What is Bitcoin?
Bitcoin is a virtual currency and a peer-to-peer network. Bitcoins can be used like cash in exchange for goods and services. To pay with bitcoins you transfer them to the receiver via the Bitcoin network.
How do I get Bitcoins?
Firstly you need a wallet to store your bitcoins. The security conscious may opt to download a software wallet, which stores your bitcoins on your computer. Alternatively you can have an online wallet using one of the online wallet providers such as Blockchain (Use Link: http://www.blockchain.com). Apps are available for your mobile phone to access your online wallet and sent payments.
Like a physical wallet, if you lose your Bitcoin wallet then you lose your bitcoins so make sure that you have a backup whichever method you decide to use.
Now you have your wallet you need bitcoins. New bitcoins are created through a process knowing as “mining” where you download a software “miner” that does work in return for bitcoins. The work involves verifying bitcoin transactions and recording it on the block chain. The more work it does the more bitcoin you get in return so hardware performance matters.
Mining difficulty is controlled by the Bitcoin network to make sure that only so many bitcoins can be generated. Most users do not mine bitcoins due to the difficulty and expense. It is recommended that you research before mining, look at the guide on http://www.weusecoins.com/en/mining-guide.
Just like buying foreign currency, you can buy bitcoins using an exchange. Bitcoins have an exchange rate that can determine its value when converting to other currencies such as GBP.
For more information see the guide HERE
How do I use my Bitcoin to Pay at TekHouse?
At the checkout simply select Cryptocurrencies via CoinGate (more than 50 supported) as your payment method, and then click the “Place Order” button. You will then be taken to CoinGate to complete payment. CoinGate will convert the GBP value of your order to bitcoin using the latest exchange rates. You have 15 minutes to pay the exact amount shown. You can either scan the QR code, or transfer the bitcoins to the wallet address shown. Once done you may need to press the refresh icon to see that your payment is complete. Note: Any under and over payments will prevent us from processing your order correctly. Please contact customer services in this case to ensure that your bitcoins are returned to you. Now your payment is complete, the Bitcoin network will confirm your transaction. Before your order is picked and despatched we require six confirmations, this may affect our ability to despatch your order on that day. Should your order not reach one confirmation within an hour of payment then your payment will be declined. In such case please contact our payments team for the next steps to rectify.
How do I cancel my order?
Get in touch with our customer services team who will cancel your order, you will then be refunded, see the “How do refunds work” section for details.
How do refunds work?
TekHouse do not hold any bitcoins and will refund your bitcoins via CoinGate using the GBP exchange rate provided by CoinGate at the time of refund. This process may take some time to complete.
NOTE: TekHouse is not liable for any fluctuations in Bitcoin exchange rate which can leave you worse or better off in the transaction.