Cryptocurrencies may be seen as investments today, but they were originally designed for everyday payments, just like traditional currencies.
Cryptocurrencies, such as Bitcoin, have come a long way since 2009, when they were famously exchanged for two boxes of pizza. Now, with increasing acceptance from individuals and businesses, you can use crypto to pay for nearly anything.
So, whether you’re paying for a meal at a restaurant, shopping for your favourite jersey, or buying groceries, you can reach for your crypto and pay with cryptocurrency as you would with dollars or Naira.
In this guide, we’ll show you how to pay with cryptocurrency for everyday transactions and explore the benefits of crypto payments over fiat currency.
Why Pay with Cryptocurrency?
Cryptocurrencies are quickly becoming a common payment method, and for good reason. They offer faster transactions, lower fees, and are much more accessible globally, making them an attractive alternative to fiat currency. Let’s break down some of the reasons why you should consider paying with cryptocurrency:
Speed
Cryptocurrency transactions are significantly faster than traditional fiat transactions. The blockchain—a decentralised ledger that tracks every transaction—can process thousands of transactions per second (specific numbers depend on the cryptocurrency). Additionally, there’s no need for bank approvals or intermediaries, which often cause delays in money transfers.
Security
All crypto payments are recorded and verifiable on the blockchain. This transparency ensures that cryptocurrency transactions are secure, traceable, and nearly impossible to alter or counterfeit. This way, you can make transactions without worrying about the safety of your funds.
Lower Fees
Cryptocurrency transactions often come with lower fees compared to traditional payment methods. For example, Bitcoin charges a minimal fee depending on the network traffic, which is often cheaper than international bank transfer fees or credit card processing charges.
Global Reach
You can send payments to anyone in the world, regardless of location with crypto. Unlike fiat currencies, which vary country by country, cryptocurrencies like Bitcoin or USDT are universally accepted. This way you don’t need to convert currencies or pay any associated fees when making cross-border transactions.
Financial Flexibility
Paying with cryptocurrency gives you more control over your funds. You can send and receive money without relying on banks, protect your money from inflation, and spend directly from your crypto wallet for everyday purchases.
Decentralization
Unlike fiat currency, which is controlled by the government, cryptocurrencies don’t belong to any single entity. This means they’re not affected by political or economic fluctuations, so you have more freedom and control over your money.
How to Pay with Crypto Using Mular
To pay with cryptocurrency, you need a crypto wallet—an application or tool that allows you to access your cryptocurrency on the blockchain. While there are several types of crypto wallets, each with its own process for making payments, this guide will focus on Mular as an example.
Mular is a hot wallet that enables you to spend cryptocurrency directly as Naira instantly, eliminating the need for time-consuming conversions and removing any restrictions on the services you can pay for.
You can use Mular to pay for virtually anything with various cryptocurrencies, including Bitcoin, Ethereum, Solana, or USDT. The process remains the same regardless of the cryptocurrency you choose. Here’s how to pay with crypto:
1. Open an Account
To pay for goods and services with crypto, you need a crypto wallet and wallet address. Download the Mular app and sign up using your name and email address. Complete your account verification by providing your BVN and a government-issued ID.
2. Fund Your Account
Once your account is set up, it’s time to load your wallet with funds. On your dashboard, select the “Fund” option. Mular offers three ways to fund your crypto wallet:
- Fund by Receiving Crypto: You can fund your wallet by receiving cryptocurrency directly from your friends, family, or anyone willing to send it. Select the cryptocurrency you want to receive, copy your wallet address, and share it with the sender. Alternatively, you can ask them to scan a QR code for easier transactions.
- Fund with Bank Transfer: Alternatively, you can fund your crypto wallet through a bank transfer. First, copy the provided account number and bank details, then send the desired amount. Once the transfer is complete, the funds will be deposited directly into your crypto wallet.
- Fund with Payment Link: Clicking on “Create a Payment Link” lets you generate a link that includes your name, amount, and a short description. You can share this link via email, social media, or messaging apps. However,, the payment link option is available only for receiving USDT.
3. Pay with Crypto
When you fund your wallet using a bank transfer, the amount will be deposited in Naira. To purchase cryptocurrency with your Naira deposit, select the “Swap” option on your dashboard. You can use crypto to pay for car rides, groceries, and other everyday transactions. Here’s how to make a payment with crypto on Mular:
- Select the “Send” option on your dashboard.
- Choose “Send to Other Accounts” to transfer crypto to the merchant or recipient.
- Enter the bank and account number of the receiving merchant.
- Choose your source wallet: Bitcoin, Ethereum, Solana, USDT etc
After choosing your source wallet, enter the amount you would like to pay and click continue.
Mular converts your cryptocurrency to Naira at the current exchange rate, ensuring that there is no price slippage. Additionally, transactions on Mular are fast, taking only 99 seconds to process.
FAQs About Paying with Crypto
Which cryptocurrency is best for making payments?
Bitcoin remains one of the most popular cryptocurrencies for payments due to its wide acceptance. However, Ethereum and stablecoins like USDT (Tether) are becoming increasingly favored for their faster transaction times and price stability. To avoid issues, it’s best to check with the merchant to confirm which cryptocurrencies they accept before making a payment.
Where can I pay with cryptocurrency?
You can use cryptocurrency to pay at a growing number of online and physical stores. Many e-commerce websites now accept crypto, and some restaurants and travel booking platforms also offer it as a payment option. It’s worth looking for businesses that clearly state they accept cryptocurrency at checkout or in their payment policies.
What can I buy with cryptocurrency?
You can buy a wide range of products and services with crypto. This includes electronics, clothing, food, gift cards, and even plane tickets. The list continues to expand as more businesses start accepting cryptocurrency for everyday purchases.
What are the fees when paying with crypto?
Crypto transactions typically incur what’s known as gas fees, which are transaction fees. These fees can vary depending on how busy the network is at the time. For example, during periods of high congestion, fees can increase. The type of cryptocurrency you use also affects the fee amount, as Bitcoin, Ethereum, and stablecoins have different fee structures. It’s always a good idea to check the gas fee for the cryptocurrency you plan to use before completing a payment.