into your Zebpay wallet. For that, just click on the deposit option, and there you need to specify the amount, and then you can transfer the amount using internet banking. I would recommend that you go through net banking because this is faster in comparison to the other means. Now I'll tell you how you can purchase, sell or trade bitcoins as well. If you tap on the buy option, there you can see the present rate of Zebpay for buying bitcoins, and this is continuously changing rate. Let's say you have deposited some money in your account already and you’re going to use all of your amounts to buy bitcoin. So, once you tap the buy button there, below, you will see how many bitcoins you’re going to get for your total amount. There’s a minimum amount that you need to spend while buying bitcoins and a maximum limit as well. If you need to purchase bitcoins beyond the maximum limit, you can contact the Zebpay team, and they will be able to assist you. Now, once you specify the amount, tap buy and the transaction will initiate. But, before that, don’t forget to set your security pin. The transaction is almost immediate because Zebpay in itself holds a certain amount of bitcoins and they release it to you immediately, and you will also get a message notification telling you that bitcoins have been added to your account. At any given point, if you feel that you want to sell your bitcoins, just click on the sell option and you can sell any amount of bitcoins you want. Let's say you want to sell all of it, then just click on “sell all” and all the bitcoins are going to get sold.
How to transfer Bitcoins from one wallet to another: Now let me tell you how you can perform a transaction using Zebpay. Let’s say you want to transfer some or all of your bitcoins to another wallet of yours or any other person you may want to pay. So, click on the “send” option there, and it's going to ask you whether you have the Bitcoin address or do you want to scan it. Now if you click on the “B” button in the bottom, then you have the option of either manually enter the wallet address, or you can scan a QR code of the wallet (the wallet to which you’re going to transfer your coins from Zebpay wallet). Most Bitcoin wallets today come with a QR code, so you can directly scan it, or if you want, you can copy-paste the address manually here. Once you have done scanning or pasting the address, set a unique name for that wallet address there and save it for any future transaction to the same wallet. You will see that it will ask you how much do you want to say - so let's say you want to send it all, so you click on “send all” and it will show you how many bitcoins are going to be transferred. If you notice carefully just below, you’ll see there's an option known as Bitcoin network fees - so if you click on that, you can see the fees for the amount that you're sending now. Although the Bitcoin and blockchain technologies were initially introduced with the idea of no transaction fees, certain wallets do add a specific transaction fee to increase the priority of your transaction. This seems to be inevitable as the number of bitcoin transactions is hugely growing every year, and without any priority fee, the network will just get congested, and the transactions will not be validated till a very long time. Hence this fee is necessary for the current situation. Now here once you click on “send,” the transaction is going to get initiated, and you will also get a mail notification that the Zebpay has sent your bitcoins to the new Bitcoin wallet.
How to verify a transaction: There’s another feature of the blockchain wallet which you need to know in respect with any transaction. Let's say you've sent a transaction or you've received an amount from someone and you want to verify or you want to check the status of it. To do that, just click on transaction details option, and you will be redirected to blockchain(dot)info. Here you can see the details of the transaction you just initiated. You can see the details with respect to this transaction, and this can be viewed for any transactions, this is open to anyone who's part of the blockchain. So, any transaction that you want to verify or validate can be seen on the blockchain(dot)info website; however, currently, the address has been changed as blockchain(dot)com(slash)explorer. Here you will see apart from getting transaction details, it also says how many confirmations this transaction has got so far. This basically is to ensure that the transaction is not a false or fake transaction. If any transaction gets minimum 3 confirmations, you can rest assured that the transaction is valid and confirmed, that’s a standard rule of thumb in most cases unless the amount is too high.