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.
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.
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.
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.
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.