As a shopaholic and cryptocurrency enthusiast, when you think of crypto as an alternative payment method, the first question that is likely to come to mind is- can you buy items with crypto at major online retailers?
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The simple answer to the above question is that cryptocurrencies can be used for all your shopping needs. There are several online based companies and platforms that are accepting cryptocurrency as a payment option. They include; Amazon, Shopify stores, Expedia for hotel bookings and eGifter for buying gifts. Here is a list of more companies that accept crypto-based payments)
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This begs for yet another important question- how can you buy items with crypto at major online retailers? In this article, we shall explore how you can spend your coins on pretty any online retailer that accepts cryptocurrency. For purpose of illustration, in our example we shall use Amazon (popular ecommerce platforms) and Bitcoin (the most common crypto coin).
So, how can you use Bitcoin on Amazon?
Amazon does not accept direct payment for products using cryptocurrencies. To transact, you will need to use Purse.io; a mediator platform that enables you to make a purchase on Amazon.
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To shop using cryptocurrency on the site, users need have a Purse.io account, digital coins in their Purse account and an account with Amazon.
What is Purse.io and how does it work?
Purse is simply a middleman service that facilitates three things, namely; exchanging of Amazon gift cards for Bitcoin, buying products from Amazon using Bitcoin and offering discounts.
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The process of buying from Amazon with Bitcoin works as follows:
- You have Bitcoins and need to buy a product on Amazon
- Another person needs Bitcoins and has an Amazon gift card
- Purse connects gift card holders on Amazon with the online shoppers who want to buy products on Amazon.
- The Amazon gifts are normally illiquid. Purse offers gift card holders great discounts to liquidate them/ exchange them for Bitcoin.
Let’s take an instance where you have some Bitcoins you want to use as a Payment for products. Purse will look for another user on its platform with needs/goals that are an exact opposite to yours.
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If the other person wants to sell the gift cards to get some Bitcoin, then the purse will coordinate the exchange.
Purse uses a special feature on Amazon known as the Wishlist. Later in this article, you will get to understand more concerning the special feature.
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Steps on how to create Purse account it the next post!!
Note: This document with all the information in it is shared here to boost our knowledge of cryptocurrency , the original document can be found Document Source
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