Cryptocurrency is the most easily accessible cash. With the adoption rates of cryptocurrencies increasing daily, people are now using them to pay for goods and services.
Crypto payments are quick, simple, and convenient and will soon become the need of time. Here is a step-by-step procedure to make crypto payments:
Keeping the basics in mind, you can use crypto to make payments in the same manner as you use cash or debit, or credit card. The process is pretty simple and quick.
- You should find a vendor who accepts crypto as currency.
- You should add crypto coins to your preferred token, which the vendor will accept.
- You should load your shopping cart with products that you wish to buy.
- And once you’re proceeding for checkout, the eCommerce vendor or website should showcase a devoted crypto payment tab. It will take you to a separate window where you can enter your crypto wallet address.
- Once the crypto payment processing system links with the address of your wallet and verifies that you have sufficient currency to support the transaction, it will proceed.
- With everything confirmed, the transaction begins, the crypto money is transferred, and the transaction is recorded on the blockchain of the crypto coin.
- This makes your crypto transaction wholly safe and secure from fraudulency.
- Once you receive the transaction confirmation, the vendor will provide the product or service and send you the shipping details.
Nowadays, you can use cryptocurrencies anywhere in person or at stores, or through PayPal. You can make transactions and get them done within seconds, just like using a debit or credit card.
Benefits of crypto payments
Privacy
Cryptocurrencies offer a high level of privacy enjoyed by blockchain technology users. People can keep their identities private while making payments. Currencies like Monero have additional privacy features to ensure that crypto investors are entirely anonymous.
Speed
The quick transaction speed is a quality that all cryptocurrencies inherent. Of course, specific coin transfers take more time to process in the industry. Everything depends on transactions every second a blockchain can manage. BTC handles 7TPS, and NEO on the other hand does 10K TPS in just 15 seconds.
Low transaction fees
Transferring money is simple on blockchain and highly cheap as you have to pay small transaction fees to the cryptocurrency platform. Unlike banks with high operational expenses charges, crypto payments don’t have such hefty transfer process fees.
Peer-to-peer technology
Lastly, blockchain is a peer-to-peer technique meaning users don’t have to rely on third parties for transactions. Transferring money from one account to another requires the traditional banking system’s approval. But blockchain doesn’t involve any third-party involvement. You can pay anyone anytime, anywhere on the planet, and the payment will reach them in no time.
Conclusion
Crypto payments are increasing with every passing day because they have a high potential to be better than conventional fiat currencies. You have to choose the crypto payment you want to make to do your transaction.
