Cryptocurrency is quickly becoming one of the most popular ways to pay for products and services according to a recent study. There are many reasons for this, the most important of which is that it is secure, permission-less, and usable without any intermediaries. More merchants than ever before are accepting digital currencies. If you've ever wondered how to pay with crypto or why you should start accepting Bitcoin as payment. This guide will get you started.

Your path to buying products and services online using cryptocurrency starts by having a crypto wallet and your own crypto funds.

Here is how to arrange that:

Setup your Crypto Wallet

The first thing you should do is create a cryptocurrency wallet. Consider it similar to the velcro or leather wallet you use to hold your physical currency, but online. It will function like a bank account, allowing you to keep, send, and receive funds. Look online or read out post to see which wallet best meets your needs. Many of the most popular wallets work on both your laptop and your smartphone, making it easier than ever to keep track of your Bitcoin. All you need to do is create an account and you're ready to go. It's best to work with a wallet that offers non-custodial access to your funds. This means that nobody except yourself has control over your holdings and only you control the secret keys ("passwords") to move your funds. Our team likes to use the non-custodial wallet Exodus for personal transactions.

Purchase Cryptocurrencies

The next step is to obtain some cryptocurrency. If you have a business, you can start accepting crypto via COINQVEST, or you can purchase crypto online with a credit or debit card, or through a variety of other methods, including buying from a crypto exchange. Many people prefer to diversify their cryptocurrency sources, so it's best to have a few options.

Once you have a digital wallet and your own cryptocurrencies, you can start purchasing products and services via COINQVEST-powered stores.

How To Pay Using Cryptocurrencies in a COINQVEST Powered Store

If you are reading this post, there is a good chance that you already visited a COINQVEST checkout page and are maybe wondering how to proceed. After completing your crypto acquisition as explained above, you can continue with the payment process.

Step 1: Select Preferred Cryptocurrency

The screen initially shows a list of available payment methods alongside the corresponding payment amounts and your charge details. Select the cryptocurrency you are happy with, prepare your wallet, and proceed by clicking “Get Deposit Address”. We currently support Bitcoin, Ethereum, Litecoin, and any asset on the Stellar Network (e.g. XLM).

Step 2: Access Your External Digital Wallet to Send Funds

In the next step COINQVEST displays the selected network, the deposit address on the selected network, and the required payment amount. Copy and paste the address and payment amount into your wallet or use the QR code link to scan the deposit address on your mobile wallet app. Double-check the payment amount and deposit address in your wallet app and confirm the payment. If you are using a custodial wallet (e.g. an exchange), then also make sure to factor in any potential withdrawal fees that the wallet might charge you. The payment amount arriving at your merchant must match the advertised amount given in the UI.

If you are using Ethereum for payment, please make sure to send the funds on the actual Ethereum network and not a derivative or clone such as "Binance Smart Chain (BSC)".

Step 3: Cryptocurrency Payment Confirmation

Once you confirmed the payment in your wallet, click the "I made the payment" button to view real-time blockchain monitoring where we wait for the transaction to be completed on blockchain. The page will automatically update and redirect you back to your merchant when payment completes. It will also guide you through solutions for possible exceptions like underpaid amounts. You will be notified via email when your payment is complete and your invoice is available.

For more information, check out our API and guides. Feel free to visit our blog for more information on how COINQVEST helps businesses accept crypto.