Sarah’s Cryptocurrency Usage
- Sarah: A user of the Mybitstore app
- Mybitstore App: An app for buying and selling Bitcoin
- Sarah has installed the Mybitstore app on her smartphone.
- Sarah has created an account and verified her identity on the Mybitstore app.
- Sarah has successfully purchased Bitcoin using the Mybitstore app.
- Sarah opens the Mybitstore app on her smartphone and logs in using her credentials.
- Upon logging in, Sarah sees her cryptocurrency wallet balance, including the amount of Bitcoin she has purchased.
- Sarah decides to explore the various ways she can utilize the Bitcoin she has purchased.
- Sarah thinks through different use cases for her Bitcoin on Mybitstore, including:
- Online Shopping: Sarah can visit partnered online stores that accept Bitcoin as a payment method. She can browse through products, select items she wishes to purchase, and proceed to the checkout where she can select Bitcoin as the payment option.
- Peer-to-Peer Transactions: Sarah can send Bitcoin to friends, family, or acquaintances who also use Bitcoin wallets. She can initiate a transaction by entering the recipient’s Bitcoin address and the desired amount to transfer.
- Investment Opportunities: She explores information and resources and investment opportunities using Bitcoin. She can access news, market trends, and recommended investment platforms to make informed decisions.
- External Cryptocurrency Exchanges: The app allows Sarah to trade her Bitcoin for other cryptocurrencies. She can explore different cryptocurrencies available for trading, view their exchange rates, and execute trades within the app.
- Sarah chooses to try online shopping with her Bitcoin. She taps on the partnered online store section of the app.
- The app displays a list of online stores that accept Bitcoin as a payment method. Sarah selects one store that offers products she is interested in.
- Sarah navigates through the online store, selects items she wishes to purchase, and proceeds to the checkout.
- At the checkout, Sarah selects Bitcoin as the payment method. The app generates a unique payment address or QR code for the transaction.
- Sarah initiates a Bitcoin transaction from her Mybitstore wallet by entering the payment address or scanning the QR code.
- The Mybitstore app verifies the transaction and notifies Sarah and the online store of the successful payment.
- The online store processes the order, and Sarah receives a confirmation of her purchase.
5a. Sarah decides to explore other use cases mentioned earlier or chooses to hold her Bitcoin as a long-term investment.
- Sarah has successfully explored and utilized her purchased Bitcoin through the Mybitstore app.
- Sarah has made a purchase on a partnered online store using Bitcoin as the payment method.
- The app updates Sarah’s transaction history and wallet balance accordingly.
- Sarah can continue using the app to manage her Bitcoin holdings, explore additional use cases, or engage in further trading or investment activities.
- The Mybitstore app provides resources, educational materials, and support for users to learn more about cryptocurrencies and their various applications.
- Users can track their transaction history, view detailed transaction records, and monitor the current value of their cryptocurrency holdings within the app.
- The app offers security features such as multi-factor authentication, wallet encryption, and password protection to ensure the safety of user funds.