Are you new to Bitcoin and looking for a simple web wallet that supports various Bitcoin payment forms and an easy-to-use merchant point of sale terminal? CoinOS might be the solution you're looking for. In this blog post, we'll guide you through setting up on CoinOS and explore some of its features and trade-offs.
Getting Started with CoinOS
Setting up on CoinOS is straightforward. You can sign up with just an email address, choose your currency, payment method, and amount, and you're ready to start transacting. The platform supports peer-to-peer trading, instant self-custody, and requires no KYC or ID, making it a privacy-conscious option for users.
Using CoinOS as a Beginner
CoinOS is designed to be beginner-friendly, but it's also suitable for those familiar with Bitcoin transactions. The platform is custodial, which means you're trusting a third party with your funds, similar to a bank. This is fine for small transactions, but for larger sums, you should consider self-custody and possibly a hardware device for additional security.
Receiving Payments on CoinOS
CoinOS supports three types of Bitcoin payments:
Onchain Payments: These are regular Bitcoin transactions that can take about 10 minutes to confirm. They're better suited for larger transactions due to potentially higher network fees.
Liquid Payments: Faster and cheaper than onchain, liquid transactions are gaining popularity and can be secured with hardware.
Lightning Payments: Ideal for small, peer-to-peer transactions with minimal fees and instant settlement.
Sending Payments on CoinOS
Sending payments is just as easy. You can send Bitcoin onchain, via liquid, or through the lightning network. CoinOS also allows user-to-user transactions within the platform, which are instant and fee-free.
Installing CoinOS on Your Mobile Device
CoinOS isn't available in the app stores, but you can add it to your home screen as a progressive web app from your browser, giving you a seamless app-like experience.
The CoinOS Map
CoinOS features a map that lists CoinOS-enabled merchants, making it easier for users to find places where they can spend their Bitcoin.
Final Thoughts
CoinOS is a user-friendly onboarding mechanism for interacting with various Bitcoin networks and managing transactions. However, remember that it's a custodial wallet, so it's crucial to learn about self-custody and manage your risk accordingly. If you're looking to test transactions, feel free to send some Bitcoin to user names like Adam or BTCsessions on CoinOS.
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This blog post is based on a video by BTC Sessions. For a more detailed walkthrough, check out the video on YouTube.
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