The new Bitcoin services from Payza have generated a lot of interest and many of our members have already begun testing these features out for themselves.
Here at Payza, our goal is to let you pay or get paid your way. No matter where you are in the world, there are a number of different ways to send and receive money via Payza. One of our most popular features is our unique support for Bitcoin. Payza was one of the first payment platforms to introduce cryptocurrency support, first with Bitcoin Withdrawals, which remains one of the easiest ways to buy Bitcoin online, then with Bitcoin Deposits, an equally simple way to sell Bitcoin.
Bitcoin has gotten more popular and more widely used since then – in fact, this week Bitcoin hit a new record high. It was the perfect time for Payza to unveil a wide range of new Bitcoin features, including full Bitcoin currency support, allowing Payza users to hold the cryptocurrency right in their e-wallets.
Exchange Bitcoin to or from Fiat Currency
When Payza began supporting Bitcoin in 2014, users could deposit and withdraw funds from their accounts using Bitcoin, but those funds would always be converted to or from USD and Bitcoin could not be held in their e-wallets. Now with full support for Bitcoin, you can hold Bitcoin balances in your account and freely convert funds between Bitcoin and the fiat currencies that Payza supports.
To Exchange Bitcoin within your Payza account, just follow these steps:
- In your Payza account, click on “Wallet” and then on “Manage Balances”.
- Select “Exchange Currencies”.
- To exchange fiat currency into Bitcoin:
- Under “Balance” select the currency you’d like to exchange from.
- Under “Transfer amount” enter the amount in the original currency you’d like to convert into Bitcoin.
- Under “Transfer to” select “Bitcoin”.
- To exchange Bitcoin into fiat currency:
- Under “Balance” select “Bitcoin”.
- Under “Transfer amount” enter the amount of Bitcoin that you’d like to convert into a fiat currency.
- Under “Transfer to” select the currency you’d like to exchange your Bitcoin into.
- Click “Next”.
- Review the transaction details and click “Confirm”.
On the Exchange Currencies page there is a handy currency calculator on the right hand side of the page where you can view up-to-date currency exchange rates and calculate the value of your currency exchange transaction. Use the currency calculator to help you find the perfect time to make your Bitcoin exchange.
Send Funds by Bitcoin
On top of being able to exchange Bitcoin and hold Bitcoin directly within your Payza account, now you can also send Bitcoin to other Payza members instantly within your Payza account.
To Send Bitcoin, follow these steps:
- In your Payza account, click “Send Funds” in the top menu.
- Enter the email address of the Payza user you’d like to send funds to.
- Enter the amount of Bitcoin you would like to transfer.
- Under “Currency” select “Bitcoin”.
- Under “Fees” select whether you’d like the recipient to pay the fees (they will be deducted from the total amount sent), or whether you’d like to pay the fees (in addition to the total amount sent).
- Review the details, enter your Transaction PIN, and click “Send”.
When you send Bitcoin using Payza, the receiving fees are just 1.2%. That’s lower than the standard receiving fees for other currencies, making Bitcoin a great currency choice for sending and receiving money through Payza.
Bitcoin Wallet Transfers – Send Bitcoin from Payza to other Bitcoin Wallets, or from other Wallets to Payza
You can now transfer Bitcoin between your Payza e-wallet and other Bitcoin Wallets, allowing you to easily add and withdraw Bitcoin from your Payza account.
To Add Bitcoin to your Payza account from a Bitcoin Wallet, follow these steps:
- In your Payza account, click “Add Funds” in the top menu, then select “Bitcoin”.
- Select whether you’d like the funds to be deposited in Bitcoin or to be converted into USD.
- Enter the deposit amount (in Bitcoin), and click “Next”.
- Review the details, enter your Transaction PIN, and click “Deposit”.
- Payza will provide you with a unique Bitcoin address for you to send your Bitcoins and a set of instructions for completing your transaction.
Update: You can now generate multi-use Bitcoin addresses with the Cryptocurrency Address Manager. See this blog post for more info: Payza Introduces Cryptocurrency Address Manager for Easy Bitcoin Transfers.
To Withdraw Bitcoin from your Payza account and send it to another Bitcoin Wallet, follow these steps:
- In your Payza account, open “Withdraw Funds” in the top menu, then select “Bitcoin”.
- Select Bitcoin as your Payza currency balance, enter the Amount, enter the address of your Bitcoin Wallet, and click “Next”.
- Review the details, enter your Transaction PIN, and click “Withdraw”.
Note: the above instructions are for sending Bitcoin from Payza to other e-wallets. If you would like to buy Bitcoin using funds in your Payza e-wallet, but hold those Bitcoin in another Bitcoin Wallet, see this blog post: Buy Bitcoin with Payza: Introducing Withdrawal by Bitcoin.
With these new features, Payza has become the world’s first e-wallet provider which allows members to use Bitcoin just like any other currency. On top of the newest features, Payza will be unveiling full cryptocurrency exchange services in the coming weeks.
Payza is committed to providing versatile payment options for internet users everywhere. New features are introduced all the time as Payza continues to improve services for customers all over the globe. For more information on Bitcoin, local payment options, and other Payza products and features, be sure to subscribe to our blog.