What Is Bitcoin?
Bitcoin is a cryptocurrency, which is a relatively new phenomenon. It’s a digital asset that uses “blockchain” technology to verify transactions, and it has inherent value because of how secure the transactions are. It uses “miners” who use computer processing power to verify financial transactions, offering the miners a fee and those involved in the transaction security, speed, and anonymity.
Bitcoin is somewhat similar to PayPal in its use, but it’s primarily different in terms of its value and utility.
Bitcoin and PayPal are similar in that they can be used for digital transactions. Many vendors accept Bitcoin and payments via PayPal for products and services. Still, PayPal transactions are handled by banks, and Bitcoin transactions are verified by the “miners” who use computer processing power to verify the transaction.
Bitcoin often handles transactions more quickly, isn’t tied directly to a government-backed currency, and comes with fewer fees than PayPal transactions.
Yes, Bitcoin transactions are secure. In fact, they’re often considered more secure than transactions handled by PayPal or credit card companies. Cryptocurrencies like Bitcoin use state-of-the-art blockchain technology, making it nearly impossible to fake or intercept transactions.
You’ve probably seen Bitcoin as a payment option on several kratom websites, but why use cryptocurrency to pay for your kratom? There are a few reasons.
First, and most importantly, kratom is considered a restricted product by many major credit card companies and PayPal. You might not be able to complete a credit card transaction to buy your kratom, and you may lose access to your PayPal account if you violate their terms of service by purchasing kratom. Some vendors accept PayPal, but they require a payment disguised as a “for friends and family” payment rather than a legitimate purchase.
Bitcoin is a decentralized form of payment, so there are no restrictions on what you can purchase. You’ll never lose access to your account for buying kratom, and you can use the payment method more freely without worrying about whether the payee’s name includes the word “kratom” like you would with PayPal or credit cards.
Second, Bitcoin is a secure and anonymous form of payment, so you can purchase kratom discreetly without it showing up on credit card statements or bank transfer records.
Third, Bitcoin has fewer fees than paying with credit cards, PayPal, eChecks, or bank transfers. As such, most vendors offer discounts on entire purchases if you pay with Bitcoin. The discounts can be as high as 10 or 15% in some cases.
If you’re not familiar with buying Bitcoin or using it to pay for products, it can seem like a daunting task. However, it’s relatively straightforward.
The process is broken down into several simple steps below.
First, you need to buy Bitcoin. You can do this via popular payment services like PayPal and Venmo and through some financial institutions like Chase and Bank of America.
However, you’ll need a crypto wallet to store your Bitcoin and other cryptocurrencies. Most people use Coinbase to store Bitcoin, and you can even use Coinbase to purchase Bitcoin directly.
Once you have Bitcoin, your next step is to find a vendor that accepts it. If your favorite vendor doesn’t, you can check out our vendor reviews to find one that’s reputable and offers high-quality products.
Finally, add your desired products to the cart, and navigate to the checkout page. There will be an option for “Pay with Cryptocurrency” or “Pay with Bitcoin.” Choose that option and follow the directions.
Kratom vendors can have different processes for payment with Bitcoin, but the most common way to accept crypto is to allow checkout with Coinbase. You’ll confirm checkout, and then you’ll receive a “wallet” code where you can send the Bitcoin.
Copy the wallet code and head over to your Coinbase app or log in to the website if you’re using Coinbase on your laptop. Select “pay” from the menu, then select “send.” The app or website will prompt you for the amount of Bitcoin you want to send, which you can confirm on the checkout page on the vendor’s website.
Input the correct amount and paste the provided wallet code into the recipient’s wallet field. Make sure you input the correct wallet code, as you will not be able to cancel the transaction or get your money back if you send it to the wrong code.
You should always copy and paste the wallet code from the kratom vendor’s website and never input it yourself. Confirm the transaction once you’re sure the wallet code is correct.
Most vendors will get their Bitcoin within 10 minutes, which is the average time for Bitcoin transactions to be accurately verified. You should receive a payment confirmation email from the vendor, and your kratom order will move on to processing. It’s that simple!
Suggested Reading: Can You Invest in Kratom?
Bitcoin is a cryptocurrency, meaning it’s a decentralized form of digital payment that is highly secure and discreet. Buying kratom with credit cards or PayPal often isn’t possible because of restrictions from major credit card companies and the payment processing platform. Many kratom vendors offer the option to pay with bank transfers or eChecks, but these options often have high fees and long processing times.
Using Bitcoin to checkout offers anonymity, and there are no restrictions on what you can purchase with the cryptocurrency. The processing times are often faster than traditional payment methods, and the processing fees are far less. Many vendors offer a whole-order discount — sometimes up to 15% — if you pay with Bitcoin.
Paying with Bitcoin is relatively straightforward. You’ll need to buy it using PayPal, Venmo, your financial institution’s app, or from Coinbase.
You can then use Coinbase to send the correct amount to your vendor of choice. They’ll supply their wallet code and the exact amount you’ll need to pay.