What is a cryptocurrency?
A cryptocurrency (or “crypto”) is a digital currency that can be used to buy goods and services, but uses an online ledger with strong cryptography to secure online transactions. Much of the interest in these unregulated currencies is to trade for profit, with speculators at times driving prices skyward.
Cryptocurrency is a form of payment that can be exchanged online for goods and services. Many companies have issued their own currencies, often called tokens, and these can be traded specifically for the good or service that the company provides.
Cryptocurrencies work using a technology called blockchain. Blockchain is a decentralized technology spread across many computers that manages and records transactions. Part of the appeal of this technology is its security.
What forms of cryptocurrency does YesNeo accept?
First and foremost, you’ll need to know what forms of crypto we accept at YesNeo! Here’s a list of cryptocurrencies that can be used to purchase at YesNeo!
Not all of these coins are available for direct fiat purchase. Some are available for trade on other websites and market exchanges, so we won’t focus on those. The three most popular coins that people use for payments are Bitcoin, Ethereum, and Litecoin or BTC, ETH, and LTC respectively. These coins are worth different values monetarily which means you will purchase less or more of a full coin depending on your selection.
How do I purchase cryptocurrency?
There are two different places that we’ll promote selling cryptocurrency through. Both have their own benefits and different drawbacks.In this guide we’ll be covering making purchases with Coinbase, one of the of the most popular cryptocurrency platforms, as well as the Trust Wallet. Our recommendation is the Trust Wallet and do recommend skipping to the Trust Wallet section for a more convenient purchase.
Coinbase is one of the leading platforms for purchasing and selling cryptocurrency. With a wide selection of different coins and assets there’s a lot of products available for new and old crypto enthusiasts alike! Coinbase offers a simple and intuitive dashboard that makes it easy for anyone to purchase their crypto!
As you can see, the dashboard for Coinbase is very clean. It shows your portfolio value over time as you move currencies into your account or purchase more and shows the fluctuation of the value of your portfolio. You’re able to add specific coins to your watchlist like shown above so that you can easier track values of the coins as they change. So how do you purchase the coins?
Before your purchase, Coinbase will need to have you verify a lot of personal information. We understand that a lot of people will not want to verify this information, understandably so. If you do not want to verify the information required, we recommend purchasing through the Trust Wallet that we will cover below. Here’s a list of all relevant information that is required to make a purchase on Coinbase.
- Full Name
- Date of Birth
- Phone Number
- Social Security Number/Employer Identification Number
- Photo ID verification (Front and back, uncensored)
- Self photo holding ID image next to face.
While this is a very extensive Know Your Customer process, this is done to help prevent any fraud. Cryptocurrency is a more-or-less traceless currency which means that once a coin is in someone’s possession, it cannot be traced back to a specific user very easily. Because of this, Coinbase has many fraud practices in place like the information required above to prevent stolen money being used to purchase crypto. Crypto also has other practices in place to prevent stolen funds from being used to purchase crypto, but we’ll touch on those later.
From here, all you need to do is click the “Buy Bitcoin” button and proceed through with the purchase! You can purchase crypto by linking a bank account or saving a credit/debit card to your account.
Coinbase transfer delays
One of the largest drawbacks to purchasing crypto on Coinbase is their wait time before you can transfer your Crypto. This means that you cannot actually use the coins that you purchased until they allow your transfers. Coinbase notoriously offers a one WEEK wait period before you can spend or transfer your purchased crypto. While this isn’t an issue for long time investors, this makes it difficult for anyone looking to purchase crypto solely to make a purchase on another website, or to transfer money to someone else. This week long wait time also means that the value of your purchased assets will change. Your currency of choice could appreciate, or it could depreciate in value. In addition to the week long wait time, there’s also a 72 hour hold on transfers that can be put into place to prevent any unauthorized transfers from being initiated. This is to help keep hacked accounts safe so that funds cannot be transferred immediately and the actual owner of the account can claim their assets. This just adds to the delay that is put in place before orders can be transferred. This is where the Trust Wallet comes in.
Trust Wallet (Our Recommendation)
Trust Wallet is a crypto purchasing service that we very recently discovered that seems to be perfectly ideal for making purchases. It’s simple, quick, has no transfer delays, and requires very little personally identifiable information. Let’s take a look at how to purchase crypto with the Trust Wallet below.
First and foremost, the Trust Wallet is a mobile app ONLY. That makes things a little inconvenient to purchase crypto if you’re a PC user, but outside of downloading the mobile app everything else is quick and convenient! Here are download links to the Apple app store and the Android app store.
1.) Downloading The Trust Wallet.
2.) Creating Your Wallet.
After downloading the app, you’ll need to start off by creating a new wallet. After opening the app you’ll be prompted with a screen like so:
After setting up your wallet you’ll be prompted to enter your phone number, and be given a recovery phrase. This phrase MUST be stored somewhere. If you lose access to this phrase you will not be able to retrieve your wallet if you’re locked out. You will not need to enter this phrase every time you open the app and use the app. This phrase will be used if you need to redownload the app at any given point. Be it that the app was uninstalled or you are using a new device.
It’s worth noting that the Trust Wallet requires MUCH less personally identifiable information when signing up. Upon signing up you will need an email and phone number. You will need to enter your regular transaction information when making a crypto purchase, exactly as you would when making a purchase anywhere else, like YesNeo!
3.) Changing Your Settings.
After creating your wallet you can tinker with the settings. By default, notifications are disabled. You can enable notifications to get alerts on when your transfers have finished processing or when you receive transfers into your wallet.
From here you’ll be able to choose the speed of your transaction. Transactions on crypto blockchains are done through the block explorer. There are miners that actively power the blockchain. Because of this, there is a fee in all transactions. When you purchase crypto and transfer it anywhere else, there will be a fee that goes to the miner. The speed of your transaction will be dependent on how large of a fee you choose to enable. The larger the fee you approve, the faster your transaction will be.
Cheap – Low transaction speed and low cost.
Regular – Perfect balance between speed and transaction cost.
Fast – High transaction speed and high cost.
4.) Securing Access To Your Wallet.
In order to make your access to your Trust Wallet wallet even more secure, you’re able to lock your account. To do this, go to Settings and click the option App Lock.
After clicking it, a new page will appear. You will then be asked to enter a 6-digit password. You will be asked for this password every time you launch the application.
Once you have chosen your password, a new category should appear. It is called Advanced Settings. Click on it and confirm your password. You will have access to advanced settings such as Auto-Lock which allows you to change the duration of the application lock, Lock Method, which gives you the choice of unlocking your application only with the password or with an alternative verification method, such as FaceID (for iPhone owners).
Finally, you can activate the Transaction Signing option, which allows you to check every transaction that you make.
5.) Making a Purchase With Trust Wallet.
In order to purchase cryptocurrency with your Trust Wallet, you will need to click on the currency of your choice. For this example, we’ll use Bitcoin. Simply click on the bitcoin and in the upper right hand corner of your screen, you can click the “buy” option. Here you will be prompted to enter an amount of your selected currency to spend on your currency of choice. It’s worth noting that there is a $50 (USD) minimum purchase to buy currency on the Trust Wallet which is one of, if not the only drawback to using the Trust Wallet.
From here you can enter the amount of USD (Or your selected currency) that you would like to spend. You’ll preview your purchase and then be prompted to the screen to enter your payment information.
From here, you enter your standard payment information just like you would for any other purchase that you make!
After you’ve confirmed your order, your purchase will undergo the “mining” process that was mentioned previously. Your transaction will have a small wait time before it’s processed completely. There will be a small fee that’s included for the cryptocurrency to enter your Trust Wallet, but after your order has been confirmed you can send your coins to any address of your choice! This means that you can use them to make your purchases here on YesNeo without the wait time that’s incurred on Coinbase! For this reason alone, we have to recommend Trust Wallet over Coinbase.
6.) Using Your Cryptocurrency on YesNeo.
After you’ve finally received your coins, you’ll be able to make your purchase on YesNeo! To do this, simply load up your products to your cart and head over to the checkout link. Simply select cryptocurrency as your payment method and proceed! On the next screen you’ll be prompted to select the coin you’d like to pay with.
After selecting your coin, you’ll be presented with a screen, like so:
The “Amount Remaining” on the left hand of the screen shows how much is needed to complete the transaction. This amount will vary depending on the coin being used. Simply copy and paste the address in the address box, and send the coins to that address. You can also scan the QR code to ensure that there are no typos. Please be aware that if there is any typo the address, we will not be able to confirm or receive your payment and the order will not be processed.
From here, the confirmation takes anywhere from 10 – 45 minutes depending on how congested the blockchain is. This is generally somewhere in the mid range for time in the 25 minute range however.
From here, all you have to do is wait for the cryptocurrency to be approved on our end which is done automatically after the payment is processed, and your order will be processed as normal!
Finally! The Discounts!
So we understand completely that not everyone wants to make the transition to crypto purchases and we fully expect many people to not want to. There’s a lot of differences in paying traditionally and paying with crypto. There’s longer wait times, there’s extra fees, there’s new stuff to learn, the whole nine. To help cushion this, we’ve gone ahead and added some discounts for crypto purchases.
For the month of January!
We mentioned before that January would have a 50% discount off of all Crypto purchases as well as a bonus 50% cashback. We’re honoring this by providing an automatic 50% discount on all crypto purchases. The code for purchases is CRYPTO50! This code is automatically applied and does not need to be done manually. Additionally, we’ve gone ahead and made all cashback for purchases reward 50%. This means that any crypto you spend will be rewarded back as USD to your accounts eWallet. If you spend $100 with Crypto, you will earn $50 back in cashback to your accounts eWallet. Please note that the discount and double cashback can not be applied to the Wallet Top-Up purchase.
Please be aware that these changes will be reverted in February. We will continue to have permanent discounts for all crypto purchases in the future however to help save money on all crypto purchases due to the added fees. These discounts in the future will ALWAYS cover the fees as well as a little extra to ensure that there are no added fees anywhere on your purchase.
If there are any questions, comments, or concerns, we fully welcome all inquiries to be sent to our support so that we can help solve any and all problems!