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Cryptocurrencies like Bitcoin have become quite popular over the last decade. Many investors and consumers are currently using them for online transactions. But while this is the case, there is still a good percentage wondering why cryptos are causing all that commotion.
For instance, some wonder why one would choose to pay using a cyptocurrency when traditional payment methods work fine. Again, why are so many people investing in these digital wallets? Well, that’s because they present endless opportunities, some of which we shall discuss below.
Advantages of Cryptocurrency
One of the main reasons for the creation of cryptocurrencies was for them to facilitate anonymous payments. So far, this has been a success story. Several other reasons make them a preferred mode of online transactions, including;
- Transaction Costs
- Accessibility
- Security and Privacy
- Transparency
- Transaction Speed
- Diversification
Low Transaction Costs
The charges of transacting in cryptocurrencies are relatively low compared to traditional financial services like Bank Transfers. For instance, a local bank transfer can cost roughly $20 or more depending with the amount you’re sending. An international transfer is more costly.
Transactions in cryptos are not expensive, even for congested blockchains. Sometimes, however, the transfer fee can be high, especially when demand increases. That notwithstanding, the charges mostly remain unchanged all year long.
Readily Accessible
Anyone can send or receive crypto. All that is needed is a smart phone or laptop and the Internet, all of which are accessible to almost everyone. In addition, setting up a wallet for receiving or sending crypto is easy. So, even as a beginner, you will barely encounter any challenges.
Moreover, cryptocurrencies offer an ideal way for the unbanked to enjoy financial services without going through the tiring centralized authority. You do everything online, including registration. So, you get to save time you’d have spent at a traditional facility doing the same.
For gamers, finding a casino with crypto support is increasingly easy regardless of where you live. In fact, most gambling sites welcome you with generous bonuses. But to get the most out of it – do your research!
Transparency
Cryptocurrency transactions occur on a public blockchain ledger. This allows you and everyone else to check transaction information, including when and where someone sent. This helps in curbing fraud since a person can easily prove they made a payment.
Transaction Speed
Most transactions, especially through financial institutions take between three and five days to settle. For example, if you pay with a debit/credit card, the recipient will get the money in at least three days.
Payments made over the weekend or public holidays take longer since most institutions close on such days. That already gives you an idea of why you should use a crypto. Transactions take seconds, no matter the day or time.
Peer-to-peer
Cryptocurrencies eliminate the need for third parties. You can make or receive funds from anyone without involving third parties. In the long run, this helps to promote speedy and affordable transactions.
High Level of Safety and Privacy
The block chain system and distributed computer networks used in crypto payments promotes security. They use high computing power that is hard to bypass, making it hard for someone to gain access to your wallet’s private key.
Moreover, you don’t need an account with a conventional financial firm to transact with crypto. That helps you to maintain your privacy. Plus, transactions are usually pseudonymous. Thus, while you have a unique identifier, in this case your wallet, there is no specific data about you.
How to Pay with Cryptocurrency
At the beginning, using a cryptocurrrency was a bit hectic. It required you to dive into a command line and then program a transaction. Today, the process is much simpler and faster. Let’s say, it’s more similar to the mobile banking app you use to send and receive money.
Plus, initiating payments is specific to the crypto wallet you select, but generally, the difference is small. So, here’s a breakdown of how it works.
Digital Wallet
First, you must set up a wallet to transact using a crypto. You can install the wallets on your computer or handheld device, allowing you to transact anytime and anywhere. There are tens of wallets, each with unique features.
The best part is that most accept nearly all top cryptos. Therefore, you will not need t change from one wallet to another when you want to transact using different cryptocurrencies.
Buy a cryptocurrrency
Well, this goes without saying; you will need a crypto to make a payment. You can consider Bitcoin, Ethereum, Litecoin, Dogecoin, or any other that interests you. The options are broad.
You don’t need an account with a crypto institution or any brokerage to acquire cryptocurrencies. Although that’s the case, it’s among the easiest and safest ways to get cryptos. If you’re familiar with setting a wallet and transacting using cryptos, that will not be a problem.
Transacting through cryptocurrencies
Finally, after setting up your wallet and buying cryptocurrrency, the next step is to make a payment.
- Go to your wallet
- Click send/transfer or similar button
- Enter the amount of crypto you wish to send/pay
- Insert the wallet or QR code of the receiver
- Tap send or a similar tab
It will take seconds for the recipient to receive your payment. Further, if you are the one offering a service or product, you will give your customers your wallet address. Let’s break this down for you.
- Open your wallet
- Click the receive payment icon or a similar tab
- Copy your address and send it to the sender
- Accept the crypto when it reflects in your address.
Companies Accepting Crypto Payments
Now that you know the benefits of using crypto for online payments and how to do that, let’s look at some companies that accept crypto payments. Notably, although cryptocurrencies are still in their infancy, the places you can use them to buy goods or pay for services are increasing.
Top companies that let you pay with various crypto include;
PayPal
- AMC Theaters
- Microsoft
- Newegg
- Starbucks
- Twitch
- Overstock
Indeed, you can even use cryptos like Bit Cash, Bitcoin, and Ethereum to play at online casinos. More sites are now including cryptos as one of their payment options. You will even find casinos that give you exclusive offers for depositing with Bitcoin or any other cryptocurrrency.
