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Editor: La Santos

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12/1/2022

CRYPTO AS MODE OF PAYMENT

Cryptocurrency is the quick, accessible cash of the future. As adoption rates for crypto tokens like Bitcoin and Ethereum increase, people need to know how to pay for goods and services using crypto payments. Luckily, paying with crypto is quick and easy, and it’s becoming easier all the time. Let’s break down how you can pay using crypto tokens step-by-step.

At its core, you can use crypto as a payment medium in the same way that you use cash or digital currency stored on your credit or debit card via electronic bank connections. The process is straightforward:

You find a vendor that accepts crypto tokens as currency.

You fill up your crypto wallet with at least one type of crypto token that the vendor accepts.

You then load up your shopping cart with the products and services to purchase.

When the time comes to make the purchase, the eCommerce vendor or site should have a dedicated crypto payment button. This will open a separate window or tab to input your crypto wallet address.

The vendor’s crypto payment processing system connects with the wallet address and verifies that you have the currency needed to facilitate the transaction.

When everything is confirmed, the transaction commences, the crypto tokens are transferred, and a transaction is recorded on the cryptocurrency’s native blockchain.

In this way, transactions are not vulnerable to fraud compared to other types of traditional fiat currencies.

You should receive confirmation for your transaction, and the vendor should send you your products or services based on their shipping policies.

These days, you can also use crypto at in-person retail locations, especially if they accept payments through PayPal. PayPal now allows you to store Bitcoin for payments, then lets you use a physical card or app to pay using those tokens. In in-person transaction cases, the Bitcoin or other crypto tokens are quickly exchanged for a fiat currency; then, the fiat currency is sent to the vendor.  This all happens in less than a second, so there’s no delay when using crypto tokens compared to using a regular credit or debit card. When paying with cryptocurrencies, you have several options available. Some of these are best for quick transactions for your personal funds.  Others may be best for ongoing crypto transactions or setting up your eCommerce site for crypto payments.  PayPal launched Checkout with Crypto in early 2021. This unique payment method has significantly streamlined the payment process with cryptocurrency worldwide.  With the launch of this system, you can now use digital currency to purchase at over 29 million merchants – all because the system translates your cryptocurrency to a fiat currency at the same time as the checkout process commences.When you purchase with PayPal using crypto, PayPal shows you the conversion spread simultaneously. Even better, you aren’t charged any additional transaction fees, so paying with crypto can even be budget-friendly in some cases.

you can always pay with crypto using the old-fashioned way: providing a vendor with your crypto wallet address and receiving their address in turn. You can facilitate a transaction either manually or through using a crypto exchange, which often allows buyers and sellers to meet and send coins to one another.The downside to this method is that you can’t guarantee that the seller gives you your goods or purchases immediately. Because of this, you may need to know the seller directly before you’ll feel safe sending them crypto without receiving anything in return. On the other hand, direct payments can be great for sending money quickly internationally, especially if you need the transaction to be untraceable for one reason or another. 

CoinPayments also allows you to send crypto for purchases through $PayByName: a unique feature you can’t find on any other crypto platform. This, like PayPal’s solution, streamlines the process of both sending and receiving payments.

Where Can You Use Crypto as Payment? Good news – it’s no longer tough to find places that accept cryptocurrencies as payment for their products. These days, you can find both in-person and online vendors and retailers that accept cryptocurrencies as payment mediums. That means you can use crypto as a payment medium for online goods and services and in-person goods depending on the business in question, leveraging blockchain technology for security. In most cases, in-person vendors will accept crypto via PayPal and other trusted crypto payment gateways or processors. If you’re ever unsure about whether a given business will accept crypto as a payment medium, take a look at their website and see what they accept there. The odds are that any website that accepts crypto tokens online will also do so in person. What if the vendor doesn’t accept the cryptocurrency you have in your wallet? In that case, simply visit another crypto exchange and switch out those crypto tokens for the ones your vendor accepts.

Get a Cryptocurrency Wallet,The first thing you need to start paying and accepting cryptocurrencies is a crypto wallet. In a nutshell, a cryptocurrency wallet is a secure repository that stores various types of crypto tokens and serves as a receiving and sending location when making transactions. Every crypto wallet features a unique address that cannot be shared or copied across wallets or networks. Think of it as your crypto ID that you can use for all future crypto transactions. Even better, crypto wallets are designed to be very secure and almost impervious to digital breaches. Some of the best crypto wallets can even be stored “cold,” meaning they are physically disconnected from the Internet and stored on thumb drive-like devices. Regardless, crypto wallets are absolutely necessary for any type of crypto transaction, whether you are an individual shopper, a business owner, or anyone else. Luckily, crypto wallets are easy to access or purchase. In fact, when you purchase crypto tokens from a given network, like Bitcoin, you may automatically receive a crypto wallet, so you can store your coins. However, you can also get crypto wallets from providers like PayPal (which now facilitates crypto transactions) or CoinPayments, which offers merchants dedicated crypto gateways and payment solutions. Before going any further, get CoinPayments crypto wallet and make sure it is set up properly. Then, It might also be wise to make a small crypto purchase yourself and put something in your wallet, so you can familiarize yourself with the process and how everything works before you try to buy a product with your tokens.

Get Your Cryptocurrency,Next, you need to have cryptocurrency in your crypto wallet before making a transaction. After all, you wouldn’t show up to a retail vendor with a wallet empty of cash or credit and debit cards, right?Purchasing cryptocurrency means exchanging fiat currency, for a specific crypto token. 

With all this, crypto becomes easier and friendly to use as amode of payment.

Spend crypto on a FREE virtual debit card: https://uphold.com

Purchase items using crypto: https://shopping.io