Blockchain & Crypto

Crypto as a Payment Method—Trends and Facts

Bitcoin is always making headlines. Will the price go up or down? Should you invest or avoid crypto altogether? While these debates continue, one thing remains constant: crypto’s popularity is soaring.

Crypto as a Payment Method—Trends and Facts

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Celebrities keep tweeting about it. Companies are increasingly accepting it as a payment method. And more and more investors are using their crypto for everyday purchases.

In this article, we’ll break down everything you need to know about using crypto for digital transactions. Let’s get started:

You Can Use Bitcoin to Buy Just About Anything

Crypto is a trending payment method. And that means every forward-thinking business is accepting it. From eCommerce stores to restaurants, hundreds of retailers allow you to buy with Bitcoin.

In fact, they tend to support a variety of cryptocurrencies. You can use BTC because it’s the most popular crypto. But you also have other options—Bitcoin Cash, Ethereum, Litecoin, and Solana, to name a few.

To pay through Bitcoin, first ensure you own crypto in a safe wallet. Look for a cold wallet if you want to invest in crypto for the long term. Otherwise, a digital crypto app will work just fine.

Next, decide what you want to buy using crypto. Want to order pizza? Choose a pizza outlet that accepts Bitcoin. There are lots of them, including well-known brands like Pizza Hut.

If you need help, make a Google search for companies that accept crypto. You will find tons of businesses in every niche. Pick top-rated companies to ensure you also get quality services.

Crypto Casinos are on the Rise

Online casinos are taking their support for crypto to the next level. Not only do they accept Bitcoin deposits, but they also give out exclusive crypto bonuses. What’s more, they have games created exclusively on the blockchain.

Should you use a crypto casino? If you love to play casino games occasionally, find a trustworthy Bitcoin casino. Choose a licensed operator. Also, research more about the company’s reputation. Pick a reputable brand.

Pirateplay is an excellent option. This casino is licensed and secure. It has a neat, well-organized website. Importantly, it accepts a wide range of coins—not just bitcoin. On top of that, it promotes anonymous gaming. Bitcasino.io is another great option, the first licensed crypto casino.

Gambling anonymously helps protect your data and money. You don’t need to reveal your personal information to the world. This is crucial for people who live in places where iGaming is prohibited.

Crypto Supports Instant Payments

Crypto has one big advantage—it lacks an intermediary. When you send Bitcoin to a friend, the money doesn’t need approval from a bank or payment app. It’s deposited directly to the recipient’s address.

The absence of an intermediary makes crypto incredibly fast. You can send funds from the US to Australia in seconds regardless of the amount you’re sending. The only important thing is to ensure you use the correct details: crypto has no reversals.

Crypto payments go through the decentralized ledger known as the blockchain. The ledger stores crypto transactions permanently. But before payment is added to the blockchain, it must be verified. Because of this verification process, crypto payments vary in completion time—seconds to half an hour.

Payment Costs are Conveniently Low

Another benefit of using crypto for payments is the fees involved. Technically speaking, crypto doesn’t require payment fees. However, the process of verifying crypto transactions costs time and resources.

To reward the people who commit their resources to help keep the blockchain safe, a small amount is deducted from every payment. These amounts are known as miners’ fees. They’re pretty low, often much lower than the cheapest bank transactions.

Low transaction costs make crypto an ideal banking option for nearly every situation. Want to renew your antivirus license? Pay using Bitcoin. Want to buy an in-game item that costs less than $20? Save money by paying with crypto.

Still on fees, crypto costs stay low regardless of the amount of money you’re sending. You could send a million dollars and part with less than $50 in transaction costs.

Crypto Payments are Secure

You’ve probably heard stories of people who lost their crypto mysteriously. Maybe their funds were hacked. Or, a company they trusted with their Bitcoins went bankrupt.

Although many of these stories are true, it doesn’t mean crypto is generally unsafe. People lose Bitcoin because they have terrible wallets. If the wallet gets hacked, they lose money.

Alternatively, they entrust crypto exchanges with their crypto. The exchanges technically own the funds. If the company goes down, you lose money. But if you keep your Bitcoin in a secure wallet, you can’t lose it.

Crypto exists in the blockchain and can’t be sent illegally by anyone unless you give them access to your private keys. You need these keys to authorize payments. So, always keep them safe.

You Can Buy Crypto Using Numerous Currencies

Some people are afraid of crypto because they don’t know where or how to buy it. Here is some good news. You don’t need dollars or euros to own Bitcoin. You can buy crypto using your native currency.

Look for a crypto exchange that facilitates fiat-to-crypto payments. Ensure it accepts people from your country. Next, find out if it supports credit/debit card transactions. If it does not offer this service, it likely accepts peer-to-peer payments through popular payment providers in your country.

The beauty of buying crypto is that it acts as a hedge against inflation. You can buy and hold it for months or years. If you’re lucky, the price of your funds will grow, earning you a profit in the process.

Payments Can’t be Reversed

Sending crypto to the wrong address can be painful. You can’t reverse the transaction. Due to this, it’s always essential to countercheck the receiving address.

Although the lack of reversal is a drawback to senders, it’s a benefit to merchants. Customers can’t cancel payments every time they dislike a product. It’s also harder to get scammed. Once a customer sends you crypto, they can’t ask for a chargeback.