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Nordstrom And Whole Foods To Accept Cryptocurrency Payments Directly
Nordstrom
Nordstrom and Whole Foods to accept cryptocurrency payments directly. It has come. The first big announcement coming from Consensus this week in New York, and it’s a big one. One of the newest payment processors called Flexa has launched and is partnered with Gemini, which is a large bitcoin exchange based out of New York and is underpinned by it’s own ERC-20 token called Flexacoin.
How does it work? You pay for your items using Flexa’s app, Spedn, which generates a QR code that you scan at the checkout register. The merchant receives immediate payment in dollars, and the equivalent amount of cryptocurrency is debited from your cryptocurrency wallet in the Spedn app.
Whole Foods, which is owned by the e-commerce behemoth, is now accepting bitcoin as a payment method. The mind-blowing development was made possible thanks to a deal between payments startup Flexa and Gemini, the latter of which is the crypto exchange launched by Tyler and Cameron Winklevoss.
Users only need to download an app dubbed Spedn and can make everyday purchases using cryptocurrencies including bitcoin, ether, Bitcoin Cash, and Gemini Dollar (GUSD). Considering that GUSD is the stablecoin of the Winklevoss’ Gemini exchange, it’s not surprising that it’s being supported as well. GUSD should will introduce some stability into crypto payments given its peg to the U.S. dollar and the volatile nature of the bitcoin price. As crypto investors have come to expect, there are no hidden fees or markups, so consumers will be incentivized to use the app.
Everyone knows that Nordstrom and Whole Foods customers are already “being green” given that the grocery no longer uses plastic bags. Wait till shoppers outside of the crypto community learn about bitcoin.
AMAZON’S MARKETPLACE COULD BE NEXT
Earlier this week, it was rumored that Amazon’s competitor eBay would stop using paypal and start accepting crypto payment directly on the site, and will facilitate payouts to sellers via that method as well. This is a key move as this is a large eCommerce retailer that does millions of transactions each month have found a way to implement a safer, faster, and cheaper payment system.
Tyler and Cameron Winklevoss have been mum about this secret but now that it’s out of the bag, there’s nothing stopping wide-scale adoption of bitcoin.
The Flexa/Gemini/retailer partnerships are really a reflection of the best of both worlds. The technology builds on existing payments infrastructure that’s used to accept digital payments such as Apple Pay, for instance. All the retailers must do is tweak their scanners to identify payments from the Spedn app. Customers are already familiar with tap-and-go with their mobile device, so there’s nothing new for them to do. There are no additional hoops for the cashier to jump through that might slow down the line. As for the merchant, they can either accept to take the payment in crypto or convert it into fiat money.
For the crypto ecosystem, the announcement is what everyone has been waiting for. It means that if Whole Foods can accept bitcoin and other cryptocurrencies, theoretically Amazon’s entire marketplace can integrate the infrastructure to do the same, seemingly with Flexa. In the U.S., Amazon Prime customers reportedly dole out an average of $1,300 per year on the e-commerce marketplace vs. $700 for non-members.
In addition to Whole Foods, the initiative extends to other merchants including Crate and Barrel and high-end retailer Nordstrom. The Flexa network is comprised of more than 30,000 stores and finally thrusting crypto into the spotlight for micro-purchases such as a cup of coffee, pizza, or electronics.
WHY THIS IS GOOD AND BAD
This will require people becoming aware of this change. This is amazing news, but there is always a learning curve when people start to adopt a new method of payment. People have been using only cash and credit card essentially for the last 60 years and it will take a an older generation and a newer generation to find ways to change their spending habits. That is the Bad.
Here is the good. With new innovation, comes new possibilities. Why would merchants want to start accepting crypto? First off, there are no chargebacks. It was reported that merchants can be charged upwards of $300 per chargeback when accepting credit cards. With cryptocurrency, the charges are irreversible. That’s not to say that you will not be dealing with customer service and/or returns in your business, but this is a HUGE advantage for no longer having to deal with credit card disputes.
Additionally, the fees to accept credit cards are typically anywhere from 2-5% per transaction, plus a $0.39 cent fee each time you accept a credit card. That’s absurd. As more and more awareness of this alternative, mixed with consumer confidence and adoption of spending cryptocurrencies on a consistent basis, the credit card companies and banks will hopefully soon be a thing of the past. Soon, it will almost be as antiquated as paying with a check.
THERE IS STILL A BETTER ALTERNATIVE TO THIS!
What if you could EARN cryptocurrency by shopping at these stores already? You can. I recently wrote an article on the new Life Info App that allows you to connect your bank account or credit card and use a shopping app that essentially allows you to create an instant electronic gift card, and save anywhere from 2-10% off on any purchase you make at thousands of retailers (including Nordstrom and Whole Foods).
How does this work? When you download the free app, you can use online or in person purchases on thousands of stores and brands and save on each purchase. The money that you save on each transaction is accumulated in the wallet and can be converted directly into Bitcoin! You can also convert it into several other altcoins that are supported by Coinbase as that is how you convert your savings directly.
This is a GREAT way to dip your toe into the cryptocurrency world, WHILE saving money at these stores you are already spending money at anyways, you may as well get free Bitcoin to do so.
If you refer to my review link I mentioned above, there are some demo videos that explain the entire process and it’s super easy to use. To me, this is a great bridge to get people familiar with the process. Additionally, you can then send your newly acquired bitcoin to the Spedn app, if you so choose. Please use my link here to get your free download and check it out.
***GET YOUR FREE LIFE INFO APP DOWNLOAD HERE***
Conclusion
All in all, this is very positive news for the cryptocurrency world, and this is a large first step in bringing the utility of cryptocurrency into the real world and offering people a BETTER alternative to our failed legacy financial system. Any tool that helps people transition from the inflationary dollar to the sound hard money of bitcoin, is something I support. The easier it becomes and the lower the barrier to entry is, we will begin to see MASSIVE droves of people start to transition from fiat to crypto.
What do you think? Is there a better way for us to start gaining mass adoption and utility for crypto payments? Let me know in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
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CoinMama Review (2020) | The BEST Way To Buy Bitcoin With Credit Card?
In this CoinMama review we are going to do a deep dive into a CoinMama and find out if it’s the best way to buy bitcoin with credit card. Are the fees high? Is it safe? What credit cards can I use to buy bitcoin (and other cryptocurrencies)? We are going to answer all of these questions and more in this review, stay tuned for the whole review! One of the most searched phrases right now on the internet is “How to buy bitcoin with credit card”, and for good reason. It’s the easiest way to buy bitcoin without having to share a lot personal information and having to wait 3-7 business days when verifying your bank account.
I also urge you to check out a recent article I wrote that details a handful of different ways (CoinMama included) to easily buy bitcoin if you’re new to the process and you want a no-nonsense and easy way to do this. You can find that HERE. Now, let’s get down to finding out why CoinMama was the easiest way for me to buy bitcoin with a credit card, and why I still use it today!
How Does It Work?
It’s a simple 3-step process to use this site and it took me less than 10 minutes to make my first purchase when I first used this service over 2 years ago. If you’re looking to purchase not only Bitcoin, but also ETH, LTC, BCH, ETC, XRP, QTUM, and ADA in a hassle-free way, then CoinMama is the way to go. First, you register your account with basic information and gain access to the account where you can customize your purchase. Second, you can choose how much information you want to add, depending how much you want to buy in one shot.
Level 1 verification allows you up to $15,000 USD worth of BTC (or any other coin) with only a government issued ID (which is required for KYC) and as soon as you upload it, you can start buying in less than 10 minutes. The 3rd and final step is purchase the coin and amounts you want after you confirm your basic verification and it’s delivered in under 10 minutes. This process is very easy and MUCH quicker than any other exchange I’ve personally used. (Don’t even get me started on Coinbase).
How Much Does It Cost? What Are The Fees?
You can use a bank transfer (if you choose) and it will cost you less, but it will also take longer. However, the real “instant” purchase and service you’re looking for is for debit and credit cards. The fees are as follows:
Since there is no central bank controlling the bitcoin rate, each website has its own bitcoin rate. The price you see on our website is Coinmama’s bitcoin rate and includes our fee of 5.90%.
For credit/debit card transactions, the payment processor charges 5.00% additional fee. Unlike credit/debit card transactions, if you pay by bank wire there is 0.00% processing fee. The card processing fee will be added after choosing your method of payment. Apart from our fees, your bank may incur their own. If you’re not sure, contact them before placing your order.
Don’t let this turn you off, as some of the competitors that offer a similar service as CoinMama, they charge ridiculous fees and can take up to 10 days to verify and deliver your cryptocurrency. There is a price to pay for very quick delivery and most credit card companies build that fee into the cost here to mitigate some of the risks of fraud and other factors as well.
Trust me when I say, if you want to use a debit or credit card to buy bitcoin, this is your best best. Especially if you need it now.
What Countries Are Supported?
I won’t list all supported countries here as there are over 188 countries supported. Yes, that many. That is why this is one of the most trusted services in the entire industry and has a very broad reach. If you want to verify if your country is supported, you can check it out HERE. Additionally, The US has some restrictions on states, but 45 out of the 50 states are included for support. Those specific states (if you’re concerned) can be found at the link HERE.
Again, I will say, this has a much wider reach in terms of countries supported than the likes of Paxful or Coinbase. I’ve done the research so you don’t have to!
What’s Their Reputation? Is It Safe To Use?
As mentioned above, this company has been around since 2013 and has a very well received reputation and track record. I have never once had an issue with using this service, nor have I had any indication that it was fraudulent in any way. CoinMama has been selling bitcoin via debit and credit cards longer than any other service to date and was first to market in this regard. I have used them personally about 6 or 7 times and have never once thought of using another service for using a credit or debit card to purchase my cryptocurrency.
What’s The Verification Process? How Long Does It Take?
There are multiple levels of verification depending on how high of a limit you need to purchase every month, but the standard Level 1 verification only takes about 10 minutes and allows up to $15,000 USD (as mentioned above). This really applies to 99% of people and I will leave a link below if you want to understand what else is required if you want to purchase more than 15k per month. Once you’ve completed verification your bitcoin is delivered to your specified address instantly!
For further verification requirements, you can refer to this link HERE
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CoinMama Review – Conclusion
Overall, if you need to get bitcoin fast and time is of the essence, then you can’t go wrong with CoinMama. Yes, if you have time to kill and you’re ok with waiting up to 10 business days and you want to provide your bank account, there are other solutions you can use, which I will link to in a future review update. But for most people that are skeptical of providing all their banking information just a save a few bucks, you won’t find better service or a better deal to buy bitcoin with a credit card than CoinMama.
There’s a reason myself and many others have used this service more than once and will continue to do so. In a world where new crypto companies are coming into existing, having a long standing track record really counts in this industry and I have no qualms about CoinMama. Yes, you can say I’m a fan, and if you decide to use this service, I am confident you will be too.
What do you think? Is there a better place to buy bitcoin with a credit card? Let me know your thoughts in the comments below!
Cheers,
The Crypto Renegade
NOTE: This post may contain affiliate links. This adds no cost to you but it helps me focus on giving as much value as possible in every single post by being compensated for recommending products that help people succeed.
