The Ultimate Guide to Buying Products Online with Crypto

cryptocurrencies

Like other digital currencies, Bitcoin is naturally a better fit for online purchases than those made in-store. As a result, there are many opportunities to buy products online with crypto. Many enterprises have made large investments in blockchain and are set to accept many of the more popular cryptocurrencies on their site. Other places have leveraged third-party services to support digital currency transactions. Even if purchases can’t be made directly, other alternatives to buying products online exist, including the use of a cryptocurrency debit card or connecting with a buyer through a cryptocurrency escrow service.

Setting up your wallet

Before purchasing, there are some preliminary steps that users must follow. Namely, locating a wallet where you can store your digital currencies. There are many different crypto wallets available on the web that are compatible with a mobile or desktop. To set it up, you will just be required to make an account using your personal details.

Once your wallet has been set up, you will need to add your cryptocurrency. You can do this through any cryptocurrency exchange, peer-to-peer trading platform or, if you are looking at bitcoin specifically, a bitcoin ATM. It is important to do your research to ensure you get the best possible price for bitcoin and are using a trustworthy platform. In most cases, bitcoin can be purchased with a debit or credit card. After providing the exchange service with your wallet’s address, the transaction can be completed in just a few minutes. With the coins now available for your use, users might be wondering just where they can put their money to use.

What retailers can I purchase from with crypto?

Bitcoin has led the charge and can now be accepted by most of the top stores and services online. There are many options for things you can buy online with crypto. Among the most common retailers are:

  • Paypal – an e-commerce platform that allows store owners to accept cryptocurrencies by handling the exchange of digital currencies to fiat money on their behalf
  • com – an online retailer that offers a variety of retail goods, including laptops, television sets, apparel, furniture, and home decor
  • Microsoft – one of the largest technology companies in the world, that now allows users to add money to their account with the cryptocurrency, bitcoin
  • Greater Property Group – a real estate agency in Canada that allows home buyers to make property offers using bitcoin
  • Newegg – an online platform that offers computer products, TVs, digital cameras, and office supplies

It is important to keep in mind that some retailers that accept crypto use third-party services to process these payments. In these cases, fees might make the transaction unfavourable, so consumers may be wise to research this ahead of time.

How to make purchases

On most online stores, the process is fairly similar. Users will be prompted with a “Pay with bitcoin” button which will give the site your wallet information. For purchases made on mobile devices, this might take the form of a QR code. Next, users can confirm their information and place the order.

Alternatively, some desktop sites may also provide the wallet address for you to send a specified currency to. In this case, users will need to copy their bitcoin address and paste it to the designated field in their wallet. Then the number of bitcoins that need to be sent will need to be indicated in the payment box before hitting send.

Orders made with cryptocurrency should be made in a timely fashion due to the underlying volatility of bitcoin. To reflect changing circumstances, many merchants who accept cryptocurrency will only give users a 10-minute window to complete their purchase. If the transaction takes longer than this allotted time, the price may need to be updated based on the new exchange rate.

If a business doesn’t accept crypto directly, all is not lost. Instead, some debit cards can be linked to a user’s cryptocurrency account for easy access. In fact, any place a debit card is accepted, your cryptocurrencies can be spent. While most of these cards are available for bitcoin, there are a few options for altcoin cards as well.

The views expressed in this article are those of the authors and do not necessarily reflect the views or policies of The World Financial Review.