That’s right, you heard it – we accept cryptocurrency. In fact, we are actually the first Yoga Retailer & Wholesalers to accept it in the UK too. You probably have one hundred questions – you may not even really know what cryptocurrency is. And that’s okay because we’re here to answer them. Keep reading for our short guide.
What is Cryptocurrency?
If you’re an avid Twitter user you may have seen viral tweets by Elon Musk often mention cryptocurrency. But what is it? Cryptocurrency is a form of currency that exists digitally or virtually and uses cryptography to secure transactions.
Instead of being physical money carried around and exchanged in the real world, like we would our pounds and pennies, cryptocurrency payments exist purely digitally. Stored in digital wallets, it doesn’t have a regulating authority and when you transfer cryptocurrency it’s recorded in a public ledger, called blockchain.
Pretty cool stuff right?
It may sound innovative and a little crazy but crypto has actually been around for a while now. The first cryptocurrency was Bitcoin, which was founded in 2009 and remains the best known today.
How does it work?
So now we’ve established what crypto is, but how does it work?
As we mentioned earlier, cryptocurrencies run on a distributed public ledger called blockchain, a record of all transactions updated and held by currency holders.
Units of cryptocurrency are created through a process called mining, which involves using computer power to solve complicated mathematical problems that generate coins. Users can buy the currencies, using pounds, from brokers, then store and spend them using cryptographic wallets.
This may sound a little technical but there are actually apps, such as Binance, that allow you to purchase and store cryptocurrencies, making the process as simple and accessible as possible. Crypto at your fingertips!
If you own cryptocurrency, you don’t own anything tangible. What you own is a key that allows you to move a record or a unit of measure from one person to another without a trusted third party.
And this mode of transaction is becoming increasingly more popular as more people invest in currencies. This is because, the more money that is invested into crypto, the bigger the currency’s value. But make your choice wisely. Like all investing, there is of course an element of risk involved so ensure you do your market research before purchasing – Kasper Sky have some handy tips on how to purchase and store crypto safely.
What Cryptocurrencies do we accept?
There are thousands of different cryptocurrencies – and we accept three cryptocurrencies:
Bitcoin: Founded in 2009, Bitcoin was the first cryptocurrency and is still the most commonly traded. The currency was developed by Satoshi Nakamoto – widely believed to be a pseudonym for an individual or group of people whose precise identity remains unknown.
Litecoin: This currency is most similar to bitcoin but has moved more quickly to develop innovations, including faster payments and processes to allow more transactions.
Ethereum: Developed in 2015, Ethereum is a blockchain platform with its own cryptocurrency, called Ether (ETH) or Ethereum. It is the most popular cryptocurrency after Bitcoin.
How to pay using Cryptocurrency?
We use Coinbase Commerce to accept crypto payments. The platform is a fast and secure way to make payments with ease. With a Coinbase account, users can also manage and sell their crypto for cash. So what are you waiting for? If you’re looking to make a purchase at Yoga Studio Store today, consider paying with crypto. It’s easy and convenient.