Many people are confused by cryptocurrency. After all, what can it be used for? Is it like stocks, where you buy in hoping for the value to increase?
Or are cryptocurrencies actually used as currencies, replacing our dependence on fiat currency? Well, both use cases are true.
Cryptocurrency has value for many reasons. And certain cryptos specialize in certain tasks more so than others. And there are quite a few that can actually be used to purchase goods and services.
Wondering how to spend cryptocurrency, once you have your hands on some? There are a few different methods.
Keep reading to learn how to spend crypto, and why cryptocurrency spending makes sense for certain purchases.
Benefits of Using Cryptocurrency
Should you make purchases with cryptocurrency just because you can? In many instances, yes you should.
One of the biggest benefits of cryptocurrency transactions is that they are true peer-to-peer payments. Paying a vendor using crypto means you are cutting out the middle man, which includes banks and financial institutions like Visa, which process payments.
These middlemen charge businesses a lot of money to handle these transactions. So accepting crypto payments means they can keep more money from each transaction.
On top of that, crypto payments are anonymous. There’s no bank that tracks what you buy. Rather than your name tied to a transaction, your wallet address is used. These wallet addresses are near impossible to tie to an individual, though it sometimes can be done in the event of criminal activity.
And making international payments using crypto is much simpler than having to deal with currency conversions and fees.
And since crypto rates are constantly fluctuating, so too will your purchase price. You can check crypto prices online, such as the Solana price or the Bitcoin price before making a purchase.
How to Spend Cryptocurrency
So your sold on the benefits of paying in crypto. But how can it be done? Here are a few ways.
Can I Spend Cryptocurrency in Stores?
Many stores are starting to accept cryptocurrency payments. Typically, stores will accept common cryptos such as Bitcoin, Ether, Bitcoin Cash, and a handful of other currencies that allow for cheap, easy transactions.
To make a payment at the checkout counter, you would use your mobile crypto wallet.
Finding retailers that utilize the Square POS system, which is typically small businesses, may make it even easier to pay using Bitcoin thanks to integrated functionality.
Can I Spend Cryptocurrency Online?
Paying online using cryptocurrency is pretty easy since crypto is the money of the internet. Shopify stores are now equipped with crypto payment functionality, should the individual store choose to accept it.
Stripe, another popular online payment processor has also launched crypto payment processing. Making a crypto payment online is as easy as purchasing your favorite cryptocurrency and sending it to your own wallet.
You just need to know the receiving address in order to send crypto. Usually, you can scan a QR on your phone to make the process quick.
Filling Your Wallet
Now that you know how to spend cryptocurrency, it’s time to start filling your wallet. Having a mobile crypto wallet makes it easy to pay using cryptocurrency when you are out and about.
No longer will you be asking how can I spend cryptocurrency, as you’ll be ready to make a purchase at a moment’s notice, so you can enjoy the many benefits that crypto provides.
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