We now accept cryptocurrency payments, so now BTC (Bitcoin), BCH (Bitcoin Cash), LTC (Litecoin), and ETH (Ethereum) can be used as a method of payment. This can be used in any country globally and for any product on our site with no restrictions.
We have gone with elegro for our crypto payment gateway. If you are unfamiliar with this please check out elegro personal where you are able to trade, transfer, store and track your crypto as well as the elegro wallet. This will give you all the tools you need to be able to start using crypto yourself.
Another bonus with this is if you live or are ordering from a country outside of the countries listed below, you can pay in normal currency through the elegro wallet. These limitations were due to our existing payment gateway setting it up where only people could order within the listed countries.
Countries: Algeria, Belgium, Croatia, Cyprus, Czech Republic, Estonia, France, Germany, Greece, Hungry, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Netherlands, Norway, Poland, Romania, Slovenia, Spain, Sweden, U.K)
So if you are a crypto user or enthusiast and looking for either vaping or CBD products we invite you to use this method right here on Vape Resources!
What are Cryptocurrencies?
Cryptocurrencies are digital currencies built around a technology called blockchain. This allows cryptocurrencies to function in a decentralised way which is just a way of stating that they are independent or major banks and other traditional financial institutions.
As well as verifying transactions, blockchain plays a critical role in the creation of cryptocurrency tokens or coins, which is the units of currency, into the world economy through a process called mining. Miners use powerful computers to solve algorithms on the network. When one is successfully solved, a transaction is added, or a new block to the blockchain. The miner is rewarded with a token for solving each algorithm.
Bitcoin was the first cryptocurrency that came to market in 2009 and has lead the way for thousands of other crypto’s (or Alt Coins) since then including Ethereum, Litecoin, Bitcoin Cash and many more.
Advantages of using Cryptocurrencies:
Lower Fees: The fees associated with crypto transactions are far less than those associated with debit, credit cards as well as wire transfers and BACS payment.
International Use: Crypto has no border so these can be used no matter where you are located globally. This also has a huge effect in international payment fees. Traditionally international transfers have much higher fees than domestic transfers and payments. International payments and transfers with crypto are the same as domestic
Safe Mobile Payments: As the world continues to go more digital and mobile crypto allows you to conduct mobile payments faster, safer and easier due to the decentralised nature.
Take your currency anywhere: As this is managed digitally within the blockchain, you do not need to worry about claiming large sums when traveling internationally. For example when traveling into the UK if you have more than 10000EUR you must declare it on entering. You can find that info here.
Crypto is Your Own Property: As long as you have your password / passphrase of your digital wallet, the crypto is completely under your management and ownership. This is different from if you put your money in a bank account which from a legal standpoint is no longer yours. When you deposit money into a bank you become a creditor of the bank which manages your money on your behalf. When you have a transaction with “your money” the bank acts as an intermediary between you and a third party. In these situations, you trust the bank to carry out these transactions as you intended. With crypto you deal directly with other people without the bank working as an intermediary. Transactions are peer-to-peer or people to people.
Banking for the unbanked: According to figures from Forbes in 2018 worldwide 1.7 billion adults do not have access to a bank account. Crypto and blockchain make it possible for people to carry out transactions via a mobile phone or internet connection instead of needing a bank account with a financial institution.
Integrity of Transactions: The trust for a transaction with crypto does not come from an institution like a bank. It comes from the script or code from the crypto that you are using. A phrase that is used regularly is “trust the code”. As more people use a specific blockchain, more security is created through better encryption that is built through the code. The history or duration of a blockchain shows the trust users have in that blockchain.
High Level of Privacy: When you make transactions through a bank you are required to provide extensive personal information. This is done when setting up even a basic bank account. For cryptocurrency that personal information is not required, and the transactions take place anonymously. The degree of privacy and anonymity varies from what crypto it is.
Full 24/7 Traceability of Transactions: Each transaction within the blockchain is verified by a decentralised network of devices (called nodes) which are stamped on time and linked to the previous transaction which creates a chronological series of transactions. The register of these successive and irreversible transactions is continuously synced and updated on all devices that are within that blockchain network. This makes it where it is impossible for a third party to manipulate any transaction. Everyone can verify if a transaction has taken place of not. Each transaction can be followed anonymously by everyone via the block explorer.
Divisible Over As Many Crypto Bank Accounts As You Want: You can create as many account numbers or addresses as you want within your wallet. This allows you to manage things as you want to.
Decreased Risk: Each blockchain has thousands of devices that participate, so if a few devices somehow go down it is not a problem. Due to the decentralised nature of the blockchain network it is impossible for a central authority to intervene with or suspend a blockchain project.