Estimated reading time: 8 minutes
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In this guide, we will be showing you how to get started with cryptocurrencies so that you can easily and safely purchase your favorite APK’s. Not only does paying with cryptocurrencies like Bitcoin offer a safe and easy way to pay it is also a great investment.
Before we proceed we must point out that we are in no way a financial advisor. We do not accept any responsibility for any financial decisions you choose to make. This guide is for educational purposes only and any actions you take are done at your own risk.
You may have seen over the past year that many providers are now requiring payments through services like Bitcoin. Before now PayPal has always been the go-to choice when paying for third-party addons. The main reason is that PayPal offers buyer protections however this is not the safest way to pay.
What are Cryptocurrencies?
A cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides. Think of them as you would arcade tokens or casino chips. You’ll need to exchange real currency for the cryptocurrency to access the good or service.
Cryptocurrencies work using a technology called a blockchain. Blockchain is a decentralized technology spread across many computers that manage and record transactions. Part of the appeal of this technology is its security.
Cryptocurrencies appeal to their supporters for a variety of reasons. Here are some of the most popular:
- Supporters see cryptocurrencies such as Bitcoin as the currency of the future.
- Some supporters like the fact that cryptocurrency removes central banks from managing the money supply since over time these banks tend to reduce the value of money via inflation
- Other supporters like the technology behind cryptocurrencies, the blockchain, because it’s a decentralized processing and recording system and can be more secure than traditional payment systems
- Some speculators like cryptocurrencies because they’re going up in value and have no interest in the currencies’ long-term acceptance as a way to move money
Why cord-cutters should use cryptocurrencies
The main reason cryptocurrencies should be used is privacy. Some of these third-party addons may offer users several ways to pay including but not limited to Bitcoin, PayPal, Credit/Debit Card.
Do you really want to give out your credit card or debit card information to a provider you are not familiar with? The answer is probably not! This leads most cord-cutters to look for PayPal as their payment option.
Although PayPal is a great source for online payments there is one key drawback. Your online transactions can be traced! When it comes to streaming content from third-party addons you may not be aware if they hold the proper licensing to run their service. This could in turn result in some legal issues.
When paying with a cryptocurrency you are using a legal and traceless form of payment. This makes cryptocurrency the safest form of payment there is. The only drawback is that you do not get the same protections as you would with services like PayPal, however you are gaining the confidence that your transactions can never be traced back to you.
Is getting setup with a cryptocurrency like Bitcoin hard to do? No! This process is easier than you think.
How to get started with cryptocurrencies
To get started with cryptocurrencies you will first need to create an account using an exchange service like Gemini or Coinbase. These exchanges allow you to easily purchase cryptocurrencies. This guide will focus on creating a Gemini exchange account although the process works the same for Coinbase.
Getting things setup:
Head over to Gemini’s website to get started. Simply follow the steps below to create an account. Using our links you can get a free $10 worth of bitcoin!
- Go to Gemini website
- Click Register Now
- Follow the steps to create a Gemini exchange account. Ensure that you create a strong password as this account is similar to any other banking account.
- Follow any steps including a security quiz, enable 2FA (two-factor authentication), Social Security number, DOB, ect.
- Once you have created a Gemini account you will need to fund your account. This process consists of two steps; Verifying and Funding.
- For the first step, you will be asked to fund your account. Proceed through the funding setup by linking your bank account to Gemini.
- After your bank account has been linked you will be presented with two options; Enter the exchange or Continue to full identity verification. We suggest proceeding through full identity verification so that you can unlock the full potential of Gemini with includes higher limits and withdraws.
- To verify your account you will need to enter in your address, submit a photo ID like a driver’s license, and driver’s license, or ID info. This verification process takes roughly 15mins for them to approve however COVID is affecting their turnaround times.
- Lastly, while you wait for your full verification to be completed be sure to confirm your email account.
Buying your first Cryptocurrency
Now that you have set up your Gemini account, linked your bank account, and completed the full verification you are now ready to deposit funds into your account. There are several methods available to use to fund your account. Please note that some of these methods charge a higher rate than others.
Since you have already linked your bank account we will be using this method in this guide. Please note that using a Debit or Credit card to fund an account comes at a higher rate including wire transfers. We suggest reading over any information regarding funding on the Gemini website.
How to add funds
- To add funds click on transfer at the top of the Gemini website page
- Click Deposit into Gemini
- Choose currency (USD)
- Choose DEPOSIT METHOD – Bank Transfer (ACH)
- Enter the amount
- Review and CONFIRM
Now that your account has been funded you are ready to purchase your first cryptocurrency. In this guide, we will be showing you how to buy Bitcoin as this is the most common available payment method for APK’s.
Buying Bitcoin using Gemini Exchange
- From the Gemini websites main page find the Bitcoin cryptocurrency and select it by clicking view details.
- On the right-hand side, you will see a box titled make a trade.
- Click Buy
- Select Once
- Enter the amount of USD you’d like to use to buy Bitcoin. You can use funds already added to your Gemini account or through bank transfer.
- Select review order
- After reviewing your order click place order
Your Gemini USD funds have now been converted into the Bitcoin cryptocurrency. You can now make transactions using Bitcoin to pay for items online like third party APK’s that allow Bitcoin payments.
How to pay using Bitcoin
Making payments using cryptocurrencies like Bitcoin is not a hard process. It is a bit different than the conventional way of paying but as we stated earlier this method is the most secure and safe.
When purchasing a product using Bitcoin you will be given two things from the seller.
- The amount of Bitcoin needed represents the amount in USD. Example 0.00030887 Bitcoin = $10 USD
- The Bitcoin address
You will need to make this transaction through your Gemini account.
- On Gemini Click Transfer
- Click withdraw from Gemini
- Select BTC as the withdraw type. BTC stands for Bitcoin.
- Next Gemini will ask for the destination. On the APK’s website, you are trying to purchase you will need to COPY the Bitcoin address. DO NOT type this address in. MAKE SURE YOU COPY THE ADDRESS AND PASTE IT this will ensure you type in the correct address without any mistakes! One small mistake could send your bitcoin to somewhere else. There is NO WAY to recover from a mistake. Copying and pasting your address will ensure you do not make a mistake.
- Copy the Bitcoin address that was given to you by the seller. Paste this address in Gemini
- Enter the amount you would like to transfer. For this example, the cost of the APK was $10 USD which represents 0.00030887 Bitcoin. So in Gemini, we would type in 0.00030887 as the amount of Bitcoin to transfer.
- Review your transfer then complete the withdrawal.
That’s it! You have now successfully set up, funded, bought Bitcoin cryptocurrencies, and made your first Bitcoin transfer to purchase your favorite APK.
Please note that transfers are not instant. Cryptocurrencies must go through a verification process before being completed. This process can be almost instant or take up to 30 mins to complete. You can keep an eye on your transfer through the Gemini website.
Want more tips on how you can manage your Cryptocurrency? Be sure to let us know in the comments below!