If you are a crypto owner, you can use your digital funds to pay for things and services where it is possible, or, if a merchant does not allow crypto payments, you may transform your crypto to fiat and pay traditionally. In this article, we will tell how to pay in cryptocurrency and how to apply a crypto-to-fiat converter.
How Do You Pay With Crypto?
To use digital funds for your purchases, please refer to this instruction manual:
- To ensure that the merchant or online shop accepts crypto, check for logos or payment options indicating such acceptance on their website.
- To determine the value for your purchase, use a reliable cryptocurrency price tracking website or app to find the current rate of the asset you intend to use.
- When making a purchase, you might have the choice to pay using cryptocurrency. The merchant may provide different ways to do so, such as a payment gateway, wallet address, or payment processor. Choose the option that works best for you and fill in the necessary information.
- Once you make the payment, it will be transmitted to the blockchain network. You must wait for a specific number of confirmations, depending on the type of crypto you utilized. These confirmations ensure that the transaction is authentic and prevent any possibility of double-spending.
- After the blockchain confirms the transfer, you can check if it went through. Some wallets have tools to help you track the status of the transaction or view its history.
How to Convert Crypto to Fiat?
If an online store does not accept crypto, you will need to convert your digital assets to fiat to buy things. Converting crypto for online purchases can be done safely by following a few important steps:
- Start by selecting a reputable cryptocurrency exchange that supports the assets you own and offers a fiat currency withdrawal option. Research different platforms, read user reviews, and consider factors such as security measures, transaction fees, and customer support. A good option would be the WhiteBIT platform.
- Most reputable exchanges require users to complete a Know Your Customer process before they can trade or withdraw fiat currencies.
- To keep your funds safe, create a wallet with strong security features. You can opt for a hardware wallet or reputable software storage that has features like encryption and multi-factor authentication.
- To transfer assets to the exchange, please use the provided deposit address from your wallet. Make sure to double-check that you have entered the correct address before sending the funds.
- Go to the trading section and select the trading pair that corresponds to your crypto and the fiat currency you want to convert it to, such as SOL/USD. Enter the amount you want to convert and review the transaction details, including the exchange rate and any associated fees. Once you’re satisfied, execute the trade.
- Start a withdrawal to your bank account. Provide the necessary banking details and review the request before confirming. Take note of any fees and estimated processing times.
That’s the way the crypto-to-fiat converter works. Learn more on the WhiteBIT blog.