Coinpayments is a platform that processes over 860 cryptocurrencies, of which we accept a handful. By paying with a cryptocurrency, you will be a part of a quickly evolving and dynamic new world that is paving the way for the future of money on our planet.
You can think of cryptocurrencies as another way to pay for products, similar to how you would use any other currency, like a British Pound, a Peso from Mexico, or the Japanese Yen. It is not only digital currency, some are backed not only by the energy and excitement of the industry, but by hard assets like gold. Coinpayments helps process those transactions.
1. Get A Hold of Some Digital Currency
You probably heard of Bitcoin after it peaked at over $19,000 per coin last year.
Bitcoin is original of the now thousands of cryptocurrencies, all operating off the same foundational platform- the blockchain. While you don’t need to know the technical details, you should know that cryptocurrencies are mostly anonymous to use.
You can buy Bitcoin off of Coinbase. This is one of the most popular platforms to buy cryptocurrencies.
The coins you buy go to your Coinbase wallet, which is, in essence, a bank account. It functions in the same way, except that your account number has many more letters and numbers in it.
The price of cryptocurrencies can vary daily, just like commodities or the foreign exchange. The dollar value you purchased cryptocurrency at may be about the same as when you checkout, depending on how long it has been since you acquired the crypto.
You can also earn coins through your own commerce. If you have a product or service you would like to sell, you can perform a transaction in the cryptocurrency of you and your clients’ choice. Do you remember the long account number we mentioned earlier? Simply share your wallet’s receiving account number (or wallet ID) with your client, and they will use that to transfer their coins from their wallet to yours.
Mining is another way to earn these enigmatic digital coins. This will entail either purchasing and maintaining your own specialty computer equipment designed to efficiently compute math problems successfully to earn the coins, or joining a larger pool of miners that combines their computing resources to earn larger amounts of coins and then share that with the pool. This can be a slow process depending on the returns and value of the currency.
2. Create, and Remember, Your Wallet
By purchasing some Bitcoin, or any kind of coin, you have become a part of a rapidly growing group of cryptocurrency enthusiasts. These are people who use cryptocurrencies as money to buy things, people who build giant machines to make, or mine, these coins, and investors who buy coins in bulk hoping to make a profit off them in the future.
All these people have to store their coins somewhere – a wallet. If you purchased coins from Coinbase or any other exchange, your coins were actually deposited into a wallet on their web based platform. This will allow you access to your wallet at any time you have internet access.
Think of cryptocurrency wallets like bank accounts, but without fees or interest (though some say they do offer proof of stake, which is like interest on deposits). Like bank accounts keep your dollars safe until you are ready to use them, wallets store your coins on the blockchain until you are ready to use them.
After making your wallet, you will want to make sure that you keep track of how you are able to access your wallet, as well as the recovery system for the wallet you choose should you encounter an issue, like forgetting a password.
3. Go Shopping
Now that you’ve gotten your coins into a wallet you will pay with, all you need to do is select which awesome CBD hemp oil product you would like to purchase.
You can buy all of our items, even our CBD for pets, with cryptocurrency through Coinpayments during checkout.
Once you select all the items you would like, it’s time to check out. Hover over with a mouse, or tap on a touchscreen, the cart icon in the main menu, and a drop-down cart will appear with a few options.
4. It’s Time to Pay
Click on ‘Checkout’, and enter your billing and shipping information. Then, below the selection for credit card information, tick the box that says ‘Coinpayment.net.’
This will lead you a payment portal, and the last step of the process.
The portal processes payment by automatically sending money from your wallet to Well Spring’s. At the top is your order number, with two boxes underneath it.
There will be a prompt to select how you want to pay. On the left, there will be a large list of different cryptocurrencies, with numbers within their respective boxes. The numbers are how much of that currency you will be charged.
Make sure to click the currency you purchased back at the beginning of this guide.
After checking your shipping information, then all you need to do is click ‘Complete Checkout.’ We chose Bitcoin for the following demonstration image. This will display a wallet ID, or account number, for you to send your funds. They will be in the form of either a QR code (for mobile wallets that can scan QR codes), or an alphanumeric account number called the Address.
Simply send funds to that wallet number like you would a wire transfer by inputting the wallet ID into the option of where to send your coins.Upon payment verification, which varies by coin, we will start the shipping process for your items. If you have your coins on CoinPayments, the amount due will simply be deducted from your balance in your account. Below we show the Electrum Wallet. The encircled numbers will need to be copied in their entirety and put into the “Pay to” line, notated with the arrow.
Be a Part of the Future
Cryptocurrency is one of the most exciting technologies today. While they may sound complicated at first, they only become easier to use with time.
We’re excited about helping our customers pay in any way they want, and by using Coinpayments, we can process more payment methods than ever. Most of all, we want to deliver top-quality CBD products right to your door.