Canadian Family Pharmacy proudly presents yet another payment method: bitcoins. Yes, we are one of the very first pharmacies to introduce this cutting-edge payment method that is destined to become the future of cryptocurrencies, if not of the entire payment system as such. If you are still pretty new to this awesomely beneficial and safe way of online payment, here is a short guide to how it is done provided by our trusted online payment security professionals.
There are several ways to get bitcoins. You can buy them privately by someone who already has, or you can buy them on a stock exchange or through an online exchange service. You can also create new custom bitcoins by “digging” them with the help of a specialized or very powerful computer (but it’s so technically complicated that it’s not appropriate to describe it in this guide).
The “most common” is simply buying bitcoin by transferring any amount of a traditional currency, such as crowns or dollars. There are many options for this, such as Bitstamp.net, Mtgox.com or the like. The file to backup is called wallet.dat, stored, for example, on a USB or a hard drive. If you lost your original file, you can restore the file from its backup and again access its bitcoin. The private keys (which are about to work as passwords on the network) refer to that particular file. Bitcoin as money is NOT a kind of digital file that flies around the web but instead is cryptographically signed to and from addresses that the owner accesses through his private key (the key is equivalent to about a password, and usually built into the software that opens its wallet file with – i.e. wallet.dat).
Multibit is otherwise the wallet client recommended by most bitcoin detectors right now. It is a so-called “light” or “thin” client, and you do not need to have the entire block chain downloaded.
Those who feel it’s difficult to handle their bitcoins themselves through an encrypted block chain on their own computer might have to choose to save the bitcoin online instead, for example, at Blockchain.info. But make sure to create a really complicated password and also write down your password in more than a safe place!
Bitcoin addresses are a key concept when it comes to online payment such as the one offered by Canadian Family Pharmacy. You can create how many addresses in each wallet. An address may be similar to an account. When you transfer bitcoin to any address (online for example) then the bitcoin will go to that address. You can make how many transfers to and from each address. You can collect or divide your bitcoin at different addresses, for example for accounting reasons or because you do not want all your eggs in the same basket.
It is also via a transfer that you buy things online with bitcoin. The seller creates a bitcoin address, copies the address to their wallet software and selects how much bitcoin to send to the address in question. By monitoring the balance at the address in question, the recipient can determine whether the payment has been completed or not and a transfer cannot be undone.