Which cryptocurrencies can be paid for online: e-shops, online casinos, and more

Today, millions of people worldwide buy coffee and cinema tickets using cryptocurrency. After all, it was created primarily as an alternative to fiat (conventional) money, a means of payment that does not succumb to inflation, blocking, high fees, and the instability of the banking system because cryptocurrency does not depend on it. This alternative is slowly but surely taking its place in the market - and three facts attest to that. Paying with Bitcoin, a cryptocurrency with the highest potential, for example, online casino Australia or online shops is not only convenient but also safe. Cryptocurrency is not legally taxed or controlled by the banking system. Moreover, many cryptocurrency holders manage to make money on price differences, tokens, etc.

Benefits of accepting cryptocurrency payments.

The advantages for sellers are roughly the same as for buyers:

• Namelessness;
• Security;
• No disruptions in operations;
• Speed of transactions.

Bitcoin is the most commonly supported cryptocurrency for transactions, but some gateways provide the ability to pay with alternative cryptocurrencies, such as Ether, Dogecoin, Litecoin, and Bitcoin Cash. It is more convenient to use mobile wallets to pay with bitcoins in online paysafe casino or betting shops. They allow you to view history, currency statistics, and other real-time information changes when you are connected to the Internet.

How does Bitcoin work?

Let's break down an example. You open a Bitcoin wallet, and it's essentially the same electronic wallet, a store of electronic currency. To get a certain amount of BTC to it, you need to send the address generated by the wallet to a person who is ready to fund your account. The initiated transaction is confirmed by that person and enters the blockchain. The cryptographic encryption protects all transactions in the system, so the level of security is incredibly high. Transaction data is stored in a distributed database, simplistically speaking, on the computers of all blockchain participants. Hackers cannot hack into the system or alter the information because the combined processing power of the computers in the system exceeds the attackers' abilities. It takes about 10 minutes to process a transaction on the blockchain, depending on the commission (the participants' reward) that the sender chooses.

How to pay with Bitcoins

The e-currency is not geographically linked to any country, so the payment scheme is roughly the same in any country:

1. Launch a bitcoin wallet on your smartphone. There will be a section in the app and a "Scan QR code" window. The code must be found on the website of an online shop or online casino in the "Finance" section.
2. Scan the QR code of the bill of payment for the goods.
3. Click on Send.
4. Confirm the action with your PIN code.

The BTC transaction is now complete.

Basic wallet types

The Bitcoin payment system does not stand still, and new wallets are being created. Here are the main types of wallets for BTC cryptocurrency:

1. Cold paper wallets. This is essentially a printout of a QR code used for settlement. The advantage is that only the owner will have access to it. Inconvenient for frequent online purchases.
2. Cold hardware. Another tangible product is reminiscent of a thumb drive with a display and buttons. Payment is made by entering a key and password or connecting the wallet via USB to a PC.
3. Local. PC or smartphone applications, sometimes developing browser extensions. Irreplaceable for Proof of Stake. Local wallets can be used to make transfers, but it's unsafe to store crypto for long periods in this way.
4. Mobile. The most popular storage for smartphones is on Android or iOS. Payments in bitcoins between holders are made via QR code or NFC system.

Cryptocurrency is accepted in shops

Just 15 years ago, paying by credit card was stressful for cashiers and wary of its users. We see something similar today when trying to pay with cryptocurrency. But the process is on and every year, more and more companies around the world are willing to sell for virtual money. Among them are world-famous giants PayPal, Overstock, KFC, Starbucks, Shopify, Microsoft, etc. In 2015, programmer Felix Weiss conducted an experiment - he visited 27 countries, paying only in bitcoins while traveling. This "crypto-promo tour" caused many companies to take notice of the new currency. After that, many hotels, restaurants, booking services, and air carriers started to accept cryptocurrency. Their numbers have grown, especially in recent years. Against the backdrop of the pandemic crisis, travel companies are willing to embrace new technology as long as it is convenient for the customer to pay. That's why especially actively using advantages of non-fiat money in the tourism sphere. Firstly, this currency does not need to be converted, and thus there is no commission. And secondly, hundreds of thousands of trading platforms where virtual coins are accepted are opened for the user.

Giant travel services such as BitcoinTravel, TravelbyBit, Destinia, and others allow users to buy flights and book accommodation using bitcoin and other cryptocurrencies at hundreds of thousands of hotels and airlines worldwide. For example, you can check which establishments accept cryptocurrency at the respective international websites usebitcoins.info or coinmap.org. Generally, these companies provide the opportunity to make online payments in cryptocurrency and pay with a regular bank card. The onsite payment process is simple: the cashier checks with the customer which cryptocurrency he is willing to pay with, generates an invoice with a QR code, and then scans the code with his phone and pays the bill from his cryptocurrency wallet. The amount on the invoice will be automatically recalculated based on the cryptocurrency exchange rate. As a rule, after accepting the payment from the client, the cryptocurrency is put up for exchange at one of the electronic exchanges and credited to his account already in their currency.

Cryptocurrency can be bought by anyone

The registration process is straightforward and similar to registration on the usual website. There are thousands of cryptocurrencies, starting from the most popular and expensive - Bitcoin and Ethereum, ending with currencies whose value is less than one cent. Moreover, you don't need to buy the whole coin, and you can buy a piece of it by spending just a few dollars. There are also plenty of services that offer to buy and sell digital coins in mobile applications, on P2P platforms, and in specialized exchangers. The number of such services grows every year, and their accessibility and ease of use gradually turn cryptocurrency into a common means of payment. The growing popularity of the new currency has led to the fact that now it is even possible to buy digital money through cryptocurrencies, which are similar to the banks we are used to.

In 2021, the number of installed cryptocurrency ATMs worldwide increased by more than 70%. New ATMs are now being installed at more than 52 units per day. The bulk of them is in the US. For example, US retail chain Walmart recently installed 200 terminals in its shops and planned to increase to 8,000. They store the digital money they buy in cryptocurrencies. And here, the market offers a variety of options: online wallets, hardware wallets, paper wallets, etc. The most reliable way is to buy a virtual wallet on one well-known marketplace. In essence, a crypto wallet is a program that you can install on your computer or phone to access your money at any time and pay with it if you want to buy goods.

It is easy to pay with crypto

The process of paying with cryptocurrency until recently had only one drawback - the duration of the transaction. The process sometimes took more than an hour, and this, of course, deterred many users. Australia aims to become one of the hubs of blockchain and crypto innovation and is a favorable and progressive jurisdiction. Cryptocurrency in Australia is seen as a possible way to make payments. Accordingly, standard taxation rules apply to cryptocurrency transactions. Major retail chain On The Run (OTR), which includes 170 petrol stations and many convenience stores, has signed an agreement with Crypto.com. When traveling on Australian roads, you can use digital currency to fill up your car or pay for your purchases at a shop. To do so, you will need to install the Merchant Pay app and fund your cryptocurrency account. Datamesh, a Sydney-based payment system maker, will release point-of-sale terminals that can be used to make payments. More than 30 types of digital assets will be available to customers for purchases on the OTR network.

The opportunity is expected to be available as early as July 2022, both at metropolitan petrol stations in Australian and rural areas.