We believe that cryptocurrencies have the future and as such, we want to accept your crypto payments for events as well as help you get started in bitcoin if you haven’t already.
If you just want to make a single payment for an event, you only need 3 steps which will take you about 20 minutes the first time:
1. download a wallet app
2. buy a cryptocurrency (like BTC, DAI, USDC, XLM, DASH, BNB, MIOTA or VET)
3. transfer to our wallet
1. download a wallet app
There are many apps available that let you do everything from buying, saving, exchanging and paying with cryptocurrency. We like Monolith. Other good options are Nexo and Crypto.com.
2. buy a cryptocurrency
You’re now ready to buy your first crypto. Crypto coins like XLM and MIOTA are fast, cheap (very low transaction cost) and low in energy usage (as apposed to Bitcoin), but we accept most other crypto currencies as well. Fill in the amount that you want to buy and select the payment option (credit card deposits are faster but often more expensive than SEPA transfers). We recommend depositing a bit more than the required amount, specially if you’re not planning to transfer to our wallet immediately, as the exchange rate can vary quite a lot over a few hours (both up or down). And now that you’re on it, you might also want to keep some for yourself…
3. transfer to our wallet
Send/withdraw the cryptocurrency of your choice to our wallet (ask us for our wallet address). If the exchange doesn’t give you a clear indication of the EUR value of your coins, you can always double check on COINGECKO to see what the current exchange rate is.
Some more information
If you’re not sure what the difference is between “bitcoin”, “cryptocurrency” or “blockchain”, start checking out some videos on YouTube. These are two good short ones, but you can find a hundred good more detailed alternatives:
Understand the blockchain in two minutes
Blockchain simplified (TEDx)
We also recommend watching the documentary “banking on blockchain” which you can find on Netflix.
And for some more in depth, you can read this article.
First, a general word on starting in crypto:
Only invest what you’re willing to loose. Don’t base your strategy on a single source. Spread your investment widely to spread the risk. The volatility in crypto is crazy, so you’ll be riding the wave both up and down. Don’t sell in panic, most waves will come back up. Don’t buy in FOMO, most waves will come back down. At all times, do your own research and make your own informed decisions.
Buying bitcoin or other crypto
If you want to start buying cryptocurrencies but you’re not a wall street expert and don’t know when and at what rates it’s smart or safe to buy, you can opt for an automated recurring order. For example, to buy bitcoin for 100€ every month. This takes the stress out of the deal and always get’s you a reasonable price over the long run. BITPANDA let’s you set this up easily.
Crypto currencies are hardly regulated today and everything happens in the digital space. There’s a lot of value going around, which means it’s the wild west out there with hackers, scams, phishing sites and other things to be aware of. Bitcoin is not a company so there is no one to help you, no call center to complain to. If someone steals your passwords or your private keys, your money is gone. A few tips to stay safe:
1. Beware of phishing sites! Bookmark your wallets and exchanges to prevent yourself from ending up on a scammer site.
2. Get to know each wallet that you use. Backup your wallet and store your recovery pass phrase.
3. With every new exchange site that you create an account for, enable “two factor authentication” to increase security.
4. Don’t use a public internet connection when dealing with anything money/password related. Use a safe browser like Brave and consider using a VPN like Nord VPN.
5. Use difficult passwords and store keys, passwords and pass phrases off line and/or encrypted. Don’t write them down in a file on your computer.
A wallet is nothing more than a file, app or device that holds the keys to your account. Coins are never stored in a wallet, but on the blockchain. That’s why you can recover your coins when you loose your wallet by using a recovery pass phrase. There are many different types of wallets out there: desktop versions, mobile apps, online storage and hardware wallets.
There are already a few thousand different crypto coins and tokens available, each with different properties and teams behind them. Coins other than bitcoin are often called altcoins. A handy site that lists them all is COINGECKO. For each coin or token it shows the market history, a website with background info and the markets where you can buy or trade them.
Don’t leave too many coins sitting on an exchange site: they sometimes get hacked and then your coins could be gone. Transfer them to your wallet of choice. Be careful, a spelling mistake in your wallet address and your money is gone forever. You could try the first transaction with a small amount.
When you’re passed all this beginner stuff and you want to get in deeper, you can start with some more in-deep podcasts:
Future Thinkers episode 33
Future Thinkers episode 41