A Beginner’s Guide to Using Crypto as Money
At CoinYou, we’re very excited about how crypto can solve real world problems such as privacy, security, transaction speed, and cross border payments. Crypto and Bitcoin may be famous in the mainstream media for scams and speculation, which certainly exist…but there is an accelerating trend of real world adoption of cryptocurrencies as not only an investment, but as a form of payment.
In fact, I was introduced to Bitcoin 5 years ago because someone paid me in Bitcoin to edit their photos. Over the years, I used that Bitcoin to pay for tasks on a site called Fiver, which has since stopped accepting Bitcoin. Luckily you can buy a lot of things using crypto on sites like Overstock.com, you can buy electronics on NewEgg.com. You can also buy games on Microsoft.com using crypto. Two of the biggest payment gateways in the world, Square and Stripe are experimenting with crypto, proving that the trend is real.
So if you would like to start using crypto as money to battle the corruption, high fees, data vulnerability, and other problems that centralized money systems suffer from, here is how to do it…
- Buy Crypto, use this guide to learn how to buy and consider a stable coinbacked with verifiable collateral if you’re worried about volatility.
- Learn how to store your crypto safely.
- Buy stuff with a crypto debit card.
- Alternatively, shop at these vendors and learn how to send crypto to the vendor.
- After you send the crypto to the vendor, learn how to verify the transaction in a blockchain explorer.
With blockchain, all transactions are tracked in public ledgers. Each blockchain has a free service to help you track your transactions. This is one of the great benefits of blockchain compared to the traditional financial system. One example of a blockchain explorer is https://live.blockcypher.com/
If you are going to start to use crypto to buy things, you need to be aware of the processes, terminology, and best practices.
Go to CoinYou.co to get our free ebook for beginners to teach you how to participate safely in the crypto ecosystem.