Introduction 

In simple words, cryptocurrency is a virtual currency. As it is powered by blockchain technology, it is safe and reliable. These coins are also secured by advanced cryptography. That means one can’t counterfeit these coins. So, most people now prefer to make payment through cryptocurrency. Are you using these digital coins for the first time? Don’t know how to send or receive payments? Don’t worry at all, as this simple guide has answers to all your questions. Well, cryptocurrencies are complicated. However, utilizing them is quite straightforward and simple. Read to explore the steps and benefits.  

Making Payment Through Cryptocurrency 

Earlier payment through cryptocurrency involved writing command lines. Besides, it also involved programming transactions. However, things have changed now. Receiving and sending these currencies is quite simple. In fact, you can complete your payments using apps. How you can make payments depends on the app you use. But in most cases, the steps remain the same. Here are some common steps to follow.  

Getting Cryptocurrency 

It is not required to create an account with a company or exchange to get crypto coins. However, creating one can make the process safer and easier for you. You can easily find regulated exchanges using which you can convert fiat money into crypto. Furthermore, they offer some useful features. For example, keeping the private keys or wallet maintenance. The process of creating an account is easy and takes around five minutes.  

Buying entire coins may not be possible for you as they are quite expensive. However, you can buy in small portions equal to the amount you paid for the exchange. For instance, the value of 1 BTC is around USD 63.500. So, you can get 0.0001 BTC at USD 6.35.  

Creating A Digital Crypto Wallet 

In order to make a payment using cryptocurrency, you will have to create a wallet. You can install these wallet applications on your mobile or computer. A wallet allows you to access your coins. These are also secured by blockchain technology.  

In general, they don’t store coins. They just store keys that you need to access your crypto coins. Every wallet has a unique address. It will be used in every transaction. Choosing a wallet can be confusing as the options are more. You need to pick one that is compatible with the currency you are using. It will be better if you choose one that allows you to make payments through different coins. Crypto exchanges can also offer you wallets for funds transfer. These wallets utilize mobile’s cameras. You need to scan QR codes to make a payment. Some also support NFC or near-field communication technology for transactions.  

Some popular crypto wallets you can use are Ambire Wallet, Exodus, Coinbase or MetaMask.  

Making Transactions 

Once you are done with setting up your wallet, you can start making payments. Some steps you need to follow for this are:  

To Make Payment Through Cryptocurrency 

• Open the crypto wallet application 
• Look for the send payment option and click on that  
• Now, you need to enter the amount you wish to send  
• Then, type the wallet address of the person to whom you want to send coins. You can also scan the QR code.  
• Click on the send button to complete the transaction.  

To Receive Payments Through Cryptocurrency 

• Launch your cryptocurrency wallet 
• Click on the receive coins option 
• share your wallet address or key with the person who will send you coins 
• Now, when the payment screen appears on your mobile, accept the payment.  

So, the process is quite simple and quick. You might be wondering why you chose cryptocurrency as a payment option. Well, this is a common question among many people. The below-mentioned benefits may clear your doubts.  

Why Should You Make Payment Through Cryptocurrency? 

Better Transaction Security 

As we have mentioned above, cryptocurrency functions on blockchain technology. That means there will be higher transactional integrity. Besides, every transaction will be protected by intricate encryption. So, the chances of making altercations are low or nearly impossible.  

Immutable Crypto Transactions 

The use of blockchain technology facilitates immutable transactions. So, what is it? Once the transaction is done, it can’t be changed. Such a facility boosts trust. No one can change the record. On the other hand, permanent records lower the risk of fraud. It also creates a higher level of transparency.  

Transaction Costs Are Low 

Compared to traditional banks, cryptocurrency provides users with a major benefit. It reduces the fees related to transactions. How? When you use these coins, you don’t have to deal with any intermediaries. Besides, merchants can save a lot on processing fees.  

Quick Payments 

Near-instantaneous fund transfer- this is what you will witness when using cryptocurrencies. Transactions through banks can take time. However, with crypto coins, you don’t have to worry about any delays. This helps businesses to streamline their operations. It can also help in increasing your cashflow. Customers can also enjoy a smoother and quicker payment process. This, in turn, will boost loyalty and customer satisfaction.  

A Good Option for Unbanked 

For the unbanked, these coins can offer better financial services. After all, to use crypto, people don’t need a bank account. On the other hand, compared to traditional banking, fees are quite low in crypto. One can also complete payment using cryptocurrency ATMs within a few seconds. It also leads to empowerment. Cryptocurrencies provide underserved communities with better financial autonomy.  

Protection From Inflation 

Inflation can lead to severe financial crises. With cryptocurrency, you can easily deal with sudden inflation. In fact, Bitcoin or other coins can offer better protection against this. Based on the market situation, the value of Bitcoin can significantly go up. These coins can be caped and function as a fence against inflation.  

Decentralization of Coins 

The fundamental principle of cryptocurrencies is decentralization. This offers users some unique benefits. First of all, there is no such central authority to control these currencies or networks. In fact, control here is distributed among different nodes. This, in turn, lowers the risk of manipulation or censorship. Decentralization also offers businesses and customers maximum autonomy over crypto transactions. This practice fosters innovation. Many people like this structure as it boosts the reliability of the systems.  

Rising Acceptance of Cryptocurrencies 

With time, more companies have not started accepting payments using cryptocurrencies. In fact, it has become popular among offline and online merchants. For example, companies like PayPal, Microsoft, Newegg, Overstock, AT&T and more have integrated crypto coins in their payment methods. Authorities are also extending their support for this. So, the acceptance of these currencies is set to increase in the future.

Final Words 

Undoubtedly, cryptocurrency provides users with a lot of benefits. Besides, making payments through cryptocurrency is also quite fast and simple. With this, you will enjoy secured transactions. Furthermore, the transaction fees are also low. Are you new to crypto coins and want to explore more about this? You can always take the help of PurpleCrypt. Our platform is your ultimate destination to educate yourself about cryptocurrencies. Here, you can also find information on blockchain technology and how it works. Let us help you to begin your crypto journey!