Not Able to Use PayPal? Honeygain Got You Covered: BTC Payout. Explained
Are you a crypto believer? If yes, probably you already know what you need and when we announced about BTC payout - you likely thought - finally!
For all the other Honeygainers - we are here to help and cover everything you need to know about BTC payout.
At the end of 2020, we introduced one more method of withdrawing your earnings, thus speaking a lot about 2020 being cryptocurrencies year, Bitcoin reaching 16K, etc. We are currently at the second month of the year, and Bitcoin’s value is..tremendous. The graph of its value speaks for itself. And, not to be bragging but since Honeygain started with BTC payouts bitcoin tripled its value... Just saying.
Why are we speaking about bitcoin, anyways?
Worldwide interest overtime is increasing, yet not everyone knows how to use Bitcoin. One of the reasons why we introduced BTC payout is to simplify the process and allow using Honeygain there, where PayPal is a bit of the problem. Interestingly, Honeygain withdrawal requests of BTC between January and February increased by 3%, overall taking 30% of total payments, and these statistics are just after the first four months of existence.
Honeygain withdrawal requests of BTC between January and February increased by 3%, overall taking 30% of total payments
List of countries that are not supported by PayPal: Antarctica, Afghanistan, Cuba, Bouvet Island, British Indian Ocean Territory, Cameroon, Central African Republic, Christmas Island, Equatorial Guinea, Haiti, Heard Island, And Mcdonald Islands, Iran, Iraq, North Korea, Lao, Lebanon, Liberia, Libya, Nigeria, Pakistan, Papua New Guinea, Serbia and Montenegro, Sudan, Syria, Zimbabwe.
Moreover, PayPal announced shutting down India’s domestic payments business (starting from 1 April 2021). Hopefully, your origin country continues to support it. Although to be secured, this is one more reason to check out how to get those payments in BTC.
How BTC payouts in Honeygain works:
Once you reach the required withdrawal amount (minimum $20), request and choose the BTC payment method.
Honeygain will proceed with your payment of $20+ in BTC within two business days to your wallet.
Use the free bitcoin cash for purchases, investments, transactions, or anything else.
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Some of the BTC wallet to choose from
Here your choice should be wise. Regarding each wallet, make sure you read everything about it before agreeing to terms & conditions, measure essential steps in advance. Remember, it is your responsibility to choose the wallet and know good practices for protecting your money. We collected some of the BTC wallets’ list for you, providing pros & cons. Besides, you are always welcome to check out more wallet options.
20+ currency conversion rates
Low transaction fees
Built-in crypto trading features
Only support 6 cryptocurrencies
Centralized Low anonymity Stores your private keys on their servers
Supports over 100 cryptocurrencies
Not strong in customer support
Custodial Wallet (explained: “all of the private keys found within do not belong to you - instead, they are kept by the company behind the wallet”)
Some transaction fees might occur
Price of BTC in real-time
No transaction fees
Xapo Vault function
Supports only bitcoin (if you decide to buy other cryptocurrencies, Xapo might be not a wise choice)
Super security measures (multi-signature technology)
Medium level anonymity
Trading in over 100 coins & tokens
Centralized verification (time-consuming depending on a single server)
Multiple support channels
Supports 115 crypto assets
No fees for sending or receiving assets
No fee support for alt-coins
Closed source software
Concern about holding your assets in BTC?
If you are concerned about crypto assets instability, we have a tip for you. You might hear that exists a USDC coin. - “A USDC is a token that is worth exactly 1 USD. Its value is going to stay stable against USD — hence the name stable coin for this type of coins.” With that in mind, you might want to check wallets that have an option USDC coin. That way you would simply need to exchange your earned BTC assets from Honeygain into this coin. It will promise you the stability of value.
Also, another way of getting stability - after transferring BTC assets to your wallet, exchange it into any currency you prefer and hold it there or even transfer it to your bank account.
What do you need to open a BTC wallet?
Usually more than one password or key. (tip: save it in more than one place!)
2FA two key factor authentication (application on your phone)
Depending on the wallet which supports BTC, you must understand that it is not equivalent to a bank account. Some wallets do not require a lot of your personal information or ID approvals, giving you an opportunity to collect your assets in an anonymous way.
Are there any alternatives to PayPal?
Yes. You can always find some alternatives. If you think that PayPal is the best option for you but you are not using Honeygain because PayPal is not supported in your location - we have another way. Instead of using PayPal, try to open an account on similar platforms that could hold your assets. Withdraw the money from Honeygain in BTC wallet and then transfer it to any other platform in dollars supporting online payments.
Some of the alternatives: Payoneer, Skrill, Google Pay Send, Stripe, and some
To sum up
If your region does not support PayPal - try to open a BTC wallet and exchange it for any currency you use, or simply hold your assets there until you decide what to do with it. To earn free money was never so easy!
If you are still not sure about the payouts method - contact us! Or find all the details and FAQ on our support page.
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