Making My First Purchase With BTC on Purse.io!

in #purseio3 years ago (edited)

I know there are people that use BTC (or other cryptocurrencies) exclusively for purchases. However, I am not one of those people. I have looked from time to time on how to pull it off but it seems complicated and I get lost in how to make the transactions and maybe I am just lazy.

Oh well...

Then I discovered Purse.io. Now I know there is a lot of discussion on the value of this service and a little bit of discussion on Reddit. I read through a few of them and decided that it was worth the experience and gave it a go.

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Signing up was easy! You can use Google, Facebook, Coinbase or just your plain ole username and password. I decided to go with Coinbase because I had some BTC still in there and wanted to test the process.

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Once selected it prompted me to allow access (simple SSO process we are all use to by now) and then my account is all set!

Next I just clicked over to deposit with Coinbase and added some BTC to my account.

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I didn't really see a fee and was curious if there would be a transaction to the new address that would charge me a fee in BTC. I looked at the receipt of the transaction and didn't see any fees. Is it using the same BTC address because it is connected to Coinbase? I am still not sure on this one. 🤔

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Next I had the option of letting Purse.io purchase my item on Amazon for me with a 5% discount OR I could place it on the open market and use a larger discount for someone else to purchase that wanted a way to change fiat to BTC. I decided to go with the open market and see what happened.

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It only allows for a 15% discount max on the first order but it seems people are able to find buyers for up to around 25%. Doesn't seem to be a bad deal to me.

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Next step was to see if I would get a buyer for my order and within about 5 minutes Mediv came to my rescue!

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Great! Once that order was placed I looked back at my wallet and was able to see that payment is being stored in escrow by Purse.io until a shipment confirmation is complete. Once that happens the BTC will be sent over to Mediv.

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So far so good! Currently I am in a waiting period to see if my game makes it to my house. Once that happens I can give a review on the rest of the experience.

There is also a section to list your own items for sell on Purse.io to receive BTC in payment. From what I can tell it uses the same process of a shipping confirmation from the buyer to release funds from escrow. I think I might give that a try as well!

What about you? Do you have experience with Purse.io or have other methods for being able to spend and sell to earn cryptocurrency without a huge hassle or high fees?

If you want to check out Purse.io then you can use this link to sign up and get $5 in BTC free after your first $100 purchase! :)

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That's pretty awesome. People are always asking how to actually use their cryptocurrency to buy stuff. Gonna be a while before transactions like this are really simple. But I'm excited! Thanks for sharing and reviewing :) Let us know how it turns out!

Definitely! So far it wasn't that painful at all. I think the key is to already have BTC that is pretty accessible and since a lot of people enter the market with Coinbase it makes it simple.

I did look at moving some BTC from bittrex over to my Purse.io address and the fee was around $11 for just sending $100. That kind of stung a little bit.

They do cap the fee for transferring from your Purse.io address so that is helpful.

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Yeah, you can't escape the miner fee when moving around BTC :\ Those block are just so big, hehe.

Nice post I signed up under your referral, I have been looking for legit sites to spend some of my crypto :)

Thanks! It seems to be a relatively easy way to do it. My order shows as shipped now with a 2 day delivery. I will follow up with results once everything is complete.

Very cool! That’s awesome man. It’s fun to see how far you’ve come in this cryptocurrency world. :)

It would be nice if they took STEEM or SBD for orders instead of BTC. :)

Well explained steps, thank you @daynewright

Thanks, my friend! 👍

Thanks i will try

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