How To Use Cryptocurrency To Buy Things – Gold Valley, Minn. – Next week is Amazon Prime Day and the online retailer admits that some shoppers have invested their cash in cryptocurrencies. Although Amazon does not accept it directly as payment for the product, there are still ways to purchase the product.
So says Michael Muchmore with PCMag. He tries all kinds of things and things, knows what works and writes articles about it. So we tapped into his crypto-savvy brain to get the goods.
How To Use Cryptocurrency To Buy Things
“You buy a gift card. You buy an Amazon gift card and there are many websites that allow you to turn your cryptocurrency into a gift card that makes it easy,” said Michael Muchmore.
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You can also buy Visa and Mastercard gift cards. And it works anywhere. Michael also recommended a site called Wallet.
“All you do is scan the QR code attached to your bitcoin wallet or cryptocurrency wallet, and the Wallet website will convert it and I’m sure they’ll give you a discount,” Muchmore said.
Bitpay allows you to buy and store your cryptocurrency and then redeem Amazon gift cards directly on the platform. They also have funding cards like Cash App.
“It’s really a cryptocurrency wallet that allows you to create a card, a debit card, that you can use anywhere you use a basic credit card,” Muchmore said.
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“This is something to watch out for, especially when exchanging from Bitcoin. The costs are high. If you have other cryptocurrencies like Cardano or Ethereum, the costs are not that bad,” he said. Selected and reviewed by editors. If you buy from an affiliate link, we may receive a commission to help support our testing.
Are you ready to dive into the world of cryptocurrency? It may sound complicated, but with a little research, beginners can buy and sell Bitcoin in no time.
Bitcoin is the most common cryptocurrency on the market, so we’ll show you the ropes of buying, selling and storing. However, these tips can be applied to other cryptocurrencies like Ethereum (or even Dogecoin, if that’s your thing).
At the time of writing, 1 Bitcoin (opens in a new window) is worth less than $40,000. But don’t worry, even if you’re not obscenely rich, you can still buy Bitcoin in fractions. Before you can buy a piece of the Bitcoin pie, there are a few things you need to know first. These include:
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You should also have experience and understanding of digital currencies, specifically Bitcoin, which can be volatile and change their value significantly from one day to the next. With this in mind, never invest more than you can afford to lose when buying cryptocurrency.
Before you can buy digital currency, you need a place to store it, and that’s where crypto wallets come in. They are known by many names – hot wallets, hardware wallets, software wallets – but they come in two main forms:
Over the years, several companies have emerged as reliable cryptographic hardware wallet manufacturers. Ledger (opens in a new window), for example, has been building cold wallets for years and could be a good place to start. Trezor (Opens in a new window) is another big name in the hardware wallet space.
If you want to use a digital wallet, most major cryptocurrency exchanges integrate an online wallet with your user account. Coinbase, perhaps the largest cryptocurrency exchange, does this. The wallet is highly rated and you don’t need a Coinbase account to use the app.
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If you use a software wallet (for example, a hosted wallet because it is hosted on a third-party server), you simply create an account with a username and password and enable two-factor authentication. If you are setting up your wallet as part of a digital currency exchange account and the exchange uses KYC, you will need to provide documents such as a driver’s license to verify your identity.
Jail-free hot wallets are not hosted by a third party and use more security measures than standard hot wallets. Users receive a randomly generated “private key” or “seed phrase” that can be used to access the wallet. This password is usually around 12 words long and is known only to the user. It is recommended that you keep this password safe and offline – it is harder to crack that way. But if you lose the password, you get locked out of your wallet.
Cold wallets also generate a key phrase known only to the user that allows access to the wallet. This password is usually a randomly generated string of 24 words and you will create a PIN to gain access. Cold wallets work with apps and software on your smartphone or desktop device, so you install them as needed when you set up your cold wallet.
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A paper wallet is a type of cold wallet where the public and private keys required for a transaction are printed on a sheet of paper for an added security measure. A transaction cannot be made without information on a piece of paper that can be created online and then printed. Often used for long-term or high-security investments, they are deliberately slower to use than other types of cryptocurrency wallets.
No matter what type of wallet you use, you must link a payment method for your purchase. This can be a bank account or a payment service such as PayPal or Apple Pay. You must verify your identity when submitting payment information.
Once you’ve chosen your wallet and set it up, it’s time to find an exchange and make your first Bitcoin transaction. Not all crypto exchanges are regulated by the US Securities and Exchange Commission (SEC), so look elsewhere. Some responsible and regulated crypto exchanges that are safe bets include:
You should do your homework to decide which exchange is best for your needs. Since Bitcoin is the original and most popular digital currency, you can be sure that all the exchanges listed above offer it. You may also want to see what other cryptocurrencies they offer if you are looking to expand your portfolio.
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Look at each company to see what measures they take to protect people’s money. Are they insured? If so, how much? What security measures do they use? Do they have a KYC policy for identity verification? Know the answers to all these questions before proceeding.
Whichever exchange you choose, you’ll need proof of identification (usually a driver’s license or government-issued ID if you’re in the US) at check-in. You may also be asked to scan proof of address and additional documents such as a passport.
Do your research, choose an exchange, set up your account, fund it with cash, and you’re ready to buy bitcoin.
Now that you are ready to buy Bitcoin, you will go through the purchase process as much as possible. The process will vary depending on the exchange you are using.
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Some only have “buy” and “sell” buttons where you enter the amount of currency you want to buy or sell. Others send similar orders to a normal stock exchange. Most cryptocurrency exchanges allow you to buy and sell using three order types:
Some exchanges offer more order types than listed above. At the time of writing, Kraken currently offers the most orders (opens in a new window), including stop-loss and take-profit orders. Start with the basics mentioned above and go from there.
As cryptocurrencies have evolved and gained some legitimacy in the eyes of the public, digital currencies have come with them almost the same as the traditional stock exchange. Some even let you choose a recurring dollar amount to invest for the day, week, or month (Opens in a new window).
There are also various P2P cryptocurrencies and Bitcoin exchanges, but we recommend sticking to regular exchanges for trading and buying Bitcoin unless you know someone who runs a P2P exchange.
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Choosing an investment strategy is critical to investment success. A common strategy is to buy and hold Bitcoin with the hope of riding out the ups and downs in the valuation for higher average returns.
JPMorgan Chase analyst Nicholas Panigirtzoglou supports this strategy. He recently told Insider (Opens in a new window) “It’s better