You may have heard that you can spend crypto, but are you aware of how? If you’re not entirely sure, we’ve come up with a general overview of how to spend your crypto!
Acquiring & Storing Crypto:
To spend crypto, you need some crypto available! Luckily, buying and storing crypto is fairly simple. Although there are many ways to acquire crypto, we’ve created this basic checklist to make sure you are prepared to spend some crypto!
- Set up a digital wallet: This is where you will keep your crypto. Much like a physical wallet, a digital wallet simply serves the purpose of storage and where you grab your available funds to pay with. The funds in your wallet are considered your available funds.
- Buy some crypto: Now that you have a place to store your crypto, now it’s time to get some! Again it’s not hard; open any crypto exchange of your choice and sign up. From there you can deposit funds and start buying crypto.
- Move funds to wallet: In order to spend crypto, they need to be in a digital wallet. You can transfer whichever cryptocurrency of your choice that you have purchased to your wallet. Once the crypto is in your wallet it’s locked in and the value of that crypto falls in line with the market value, but the quantity remains the same.
Now that everything is in check, it’s time to start spending some crypto. Check that the place or business you plan on visiting accepts crypto first. Although it’s growing in popularity, keep in mind that it is still a new movement and in some cases, you might not be able to pay in crypto.
When you find a place that both has what you are looking for and also accepts crypto it’s time to make a transaction. There are a handful of services that allow you to pay with crypto. Keep in mind some only accept Bitcoin and/or Bitcoin Cash and some places might allow more but could be limited. And as well, some places are wallet-specific meaning, that not all digital wallets are compatible. Before fumbling at check out, make sure your compatible wallet is armed with adequate currency or that the place you are going accepts crypto through ForumPay’s crypto payments gateway.
Limitation-Free Crypto Payments:
As ForumPay is a crypto payment processing company with zero crypto or wallet limitations, we will use it as an example for making a transaction. ForumPay allows customers to pay with any crypto from any wallet and allows the merchant to settle in the fiat currency of their choice at the best rate available the moment a purchase is made.
All a merchant has to do is present a ForumPay QR code and the customer scans it with their wallet to pay in the crypto of their choice. ForumPay instantly converts the funds to fiat and settles the cash in the business bank account each day. This removes volatility and makes for an even broader client reach than other crypto payment solutions out there right now.
Spreading The Word:
Whether you are looking for a crypto payment solution for your business or would like to spread the word to your favorite businesses, check out our website. It’s the most competitive crypto payment gateway on the market! Crypto adoption and circulation are important for the future of prosperous economies. Learn more! And don’t forget to follow us on Instagram and Twitter for all things crypto!