Bitcoin has created a stir since its early days and people believe that is could become more powerful once it becomes an integral part of people’s life- when they can buy a coffee at Starbucks with it or it is used to buy things at Walmart paying with their Bitcoin. This could soon be possible if people can, not just spend their bitcoins at Walmart but also buy them from there.
The most common places for people to buy cryptocurrency today is via a centralized exchange or a peer to peer lending platform which is spread across the world. But a lot of people don’t know that they can buy their favorite digital currency at a place which is as common as Walmart and by using the services of the largest retail giant.
Buying Bitcoin at a store might not be a cakewalk but yes it’s possible and for Bitcoin to be a fiat replacing currency it is necessary that people start buying it at the store than at an exchange.
The following article with a guide, tells the readers of how their shopping mart can become a place where they can easily buy bitcoins.
First off, Setup Your Wallet
Like anyone would need bags to carry their groceries out of Walmart, they would also need a wallet where they can store all their future digital assets in. This wallet is like a physical wallet or a bank account for Bitcoin. There are a variety of companies that provide wallet services and the user can choose from any of those depending on the service he wants additionally to storing the bitcoin.
Once the wallet has been selected, the user will have to retrieve the Bitcoin wallet address from there as it will be needed to transfer their bitcoin. Once the address is retrieved, the user is ready to buy and sell the crypto coins.
This will also be needed if the user doesn’t want to go to the crypto exchange at all and may want to sell it to a peer for cash or via gift card.
By the way, here is the Bitcoin’s price prediction, if you want to have a look.
Use Walmart Gift Card to Buy Bitcoins
If a user holds some extra Walmart Gift Card, he can find someone who has Bitcoins and would to share it with the user. If they both agree and there is a deal for exchanging Walmart Cards with BTC. It’s a win-win situation for both.
Use Cash to Buy Bitcoins
This route is not as easy and quick as buying bitcoins with Walmart gift card. Of course, this route is also not a direct purchase and another service of Walmart will be put to use as you will be utilizing Walmart2Walmart Money Transfers as a middleman. Isn’t that interesting and enticing.
Walmart2Walmart is a service provided by Walmart that allows the user to send money to any Walmart that is based out in the US. This also includes the stores located in Puerto Rico. These transfers do come with associated fees which are as follows:
- $4 fee for a $0-$50 transfer
- $8 fee for a $50-$1,000 transfer
- $16 fee for a $1,000-$2,500 transfer
To transact using Walmart transfer services, the user has to visit the Walmart store which is closest to him and deposit equivalent Cash to the teller who may be located at the customer service area of the store. This money then needs to be transferred over to the BTC seller. There are no prerequisites for the transfers and can be transacted by anyone and at any Walmart.
As mentioned earlier, Bitcoin sellers may choose any payment options which is available to him, including the Walmart2Walmart money transfers.
So here’s how one can do this-
Step By Step Guide
- The user needs to get a Bitcoin wallet which he can select from a variety of companies that offer those services.
- Then get into a peer to peer exchange or barter. The user needs to find a person who is willing to exchange and the system will pair your location with that of sellers in the area nearby. Services like LocalBitcoins or Paxful (the fees are a bit expensive here) could be quiet handy and useful. The user has the option of buying BTC by way of any money transfer services including online ban transfers, Walmart gift cards, or deposits in cash, under which Walmart2Walmart transfers also fall.
- The user chooses the number of Bitcoins he wants to buy and enter the email to sign up.
- He then selects the payment method for cash deposits. After which he sees a list of payment options on the left-hand side of the page in which he will find Walmart2Walmart listed.
- Next, he has to visit the nearest Walmart to deposit the cash, and have the money transferred to the seller’s Walmart. All the information that is needed as far as where to transfer the money is listed on Paxful.
- The transaction is then verified by uploading the receipt the user gets from the teller at Walmart.
- Once the receipt is uploaded and visible to the seller, he will release the BTC within 3 hours, perhaps even in as little as 10 minutes. It depends on the seller.
While we are still a little away from Walmart actually selling cryptos and accepting them, it still pretty handy to use the services of Walmart to buy and sell Bitcoin.