While cryptocurrency is a fairly new type of currency that does not rely on any government entity or other central authority, global adoption is growing steadily.
In simple terms, cryptocurrencies are a digital currency where all its transactions are verified by a decentralized system that uses cryptography so that the information is safe.
Although a lot of people use cryptocurrency, there are still some dangers in using it online. It is mostly used by the younger generations at moment and they tend to be more tech savvy.
If you want to do online shopping with cryptocurrency, you will want to make sure that the people that you are dealing with are reputable with legitimate businesses.
You definitely do not want to lose any of your crypto to fraudulent dealers. Thankfully, there are tips on making sure that you are dealing with reputable people and that you are using your crypto safely.
These are just tips from one source, you will also want to do more research to make sure that you are safe. Check for online reviews, your Better Business Bureau, and your attorney general’s office.
Tips for Using Cryptocurrency for Online Shopping
1. Set up your wallet
You will have to do some research to see which crypto wallet is best for you and then set it up before you can make any transactions. There are several to choose from, just make sure that they are legitimate. Once you set it up, you can add crypto in many ways. The most common when dealing with bitcoin is a bitcoin ATM. You need to make sure that you research the price of the crypto to make sure that you are getting the best price for your money.
2. Find out which retailers accept crypto
There are a few retailers that accept crypto, and you need to do some research to find out just which ones do. A few that are well-known are PayPal, com, Microsoft, Greater Property Group, and Newegg. You can find other online shopping sources that accept crypto here: https://www.bolt.com/thinkshop/online-stores-that-accept-bitcoin. Sometimes places that do accept crypto will go through a third-party to process the payments and that may involve extra fees.
3. Make sure that you know everything about the receiver of the payment
You will want to make sure that you know where the payment is going and make sure that they are legitimate. Check the seller’s track record to make sure that they have been in business for awhile and that they are reputable. You want to find out all their contact details so that if you have any questions or concerns you can call them.
4. Recognize and understand the return and the refund policies
It can be overwhelming to understand the return and refund policies when dealing with cryptocurrency. You will need to first find out if the place you are doing business with even has a policy. If they do, how will they refund your cryptocurrency? Since the value rate changes often, will they refund at the rate that you bought the item? Or the rate of the day that you requested the refund? You will want to know this before you return the item that you purchased.
5. Find out how the vendor will use your personal information
6. Find out how to purchase items
With many online stores, this process is pretty easy. There is usually a button that says, “Pay with bitcoin” and it is as simple as pushing that button. On mobile devices, this might come in the form of a QR code. This will take the seller to your wallet information, and you can easily finish your transaction.
The Bottom Line
These are just a few of the tips for using cryptocurrency for shopping online. You should do more research to see what else you need to look out for. It can be a simple procedure if you know what you are doing.