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Purchasing goods and products online using Bitcoin has become an increasingly popular way to access what we need by leveraging digital assets. Making a purchase online using Bitcoin or another cryptocurrency, stablecoin or token, is often faster, cheaper and safer than making a purchase using FIAT (dollars, euros, yen, etc.). The decentralized nature of crypto means that transactions are not only more efficient, but that they also provide enhanced security and privacy for consumers.
In this article, we’ll explore the steps involved in making an online purchase using Bitcoin or another valid cryptocurrency, the benefits of crypto payments for consumers, and how ForumPay helps businesses accept crypto payments to strengthen the crypto ecosystem.
Making an online purchase using Bitcoin
Before making an online purchase with Bitcoin, or another cryptocurrency, the first step is to obtain a crypto wallet. This digital wallet stores cryptocurrency and allows consumers to send and receive funds securely. There are several types of wallets available that offer different features, levels of security and user experiences, including web-based wallets, mobile apps and desktop applications, as well as offline wallets.
Beginners are often recommended to use a user-friendly mobile app, which provides convenient access to cryptocurrencies and funds, as well as straightforward features. More experienced users looking with more complex needs may prefer an offline wallet, for enhanced security. In either case, as soon as the wallet is set up, consumers can begin purchasing crypto and accumulating funds.
The rise of online crypto payments
The number of businesses that accept Bitcoin and other cryptocurrencies as payment today is rising. Some decide to accept crypto directly. Others choose to employ a crypto payment gateway such as our solution, ForumPay. We allow consumers to make an online purchase using Bitcoin, or their preferred cryptocurrency, while the merchant or business receives the FIAT currency of their choice.
Both options offer consumers much greater convenience and flexibility compared to traditional payment systems. As more merchants and businesses decide to embrace crypto payments, the ability to make an online purchase using Bitcoin and other cryptocurrencies will likely become an increasingly appealing choice for online transactions, given the benefits afforded to consumers, such as lower transaction costs, enhanced security, and faster payment confirmation times.
The benefits of crypto payments for consumers
One of the main benefits for consumers of being able to make a purchase online using Bitcoin and other cryptocurrencies is convenience. Crypto allows consumers to make fast transactions across borders, without the need for intermediaries or the lengthy processing times that come with traditional banking methods. There is no limit on transaction size, making essential payments such as remittances much easier to send.
What’s more, crypto payments are fast, often reaching the recipient in a matter of minutes, making sending crypto a preferred choice for many users over sending FIAT currency over more conventional channels. Another significant benefit is security. Cryptocurrency payments are encrypted and stored on the blockchain hosting that coin or token, which greatly reduces the risk of fraud and identity theft as the blockchain itself is immutable.
ForumPay: Strengthening the crypto payment ecosystem
Our seamless crypto payment solution empowers consumers to make online purchases using Bitcoin or any other digital asset, such as stablecoins or tokens. ForumPay is fully wallet-agnostic, thus enabling crypto consumers to pay from their preferred wallet, affording crypto consumers even greater choice and flexibility when paying online. This not only makes the experience easier for shoppers, but it also allows businesses to access a much wider pool of consumers, who, no matter how they store their cryptocurrency, can access their goods and services.
Regarding the payment process itself, once payment has been initiated, ForumPay locks in the crypto-to-FIAT exchange rate by aggregating price feeds from a number of major cryptocurrency exchanges (including our own). This immediate price confirmation allows consumers to see exactly how much crypto they will be charged and assures the recipient of the amount they will receive in their preferred local currency. This extra level of transparency helps enhance trust between consumers and merchants and ensures a smooth and efficient process for both parties.
For more on how to make an online purchase using Bitcoin or on how to add ForumPay’s crypto payment gateway to your website or PoS system, visit www.forumpay.com, or get in touch with our sales team to discuss any questions you may have.
