Episode Highlights:
- 00:37 – Bitpay Card
- 01:23 – Funding Bitpay Debit Card
- 02:27 – Steps To Funding Bitpay Debit Card
- 05:09 – Two Different Ways Of Funding Your Bitpay Card
- 11:13 – Process Of Spending With Bitpay Card
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Transcription:
Hey guys what’s up? it’s Dan from cryptoCamacho.com where each week I discuss all things cryptocurrency. Some weeks we discussed trading Bitcoin, other weeks we discussed tools and resources around the cryptocurrency space. Each week though we discussed something of value for you to help you in your journey in this cryptocurrency world right. Things are starting to explode, things are starting to really heat up in the cryptocurrency world right. Banks are taking notice, governments are taking notice, things are happening. And each week I want to give you guys the latest and greatest around what’s happening in the cryptocurrency in the world.
00:37 – Bitpay Card
The last video we had, I talked about bitpay, I talked about you know ordering a bitpay card, activating a bitpay card, and kind of left off where we had to actually add funds to the bitpay card. So, if you remember this is the card that I activated last time. I showed you how to go through the process of ordering a bitpay credit card, or debit card. And then going through the process of actually activating it and making it work. Now I need to actually, add funds to my bitpay card through my Bitcoin wallet right, through my cryptocurrency wallet. I want to now transfer my Bitcoin to this debit card, so that I can take this debit card to any store where I live and start spending my Bitcoin through this debit card. I’m really interested to see how it works. I haven’t actually done it yet. I haven’t spent anything. I haven’t added any funds to this card yet.
01:23 – Funding Bitpay Debit Card
So, I want to show you in this video how to actually, add funds to this debit card. So, that I can go spend some of my Bitcoin right. I think it’s really cool that the concept of bitpay it’s making Bitcoin a lot more liquid. It’s making these altcoins, and other cryptocurrencies more liquid. So, that we could spend them in our everyday lives. That’s one of the big complaints I’ve seen or heard from people around Bitcoin is look if I buy Bitcoin I can’t actually spend that Bitcoin anywhere. It’s not liquid, I have to actually, you know withdraw it from an exchange or my wallet and transfer it to my bank account and blah blah blah. And it’s just so complicated to do. A lot of people don’t want to deal with it. Well, welcome to bitpay. Bitpay is supposed to you know alleviate those issues. It’s supposed to make Bitcoin much more liquid, so you could spend it anywhere you want in the world. So, let’s get right to it. Let’s jump over to bitPay.com. Let me put my card down here and if you remember right there were a couple steps. So, this is the bitpay debit card we talked about last time. Essentially, you need to load your bitpay card with bitcoins, so that you can spend dollars from this debit card, and there are a few steps right.
02:27 – Steps To Funding Bitpay Debit Card
You first have to order the bitpay card, and you have to activate the bitpay card. And that’s exactly what I did last time. So, now I should have an activated card now. We need to actually load the bitpay card with Bitcoin. So, what I’m going to do is I am going to actually try to load my bitpay card with about $50 in US dollars right. So, first I’m going to go over to my electrum wallet. I use…for this particular project I’m using an electrum wallet for this demo. I have about 0.049 Bitcoin in this wallet, which today is around $300 approximately. And I’m not going to load all $300 onto this card. I just want to test it out and see if it works. So, I’ll probably load around $50 to my bitpay card today. So, first I’m going to go over and I’m going to say see how much $50 Bitcoin really is. So, let’s go over to Google and I just typed in 50 US dollars to Bitcoin and I get this translation right. So, $50 is roughly equivalent to 0.00864 Bitcoin today at the time of this recording. So, I’m going to go ahead and copy that. I’m going to go over to my wallet, and if you don’t have a Bitcoin wallet this is really the first step of loading Bitcoin to your bitpay card, is you need to have Bitcoin in a wallet. It could be an electrum Bitcoin wallet, it could be Elysium, it could be any type of Bitcoin wallet.
It could be [inaudible, 03:51], it could be ledger, Nano, it could be really any Bitcoin wallet that you need. I’m choosing to use electrum for this particular demo. If you don’t have Bitcoin go back to my YouTube channel and go visit the video that says the absolute easiest way to buy Bitcoin. It gives you a tutorial on how to buy Bitcoin from Coinbase, you can also go to a link in this video, click on the Coinbase link, and go right to Coinbase and you can buy your very first Bitcoin. If you do it through my Coinbase URL or link, you’ll get $10 free Bitcoin. So, I just want to throw that out for you. So, anyway I am going to attempt to send $50 of Bitcoin to my bitpay wallet. So, I’m going to go ahead and paste that in there right. The 0.00864 is around $50. So, now where do I actually pay this to right? Where do I send the funds from my electrum wallet to bitpay? What’s the address? So, I need to go back to the bitpay website, I need to actually log in to my account, and I think I’m already logged in. So, let’s see how this goes okay yep it logged me right in here’s my account. You can see I have nothing on my card yet. I’m going to go ahead and add funds, and I’m going to say $50 oops not $5000, its $50. So, 50 US dollars, add Funds. Continue and let’s see where we go from here. It’s loading up all right.
05:09- Two Different Ways Of Funding Your Bitpay Card
So, you can do these two different ways. You can actually scan this with your phone, if you have a wallet on your iPhone or Android device. And you can actually, scan this barcode right here this QR code, and you can complete the transfer right then in there directly from your iPhone right to your bitpay card. I don’t have my Electrum wallet on my iPhone today. So, I’m going to do it the manual way, where I’m going to actually copy it. Which is a little more risky, but that’s okay. I’m familiar with the process, and how to do it. And I’m going to go ahead and show you how to do it. But just real quick note if you do have a wallet on your iPhone, or Android you can actually open this QR code directly on your phone and it will automatically send this amount of Bitcoin to your bitpay card. So, I just want to make sure that’s really clear okay. So, I’m going to do it manually. Excuse me. I’m going to go through and it says for advanced users right, because you need to know how to copy this stuff over.
And it says your payment must include the exact amount of Bitcoin requested, and a correct Bitcoin miner fee. The payments with insufficient funds, or mining fees may be very delayed, or need to be refunded. I’m going to say okay. I understand the risk, and so essentially what I need to do here’s my address. I need to copy my address. It looks like you just click it once you copy the address. I’m going to go back to my electrum wallet. I’m going to go ahead and paste that wallet that in there right, and let’s just move this aside a little bit. And it says we have 13 minutes left to complete this transaction which is good. And it says to complete your payment, please send this amount of Bitcoin to the address below. So, I’m actually going to go ahead and copy the exact amount that they said right. Okay, copied it back to my wallet. I’m going to go ahead and overwrite this, because there’s a fee. And I’m going to paste it in right. So, I copy this amount paste it right into my wallet, and I’m going to put for the description bitpay funding.
I’ll just say bitpay card funding alright, and now I am going to go ahead and preview this. Preview and so, essentially what its going to do is, it’s going to send and this much of Bitcoin which is about 50 dollars to my address right here okay. So, first I am going to go ahead and send it. And, actually let me pause this real quick okay? So, now I’m going to go ahead and send. Let’s send it over. Make sure the address is correct. Yep! I’m good to go send it. I need my password which I have copied in here, so it’s signing the transaction. The payment has been sent, here’s my confirmation ID from my electrum wallet. And I will click okay. You can see down here my balance is still the same, but there’s a negative balance unconfirmed right. And it’s going to be confirmed. I could look in the history which you know I’ll do it a later time. Essentially, I’ve sent my Bitcoin my $50.00 Bitcoin to bitpay. And you can see on the bitpay side, the payment confirmation has actually been populated. Says this payment was made with a low Bitcoin miner fee which may prevent it from being accepted by the Bitcoin network. This is an issue with the configuration of your Bitcoin wallet. If the transaction doesn’t confirm the funds will be spendable again in your wallet. So, let’s see what happened. I maybe didn’t put enough of a minor fee on this transaction. And so, what it’s basically telling me is that, the transaction may not actually complete, or it may take quite a while to complete. So, let’s see what happens. I should have probably upped the transaction fee just a little bit, just to make sure this goes through correctly. But let’s see how it works, and you know we’ll see how it goes. I’m going to say view payment status, and it’s going to take me to a preview window of…let me come down here. It’ll take me to a preview window on bitpay to show me the transaction details. Looks like it’s taking a minute to load here, and here goes to loading up. Let me go ahead and pause this while.
Oops! there goes okay. So, here is the transaction history. So, this is basically a way to track Bitcoin funding payments to your bitpay wallet, so you can look at here and see the summary. You know you can see the amount you sent, you can see a fee you sent, you can see the wallet you sent from and to. And that’s really all that is to it. Alright guys, so I’m done with the transaction. I’ve added funds to my bitpay card. They haven’t confirmed yet. So, I’m waiting for them to confirm once they confirm I will see the balance up to around $50 might be a little bit less, because of the fee and then I’ll be able to spend my bitpay card anywhere I want, at any store I want to that accepts Visa as a debit card. So, once this happens I’ll show you the balance and we’ll go from there and then we’ll be able to spend some of my bitpay funds. So, I hope this has been useful for you guys? Again, I just showed you how to load funds onto your bitpay Visa debit card.
Now I want to go have some fun, I want to actually go try and spend it. I want to go to whatever store I want and try to spend it. I’ll go ahead and film it, you know make sure you guys see the transaction, see how it all works. And I’m really actually curious to ask some folks at the stores, and you know the cashiers for example; if they’ve ever heard of bitpay? if they’ve ever heard of Bitcoin? chances are they probably haven’t. Maybe they’ve heard of Bitcoin, but probably not bitpay. So, I’m really interested to see their reaction to this. You know as I go through the transaction. So, don’t miss part 3 of this video series. Alright, guys so it does look like my bitpay account was funded. I successfully transferred the $50 in Bitcoin from my electrum wallet all the way over to bitpay into my bitpay wallet right now. So, now on my bitpay card, I have $50 balance to spend. Yeah, so it worked. So, let’s go and spend it now. Before we run out and spend it real quick.
11:13 – Process Of Spending With Bitpay Card
So, I do want to show you, you know the actual process of spending it. To make sure there aren’t any issues trying to spend the money on the card. I want to show you a few things that I thought were interesting. So, I got two emails while I was trying to transfer the money for my electrum wallet to my bitpay wallet. The first was I got an email from bitpay saying your payment is confirming, transaction created, transaction confirming, and this is basically the time it took for me to confirm the transfer from my electrum wallet to my bitpay wallet. This is the email that I got from bitpay just saying that it was happening that’s good right. The next email I got was saying that your bitpay card load is ready to spend, and so basically this is just confirming the transaction that it worked. And it gives me an actual invoice URL. So, let’s take a look at that real quick. So, the amount $50 that’s what I transferred, which is the Bitcoin amount, and the Bitcoin rate. Let’s click on my invoice and take a look real quick at what the invoice actually looks like for a bitpay. Alright and it’s back to the transaction that I originally started, and it just basically showing that it’s been paid great. I’m going to close this out. So, now when I go back to my bit pay account I have my funds available.
So, one thing I want to point out to you is when, I first tried to transfer the funds for my electrum wallet to the bitpay card, I didn’t add a high enough transaction fee, and so it actually took quite a while for the payment the funds to go from the electrum wallet all the way to the bitpay card. So, it did take a little bit of time to get the funds from my electrum wallet to the bitpay card, because I didn’t put a high enough transaction fee there. And so, what I did is I actually increase the transaction fee, and then the Bitcoin transaction went right through right. It transferred from electrum to bitpay very quickly. So, just make sure that when you’re doing the transfer from your wallet to bitpay, make sure you have a high enough transaction fee that the transaction actually completes right. That’s a mistake that I made. I just want to make sure you guys don’t make the same mistake, but all in all everything looks good. I mean you know I don’t think there’s much more to do here. I think now that I have my funds on my card we can go spend it. So, I’m going to go and take this to the store right now, go try to spend it and see what actually happens. I will let you know how it goes. You’ll see in the video how it actually goes and then we’ll go from there.
Hope you guys enjoyed this video? I’m again I’m Dan from cryptocamacho.com. Hope this was helpful? If you have any questions about bitpay, let me know. We’d love to know if you have an experience with bitpay. if you’ve used it before, and how it’s worked out. Leave comments and make sure to subscribe to my YouTube channel. Thanks guys.
