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From Starbucks to Netflix Subscriptions, People Are Using Cryptocurrency to Pay for Various Goods

2022-08-17T14:18:00.506Z



As the years passed, cryptocurrency gained worldwide acceptance. Investing is particularly inviting to the technically savvy. They can hold assets that aren’t affected by the rising inflation and currency fluctuations. However, cryptocurrency isn’t just for techno geeks. It can be used as a medium of exchange, a store of value, and a unit of account. You can purchase Ethereum and other digital assets through an online exchange. All you have to do is to connect your bank account to fund your account, but this takes a while. 

Cryptocurrencies can be used as a payment mechanism. More exactly, you can make a payment to another individual, which is recorded on the blockchain. Digital assets have many advantages over fiat currencies, such as transaction security, high levels of transparency, and the elimination of intermediaries. An ever-increasing number of people and companies are using tokens, and the trend is only accelerating. Mass adoption is a matter of when not if. Adoption doesn’t mean buying a little bit. It means investing an important portion of your net worth into cryptocurrency. 

Retailers Across the US Are Investing Their Funds to Support Cryptocurrency Payments 

Many retailers have announced that they will accept cryptocurrency payments in the following years, so customers can rejoice. This doesn’t come as a surprise, given that cryptocurrency is private and secure at the same time. Cryptocurrencies don’t have a centralized authority. There are no third parties in the transaction, which means that buyers and sellers can connect directly. Merchants representing various subsectors, including electronics, cosmetics, transportation, fashion, food and beverage, are seeing the value of cryptocurrency for their business. The world of retail will look very different in the years to come. 

With the rise of decentralized applications (DApps), non-fungible tokens (NFTs), and decentralized finance (DeFi), it’s easy to see why Ethereum is favored over Bitcoin. Consumers use Ether to pay for hotel bookings, clothes, art, and even real estate. The likelihood is that, within a few years, paying with Ether will be just as common as contactless payments are now. If appealing to consumers’ needs isn’t a good enough reason to accept cryptocurrency, there’s a perk for retailers. The transaction fees for Ethereum are lower as compared to other forms of payment. 

How To Pay for Services and Products Using Cryptocurrency 

Several stores accept cryptocurrency as payment, both online and offline. You can transfer the funds manually, but payment gateways provide a simpler way to make crypto payments. Alternatively, you can use a debit or credit card to make fiat payments with cryptocurrency you have in an associated account. There’s no way of knowing if the value of Ethereum or Bitcoin will go up or down, so spending coins ultimately comes down to your financial preferences. If you want to pay with cryptocurrency, here’s how to do it. 

Set Up Your Wallet 

You’ll need to have a wallet application, which gives you complete control over your cryptocurrency and its security keys. You can choose between a software wallet, a hardware wallet, and a paper wallet. As you can imagine, there’s no one-size-fits-all solution. If you don’t have a large quantity of cryptocurrency, you can leave your digital assets in the exchange. For non-custodial storage, an offline wallet is the safest bet. Since the wallet isn’t connected to the Internet, you’re not in danger of getting hacked. 

Acquire Cryptocurrency 

A regulated cryptocurrency exchange will allow you to exchange fiat money for digital assets. If you want to buy Ethereum, you must know that the Ethereum price USD varies across markets, which is due to the cryptocurrency movement. The price is usually based on what someone is willing to trade and what the other person is willing to part with. The simplest way to get started with cryptocurrency is to use an esteemed exchange like Binance. Create an account and fund it for crypto purchases. 

Find Out Where You Can Pay with Cryptocurrency 

As mentioned earlier, many vendors allow you to pay with cryptocurrency. Notable businesses that accept cryptocurrency outright are Paypal, Starbucks, and AT&T. If you want to pay with Ether tokens, you can use your well-earned cryptocurrency at Hostinger, Shopify, Barnes and Noble Education, and Lowe’s, to name a few. Go online and see if your preferred vendor accepts cryptocurrency as a payment. Some brick-and-mortar retailers accept cryptocurrency too. You’ll no doubt see a sign on the door, window, or at the cash register. 

Make The Payment 

To make transactions fast and simple, a merchant uses a crypto payment platform, which guarantees cryptocurrency to fiat conversion at any time. As another option, you can get the vendor’s cryptocurrency address and put it into your wallet. You must indicate how many tokens you want to send and press the payment key. The transaction should be completed in a couple of seconds. Make sure to type in the right amount of cryptocurrency into the payment box before clicking on “send”. 

NFTs – What’s in It for The Payments Market? 

There are two kinds of tokens, namely crypto tokens and non-fungible tokens (NFTs). NFTs have a wide array of uses in the digital realm, in asset exchanges, data flow, and payments. Soon enough, people will be able to use their Mastercard cards for secure NFT purchases. Web-based marketplaces that support NFT allow transactions to be realized in cryptocurrencies. NFTs help enhance payments and even monitor specific goods and services. Because these tokens are such a new concept, the number of people who trade NFTs is relatively small. 

Some allow for more traditional means of payment, such as credit cards. Many agree that credit card payments for NFTs are the next big step for retailers. NFTs bring new possibilities into the business world that every retailer should explore. To acquire an NFT, you’ll need a cryptocurrency wallet. Find an exchange that offers NFTs, create an account, and deposit some funds to it. Of course, you’ll have to pay an exchange fee for the fiat-to-crypto conversion. Even if you’re not familiar with the world of crypto, you’ll get used to the process of buying NFTs. 


Source: limnews

All tech articles on 2022-08-17

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