Many people do not know this but one of the primary reasons why cryptocurrencies were developed in the first place was for them to be utilized as anonymous payments. The reason why most people do not know about this is because it is lost in the hype of media outlets, plus the financial sector, which are focused on prices that go up and down.
Although prices are important, what’s really crucial is knowing how to pay with cryptocurrency because it gains so much popularity and traction. To many, cryptocurrency can seem complicated – but using it to pay for something is surprisingly simple. Hence, we have gathered a few tips that can help you pay with crypto.
Cryptocurrency Payment Process
At one point, sending cryptocurrency involved going into the command line on your PC and programming a transaction. But that complex and intricate process of sending and receiving cryptocurrencies has become much more simple and has become more like using an app to deal with money exchange to and from your bank account. Here is how it generally works.
Getting a Cryptocurrency
The first step is knowing that you do need to have an account with an exchange, institution, company, or other entities to acquire a cryptocurrency. Although it is an easier and safer way to get your hands on certain cryptocurrencies unless you are familiar with setting up a wallet and dealing with crypto.
Having a regulated cryptocurrency exchange will allow you to exchange fiat money with cryptocurrency. Additionally, it will give you more features, some examples being storing your private keys or assisting you when you come across technical issues.
Acquiring a Wallet
For cryptocurrency payments, you need to have a wallet application. Wallets can be installed on your mobile devices or computers and work as interfaces for accessing your crypto.
Keep in mind that your wallet does not actually store the crypto; it merely holds the keys that you need to access them, which are also called your private keys. Your wallet consists of a public key which is used for transactions where it acts like an email address which you can use to send and receive payments. Plus, there are a number of wallets with each one having a unique feature that can meet your specific needs.
Making Payments
Through wallets, you can make payments through various steps but here is a general gist of it. First, you will open the app, find a payment option, add the amount you want to send, enter the wallet address of the recipient and then make the final confirmation click to send the payment. To receive a payment, you will have the option to receive a payment, share wallet address and then accept the payment when it appears.
While the concept of cryptocurrency is still in its infancy, there are a number of places where you can use it to pay for a variety of services. For example, consider one of the best decentralized P2P blockchain payment networks called Lapoyoma.
The company offers tokens for everyday convenience store, grocery stores, and gas station shoppers, using virtual money to pay for every goods and services for users around the world.
One of the best things about Lapoyoma is that it has its own internal payment stable coin called “YAM” and an FYBN app. Hence, it serves as a retailers first sales tool that gives accurate value of business while considering every income and other aspects that factor in the business’s overall reliability.
