Did you know that crypto is rapidly evolving beyond just an asset class into a mainstream payment method for all kinds of everyday purchases? That's right - paying with cryptocurrency for things like buying groceries, swiping for gas, booking flights, subscribing to Netflix, and even splurging on luxury goods is becoming more common with each passing year.
We get it - adjusting to new ways of managing your money flow takes some guidance and getting used to it. That's why we're here to walk you through everything you need to know about quickly paying with cryptocurrency today.
First - Accept That Crypto Works Just Like Traditional Money
Before we get into the nitty-gritty processes, the first big mindset shift is recognizing that paying with crypto isn't that fundamentally different from paying using dollars or credit cards. After the initial learning curve, it all becomes fairly intuitive.
Cryptocurrency payments work the same way as using a digital banking app or service like Venmo to send money between accounts and people. You're transferring value from one place to another across a decentralized network.
Instead of needing permission or resources from a centralized intermediary or authority like a bank or government entity, the blockchain network creates a transparent and secure way to direct peer-to-peer payments.
How To Set Up Your Mobile Crypto Wallet for Payments
Okay, let's get into the simple logistics of paying with crypto! The first step is setting up a secure crypto wallet on your mobile app store. This will serve as your "bank account" and user interface for managing all your digital currency funds.
When first getting started, it's wise to stick with the major cryptos like Bitcoin or Ethereum until you get more experience. You can deposit funds into your new mobile wallet by purchasing from a trusted exchange platform.
From there, you have two main options for crypto payments:
1. Paying at Physical Stores/Restaurants by Scanning the QR Code
An increasing number of brick-and-mortar merchants, from significant chains down to local mom-and-pop shops, now accept crypto payments through their integrated payment terminals or third-party crypto processing services.
When checking out, you'll pull up your mobile crypto wallet app and select "Send" or "Pay." This generates a QR code on your phone that the merchant scans to request payment and receive the digital funds from your wallet to theirs. Super-fast and contactless!
Some stores also allow you to display the QR code generated for their payment terminal, which you scan with your mobile wallet app instead. It's the same basic principle of scanning QR codes for those already used to mobile payment apps like Apple Pay or Google Pay.
2. Paying Online Merchants With Crypto
Shopping online and paying with crypto usually works similarly to standard web checkout flows but with the additional option to pay with your digital wallet instead of a credit card. Most merchants accepting crypto use third-party processors like BitPay to handle the technical side.
When checking out on an e-commerce site, you'll click the crypto payment option, which generates a special QR code and wallet address for you to transfer funds from your mobile wallet. This is often paired with a time window of 15 minutes or so to complete the crypto payment.
Once confirmed on the blockchain, the store receives your payment instantly and issues a transaction receipt. Thankfully, paying in crypto can unlock special perks or discounts from savvy merchants looking to incentivize this payment method!
Some top online stores that now accept crypto payments include:
- AT&T (for mobile and internet service bills)
- Newegg (computer hardware and gaming gear)
- Overstock.com (furniture, home goods, clothing)
- Re/Max (real estate brokerage services)
- Twitch (subscriptions for content creators)
- Shopify (hundreds of thousands of independent e-comm stores)
How to Embrace Crypto Payments Going Forward
At this point, you might think, "Okay, the process of paying with crypto seems straightforward enough. But where and when should I use it over more traditional payment methods?"
That's a great question without any single correct answer. The best approach is to start using crypto for small, everyday purchases while you build comfort and experience with the process. Some famous use cases include major travel bookings, paying contractors or freelancers overseas, e-commerce business operations, car maintenance and repairs, rent or mortgage payments, and more.
Whatever your approach, just be sure to pair your growing crypto payment activities with intelligent, secure practices:
- Never share your private wallet keys/security backups with anyone.
- Use multi-factor authentication when possible.
- Engage in small crypto transactions first before moving more significant sums.
- Diversify across a couple of different highly-rated crypto wallets/apps.
- Check reviews and Trust Scores of any crypto merchants before transacting.
- Store your crypto on secure hardware wallets rather than mobile apps.
In Conclusion
Which side do you want to find yourself on when crypto hits its entire tipping point of mainstream consumer adoption? Start small today - buy a few bucks of Bitcoin or Ethereum on a trusted platform like Trader AI and Coinbase, set up a secure mobile wallet like Exodus, and pay someone back for your share of lunch using your new crypto funds. You'll instantly experience just how seamless and futuristic it feels.
Stay patient through this transitional period when older, outdated payment methods mingle with blockchain technology and decentralized finance. This is a wealth-building opportunity being handed to you directly. Don't wait until full crypto saturation to start figuring it out. The future is crypto payments - the time to start embracing it is now with apps like Trader AI.