Cryptocurrencies have been making headlines for more than 3 years now. Despite this notorious fame, there are still people who don’t know how to pay with cryptocurrencies, which requires OWNING them first. In this article, we’re going to break down in an easy step by step guide how to pay with cryptocurrencies, and specifically, we’ll take the example of Litecoin as a cryptocurrency to be used.
A Tutorial for paying/receiving Litecoins through Coinbase
Cryptocurrencies are virtual currencies based on blockchain technology. While normal payment systems are centralized (such as banks or PayPal), cryptocurrencies are decentralized and use a secure peer-to-peer network that enables permanent recording of all transactions made. Bitcoin was developed in 2009 and is the first cryptocurrency. Almost ten years later, cryptocurrencies are used by millions of people, companies, and states to transfer values, goods, and services.
Paying with cryptocurrencies is a simple and inexpensive alternative to SWIFT and PayPal. More and more companies are choosing cryptocurrencies to be more flexible, faster, and more independent.
The use of cryptocurrencies has several advantages, such as….
Although there are multiple cryptocurrencies and exchanges, one of the easiest ways to pay with cryptocurrencies is Litecoin and the exchange Coinbase.
You can then use this process to send money to friends or receive your own payments. The procedure can be used for any other cryptocurrency that is offered on Coinbase.
How can I pay with Litecoin through Coinbase?
Go to www.coinbase.com and create an account.
First, you have to purchase Litecoin before you can pay with it.
Now that you have Litecoin, you can transfer it to an account.
Done – you have just paid with crypto for the first time!
How do I receive/get paid Litecoins through Coinbase?
The sender will then have to follow the steps above and send you Litecoin to this address.
Once you have received the Litecoin amount, you can keep it as Litecoins or convert it to euros.
You now have euros in your euro wallet under “Accounts”.
If you want to withdraw your Euros from Coinbase and transfer it to your bank account, just follow the steps below. The transaction time is ~ 24h.
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