What is Bitcoin?
Bitcoin is a decentralized digital currency. Bitcoin transactions are verified by network nodes through cryptography and recorded in a public distributed ledger called a blockchain. The cryptocurrency was invented in 2008 by an unknown entity under the name Satoshi Nakamoto.
How does a Bitcoin transaction work?
Bitcoin transactions are the process of transferring Bitcoin between wallets. This process involves several steps for secure and verifiable transfers on the Bitcoin network. Here's how it works:
1. Transaction Initiation: A user initiates a transaction by entering the recipient's Bitcoin address and the amount to be sent in their Bitcoin wallet application.
2. Transaction Creation: The wallet creates a digital transaction message, which includes the necessary information for the transfer.
3. Signing the Transaction: The transaction is digitally signed using the sender's private key. This signature proves ownership of the funds and authorizes the transaction.
4. Broadcasting the Transaction: The signed transaction is broadcast to the Bitcoin network, where it is picked up by Bitcoin nodes.
5. Verification by Miners: Bitcoin miners pick up the transaction and verify its validity, ensuring the sender has the necessary funds and the transaction hasn't been altered.
6. Inclusion in a Block: Once verified, the transaction is included in a new block, which miners work to add to the Bitcoin blockchain through a process called mining.
7. Confirmation: When the block is successfully added to the blockchain, the transaction is considered confirmed. Additional confirmations occur as more blocks are added, increasing transaction security.
8. Update in the Blockchain: The successful transaction is recorded on the blockchain, providing a permanent public record. The recipient's wallet reflects the received Bitcoin once the transaction is confirmed.
Why Buy OSRS Gold with Bitcoin?
Bitcoin ranks 1st for all accepted payment methods on https://merchants.to/
Bitcoin ranks 1st for accepted crypto currency payment methods on https://merchants.to/
Using Bitcoin to Buy OSRS Gold has became a standard in the RuneScape gold buying market. It cannot be reversed or charged back, allowing merchants to not require any KYC/ID Verification at checkout.
Due to it's secure, quick and hassel free nature. You will find a majority of the time there is no additional processing fee when buying osrs gold with bitcoin.
In addition, there is no country limitation allowing merchant and customer to be in seperate parts of the world and do business with each other.
Why you may not want to use Bitcoin to buy OSRS Gold.
Wait time, it's common practice to wait for 1-3 confirmations before fufilling the order. The time for a transaction on average is 10-30 minutes, however this can increase due to blockchain congestion.
Transaction fees, while the merchant themselves often do not charge any additional processing fees when paying with bitcoin, there is a transaction fees or "miners fee". This is the fee charged by miners for that transaction to be included in the next block mined which allows your transaction to be confirmed. This fee can sometimes reach upwards of $50 USDT depending on the network congestion and bitcoin price.
How to Buy OSRS Gold with Bitcoin?
Buying OSRS Gold with Bitcoin is a very simple process on Merchants.to.
Follow these steps to find a merchant to whom accepts bitcoin as payment for OSRS Gold.
1. Navigate to https://merchants.to/currency/buy-osrs-gold
2. Click the "Filter payment methods." dropdown
3. Select "Bitcoin"
4. Only merchants that accept bitcoin will now be displayed. Simply find the merchant you wish to purchase from and visit their site to finalize the transaction!
