How to Make Your Purchase with Crypto
These days, it seems like cryptocurrency is everywhere. And while some people are still trying to figure out what it is and how it works, others are using it to pay for everything from coffee to electronics.
More and more businesses are beginning to accept crypto as payment, which means big changes for shoppers. You no longer must worry about exchange rates or government regulation.
While it may seem complicated, paying with crypto is quite simple once you know how. This article will walk you through the steps of paying for your purchase with crypto and the benefits that come with this mode of payment.
Whether you’re a seasoned crypto user or just dipping your toes into the world of digital currency, read on to find out how to make your next purchase with crypto.
Steps for Purchasing with Crypto
Although cryptocurrency and digital assets in general sound complicated, making payments using digital currencies is easier than you think. The process is like making any other eCommerce purchase but adapted to suit the unique characteristics of digital assets.
Here are the basic steps you’ll need to follow when purchasing with crypto:
The first thing you’ll need to do is acquire some cryptocurrency. You can purchase it through a digital asset exchange like Kraken and Coinbase if you don’t already have any.
You can create an account with reputable crypto exchanges such as Coinbase, Kraken, and Gemini. The platforms will let you exchange fiat money for crypto.
Some of the best platforms will also give you access to additional features. An example is being able to link your exchange account to software like CurPay, which guards your digital currency against volatility.
CurPay uses artificial intelligence to examine and adapt to changing market conditions. Therefore, whether you are a CurPay merchant or trader, you are assured of precise monitoring of your assets to minimize risks and increase your profits.
Have a Digital Wallet
Once you have your cryptocurrency, you’ll need a wallet where you store it so that you can use it for purchases.
A digital wallet is similar to a real-world wallet in that it stores your currency, but it’s entirely online. You can think of it as your bank account for storing digital assets. The wallet also allows you to make payments and receive digital cryptocurrency.
There are different types of digital wallets, but the most popular are desktop wallets, mobile wallets, and web-based wallets. Each type has its own set of features, security measures and developed to work on the blockchain of your choosing, so choose the one that’s right for you.
Make a Transaction
Wallets from different exchange platforms operate differently. However, let’s assume you are using the Coinbase wallet to make a payment. You should do the following:
● Open your wallet
● Click on the payment button
● Enter the amount you are paying
● Enter the recipient’s wallet address
● Complete the transaction by clicking send
The merchant will receive the payment on their end and accept it when it reflects in their wallet. For sellers, CurPay Merchant makes accepting crypto payments easy and faster. It automates the crypto receipt process so that you’re done in seconds.
The Benefits of Using Crypto for Payments
Now that you know how to make a purchase using digital assets, let’s take a look at some of the benefits that come with this method of payment. The main ones include:
When you make a payment using cryptocurrency, it’s a direct transaction between you and the merchant. This transaction differs from fiat transactions, which usually involve banks or other financial institutions.
With peer-to-peer payments, there is no middleman, meaning the transaction fees are lower. This also makes cryptocurrency payments faster because there’s no need to wait for the bank to process the payment.
The decentralization of cryptocurrency means no user information is needed. When you make a payment with crypto, your personal information is not attached to the transaction. You can make purchases or any other transaction without anyone else scrutinizing you.
All that’s visible is your wallet address, and in some cases, even that can be hidden. This makes it difficult for anyone to track your payments or identity.
Cryptocurrency transactions are secure because they’re encrypted. Only the sender and recipient can see the details of the transaction.
In addition, all cryptocurrency transactions are stored on the blockchain. This is a public ledger, so anyone can view the transaction history of a particular digital currency.
However, because the transaction details are encrypted, only the wallet addresses are visible. It is difficult for anyone to track cryptocurrency transactions and see how much money is being sent or received.
You Can Pay from Anywhere
With cryptocurrency, you can make a payment from anywhere in the world. All you need is an internet connection.
Geographical boundaries like fiat currency do not bind cryptocurrency. This makes it an ideal payment method for online purchases and international transactions.
Start Learning How to Make Your Purchase with Crypto
Cryptocurrency is quickly gaining popularity as a payment method. Thanks to its many benefits, more and more businesses are starting to accept digital currencies. If you’re looking for a fast, secure, and convenient way to make payments, then crypto is the way to go.
Companies like CurPay are striving to make cryptocurrency payments easier for businesses by bringing together traditional payment processes with new cryptocurrency. Basically, any business can accept Crypto with little to no knowledge of crypto by using CurPay. If you are a merchant and want to accept cryptocurrency as a form of payment, feel free to contact us and see what CurPay can do for you.
With state-of-the-art AI Volatility Protection and everything else you need to customize the perfect trading strategy, CurPay is like having a financial advisor in your corner 24/7. So, if you are ready to start trading crypto, then be sure to check out CurPay today.