How to Use Crypto for Payments

Or How to Make Payments with Crypto!

Cryptocurrencies are like the superheroes of the financial world—mysterious, powerful, and often misunderstood. They swooped into the scene with a promise of anonymous payments, faster than a speeding bank transfer and more powerful than a credit card chargeback. But just like every superhero has an origin story, cryptocurrencies were born out of a desire to sidestep the traditional banking system and give power back to the people, with a dash of secrecy.

Gone are the days when you needed to be a computer wizard, chanting incantations at the command line to send crypto. Now, it’s as easy as pie, or should I say, as easy as sending a text message! So here’s a friendly guide to making payments with cryptocurrency:

• Acquire Some Digital Dough: You don’t need to break into a digital Fort Knox to get cryptocurrencies. Simply sign up with a reputable exchange like Coinbase, Binance.US, Kraken, or Gemini. It’s like going to a currency exchange booth, but you can do it in your pajamas from the comfort of your home.
• Fractional Fun: Don’t worry if you can’t buy a whole Bitcoin; it’s not like you need a whole pizza to enjoy a slice. You can buy fractions of a coin that match the amount of fiat money you’re willing to part with. Just remember, the value of your crypto slice can go up and down, just like the stock market or the scales after a weekend binge.
• Get a Wallet, Not the Leather Kind: To make a payment, you’ll need a digital wallet. Think of it as a magical pocket that doesn’t store the coins themselves but the keys to the coin kingdom. It’s like having a secret handshake that lets you in and out of the crypto club. Also a lot of Crypto exchanges let you make payments nowadays so can literally skip this step if you want to.
• Sending Crypto with a Snap: Many wallets now let you scan QR codes or use near-field communication (NFC) for payments. It’s like using a magic wand to transfer funds—just point, scan, and voilà, payment sent!

Remember, while cryptocurrencies can be fun and exciting both as a payments option and investment, its also serious business. Always keep your private keys private, and don’t invest more than you can afford to lose.

Sending and Receiving Payments

So let’s get into the nitty gritty of how a normal payment happens in crypto.

• Open Your Wallet App or Crypto Exchange account
• Get the amount you are going to send, what type of crypto (like with fiat money, you have to choose euros, dollars) and the address to pay
• Click on ‘Send Payment’
• Enter the Amount and Type of Crypto
• Enter the QR Code of the Payment or Wallet Address
• Click ‘Send’

It’s very similar to any other payment option, the difference i would say is 3 fold:

• First you need to have what you are going to send in your wallet account, because with a normal bank lets say you have euros, and you want to pay something in dollars, your bank will do the conversion for you (for a free), but with crypto a lot of the times it has to be that specific crypto, if the payment is in bitcoin you have to have bitcoin in your wallet.
• Second you need to take notice of the network or blockchain, lots of crypto are what we call multichain, that means that the same crypto can be used in different networks, however the payment normally has to be sent to a specific network, if you send through a different network the payment might not arrive, of course some cryptos only have their network so for those this is not a issue.
• Third, the payment has go to an address and although this is improving with short addresses and addresses that combine multiple cryptos, most of the time you still need that address, its like you always have to pay with a IBAN number and its a big number thats why QR codes help, because not only it makes it faster especially if you are using a crypto wallet on your phone (that has a camera) but also prevents mistakes writing the address down.

Still like most things, after you get the hang of it, its easy as pie! ;D

Can I Pay Someone With Crypto? Absolutely!

Paying someone with crypto is like sending a digital high-five. It’s as simple as sharing a meme on social media or splitting the bill at dinner with a friend through an app. Just a few taps, and you’ve sent a sprinkle of your digital treasure their way.

Especially because a lot of shops are now accepting crypto (like ours hehehe), that just makes everything more smooth and cheap for everyone, you dont need to go to an exchange and trade your crypto for say dollars to pay the store, you can pay the store directly with that crypto.