Unable to Use PayPal? Honeygain's Got You Covered: BTC Payout Explained
Updated: Apr 28
Are you a crypto believer? If you are, you probably thought "Finally!" when we announced we're introducing BTC payouts a few months back. Needless to say, you already had everything you needed to collect yours, and couldn't wait to get started.
However, not everyone who's interested in crypto has already tried dipping their toes in its fascinating world. Luckily, we are here to help all the Honeygainers who are still newbies with crypto, and cover everything they need to know about BTC payouts.
Let's go back a few months...
At the end of 2020, we introduced one more method of withdrawing your earnings to serve both crypto enthusiasts and people who simply don't (or can't) uses PayPal. There was a lot of talk about 2020 being the year of crypto currencies, Bitcoin reaching the incredible heights of 16K, and so on. Surely you heard all that.
Fast forward a few months, we are currently in February – the second month of the year – and the value of bitcoin is... tremendous. The graph we've included under this paragraph speaks for itself. And well, not to brag, but ever since Honeygain started handing out BTC, its value has tripled... We're just saying ¯\_(ツ)_/¯
Why are we even talking about bitcoin, anyways?
We're happy to announce that the number of Honeygain payout requests in BTC increased by 3% in February: they now make up 30% of all payments (don't forget these are the numbers after only four months of providing the option!) However, there's still a lot of space to grow – even though the interest in cryptocurrencies worldwide keeps increasing, not everyone knows exactly how to use Bitcoin just yet.
Honeygain withdrawal requests of BTC between January and February increased by 3%, overall taking 30% of total payments
One of the reasons why we introduced BTC payouts is to simplify the process and allow using Honeygain there, where PayPal is a bit of the problem.
Here's a list of countries and territories 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, and Zimbabwe. Moreover, PayPal announced it will be shutting down India’s domestic payments (starting from April 1, 2021).
Hopefully, your country of residence continues to support it – however, a chance to stay secure is just one more reason to check out how to get those BTC payments.
Here's how BTC payouts work in Honeygain work:
Once you reach the required withdrawal amount ($20), request a payout and choose the Bitcoin payment method.
Honeygain will proceed with your payment of $20+ in BTC to your wallet within 2 business days.
Use the free bitcoin cash for purchases, investments, transactions, or anything else!
Not a Honeygainer yet? Download the app and register using the ‘sweetmoney’ coupon code to get your first $5 for free! 👇
Some BTC wallet options
This is something you should choose wisely. Make sure you read all the information you can find about any wallet and evaluate its pros and cons before agreeing to its Terms and Conditions. Remember, it is your responsibility to choose the wallet and follow the good practices for protecting your money!
We created a list of some of the BTC wallets available now and provided their primary pros and cons. Of course, you are always welcome to do your own research and discover more wallet options!
✅ 20+ currency conversion rates
✅ Low transaction fees
✅ Built-in crypto trading features
❌ Only supports 6 cryptocurrencies
❌ Centralized ❌ Low anonymity ❌ Stores your private keys on their servers
✅ Supports over 100 cryptocurrencies
✅ Fiat–crypto trading
❌ Weak customer support
❌ Custodial wallet
❌ Transaction fees might occur
✅ Price of BTC in real-time
✅ No transaction fees
✅ Xapo Vault function
❌ Only supports Bitcoin
✅ Super security measures (multi-signature technology)
✅ Medium-level anonymity
✅ Trading in over 100 coins and tokens
❌ Centralized verification
✅ Multiple support channels
✅ Supports 115 crypto assets
✅ No fees for sending or receiving assets
❌ Closed-source software
Concerned about holding your assets in BTC?
If you are concerned about crypto assets being unstable, we have a tip for you. You might have heard about a USDC coin, also known as a stablecoin. This means it's worth exactly $1, and this value is not about to change. With that in mind, you might want to look for wallets that supports USDC coins, and then simply exchange the BTC you earn with Honeygain into this coin. This will guarantee you the stability of value!
There's one more way to minimize the risks: after transferring BTC to your wallet, exchange it into any currency you prefer and hold it there, or even transfer it to your bank account.
Are BTC wallets really safe?
The security of your assets in crypto is usually guaranteed by two methods:
There's usually more than one password or key (tip: save it in more than one place!)
2FA (two-key factor authentication – using an application on your phone)
No matter which BTC wallet you pick, you must understand that it is not an 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 anonymously.
Are there any other alternatives to PayPal?
Yes, you can always find alternatives. If you still believe 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 option to offer. Instead of using PayPal, try to open an account on a similar platform that could hold your assets (Payoneer, Skrill, Google Pay Send, Stripe, etc.). Withdraw the money you earned with Honeygain into a BTC wallet, and transfer it to any other platform that supports online payments in dollars.
To sum up
Become a Honeygainer and earn smart passive income effortlessly. And here's a tip: use the 💸 ‘sweetmoney’ 💸 coupon code to get your first $5 for free!