Step-by-step guide of paying with cryptocurrency

Cryptocurrency has been making headlines in recent years and has taken over the financial world. Cryptocurrency has emerged as a logical payment method and a popular option for paying bills. Using crypto for payment in normal life offers unique benefits such as decentralised financial freedom, borderless transactions, lower transaction costs, enhanced privacy, and financial inclusion enabling anyone to participate and access the ecosystem. Whether travelling, paying for goods and services, shopping online, or donating a course, understanding the process of paying using cryptocurrency can enhance your financial flexibility. In this blog, we aim to shed light on the process of paying bills with cryptocurrency.

1. Acquire cryptocurrency

Before you can make a purchase using Bitcoin or other cryptocurrency, you must have crypto assets and an account. One of the simplest ways to acquire crypto assets is by exchanging fiat currency for cryptocurrency with a credible crypto exchange platform like Mountain Wolf. Picking the right crypto exchange platform is the most important initial task you must complete, as choosing the wrong platform could lead to hacks and distractions. When choosing an exchange platform, consider the following factors.

• Security and safety: look out for two-factor authentication (2FA), encryption technology, and cold storage wallets.
• Range of cryptocurrency available.
• Fiat currency support offered by the platform.
• Reputation and terms and conditions.
• Asset fee structure and transparency.

2. Set up your crypto wallet

After you have acquired the desired amount of digital assets, you will need a compatible wallet to store them in. The digital wallet doesn't hold the crypto itself; it stores the user's private keys required to access and manage their assets. It's your first line of protection against digital payment hacks and physical threats. Select a cryptocurrency wallet that supports the type of crypto you want, one that suits your needs and is easy to use. There are multiple types of crypto wallets, such as cold and hot wallets, each with different features. Familiarise yourself with them and opt for the one that offers security and convenience. A reliable exchange provider will provide its users with an automatic crypto wallet to make payments.

3. Make payment using crypto

When your crypto account is verified, you can start making payments using crypto. In today's digital realm, many online shops, travel agencies, and stores accept crypto payments. There are four main ways of paying with crypto.

• Paying with a crypto debit card; just like the traditional bank cards, there are physical and virtual crypto cards, such as Web3 cards, which can be topped up with crypto and used in real life. This is the most convenient way to make payments using crypto. All you need to do is top up your card and shop around the world. You can even withdraw cash at ATMs using this kind of cards.
• Direct transfer: this is where users transfer assets directly to the vendor.
• Buying gift cards with crypto.
• Checkouts: In this case, you have an alternative to paying using crypto; the vendor displays a QR code where you scan and transfer crypto.

Conclusion

Incorporating crypto payment into our day-to-day lives represents an innovative financial shift towards a more significant and efficient ecosystem. As this trend continues to scale to greater heights, users and vendors will find a great impact on digital assets.