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Do you want to shop online with Bitcoin but need guidance? Here’s a step-by-step guide for using Bitcoin for online purchases.
Determining whether Bitcoin’s value will rise or fall or whether it has a future can be challenging. This cryptocurrency faces many challenges, including uncertain regulation, high volatility, and scalability issues. However, one thing that is certain about Bitcoin is that you can purchase and use it online.
Platforms like BitQS enable individuals and enterprises to buy Bitcoin quickly with fiat money. Here, you sign up and load your crypto exchange account with the funds you want to spend on Bitcoin. After that, you can place a buy order and complete the transaction. Finally, transfer the digital coins to your crypto wallet and spend them on online purchases. Here’s a quick step-by-step guide for using Bitcoin for online purchases.
1. Set Up Your Digital Wallet
Satoshi Nakamoto wanted Bitcoin to be entirely anonymous. The intention was to have a peer-to-peer system that operates like cash but without a central controlling authority or intermediaries. Therefore, people should purchase and sell Bitcoin without providing financial or personal details. However, that’s not how Bitcoin wallets work. Most digital wallet providers require details like your name and email address. Also, they need users to link their crypto wallets to bank accounts. Nevertheless, you can shop with Bitcoin without providing personal or financial details.
2. Buy Bitcoins
Once you have a crypto wallet, you can purchase Bitcoin via a crypto exchange. The value of Bitcoin varies due to its volatility. However, Bitcoin’s value increased significantly during the COVID-19 pandemic, hitting $68,000 per BTC. But you can purchase only a portion of this cryptocurrency and use it to shop, the same way you can spend a penny, dime, or nickel when using the U.S. dollar. Satoshi is the tiniest Bitcoin fraction you can buy and use to pay for online shopping.
Besides crypto exchanges, you can purchase Bitcoin locally. Several websites allow people that want to buy or sell Bitcoin to meet in public places. While this might sound strange, it’s similar to Craigslist transactions. Nevertheless, be cautious because criminals have scammed many people through this process.
3. Use Bitcoin to Shop Online
Once you’ve acquired Bitcoin, it’s time to spend it online. Several online retailers allow customers to pay with Bitcoin. Also, Shopify store owners take Bitcoin. Newegg and Overstock.com are also places where you can shop with Bitcoin. Once you’ve identified a vendor that takes Bitcoin payment, proceed to order your items or request the service you want.
On reaching the checkout point, get the retailer’s Bitcoin code and enter it in your wallet’s specific field. Indicate the number of Bitcoins to send and then confirm the transaction by entering the payment key. The vendor will receive your crypto payment almost immediately. Some vendors have QR codes that customers scan to complete the transaction. Using Bitcoin for online shopping is straightforward, provided you have digital coins in your crypto wallet.
Benefits of Shopping Online with Bitcoin
Many people shop online with Bitcoin for various reasons. The following are the primary advantages of shopping online with this cryptocurrency.
- Control: No bank or government controls Bitcoin. Vendors won’t ask for your personal or financial information when you pay with Bitcoin. Thus, this cryptocurrency lets you control your funds and how you spend them.
- Privacy: Bitcoin transactions are anonymous and private. Although somebody can trace your Bitcoin transaction, it will require time and effort. Thus, hackers can have difficulty accessing the user’s personal information since your real-world identity remains private.
- Lower fees: Bitcoin transactions have lower charges than banks and other online payment methods. Therefore, you save money when you use Bitcoin for online shopping.
Parting Shot
Using Bitcoin for online shopping is pretty straightforward. Also, it has numerous benefits that compel many individuals to use it. Nevertheless, you must identify an online vendor or retailer that accepts Bitcoin since its acceptance is still low.