What Is Bitcoin

WHAT IS BITCOIN?

1. Get Bitcoin

There are several ways to get Bitcoins, but the easiest is to exchange them for currency at your bank or a Bitcoin exchange. You can also buy Bitcoins from friends, accept them as payment for goods or services, or generate new Bitcoins through a process called “mining.” Sign Up at Coinbase.com

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2. Shop SnagADiscount.com

You can now pay for all your favorite products on SnagADiscount.com using Bitcoins! As the first pawnshop to accept Bitcoins, SnagADiscount.com is expanding the possibilities of Bitcoin purchases by offering thousands of products to the Bitcoin community.

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3. Check Out

If you are already a Bitcoin user and would like to place an order using this form of payment, select the Pay with Bitcoin option under the Payment Information section of our checkout page.

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STEP-BY-STEP GUIDE TO PAYING WITH BITCOIN ON SNAG A DISCOUNT

Bitcoin Wallet

You will need a Bitcoin wallet in order to check out. You can get one a Bitcoin digital wallet here. Make sure you have enough funds to pay for your item(s) you want to purchase.

Shop

Shop like you normally would and add the items you wish to purchase in your cart. Proceed to checkout and login if you’re a current customer, or create a new account.

Choose a Payment Option

If you don’t have a payment option selected, then scroll down past the credit card form to the section called “Other Payment Options” and select the button labeled “Click to Choose a Payment Option”.

If you do have a payment method selected then click on the button labeled “Change” located beside the “Payment Method” title. Then select scroll down to the section labeled “Other Payment Options” and select the button “Click to Choose a Payment Option”.

Select Bitcoin

At the very bottom of the “Other Payment Options” section you will see the Bitcoin logo. Please read the important information in that section before clicking “Use This Payment”.

After selecting Bitcoin as your payment option the page will update showing your order details with the Bitcoin icon added below the title “Payment Method”. You will then click on “Place you Order”.

Pay With Bitcoin

Now you’ll have 3 ways to pay with Bitcoin. You will have 1 hour to complete the transaction.

  • Click the “Pay with Bitcoin” button
  • Scan the QR code if you have a Bitcoin mobile wallet on your smartphone
  • Click on “View Address” then copy and paste the URL into your Bitcoin wallet

Confirmation – Success!

If your order went through successfully the page will update showing you a message “This invoice has been paid.” At this point you can either scan your receipt into your Bitcoin mobile wallet or you can send an email with the link to the receipt to yourself.

Invoice

You can view a copy of your invoice either in your Bitcoin mobile wallet, Bitcoin web wallet, Bitcoin wallet installed on your PC or you can grab the url after selecting email and view it in the browser.

Expired Session

If you’re not able to complete the transaction within the allocated 1 hour then your session will expire. You will have to do one of the following:

  • If you want to pay with Bitcoin then you will have to go through the process again.

Overpaid Invoice

If an order is overpaid a notification will appear with the option to request a refund for the overage. Clicking the “Request Refund” button will open your email client with the link to the invoice already inserted. You now have to add the link to your Bitcoin digital wallet so you can receive the refund.

Partially Paid Invoice

If you attempt to pay for your order using bitcoins and there are insufficient funds in your Bitcoin digital wallet then you will be notified as to how much was paid and the balance due. You now have the remainder of the hour to quickly fund your Bitcoin wallet and try paying again or use another wallet to pay the balance. If you are not able to pay the balance within 1 hour the order will be cancelled in 24 hours. You can call Customer Services before the 24 hours expire and pay the full amount for the order using another payment method.

SIGN-UP FOR A FREE BITCOIN DIGITAL WALLET

Sign up for Coinbase

The first step is to sign up for a Coinbase account. This will give you a secure place to store your bitcoin, and easy payment methods to convert your local currency into or out of bitcoin.

After signing up you will be asked to register your legal name, re-enter your email address as well as password, then click create account.

Welcome to Coinbase!

You should receive an email notification to verify your email address.

Check your email for verification notice from Coinbase.

Please Verify Your Email Address

Click the highlighted link to verify your email address.

My Wallet

Your Wallet displays your Bitcoin transaction history.

Connect Your Phone

After you sign up, connect your phone. You’ll need to complete some verification steps before you can use the account.

Enter Verification Code

Verify the verification code sent to mobile device.

Connect Your Bank Account

After you sign up, connect your bank account. You’ll need to complete some verification steps before you can use the account. Once the verification steps are complete, you can start a purchase.

Bank Verification

Referral

Bitcoin Address

Your bitcoin address can be used to receive bitcoin payments.

Send Bitcoin

Send bitcoin payments to any email or bitcoin address.

Buy and Sell Bitcoin

After starting your first purchase, we’ll complete your buy and deliver your bitcoin. (Sells work the same way but in reverse). The price of bitcoin changes over time, so we’ll show you the current exchange rate before you buy.

Connect Your Bank Account (Optional)

This step is only necessary for those who skipped the process of linking bank account during registration.

Coinbase Limits and Verifications

Frequently Asked Question

What is Bitcoin?

Bitcoin is an experimental, decentralized (not controlled by any organization or government) digital currency decentralized peer-to-peer payment network that is powered by its users. Bitcoin is like cash for the Internet. There is a limited number of bitcoins in circulation and new bitcoins are created at a predictable and decreasing rate. A fixed number of bitcoins means they are a commodity whose worth is determined by supply and demand.

How do you get a Bitcoin?

Before you can begin to get bitcoins, you first need a wallet. You can get one free here. There are several ways to get bitcoins:

  • As payment for goods or services.
  • Purchase bitcoins at a Bitcoin exchange
  • Exchange bitcoins with someone
  • Earn bitcoins through competitive mining

What is Bitcoin Mining?

Bitcoin miners run specific software on their computers to help collectively solve very large and complex problems. Much like “SETI at Home” or “Folding at Home”. Every transaction that takes place using bitcoins is recorded in a public ledger called the block chain. Basically, the block chain is a history of all confirmed transactions and a record of how much each bitcoin wallet has. Think of it like an army of accountants constantly writing who has how much and who paid whom in a huge piece of paper for all to verify (the block chain). The process called bitcoin mining confirms each of these transactions before it is saved into the block chain. On a few occasions, a transaction is really a reward of several bitcoins. This reward is what gives bitcoin miners the incentive to mine. Because the process of searching for bitcoin takes a lot of effort for computers, it is has come to be called “mining”.

So, how do I get started on this mining gig?

Like many things, mining for bitcoins can be quite easy or very hard. But today we have a fairly simple solution for you provided by Butterfly labs! Butterfly labs offers bitcoin mining hardware which you plug into your PC and you run the software that is provided. You specify your wallet address so that your bitcoins can be sent to you! It’s that easy. Wait, you don’t know what a wallet and a wallet address is? Well… it’s simple. Think of your wallet as your personal bank and a wallet address as an account for that bank. You can have as many bank accounts (wallet addresses) as you want. That would be an easy way to get into bitcoin mining. If you want to get further into it you can follow the links below.

What is a Bitcoin Wallet?

A Bitcoin wallet is a digital wallet that stores your Bitcoin balance and allows you to transact with other users online and offline. All wallets can communicate with each other similar to emails, so you can send to and receive bitcoins from anyone regardless of the type of wallet they use. Digital wallets can be stored on a PC, a smartphone or can be hosted online by wallet providers like Coinbase.

Is Bitcoin Secure?

The Bitcoin technology – the protocol and the cryptography – has a strong security track record, and the Bitcoin network is probably the biggest distributed computing project in the world. According to bitcoin.org all security breaches happened on diverse exchanges and businesses but none of them involve Bitcoin iteself being hacked.

I’d like to learn more. Where can I find more information?

Please visit Bitcoin.org or their Wiki FAQ for more information.