BITCOIN FAQ - BUYING BITCOIN TO PAY FOR RESEARCH CHEMICALS

BITCOIN FAQ - BUYING BITCOIN TO PAY FOR RESEARCH CHEMICALS

BITCOIN FAQ - BUYING BITCOIN TO PAY FOR RESEARCH CHEMICALS

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***We give a 10% discount on ALL products when you pay with Bitcoin!***

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This FAQ was written to assist customers with some of the common issues that we run into when using Bitcoin and give some context and understanding of how Bitcoin works to enable our customers to avoid some of these issues in the future.

Q. How does Bitcoin work?

A. In a nutshell, you begin by buying some Bitcoin in exchange for dollars, Euros or any other local currency. The Bitcoin is then stored in a Bitcoin wallet, which you can download for free from the Apple Store or Google Play store. You will then be able to send or receive Bitcoin with any other Bitcoin wallet.




Q. Where should I buy Bitcoin?

A. There are 3 ways to buy Bitcoin, each of them with their advantages and disadvantages:

1. From an online exchange: Online exchanges can be the easiest way to buy Bitcoin as you can do it directly from your computer or phone - however there can be pitfalls to this method. Many of the most popular exchanges such as Coinbase or Binance are known as “custodial” services. This means that the exchange holds the private keys to your Bitcoin - which essentially means that the exchange owns your Bitcoin. When this is the case, an exchange is able to impose restrictions on access to your bitcoin, restrictions on how much Bitcoin you can send or receive, high fees on sending and receiving bitcoin, or even who you are allowed to send Bitcoin to. Therefore we generally recommend non custodial exchanges and services that allow the user access to their private keys, which means that they are able to take their bitcoin off of an exchange and take self-custody of their bitcoin in a software wallet or hardware wallet.

Here is a list of a few online exchange services/apps that we recommend:


Strike
Cash App
Swan
River
Relai App (Europe)
Pocket Bitcoin (Europe)

Here is a list of a few online exchanges that we do NOT recommend:


Coinbase
Binance
Crypto.com
Gemini
Kraken

If you would like to take your Bitcoin off an exchange and take self custody of your Bitcoin, we recommend downloading the following free Bitcoin wallet apps:


Blue wallet
Green wallet
Nunchuk wallet
Electrum wallet (android only)
Sparrow wallet
Mycelium wallet
Wasabi wallet

There are of course many other exchanges and wallet services that are not on this list that we are not aware of and therefore cannot recommend as either good or bad - the best way to determine if an exchange/wallet is good for you is if it is a NON-CUSTODIAL service that allows you access to your PRIVATE KEYS. If an exchange/wallet does not readily provide this information, then you may want to inquire with them directly or possibly even avoid the service altogether.



2. From a Bitcoin ATM: Bitcoin ATM’s are a great way to buy Bitcoin and store it directly in a non-custodial wallet. They also usually allow users more privacy than exchanges, as normally customer information is not required with most Bitcoin ATM’s. Bitcoin ATM’s will normally accept cash in exchange for bitcoin, and sometimes even allow customers to pay with debit or credit cards. The disadvantage of an ATM when compared to an online exchange is that one has to physically go to the ATM to buy bitcoin. This however can be an easy process as Bitcoin ATM’s are more common than ever.

For a map of all Bitcoin ATM’s in your local area, please use www.coinatmradar.com


When buying Bitcoin from an ATM, we recommend to NOT buy the Bitcoin and send it directly to our wallet. Instead, we recommend buying the bitcoin and store it in your own non-custodial software wallet (as mentioned above), and send to our wallet address from your software wallet. The reason for this is to avoid any ATM fees when sending Bitcoin to us. Fees for sending Bitcoin from a non-custodial Bitcoin software wallet are normally very small/negligible.



3. Peer to peer: Bitcoin was designed as a peer-to-peer electronic cash system, which means that it was designed to be used without any form of middleman-third party intermediary, such as exchanges. Therefore, one of the best ways to buy Bitcoin is from another person who holds Bitcoin. Since Bitcoin is new, it may not be easy to readily find someone who is willing to sell Bitcoin. However, some services like www.localbitcoins.com allow Bitcoin users to connect peer-to-peer with other Bitcoin users that are looking to buy or sell Bitcoin in your local area.


Q. How do I know how much Bitcoin I have to pay for my order?

A. We recommend using www.xe.com to convert from Euros (EUR) to Bitcoin (XBT). We will also give you a link to convert currencies when you come on to LiveChat to pay for your order.
Here

Q. What if the value of my bitcoin changes after I send it to you?


A. It is normal for the price of Bitcoin to fluctuate when denominated by Euros/dollars, for this reason we recommend to not waiting for long to send your Bitcoin after you have purchased it. We are able to check the value of Bitcoin at the time that you made your payment and make sure that it was correct amount was sent according to what the Bitcoin price was at the time the payment was sent. Therefore, we do not factor any changes in the price of Bitcoin in Euros/dollars after it has been sent. As long as the amount of bitcoin sent is correct according to the price of bitcoin at the time it was sent, you’re good to go :)




Q. Is Bitcoin private?

A. The short answer is yes, your personal identity is kept private - however some Exchange services for buying Bitcoin are subject to KYC laws (Know Your Customer) and require personal information to be given in order to use their private exchange services. Some exchanges may also require customers to wait for their personal ID information to be verified which can also slow down the process for days. This is covered in more detail in the question “Where should I buy Bitcoin?” of the FAQ.




Q. Is Bitcoin secure?

A. Yes, Bitcoin is 100% safe and secure to use as it gives people the ability to transact freely and anonymously. We have been using Bitcoin as our primary payment method for over 8 years without incident.




Q. What if I underpay for my order?

A. This is no problem at all as you can simply send another payment. Consult our LiveChat team and we will provide the outstanding balance for your order so that you can send another Bitcoin payment for the outstanding balance. If you are experiencing restrictions on sending more Bitcoin, you may be using one of the exchanges which is on our list of exchanges that are problematic with our site. For more on this please see the section “Where should I buy Bitcoin?” of the FAQ.



Q. What if I overpay for my order?

A. We normally do not refund overpayments due to the large number of customers we have and site traffic. For this reason we advise customers to be aware of any sending fees and encourage customers to use exchanges and other Bitcoin services that do not charge extra fees. This is covered in more detail in the section “Where should I buy Bitcoin?” of the FAQ. In the rare case that a large mistake was made in the amount of Bitcoin sent, please contact management through our website contact form and we will refund you.




Q. Are there any fees for sending Bitcoin?

A. Normally, fees for sending Bitcoin should be extremely low and negligible. If you find there is a large fee for sending Bitcoin then you may be using one of the exchanges which is on our list of exchanges that are problematic with our site. For more on this please see the section “Where should I buy Bitcoin?” of the FAQ.




Q. Can I send Bitcoin to you from a Bitcoin ATM?


Yes, however we strongly recommend first putting the Bitcoin purchased from a Bitcoin ATM into your own software wallet, and then sending Bitcoin to our wallet from your software wallet. For more on this please see the section “Where should I buy Bitcoin?” of the FAQ.

Q. Is Bitcoin expensive to buy?

A. No - although fees for buying Bitcoin can be high, depending on what service you are using to buy Bitcoin. A normal fee from an exchange to buy Bitcoin can be anywhere between 3% - 7%. Any exchange rate above that could be considered too high, although this can depend on which country/region you are located in as different countries/regions can have different standards for exchange rates. For more on this subject please see the section “Where should I buy Bitcoin?” of the FAQ.


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Q. Do I have to buy a whole Bitcoin or a certain amount of Bitcoin?

A. No - you can buy any amount of Bitcoin, which means you can buy exactly what you need to cover your order total. Bitcoin is infinitely divisible and can be purchased in any amount. If you find that there are any requirements or restrictions on the amount of Bitcoin you can buy or send, you may be using one of the exchanges which is on our list of exchanges that are problematic with our site. For more on this please see the section “Where should I buy Bitcoin?” of the FAQ.


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