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What is Crypto and how can it be used?
What is Crypto and how can it be used?

Receiving your payout using Crypto

Nic avatar
Written by Nic
Updated over 5 months ago

Cryptocurrency, often referred to as crypto, is a digital or virtual currency. Rather than being physical money that you carry around with you, cryptocurrency payments exist entirely in the digital world and don't rely on a central authority such as a bank.

When deciding to use crypto, one of the most important things to consider is the type of crypto wallet you choose. Crypto wallets store the private keys you need to make cryptocurrency transactions and retrieve your digital assets. The most popular crypto wallets include:

Desktop wallets

Download a wallet application to your desktop or laptop. This can only be accessed from the system on which it's installed. The application will help you create a file to store your keys. Desktop wallets offer the advantage of personal key ownership and are cost effective.

Online wallets

You can register for and access wallets directly from a web browser. This ensures that you can access your crypto assets from anywhere and on any device. However, with web wallets, the website owns the keys to your crypto assets.

Mobile wallets

These are similar to desktop wallets in that you need to install an app on your phone. They offer greater flexibility in exchanging funds and have a user-friendly interface.

Telegram wallets

Telegram users can have a crypto wallet right in their app. This wallet allows you to exchange crypto for other coins and send crypto to other Telegram users.

You can set up crypto as your withdrawal method in your payment settings by selecting the cryptocurrency you wish to be paid in, the minimum payment amount, your country of residence and your crypto wallet address.

You also need to choose the wallet owner. That is the person with control of the private key to the wallet.

If you wish to track a payment, you can enter your wallet address into https://www.blockchain.com/explorer for Bitcoin or https://etherscan.io/ for Ethereum and USDC, look through all the transactions of your wallet, and find the specific transaction you're looking for based on the date of the payout.

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