Bitcoin and other cryptocurrencies have been around for a while. It’s not accepted everywhere, but it’s really not difficult to use. Making a payment is as easy as scanning a QR code with the bitcoin wallet on your phone, selecting an amount and then pressing the send button.
Admittedly, it takes some time and practice to learn the ropes. I’ve discovered that I can sell my bitcoin and transfer it to Paypal in just minutes and once the dollars are in Paypal, it takes less than a minute to transfer it to a bank account where you can receive actual cash via an ATM. So, from the merchant’s perspective, it’s usually faster than a VISA transaction. As far as the initial transaction goes, Dash (another crypto currency) has an edge on speed.
Here’s an interesting tidbit. What if your cryptocurrency wallet was stored on your iPhone and your iPhone was lost in a fire with no chance of recovering the data? Would your stored money be gone forever? Certainly, the money would be lost to you if your conventional wallet filled with cash were lost, but most crypto wallets are different. In most cases, you can just enter 12 special words into a new phone and recreate your crypto wallet. Your money is safe. Just don’t lose your 12 word backup phrase.
(Note: the above is only a sample. It doesn’t restore anything.)
If you’d like to learn more about using cryptocurrencies, feel free to call anytime. If you’re dropping by, we’re open Monday through Saturday between 5PM and midnight.
A typical cryptocurrency wallet. In dollar terms, the value will change during the day. This wallet has some Ripple, Ethereum, Chainlink and some leftover change in Tezos and Xem
Digital Depot can be reached at 229-883-3996 24 hours a day. We are open at 104 East Century Road, Suite H in Leesburg from 5pm to midnight.