Overview
This blog is for businesses who are interested in learning how to use cryptocurrency for business purposes. It is written in layman’s terms for people who do not have a technical background, an understanding of the technology, and the history of cryptocurrency. We believe cryptocurrency will be a useful tool to do business in the future, for example: it can be used as an additional on-ramp to do transactions other than physical cash and credit cards. Therefore, we created a simple tutorial to get you started.
It is important to note that this is not the definitive solution for businesses, but more of a ‘test bed’ to ease you into adopting cryptocurrencies; and to help you build your creativity to think of use cases that may be suitable for your own business.
In this blog, we will setup a digital wallet to receive donations and tips from customers. This is a useful tool for businesses that are in, for example: (1) a charity foundation looking to add another funding source; or (2) you are an independent content creator looking for another income stream.
What is a digital wallet? It is a digital version of a physical wallet that stores digital currency.
What is a digital currency? It is the physical version of money in digital form using cryptographic technology. It is also known as cryptocurrency (crypto for short), or digital assets (in Finance, money and cash is known as an asset).
Is this a sponsored tutorial? No. We will be downloading software that you need to complete this tutorial. The software was chosen for educational purposes only. We are not sponsored by them or anyone, and are not responsible for any loss or damage. This is also not a place for financial advice. We ask you to speak to a qualified business advisor if you wish to venture more into adopting cryptocurrency as part of your business.
What You’ll Need
- An Android or iPhone device
- Internet connection
- Pen and paper
The Tutorial
Just like physical money (such as the Australian Dollar and many others), there are many cryptocurrencies available. We will start with one cryptocurrency which most people know called Bitcoin.
Also, just like physical wallets, there are various digital wallets available to hold your cryptocurrencies. We will start with one digital wallet that is available for both Android and iOS devices.
Let’s get started!
Step 1
Download and install the digital wallet app onto your device. The app you are downloading is called ‘BRD’.
From official Android Play Store
https://play.google.com/store/apps/details?id=com.breadwalletFrom official iOS App Store
https://itunes.apple.com/app/brd-bitcoin-wallet/id885251393
Note: The screenshots in the tutorial are taken from Android. It will look different to iOS and future updates, but the end goal to the tutorial should be the same.
Step 2
Open the App and click ‘Get Started’.
Step 3
Press the ‘Skip’ button on the top right corner (1); or read and swipe to the end (2).
Step 4
Our goal is this tutorial is to receive donations and tips. Therefore, we will click ‘I’ll browse first’.
Step 5
Set your PIN number. Follow the instructions on the screen and write your PIN on a piece of paper. Keep it in a safe place and do not share this with anyone.
Step 6
Setup your Paper Key. Follow the instructions on the screen and write down the 12 recovery words on a piece of paper and store in a safe place. They must be written in the same order you receive them. All recovery words are case sensitive. Do not share this with anyone.
Step 7
Once your Paper Key has been set up, you will be sent to the home page. You will see Bitcoin at the top of the list with many other cryptocurrencies beneath it. For this tutorial, click on ‘Bitcoin’.
Step 8
You are now in your Bitcoin account. It displays your balance and transactions, similar to an online banking account. Click ‘Receive’.
Step 9
You will see a QR Code (the black square looking image)(1), and beneath that is a line of letters and numbers (2). They represent your Bitcoin Address to your digital wallet. Everyone’s QR code, letters and numbers are different, just like your traditional bank account details. Only use the one that is supplied to you.
Tutorial Recap
We have successfully setup our digital wallet and identified what to supply to customers in order for them to send donations and tips; by providing the wallet address in the form of QR code or the line of letters and numbers.
When is it appropriate to use the QR Code version of the wallet address? It is fast and convenient to use if customers have a device to scan with their camera to make a transaction. It beats having to type down all the letters and numbers.
When to use the wallet address with ‘letters and numbers’? It is convenient to use if a customer does not have a device to scan with a camera or prefer this option. Think of it as providing your Bank Account Number and BSB details to someone.
Do not send Bitcoin to this tutorial wallet, it is inaccessible. Now let’s put everything we learned into practice.
Putting it into Practice
Let’s see how we can tell your customers that you accept Bitcoin as payment! These are a few made by our designers. Alternatively, visit our subsidiary, Big Wave Printing and Signage to print promos and signs that you accept Bitcoin!
Comments and Feedback!
Let us know how you went with the tutorial. If you are interested in more tutorials like this or have other topics you would like us to consider, let us know in the comments section.
Cheers!