The first cryptocurrency, Bitcoin, changed the financial game when it launched. Back in the day, the world of cryptocurrency was not sufficiently explored; now, there are many options for payment with crypto.
Many businesses support cryptocurrency payments, from jewelry stores to Windows VPS Bitcoin options.
This article will guide you through acquiring Bitcoin and issuing payments.
How to get Bitcoin?
Nowadays, getting Bitcoin is fairly straightforward. There are many ways to acquire Bitcoin, including cryptocurrency exchange platforms, different wallet software, P2P applications, etc. The easiest way to get some Bitcoin is through a crypto exchange platform. Here are some steps that will help you in this endeavor.
Step 1: Choose an exchange platform.
Many popular crypto exchanges like Binance, Coinbase, Kraken, Gemini, and others exist. It’s essential to pay attention to whether the exchange platform supports your location. Also, if you are new to crypto exchanges, consider platforms with beginner-friendly interfaces and some guided insights instead of chasing the lower fees like cryptocurrency enthusiasts do.
Step 2: Create an account.
Setting up an account on a crypto exchange platform is accessible by providing the required information upon signing up. For your account to be valid, you must verify it with ID, taxpayer number, visual confirmation, or other methods. Once your account is verified, it is ready for use.
Step 3: Add a payment method to a platform.
Purchasing Bitcoin with a debit or credit card is often available on most exchange platforms. In any case, you’ll need to transfer the fiat funds required for purchasing Bitcoin to your wallet within the platform. Other payment platforms, like PayPal or Cash App, allow buying Bitcoin directly through their apps.
Step 4: Place a Bitcoin order
One whole Bitcoin currently retails for around $27,000. Owning fractions of Bitcoin instead of an entire Bitcoin unit is completely fine. You can go ahead and place an order for the Bitcoin amount you need.
Step 5: Choose a wallet for storing Bitcoin.
You can store the Bitcoin in different wallets; the latter can be “hot” and “cold”. The main difference between the two is that the hot wallet is Internet-reliant, while the cold wallet is an offline wallet that can be stored on different drives. Note that if you keep your crypto assets on the wallet offered by an exchange platform, you entrust your fund’s security to that platform.
Again, some exchanges support buying Bitcoin directly with bank transfers, while some utilize spot market trading methods.
What can you buy with Bitcoin?
You can buy virtually anything with Bitcoin, from cars to jewelry. The only requirement is the e-commerce platform supporting Bitcoin payment options.
Here’s a short list of what you can buy with Bitcoin:
- Web hosting services
- Crypto mining equipment
- Accessories and clothing
- Artwork (including NFTs)
- A morning coffee
- Gist certificates
- Online courses
Ultimately, anything you can think of can be purchased with Bitcoin. Any item on your regular shopping list is eligible. The only condition here is businesses supporting Bitcoin payment options.
How to pay with Bitcoin
The first thing you need to do is find out whether the vendor accepts the Bitcoin payment option. If you need clarification, you can see the list of prominent vendors that accept Bitcoin on the web, or you can check on the business website.
When you find that the Bitcoin payment option is supported, you’ll need to have your crypto wallet with Bitcoin funds on it ready for further payment.
The following steps are similar to the regular checkout. However, a payment confirmation will be sent to your crypto wallet instead of a bank account.
You could be wondering whether there will be any transaction fees. Usually, many services don’t require fees of any kind, but you can check for any potential fees on your vendor’s website.
Advantages of paying with Bitcoin
There are specific reasons why many people prefer paying with cryptocurrency, namely Bitcoin. Here are some of them:
No third-party interference
With traditional means of payment, banks can interfere with transactions, which can delay or prohibit sending or receiving money. Blockchain ensures that there are no intermediaries between users sending and receiving Bitcoin.
The amount of personal information needed to issue a Bitcoin transaction is limited. Plus, each transaction undergoes encryption.
No location restrictions
You can send Bitcoin anywhere in the world, from any location. In this case, an international transaction doesn’t differ from a regular Bitcoin transaction, meaning no extra fees are included.
Those are just a few advantages of paying with Bitcoin.
Ultimately, payments with Bitcoin are straightforward, surpassing many limits associated with conventional banking operations.