One of the major concerns for everyone around the world since the popularity of cryptocurrency has been regarding its usage. Everyone knows that cryptocurrency transactions refers to digital money that is protected using cryptography. They are stored on a network called the blockchain network. However, these are not legal tender of money in almost all countries. This is mainly because the government cannot interfere with the mining and regulation of cryptocurrency. This is a purely decentralized form of currency. It has concerned many users and investors as to how should they use the cryptocurrencies they have in their possession.
However, if you are confused upon where you can store your digital assets, then for your information, there are different types of digital wallets available in the crypto trade market for asset storage. You can choose from hardware wallets or software wallets. Many people believe in having software wallets as it offers them more liquidity.
Converting to cash
One of the most common methods by which most users earn reasonable profit from cryptocurrencies in day-to-day lives is by converting them to cash. Â This is one of the easiest methods. As highlighted previously you can choose a wallet to store your cryptocurrency. Most wallets also give the option of changing your cryptocurrency to cash. However, there are many things that you have to consider when choosing this type of cryptocurrency payment option. Many wallets often charge a fee this can be quite high. The fees are charged for converting your cryptocurrencies to cash. Hence, you have to ensure you choose a platform that allows you to easy conversion and not at high costs. You also have to beware of any volatility in the price when converting.
Using the platform for payments
Even though most payments do not allow you to pay in the form of cryptocurrencies, there are a selected few that allow you to do so. You can get access to a QR code which you can easily scan to carry out all the necessary transaction. Every wallet holder shall have a QR code that is unique to them. This allows for an easy record of transactions and no fraudulent practices. To make payments using cryptocurrencies, you have to open the app and tap on the scanner icon. Once the QR code is visible and your scanner is open, you can scan the code at once for taking part in the cashing out process. Once you scan the desired QR code, you can choose the amount you want to pay and make the payment. A similar process can be followed for receiving payments as well. You open the app on your phone and open the QR code that is unique to you. Then the person sending you the payment can scan the QR and proceed with choosing an amount to make a payment to you.
Places where you can use cryptocurrency
While cryptocurrencies are still in their infancy stages, there are a few companies that accept payments in the form of cryptocurrencies. They usually do so with the help of cryptocurrency payment gateways that allow them to keep a record and also allow them to guarantee conversion rates. This way, neither do you lose money nor do they. Hence, this is also one of the most common ways by which people pay their bills. Currently, the few companies that accept payments in cryptocurrencies are Microsoft, Starbucks, AT&T, and other such companies. The numbers are growing as we speak. Even some local vendors and groceries are open to accepting payments in cryptocurrencies.
Therefore, as you can understand that paying using cryptocurrency is not that tough and it does have uses in real life. You just need to have the right application to aid in the process. As said previously choosing the correct cryptocurrency exchange platform is a big part of ensuring that you can make easy transactions. Some common mistakes people make while choosing a cryptocurrency exchange platform are, not looking at the security measures and the conversion fees. Covering all such bases will help you make a seamless transaction from cryptocurrency to fiat money. One such great platform is bitcoin pro.
Hence, these are a few things that will help you pay your bills using cryptocurrencies. The popularity of using cryptocurrencies for bill payments is only expected to rise in the near future.
