Although the world seems to have witnessed the greatest time of technological performance ever, crises of all sorts haunt us like never before. In such a drastically changing and unstable environment, it might be necessary to deal with some routine affairs anonymously, even when it comes to paying for services in your favorite app.
Number tracker platforms, that usually gain access to the vital resource you have, i.e., personal data, and sharing it with third-party companies is not the best idea these days. Cyber threats, as well as those of real-world implications, may occur in the most unexpected situations, e.g., during purchasing your subscription and buying a service gift card. The solution is found – pay with crypto.
What Does Cryptocurrency Mean?
Since the concept of cryptocurrency may be a bit overwhelming at first, let us briefly cover the essence of this phenomenon and understand its basics. In general, cryptocurrency is seen as a kind of virtual or digital money that is secured by encryption protocols that run on a decentralized network powered by blockchain technology (in contrast to conventional currencies issued by governments, such as the US dollar and the euro).
A distributed database known as a blockchain keeps a record of every transaction made via a network of computers, which guarantees security and transparency in the absence of a central authority.
The main features of cryptocurrencies consist in their decentralized structure, which means that there is no financial institution or government that may control them and take them over, as well as the encryption protocols they employ to protect transactions and regulate the generation of new units. Developed in 2009 by an anonymous person or organization widely known as Satoshi Nakamoto, Bitcoin was the first and remains the most well-known cryptocurrency in the world. Since then, the era of crypto transactions has started.
Choosing the Right Cryptocurrency
When one has decided to employ cryptocurrency to anonymously pay for location-tracking services, selecting a suitable type is essential. In fact, some cryptocurrencies are more appropriate for anonymous transactions than others, and not all of them provide the same degree of privacy or usability, which is vital. What you should remember during the process of selection includes:
Privacy Features: There are big differences in the privacy that cryptocurrencies offer. However popular it may be, Bitcoin is not really private by nature. Since Bitcoin transactions are kept on an open ledger, any user can track a transaction's origin to a particular wallet address. If you wish to obtain a higher level of privacy, opt for cryptocurrencies like Zcash (ZEC) or Monero (XMR), which eliminate traceability as they conceal transaction details through the use of sophisticated cryptography techniques.
Adoption and Usability: Besides, it is crucial to pick up a cryptocurrency that the apps or services you want to pay for do accept. Since Bitcoin is the most widely used cryptocurrency, it is often a convenient, the only available option. Nonetheless, Monero and other private currencies of your choice might be also accepted by a lot of platforms that value customer confidentiality.
Transaction Speed and Fees: The costs and transaction speeds of various cryptocurrencies always differ. For instance, transaction times and fees for Bitcoin can be longer, particularly when there is network congestion or disruptions. However, if you need to make regular or minor transactions, cryptocurrencies like Dash and Litecoin (LTC) may enable quicker transactions for a reduced price.
Security and Network Strength: Another crucial factor to take into account is the network security of the cryptocurrency you choose. Since more miners or validators are contributing to the network's security, cryptocurrencies with larger networks, e.g., Bitcoin and Ethereum, should be safer to use, as they suggest. Nevertheless, smaller networks of crypto like Monero may still offer strong security features (sometimes stronger than those of majors).
How to Set Up a Cryptocurrency Wallet
As soon as you know the cryptocurrency you intend to employ, it is time to grasp how to set up a wallet and start sending, receiving, and storing digital cash safely. Here is a quick step-by-step guide we have prepared for your convenience:
Choose a Wallet Type.
Basically, there exist 3 main types of wallets, i.e., software wallets (i.e., applications or programs that you can download and set up on your mobile device or computer), hardware wallets (i.e., physical, offline devices that keep your cryptocurrency for added protection), and paper wallets (i.e., a less convenient but very secure option that presupposes printing your public and private keys on paper).
Download or Purchase the Wallet.
Download the wallet app from the app store or the official website for software wallets and buy hardware wallets from trusted suppliers such as Trezor or Ledger, if you like.
Install and Set Up the Wallet.
Set up a new wallet by following the installation instructions. This should be followed by a "recovery phase" (or seed phase) which consists of 12–24 words that will be generated by the wallet. As a rule, this is the only method to get your wallet restored if you lose access, so write it down and keep it somewhere safe.
Secure Your Wallet.
If available, enable extra security measures like two-factor authentication (2FA).
Fund Your Wallet.
To receive cryptocurrencies, find the public address associated with your wallet, get started, and transfer money from another wallet or an exchange.
Make Your Purchases with Cryptocurrency in Location-Tracking App
Finally, the most terrifying part of the process begins, for most users worry about unreliability or low speed of transactions. If you have taken into consideration all the above-mentioned factors, make sure this experience is to be easy and straightforward. Nevertheless, do not forget to check local regulations, for some countries restrict the use of cryptocurrency at all.
Check for Cryptocurrency Support: Confirm that the application allows payments via cryptocurrencies and look for the coins that meet your basic financial needs.
Initiate the Purchase: Within the app, choose the product or service you want to purchase and then select cryptocurrencies as your mode of payment when checking out.
Send the Payment: Soon after, the app will provide A QR code or a payment address. Next, you should open your wallet, enter the address provided (or scan the QR code), and send money. Once the transaction is confirmed, the blockchain will handle processing your payment.
Confirm the Transaction: Your purchase will be finalized once the payment has been verified, which will be documented via a notification from the app.