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Sujit Kumar
Nov 25, 2023

Things to Know Before Spending Bitcoin

spend bitcoin
Millions of people around the world have taken to spending cryptocurrency for all sorts of things. Believe it or not, people are paying their bills, buying food, and even paying for homes with cryptocurrency, with Bitcoin being one of the most popular. Because it is the most well-known and valuable crypto in the world, you might be tempted to spend it for your day-to-day needs.

But wait a minute. Before you run off to spend your Bitcoin, there are a few things to keep in mind. These will make sure that both you and your tokens are safe.

  • Make Sure the Site is Legit
  • There are many sites online that claim that they accept Bitcoin for their products or services and have the option to pay with crypto at checkout. But not all of them are legitimate. And if you connect your wallet to the wrong one, you could have your money stolen. That’s why you need to only pay Bitcoin to reputable sites and one of the best ways to make sure a site is legit is to consult verified lists.

    If you want to use Bitcoin to gamble, for example, you should only go to sites that CryptoNews recommends. These have been vetted and are safe to use. Similarly, for ecommerce sites accepting Bitcoin, check reviews from other users on third-party sites and ensure they had a safe experience and got the goods they were expecting.

    • Make Sure The Market is Stable
    • As amazing as Bitcoin is, its market price is notoriously volatile and during periods of volatility, it can rise and fall sharply in mere minutes. So if you’re trying to spend Bitcoin, make sure that you are doing so outside of market volatility periods. What you don’t want is Bitcoin being worth $10,000 when you add an item to your cart and then being worth $5,000 by the time you want to pay, essentially meaning that the item could cost double what you planned to pay in Bitcoin.

      While no one can fully predict the market, try to avoid making payments when the price of Bitcoin is swinging.

      • Double-Check the Price
      • Let’s face it; buying a single item for $30 is easier to understand than buying the same item for 0.0000027 BTC. Amidst all the calculations and numbers, it is easy to get confused. That is why when you are paying for something with Bitcoin, make sure that the website has an accurate display of the value of the item in both crypto and fiat currency. Check with an independent conversion tool if that would make you more comfortable and always make sure you know what you are paying.

        • Make Sure Your Wallet is Safe
        • When it comes to spending crypto, safety is always first. Make sure that as you make your purchases, you are not giving up your wallet password or recovery phrase to anyone. Also, make sure to check your wallet balance after your payment has gone through and double-check every address you try to send your funds to. These will make sure that your wallet and its funds are not compromised in any way.

          Things to Know Before Spending Bitcoin
          Sujit received his Bachelors in Science from the LNMU Darbhanga. He is currently working as a Content Strategist. He has more than three years of professional experience in information systems, security policies, technologies, and Cryptocurrency. He has published 6 books in the area of information security and assurance. He has published more than 50 research articles in leading journals Regarding the Latest and Breaking Crypto News and updates. His research interests include access control, computer forensics, Digital Marketing, Web development, business hacks, player experience, and virtual storytelling.

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