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How to Pay with Cryptocurrency

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Cryptocurrency

One of the primary reasons cryptocurrencies were developed was for them to be used as anonymous payments. This reason is often lost in the hype by media outlets and the financial sector, which are focused on prices going up and down. Prices are important, but it is more important to know how to pay with because it is gaining so much traction and popularity.

is complicated, but using it to pay for something is relatively simple. Here's how and where you can pay with crypto.

How to Make a Payment with Cryptocurrency 

At one time, sending a cryptocurrency involved diving into the command line on your computer and programming a transaction. Now, the complex process of sending and receiving crypto is much more simple, very much like using an app to send or receive money to and from your bank account. How you initiate the payment is specific to the application you choose, but generally speaking, here is how it works.

Acquire a Cryptocurrency 

It isn't necessary to have an account with an institution, exchange, company, or other entity to acquire a cryptocurrency. However, it is one of the easier and safer ways to get your hands on some cryptocurrency unless you're familiar with setting up a wallet and sending or receiving crypto.

A regulated cryptocurrency exchange will let you exchange fiat money for cryptocurrency. It will also give you some extra features if you need them, such as storing your private keys for you or helping you with technical issues. A reputable one like Coinbase, Binance.US, Kraken, or Gemini will be able to get you started when you create an account and fund it for your crypto purchases.

Wallet

To make a payment using cryptocurrency, you'll also need to have a wallet application. Wallets can be installed on your computer or mobile devices, and act as an interface for accessing your crypto.

Your wallet doesn't actually store crypto; it holds the keys you need to access them—these are your private keys. Your wallet has a public key that is used in transactions; it acts like an email address that that's used to send and receive payments.

There are hundreds of wallets available, each with different features. Some are compatible with nearly all cryptocurrencies, while others may only work with a few.

Most cryptocurrency exchanges provide a wallet for their users that lets them transfer funds to other exchange users or make payments using services that are compatible with the exchange's services. Many wallets can use your device's camera to scan QR codes to create unique addresses for sending and receiving crypto. Some even have near-field communication capabilities that let you make touchless payments in cryptocurrency.

Sending and Receiving a Payment 

You'll need to use your wallet to send and receive payments. All wallets are different, so the Coinbase wallet is used for this example. In general, to make a payment, you:1

  1. Open your wallet app
  2. Click on Send Payment or similar button
  3. Enter the amount you want to send
  4. Enter the QR code or wallet address of the recipient
  5. Click Send or a similar button

To receive a payment, you would:

  1. Open your wallet app
  2. Tap Receive Payment or similar button
  3. Tap Share Address or similar button
  4. Accept the payment when it appears in your wallet

Where Can You Pay with Cryptocurrency? 

Cryptocurrency is still in its infancy, but the list of places you can use it to pay for goods and services is growing. Most businesses that accept cryptocurrency as payment do so through cryptocurrency payment gateways, which are payment service providers that generally guarantee cryptocurrency to fiat conversion at the time of the transaction so that there is no price slippage.

Some notable businesses that accept crypto outright, let you add it to an app for payment, or accept it through a service provider are:

  • Microsoft
  • Paypal
  • Overstock
  • Starbucks
  • Newegg
  • AMC Theaters
  • AT&T

Some brick-and-mortar retailers and stores are beginning to accept cryptocurrency as well. Those who do will generally use point-of-sale hardware linked to one of the payment service providers. You'll often see signs on the doors, windows, or at the cash register announcing which crypto is accepted.

FAQs

Can I Pay with My Crypto Wallet?

Several online retailers and some brick-and-mortar stores allow users to pay with cryptocurrency wallets.

How Do You Buy and Pay with Cryptocurrency?

The easiest and best way to pay with cryptocurrency is to use your wallet, most of which are compatible with nearly all popular cryptocurrencies.

Where Is Crypto Accepted as Payment?

Many online retailers and some brick-and-mortar stores accept payment in crypto through payment service gateways and providers. Newegg, Overstock, Starbucks, and Twitch are popular retailers.

Samuel Amadotor, known professionally as D.Klass GH is Multiple Award Winning Ghanaian Blogger, Music Promoter, Publicist, Pharmacy Technician by Profession and the Founder of Dklassgh.Com. He has an interest in promoting Up and coming artists and has a keen interest in showcasing the talents in Volta Region. His blogging covers international artists and has affiliates around Africa to boost his reach to the targeted audience. Get In Touch if you need my service | Email: [email protected]| Call/whatsapp: 0241 444 116 Or connect with me across social media handles, @Dklassgh

Cryptocurrency

What are the main pros and cons of Cryptocurrency investment?

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Cryptocurrency

Cryptocurrencies have managed to shake up the financial world over the past decade. Although their future cannot be known for sure, many experts predict that they will eventually replace traditional forms of currency. Even if this is crypto's destiny, this virtual currency still has a long road ahead. 

The question that often comes up with people considering investing in crypto is – What are the advantages and disadvantages of ? Like everything else, crypto isn't perfect, and there are definitely risks associated with trading this asset. 

However, there are also many benefits to trading crypto and using it to make purchases. Keep reading to discover the top advantages and disadvantages of investing in to find out wherever this asset is a worthwhile investment for you!

Pros and Cons of Investing in Crypto

Not sure whether you want to take the leap and start investing in cryptocurrency? Or do you simply want to find out more about the ins and outs of this virtual currency? If that's the case, take a look at crypto's five pros and cons so you can decide if investing is a good option for you! 

Pros of Cryptocurrency

Below are some of the pros and advantages of cryptocurrency investment.

1. Investing Gives You a Chance of High Rewards

One top advantage of crypto investing is the chance of high rewards. Plenty of coins have already experienced massive price surges, which led to profits for many traders. Even beginner traders who only invest small amounts of crypto in altcoins have a chance of making a huge profit over time. 

It's important to remember that any coin can experience rapid growth. Bitcoin, the most popular crypto to ever exist, was only worth about $0.10 in October 2010. 

If you invested $100 in this coin during that month, you'd have approximately 1000 Bitcoins, which in 2021 would have been worth more than $48 million! There's no limit to how much profit you can make from investing in crypto. 

Of course, no one is guaranteed to make a profit from trading cryptocurrency. But if you do plenty of research, never invest more than what you're willing to lose, and learn to manage FOMO, you have a much better chance of making a long-term profit from your crypto investments. 

2.Fast and Cost-Effective Transactions

Compared to traditional transactions, crypto is a cost-effective way to send and receive money. There are little to no extra costs that are required to be paid by users since there aren't third parties involved (such as PayPal and VISA) that would usually charge a transaction fee. 

Sending crypto is also super fast, and users are not affected by foreign fees and exchange rates, making it an effective method for international transactions. Using crypto is your best option if you want to make an instant transaction with someone on the other side of the world without needing an intermediary. 

3. High Level of Security and Privacy

Since blockchain is highly secure and made up of ‘puzzles' that are incredibly hard to decode, crypto transactions are far safer than other electronic transactions

When you make a transaction through the blockchain, that transaction is shared with every other computer on the network. All coins are easily traceable, and the overall system is highly reliable. 

These blocks also cannot be altered unless most of the network agrees. Hence, hackers are unable to steal cryptocurrency because their blockchain would no longer match everyone else's. Additionally, despite crypto being traceable, all traders can still trade it anonymously, as having a crypto wallet is similar to having a pseudonym.

4. Decentralisation

The decentralization of cryptocurrency is an advantage that cannot be overstated. Almost all coins that are created are controlled by their developers. This means that no single organization, such as a bank or government, can control the currency and determine its flow. 

This distinguishes crypto from fiat currencies as this decentralization can keep the currency stable and transparent. All cryptocurrency transactions are peer-to-peer, and users don't have to blindly trust any banks or other financial organizations throughout the process. 

This is especially important since, at any point, your bank can deny your transaction for various reasons. Whereas with crypto, you are free to use your coins however you see fit.

An ATM machine.

Image from Unsplash.

5. 24/7 Access

Another advantage that cryptocurrency has over banks is that it is not restricted to opening hours. Banks are typically active between 9 am and 5 pm and don't operate during weekends and bank holidays. This means that time-sensitive transactions may be delayed,  causing frustration to the user.

On the other hand, cryptocurrency can be traded 24/7 from anywhere (as long as you have an internet connection), so if you're always on the go and stray away from normal working hours, then making transactions through crypto may be your best choice!

What to Do if You're Interested in Investing in Cryptocurrency

If you believe investing in cryptocurrency is a good option, congratulations! Now it's time to make the first step! 

If this is your first time trading cryptocurrency, you should consider seeking the support of a professional broker through a crypto platform. Connecting with a broker can provide resources and tools that can help you elevate your crypto trading game and set you apart from other beginner traders.

There's a wide range of crypto platforms to choose from, but if you are looking for a simple yet effective platform, we suggest starting with Bitcoin Up. Registration is free, and once it's completed, you get instant Access to a broker and various tools to set you out on your trading journey.

Cons of Cryptocurrency

Crypto is not all perfect, and just like every aspect of life, the crypto market also has a blemish. Thus, here are some of the noted disadvantages of cryptocurrency.

1.High Volatility

One major disadvantage of crypto is its high volatility. This means that the currency can experience rapid price fluctuations, leaving traders with losses. A particular coin may appear stable, which tempts traders into investing a lot of their money into it. 

But, this seemingly stable coin can plummet at any moment, as this is simply how the crypto market works. Although the price of crypto is primarily determined by its supply and demand, many external factors can still influence it, including political events, government regulations, and social media narratives. 

2. Not Yet Widely Accepted

Another unfortunate disadvantage of cryptocurrency is that it is currently not widely accepted as a form of payment. Although a handful of large companies, such as Telsa, already accept crypto in exchange for products, with more companies beginning to follow suit, most of the time, you will not be able to purchase a product with your cryptocurrency directly. 

Hopefully, this will gradually improve as more companies find success when accepting crypto as a form of payment, but this will likely be a slow process. 

So, in the meantime, if you want to make purchases using your crypto, you'll either have to do your research to find out which companies accept it or go through a crypto payment processor

3. Unregulated Market

Although we have highlighted the pros of crypto decentralization, you should still be aware of the cons. For instance, this decentralization means that the crypto market is widely unregulated

You can fall victim to a scam when using crypto, and government laws or regulatory bodies won't protect you. 

Some counties, including Russia, China, and Qatar, have ever placed bans or restrictions on crypto, so if you live in a country that chooses to do the same, you might lose Access to your assets. 

Additionally, unlike traditional currencies, you cannot cancel or refund your crypto transaction. So if you send funds to the wrong wallet address or get tricked into sending money to a scammer, you cannot get your crypto back unless the recipient chooses to return it. Even worse, if you lose your private access key, you're unlikely ever to get your crypto back. 

4. Risk of Cyber Attacks

As secure as blockchain technology is, it is still susceptible to cyber attacks. After all, the cryptocurrency environment is highly profitable, making crypto traders prime targets for hackers. Scammers will try and trick traders into handing over their wallet keys

This can be done through phishing attacks which rely on victims voluntarily providing sensitive information or sending crypto to a scammer's account. If you receive an email that pressures you to click on a link or input your account details, you should immediately delete it. 

Additionally, if you receive a message stating that you've won a crypto giveaway and all you need to do is send across a small amount of crypto, then block the sender. 

These tactics may seem obvious, but many traders fall for phishing attacks and other scams yearly, resulting in millions of crypto stolen! 

Unlocked keys.

Image from Unsplash.

New traders believe they can just jump into the crypto market and start investing. Although this is possible, it's definitely not recommended. 

Generally speaking, to be a successful trader, you need to have a reasonable understanding of the crypto market and a working knowledge of trading. We also highly suggest taking time to research any coins before you choose to invest in them. 

This means checking out the coin's price history on a crypto marketplace, reading the whitepaper, and looking through the developers' social media coins

Many traders skip this step which sometimes results in them unknowingly investing in a pump-and-dump scheme. This form of scam is where fraudsters will pump up a coin by hyping it through social media to convince traders to invest.

Once the coin's price has been inflated, scammers will sell their assets and move on to the next scheme, leaving their victims with losses. 

Conclusion

Overall, as profitable as cryptocurrency can be, it certainly isn't for everyone. Despite facilitating faster and lower-cost transactions, crypto is currently only used by a handful of companies. Additionally, since the market is so volatile, inexperienced traders may suffer massive losses after making poor trading decisions.

However, investing in cryptocurrency can be extremely profitable, especially for traders who have done plenty of research and have a reasonable understanding of the market. Making transactions with cryptocurrency is also much more convenient than traditional currency forms since users can send crypto 24/7 without the need for an intermediary. 

So, to conclude, crypto has plenty of advantages and disadvantages. Whether it is worth investing depends on each trader's experience level and personal goals.

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Cryptocurrency

BTC vs SOL which crypto will come out on top in 2023

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BTC vs SOL

According to the above 4-hour fundamental and technical chart, Bitcoin attempts to have risen above its 200-day daily average, which would encourage those who are optimistic about the digital currency. Despite this encouraging development, Bitcoin has not been able to rise above its current price of $25,000, which has caused a steady drop in worth.

It's important to note that the currency has reached a flimsy high of $25,258, now serving as a strong resistance level. Bitcoin may fall back to $21,000 if it cannot break through its 200-day daily average, which serves as its main support. Check out the Bitcoin payment system Immediate Profit for those who are new to trading and investing.

Additionally, Bitcoin's Relative Importance Index (RSI) reading of 56.20 indicates that buyers appear to add to their holdings rather than sell them off. To balance their risk and return, prospective market latecomers should practise caution and keep an eye out for potential reversal trends.

A Basic Introduction of What Is Solana

Solana is a 2020 decentralized built for both performance and scalability. This ground-breaking initiative is perfect for decentralized apps (dApps) and cryptocurrency since it was designed from the ground up to enable quick, safe, and economical transaction processing.

Solana's primary function is to allow the creation and administration of a broad variety of decentralized applications (dApps). It is a randomized, public network. Solana is one of the quickest blockchain systems accessible because of its cutting-edge “Proof of History” consensus algorithm, which can handle up to 65,000 transactions each second.

This cryptocurrency is used to pay processing fees and reward network users through staking, which helps to maintain the network's long-term stability and security.

Do I Need to Invest in SOL?

Many people, especially those seeking Ethereum substitutes, should consider Solana a wonderful investment possibility. Yet many customers choose not to utilize it because of its network disruptions.

SOL is a fantastic investment if you don't tolerate downtime while the network grows and improves. Needing said as much, it is crucial to remember that investors should conduct extensive due diligence before choosing to invest. This blog shouldn't be interpreted as investment advice.

Crypto assets in coin form.

SOL/USDT Candlestick Chart for 4 hours

A well-liked currency among NFT enthusiasts, Solana, shows a recent return to the 200-day long-term average on its 4-hour technical chart after going through a downturn due to the collapse of the FTX exchange.

Solana has been going to trade above the 200-day moving average, but there has been some fluctuation with the commodity; in February 2023, it fell below the line before rising again. The asset is expected to keep climbing its psychological barrier of $34 if Solana can breach the $30 price level.

Relative Strength Index (RSI), a different measure, shows that Solana is currently in a strong market trend with a reading of 55.59. There are bound to be greater opportunities for a Solana bull run if more purchasers actively participate in the market.

Solana's price could fall to $20 in the case of a global economic downturn, though.

Is a new all-time high for Bitcoin imminent?

Several cryptocurrency gurus are still making long-term predictions about Bitcoin's direction after its meltdown in 2022. With a 40% increase in January 2023, Bitcoin is poised to reach fresh ATHs.

Crypto analysts feel that removing cryptocurrency advertisements from the illustrious Football's National Football League (NFL) Championship Game and increasing US inflation are only temporary obstacles to further positive momentum.

During the last bull run, Bitcoin reached another All High of $69,000, and the prices of numerous potential cryptocurrencies also reached various ATHs. Similar steep declines in price occurred for these cryptocurrencies following the 2022 Bitcoin collapse.

4-hour Calculations of BTC/USDT

It's important to note that the coin has reached a flimsy high of $25,258, now serving as a significant resistance level. Bitcoin may fall below $21,000 if it cannot break through its 200-day rolling average, which serves as its main support.

Also, Bitcoin's Relative Importance Index (RSI) reading of 56.20 indicates that investors appear to add to their holdings rather than sell them off. To balance their risk and return, prospective market latecomers should exercise prudence and keep an eye out for potential reversal patterns.

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Cardano and Dogetti are ideal cryptos for every Enthusiast

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Cardano and Dogetti

After the troubles of 2022, the market is slowly returning. Each cryptocurrency had a sharp decline in value, which made crypto fans lose faith in the sector. 

Yet the beginning of 2023 has demonstrated the industry's potential, with hundreds of cryptocurrencies seeing upward trends and total market capitalization reaching $1 trillion. You can go for crypto trading and investment by logging into BitIQ.

Stacks (STX), Dogetti (DETI), and Cardano (ADA) are driving the renewed interest in cryptocurrencies among enthusiasts. 

Through the first quarter of 2023, Cardano and Stacks saw notable positive trends, while Dogetti (DETI) is creating buzz because of its distinctive themes that have drawn plenty of users to the site. Find out below why these three coins have crypto aficionados so thrilled!

Dogetti surpasses $30,000 Prior Sale

The extensive Dogetti ecosystem is home to numerous resources and applications that give consumers access to several significant segments of the cryptocurrency market. The NFT market economy, which will debut in Dogetti's roadmap's fifth stage with the NFT reproductive mechanism, and the Decentralized Exchange are among the offerings (DEX).

Not only that, though. Dogetti (DETI) has ambitious intentions for the future, including opening an independent NFT market. Users now have a vast array of options for displaying and marketing their original digital works as a result. Moreover, new opportunities for these NFTs will arise as technology advances, creating a Metaverse environment where they may be used creatively.

As Dogetti expands on the Cryptocurrency (ETH) network

The DEX will become the principal value of the DETI token, enabling users to exchange any ERC20 ticket for another. Dogetti will leverage the strength of Uniswap (UNI) strength to guarantee strong liquidity together with swift and secure transactions.

So, at what point in the timetable will the NFT collections debut? Dogetti intends to deliver the NFT collection in the fourth phase of its roadmap. Before the breeding process is activated, users will have time to exchange NFTs, allowing them to couple their NFTs to produce new virtual pets.

As a Bitcoins () layer for intelligent contracts, Stacks was first offered to the cryptocurrency industry. The Concrete evidence (PoT) consensus method is the link between Stacks and Bitcoin.

Similar to Bitcoin, the Stacks network is decentralized, with millions of individuals and businesses contributing to and expanding the Stacks network. For smart contracts, Stacks has unveiled a brand-new programming language called Clarity. Due to its clear syntax, the scripting language is intended to be both simple to develop with and secure.

Cardano: The Sustainability Blockchain for Crypto Aficionados

Cardano's inclusion on the list of cryptocurrencies that cryptocurrency fans are enthusiastic about is unsurprising. The platform has built one of the most extensive cryptocurrency networks throughout the blockchain sector.

Cardano developed a compromise that set itself apart from most of the cryptocurrency industry, hampered by high gas prices and slow transaction speeds. Unlike Bitcoin or Ethereum 1.0, the Cardano blockchain employs a Proof-of-Stake (PoS) general agreement to grow efficiently and execute transactions at a far lower cost.

Cardano developed a blockchain platform prioritizing sustainable development in the infamously energy-intensive cryptocurrency sector, contrasting Ethereum 1.0 or Bitcoin. Cardano reduced its energy usage using the PoS consensus, making it 100,000 times more energy-efficient than Bitcoin.

Cardano stands above the other crypto assets thanks to its slow growth

To guarantee that the technology is consistently developing and improving, a group of experts and academics worldwide collaborate.

Much better is still to come! The Cardano team will soon make available a software toolkit that enables programmers to build unique polymer chains on the platform, increasing the potential and development of the Cardano environment.

Cardano (ADA), which has a history of being among the most prospering and active digital assets in recent months, is a reliable investment choice with a promising outlook for 2023. Therefore take advantage of the opportunity to participate in the upcoming cryptocurrency asset boom. Join the Cardano team right away!

Conclusion

Crypto enthusiasts are enthused about Stacks and Cardano because they are two well-established cryptocurrencies that have unquestionably delivered tremendous profits for their investors in the past. With its style and features, Dogetti hopes to emulate the achievements of these platforms and develop the most extensive family in the cryptocurrency industry.

To further demonstrate its dedication to the Dogetti network, the Dogetti organization has also made a promotion code available, which entitles presale buyers to a 25% bonus on their token purchases

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