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Is it safe to buy with crypto when shopping online? Here are a few precautions you should take

In recent years, we’ve witnessed a growing trend in the world of online shopping – the ability to buy with crypto. It’s an exciting development that offers several advantages, such as enhanced privacy, security, and accessibility.

However, as with any digital transaction, there are precautions that we, as consumers, should take to ensure our online shopping experience remains safe and enjoyable. We at Bintense wish to make sure that our clients are well-informed about the usage of cryptocurrencies, and we hope this blog post will be of assistance to you.

Online shopping with cryptocurrencies

The concept of buying with crypto has gained considerable traction, thanks in part to the widespread acceptance of cryptocurrencies like Bitcoin and Ethereum. Many online retailers and e-commerce platforms have now integrated crypto payment options into their checkout processes, making it easier than ever for customers to make purchases using digital currencies.

Advantages when you buy with crypto

  • Enhanced Privacy: When we buy with crypto, our personal and financial information is kept secure. Cryptocurrency transactions don’t require you to share sensitive data like your credit card number, reducing the risk of identity theft.
  • Global Accessibility: Cryptocurrencies are borderless, making them an excellent option for international shoppers. No need to worry about currency conversion or expensive cross-border transaction fees.
  • Security: Blockchain technology, the foundation of cryptocurrencies, is known for its robust security. Transactions are recorded on a decentralized ledger, making them extremely resistant to fraud and hacking.
  • Quick and Low-Cost Transactions: Crypto transactions are often faster and cheaper than traditional payment methods, especially for cross-border purchases.

Precautions you should take

When you buy with crypto the benefits are plenty, yet it’s crucial to take precautions to ensure a safe online shopping experience:

  1. Use Reputable Retailers: Stick to well-known and reputable online retailers that accept crypto payments. Research the seller’s reputation and read reviews from other customers.
  1. Secure Your Wallet: Ensure that your cryptocurrency wallet is secure by using strong, unique passwords and enabling two-factor authentication (2FA).
  1. Double-check Payment Addresses: Before confirming a transaction, double-check the recipient’s crypto wallet address. Mistakenly sending funds to the wrong address can result in irreversible losses.
  1. Beware of Scams: Be vigilant about phishing emails, fake websites, and fraudulent crypto giveaways. Scammers often target crypto users, so exercise caution and verify the legitimacy of any offers or promotions.
  1. Keep Records: Maintain records of your crypto transactions, including details like transaction IDs, dates, and amounts. This information can be valuable for tracking purchases and resolving disputes.

Our take on online shopping with crypto

As proponents of cryptocurrency, we believe that when you buy with crypto, the advantages outweigh the disadvantages. Enhanced privacy and global accessibility specifically are hard to ignore. If you don’t own crypto yet, you can use an exchange like Bintense to buy crypto at attractive rates 24/7.

However, it’s essential to approach this trend with caution and take the necessary precautions to protect crypto holdings and personal information. Stick to reputable retailers, secure your wallet, double-check payment addresses, stay vigilant against scams, and keep meticulous records of your transactions.

Bintense is a powerful and utterly safe crypto exchange platform.

This website and its content have been produced and disseminated for persons outside of the United Kingdom. The information provided is not directed at or intended for distribution to, or use by, any person or entity located within the UK. The financial products and services mentioned on this website are not eligible for the UK. Cryptoassets are classified as Restricted Mass Market Investments in the UK, meaning that they are high-risk investments and are not suitable for most retail investors

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Bintense is owned and operated by UAB Green Cliff INC, the company number 306116484, authorised to Provide virtual currency service, with a registered and operational address at Naugarduko st. 3-401, Vilnius, Lithuania.

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  • This website is not intended for a UK audience. If you are accessing this website from the UK, please exit this site immediately.

Due to the potential for losses, the Financial Conduct Authority (FCA) considers this investment to be high risk.

What are the key risks?

1. You could lose all the money you invest.

  • The performance of most crypto assets can be highly volatile, with their value dropping as quickly as it can rise. You should be prepared to lose all the money you invest in crypto assets.
  • The cryptoasset market is largely unregulated. There is a risk of losing money or any crypto assets you purchase due to risks such as cyber-attacks, financial crime and firm failure.

2. You should not expect to be protected if something goes wrong. 

  • The Financial Services Compensation Scheme (FSCS) doesn’t protect this type of investment because it’s not a ‘specified investment’ under the UK regulatory regime – in other words, this type of investment isn’t recognised as the sort of investment that the FSCS can protect. Learn more by using the FSCS investment protection checker here: https://www.fscs.org.uk/check/investmentprotection-checker. 
  • The Financial Ombudsman Service (FOS) will not be able to consider complaints related to this firm. Learn more about FOS protection here: https://www.financialombudsman.org.uk/consumers.

3. You may be unable to sell your investment when you want.

  • There is no guarantee that investments in crypto assets can be easily sold at any given time. The ability to sell a crypto asset depends on various factors, including the supply and demand in the market at that time.
  • Operational failings such as technology outages, cyber-attacks and comingling of funds could cause unwanted delays, and you may be unable to sell your crypto assets when you want.

4. Crypto asset investments can be complex.

  • Investments in crypto assets can be complex, making it difficult to understand the risks associated with the investment.
  • You should do your own research before investing. If something sounds too good to be true, it probably is.

5. Don’t put all your eggs in one basket.

Putting all your money into a single type of investment is risky. Spreading your money across different investments makes you less dependent on anyone to do well.

A good rule of thumb is not to invest more than 10% of your money in high-risk investments: https://www.fca.org.uk/investsmart/5questions-ask-you-invest.

If you want to learn more about protecting yourself, visit the FCA’s website here: https://www.fca.org.uk/investsmart.

For further information about cryptoassets, visit the FCA’s website here: https://www.fca.org.uk/investsmart/crypto-basics.