A Practical Guide to Cryptocurrency

Why This Guide Exists

Right now, the infrastructure that allows money to move from one person to another sits in the hands of a small number of powerful financial organizations — Visa, Mastercard, PayPal — that operate with remarkably little transparency or accountability. For most people, this is an invisible problem. You swipe your card, the payment goes through, and you never think about the gatekeepers in the middle. But for independent artists, especially those in vulnerable or marginalized communities, the gates have started closing.

Artists have watched Visa and Mastercard shut down their ability to receive payments — not because they broke any law, but because their work covered themes the card networks found objectionable. The same card networks have no issue facilitating transactions for major publishers and studios producing content with identical themes. The pattern is hard to miss: the artists who lose access to payment processing tend to be independent creators without institutional backing, and they disproportionately belong to communities that were already marginalized.

This guide will give you the practical knowledge you need to use cryptocurrency as an alternative method for receiving payments.

How a Crypto Transaction Compares to a Wire Transfer

Both a bank wire transfer and a cryptocurrency transfer share one important characteristic: they are permanent, irreversible transactions. Once the money is sent, it's gone. There is no "undo" button, no recall, no chargeback. If you send a wire to the wrong account or crypto to the wrong address, you are relying on the goodwill of the recipient to return it. This is the baseline reality that both systems share.

Where they diverge is in how much of yourself you expose in the process.

When you send money through a bank wire, the transaction passes through a chain of intermediaries. Your bank talks to a clearinghouse, which talks to another clearinghouse, which talks to the recipient's bank. International wire transfers use the SWIFT network, which can involve multiple correspondent banks. Each step requires identifying information. A typical international wire transfer requires your full legal name, bank account number, routing number, physical address, and often government-issued identification. The recipient's bank receives much of this information as well. Every intermediary in the chain sees some portion of your personal and financial details, and each one stores it according to their own data retention policies.

When you send cryptocurrency, the transaction goes directly from your wallet to the recipient's wallet. There is no bank, no clearinghouse, no SWIFT network. Instead, the transaction is verified by a decentralized network of computers (called "validators") and recorded on a shared public ledger (the "blockchain"). The only information visible in the transaction is your wallet address (a string of letters and numbers), the recipient's wallet address, and the amount. No names, no bank accounts, no physical addresses. This happens 24 hours a day, 7 days a week, including holidays, and most modern blockchain transactions confirm in seconds to minutes rather than the 1-5 business days a cross-border wire typically requires.

The trade-off is responsibility. With a bank wire, the intermediaries are keeping records, enforcing compliance, and providing a paper trail. With crypto, you are your own bank. If you lose access to your wallet, no one can recover it for you. There is no customer support line. The privacy and autonomy come with the expectation that you will manage your own security — which this guide will help you do.

There is one more practical difference worth understanding, because it affects the real cost of using crypto: converting your cryptocurrency back to your local (fiat) currency will usually involve a fee. This conversion step — called an "off-ramp" — typically means selling your crypto on an exchange and withdrawing to your bank account, incurring a trading fee (usually 0.1-0.5%) and sometimes a withdrawal fee. This is the hidden cost that crypto fee comparisons sometimes leave out, and it's exactly why we need to look at the full picture.

The Fee Comparison

This is the section that tends to surprise people the most — but only if you account for the full cost, including that off-ramp fee we just discussed.

What traditional payment processors charge freelancers and small businesses:

PayPal domestic transactions (U.S.) cost approximately 2.9% + $0.30 per transaction. International transactions jump to approximately 4.4% + $0.30, plus a cross-border surcharge. PayPal also applies a 3-4% markup above the mid-market exchange rate for currency conversion. The effective total for international payments with currency conversion is often 6% or higher.

Visa and Mastercard processing fees for small businesses typically run 1.5-3.5% per transaction, depending on the card type and payment processor. International transactions add cross-border fees of roughly 1-2%. If you're using a platform like Stripe or Square that sits on top of the card networks, you're paying their markup too.

On a $500 international commission payment through PayPal, you could lose $30-$35 or more before the money reaches your account. Through a card processor, you might lose $15-$25.

What a stablecoin transfer costs on common blockchains:

TON (Telegram's blockchain) typically costs a few cents per transaction. TRON runs approximately $0.72 per USDT transfer after the August 2025 fee reduction (down from ~$2.47), with some wallets offering gas-free USDT transfers. Solana is typically under $0.01 per transaction. Ethereum is variable, often $0.50-$5.00 depending on network congestion.

On that same $500 commission, a stablecoin transfer might cost you a few cents to a dollar, regardless of whether the sender is across town or across the world.

Now add the off-ramp: When you convert that stablecoin to your local currency through an exchange, you'll pay a trading fee (typically 0.1-0.5%) and possibly a withdrawal fee. On $500, that might add $1-$3. Your total cost for receiving an international $500 payment via stablecoin, including the off-ramp, might be $2-$5. Compare that to PayPal's $30-$35.

Even with the off-ramp fee included, the cost savings are dramatic for international transactions. The gap narrows for domestic transactions where card processing fees are lower, but for cross-border payments — which are the bread and butter of many independent artists working with international clients — cryptocurrency is significantly cheaper.

Important context: PayPal offers buyer protection and dispute resolution, which crypto does not. If you're working with a new client you don't fully trust, PayPal's dispute mechanism has real value. For established relationships where trust isn't in question, the fee savings of crypto can be substantial.

The Three Types of Cryptocurrency You Need to Know

Not all cryptocurrencies are created for the same purpose. Understanding the three main categories will save you from expensive mistakes.

Stablecoins (Price-Stable Currencies)

These are the cryptocurrencies designed to maintain a 1:1 value with a traditional currency like the U.S. dollar. They achieve this by holding reserves of actual dollars, treasury bonds, or other stable assets. One USDT is designed to always be worth approximately one U.S. dollar. You can receive a payment of 500 USDT today and it should still be worth approximately $500 tomorrow, next week, or next month.

Examples: USDT (Tether), USDC (Circle), DAI, TUSD

For an artist or small business owner, stablecoins are almost certainly what you want to use for transactions. They are the 1-for-1 digital currency that works the way you'd expect money to work.

The two stablecoins you'll encounter most often:

USDT (Tether) is the largest stablecoin by market capitalization. It is available on virtually every major blockchain and is the most commonly used crypto for peer-to-peer transfers worldwide. It has faced questions about the transparency of its reserves over the years, but it has consistently maintained its peg through multiple market crashes.

USDC (USD Coin by Circle) is the second-largest. It publishes regular attestation reports about its reserves and is generally considered the more transparent of the two. It's widely available but not quite as ubiquitous as USDT in some regions and on some chains.

For day-to-day business, the practical difference between USDT and USDC is minimal. Use whichever one your clients and chosen blockchain support most readily.

One important warning: Not all "stablecoins" are actually stable. Some so-called stablecoins use algorithmic mechanisms rather than real reserves to maintain their peg. The most famous example was TerraUSD (UST), which collapsed spectacularly in 2022, wiping out approximately $40 billion in value. Stick with USDT or USDC. If someone asks you to accept payment in a stablecoin you've never heard of, research it before accepting.

Native Coins (Infrastructure Tokens)

Now that you know what stablecoins are, you need to understand why you'll occasionally encounter another type of cryptocurrency you probably don't want — but might still need in small amounts.

Native coins are the currencies that power a blockchain's operations. Think of them like gasoline for a car — the blockchain needs them to function. When you send a stablecoin transaction, the blockchain charges a small fee (called "gas") to process it. That gas fee is usually paid in the blockchain's native coin.

Examples: ETH (Ethereum), SOL (Solana), TON (Toncoin), TRX (TRON)

Here's why you don't want to hold native coins as currency: they fluctuate in value, sometimes dramatically. A native coin might drop 30% in a week. They are not the stable, predictable currency you need for business. Think of them strictly as the "utility fee" you pay to use the network — buy only what you need to cover transaction costs, and nothing more.

The good news: some newer "gas free" wallet designs are eliminating this hassle by deducting gas fees directly from the stablecoin itself, so you may not even need to think about native coins depending on which wallet and blockchain you choose.

Memecoins (Speculative / Community Tokens)

These are cryptocurrencies created primarily for entertainment, speculation, or community building rather than practical utility.

Examples: DOGE (Dogecoin), SHIB (Shiba Inu), PEPE, and thousands of others

Memecoins are what they sound like — tokens built around internet culture and hype. Their prices are driven almost entirely by speculation and social media momentum. They can gain 1,000% in a week and lose 99% the next.

If you are looking for reliability, avoid memecoins entirely. They are not appropriate for business transactions. Do not accept them as payment unless you enjoy gambling. We mention them here only so you can recognize them and steer clear.

What Happens When Crypto Is Sent to the Wrong Blockchain?

This is one of the most important safety concepts for newcomers, and it's the kind of thing nobody explains clearly enough.

Most popular cryptocurrencies and tokens exist on multiple blockchains. USDT, for example, exists as a token on Ethereum, TRON, Solana, TON, and many other networks. These are all "USDT," but they live on completely separate networks that do not talk to each other.

The critical rule: You must send cryptocurrency to a wallet address on the same blockchain the token was sent from.

One example: TON (Toncoin) lives on the TON blockchain. A Solana wallet address belongs to the Solana blockchain. These are entirely separate networks with different address formats. In most cases, your wallet will prevent you from doing this because the address formats are incompatible — it would be like trying to dial a phone number with letters. If somehow forced through, the funds would almost certainly be permanently lost.

The more dangerous scenario: Sending USDT-on-TRON to a USDT-on-Ethereum address. Because both are Ethereum-style addresses (some blockchains share address formats), the wallet might not stop you. The tokens would be sent to an address that exists on the wrong network. In some cases, they can be recovered if you control the private keys for that address on both chains. In other cases, they are gone.

How to avoid this:

Always confirm which blockchain the recipient is using before sending.

Double-check that your wallet is set to the correct network.

Send a small test transaction first when dealing with a new recipient or blockchain.

When in doubt, ask the recipient: "What network should I send this on?"

What is a "wrapped" or "bridged" token?

A wrapped token is a representation of a cryptocurrency from one blockchain that has been locked up and re-issued on a different blockchain. For example, "Wrapped Bitcoin" (WBTC) is Bitcoin's value represented as a token on the Ethereum network.

Bridging is the process of moving value between blockchains using a bridge protocol. You deposit your token on one chain, and an equivalent token is created on the other chain. The original is held in a smart contract until you bridge back.

Important: The blockchain doesn't "decide" to wrap or bridge something automatically. Bridging is a deliberate action that a user takes using a bridge service or protocol. It's not something that happens by accident, and it's not a safety net for sending to the wrong chain. Bridges are useful tools, but they introduce additional risks (bridge protocols have been hacked in the past), so they're best used intentionally and with established services.

Why bridging explains Bitcoin's continued use in everyday trading:

You might wonder why people still trade Bitcoin if, as this guide has explained, transacting on the Bitcoin blockchain itself is slow and expensive. The answer is bridging. Wrapped Bitcoin (WBTC) and similar bridged versions of Bitcoin allow people to hold and trade Bitcoin's value on faster, cheaper blockchains like Ethereum or Solana — without ever touching the original Bitcoin network. They get exposure to Bitcoin's price without paying Bitcoin's transaction fees. This is a significant part of why Bitcoin remains actively traded in everyday markets: much of that trading is happening on other blockchains through bridged tokens, not on Bitcoin's own network.

Setting Up Your Crypto Wallet

A crypto wallet is software that stores your private keys — the cryptographic passwords that prove you own your cryptocurrency. The crypto itself lives on the blockchain. Your wallet lets you access it.

Custodial vs. Non-Custodial Wallets

A custodial wallet is one where a company holds your keys for you. Exchanges like Coinbase or Binance offer custodial wallets. This is like keeping your money in a bank — convenient, but you're trusting the company not to lose it, freeze it, or go bankrupt.

A non-custodial (self-custodial) wallet is one where only you have the keys. No company can freeze your funds, but no company can recover them for you either.

For serious use, most crypto-savvy users recommend non-custodial wallets for long-term storage and larger amounts.

The Seed Phrase: Your Master Key

When you create a non-custodial wallet, you'll be given a "seed phrase" — a sequence of random words. This phrase is a human-readable backup of your private key. Anyone who has these words can access your wallet from any device, anywhere in the world.

This is the single most important piece of information in your crypto life. Write it down on paper. Store it somewhere physically secure. Do not save it as a screenshot, a text file, a note in your phone, or an email to yourself. If someone gets these words, they get your money. If you lose these words and your device breaks, your money is gone forever.

A warning that sounds absurd until it isn't: Be careful not to accidentally include your seed phrase in photographs or selfies. If your seed phrase is written on a piece of paper near your desk and you take a photo that captures it in the background, anyone who sees that image now has access to your wallet. This is not a hypothetical concern — South Korean police famously lost a significant sum of seized cryptocurrency assets because the seed phrase was visible in an evidence photograph they published in a press release. Law enforcement can make this mistake and so can you. Keep your written seed phrase stored away from anywhere it might wander into a camera frame.

Why Are Some Seed Phrases Longer Than Others?

The number of words in your seed phrase determines its cryptographic strength.

A 12-word seed phrase provides 128 bits of entropy (randomness). This means there are approximately 2^128 possible combinations — a number so large it's practically impossible to guess through brute force.

A 24-word seed phrase provides 256 bits of entropy — exponentially more combinations.

Both are considered secure for practical purposes. A 12-word phrase is more than sufficient to protect against brute-force attacks with current and foreseeable technology. A 24-word phrase is preferred for very high-value holdings because it provides a wider margin of safety against theoretical future advances in computing.

For most independent artists, a 12-word wallet is perfectly adequate. If you're storing life-changing amounts of money, consider a 24-word wallet or a hardware wallet.

Hardware Wallets: The Cold Storage Option

A hardware wallet is a physical device (like a USB drive) that stores your private keys offline. Since the keys never touch the internet, they can't be stolen by malware or hackers. Popular options include Ledger and Trezor. Hardware wallets are recommended if you plan to store significant value in crypto long-term, but they're optional for everyday transactions. Take precautions not to lose access to your hardware wallet.

Which Wallet Should I Use?

This depends on which blockchains and tokens you plan to use. Here are some practical options.

For maximum flexibility across many blockchains:

Trust Wallet supports over 100 blockchains and is one of the most widely used non-custodial wallets globally. It's free, available on iOS and Android, and includes features like token swapping and staking. It also has a security scanner that flags potentially harmful transactions. If you're not sure which blockchain you'll end up using, Trust Wallet is a reasonable starting point.

Exodus supports 50+ blockchain networks with a polished interface available on desktop and mobile. It integrates with hardware wallets (Trezor and Ledger) for added security and includes built-in exchange functionality.

For Solana specifically:

Phantom is the dominant wallet for the Solana ecosystem. If you plan to work with Solana-based NFTs or smart contracts, Phantom provides the best experience. It also supports Ethereum and Polygon.

For Telegram/TON:

The TON Wallet is built directly into Telegram. If you and your audience are already on Telegram, this is the lowest-friction option — you can send and receive crypto without installing a separate app. It uses a split-key recovery system tied to your Telegram account and email, which means you don't even need to manage a traditional seed phrase (though you can export one).

Tonkeeper is also worth mentioning as a standalone TON wallet. It has earned a strong reputation in the TON community for its clean, intuitive interface and is widely trusted among regular TON users. If you want a dedicated wallet app for the TON ecosystem rather than using the one built into Telegram, Tonkeeper is the go-to choice.

For Ethereum and EVM-compatible chains:

MetaMask is the most widely used Ethereum wallet with over 100 million users. If you plan to interact with Ethereum-based NFT marketplaces or DeFi applications, MetaMask is the standard.

General advice: Start with one wallet on one blockchain. Get comfortable with sending and receiving small amounts before committing to anything substantial. You can always add more wallets later.

What Is Staking?

When engaging with almost any crypto service, you are often going to see banner ads, pop-ups, and notifications offering you APR yields for staking your crypto. It will be everywhere, and it can be overwhelming if you don't understand what they're asking you to do.

Staking is the process of locking up your cryptocurrency to help validate transactions on a proof-of-stake blockchain. In return, you earn rewards — similar to earning interest on a savings account, but with important differences.

When you stake your tokens, you're essentially saying: "I'll put up this money as collateral to help keep the network running. In return, I get a share of the transaction fees."

Typical staking returns: Staking yields vary by blockchain and market conditions. As a rough guide, staking Ethereum yields approximately 3-4% annually, while other chains may offer higher or lower rates.

Reasons someone might consider staking:

If you're holding native tokens anyway (to pay transaction fees), staking can generate modest passive income on those holdings.

Some wallets make staking simple — often a single button.

Reasons to be cautious or avoid staking:

Lock-up periods: Many staking arrangements require you to lock your tokens for a set period. During this time, you cannot access, sell, or spend them. If you need liquidity for your business, this is a problem.

Slashing risk: If the validator you've staked with behaves improperly or goes offline, a portion of your staked tokens can be "slashed" (permanently destroyed) as a penalty. This risk is small with reputable validators, but it's not zero.

Complexity: Staking mechanisms vary by blockchain and can be confusing for beginners. Mistakes can be costly.

Opportunity cost: Tokens locked in staking can't be used for anything else.

Tax implications: In many jurisdictions, staking rewards are taxable income. Consult a tax professional.

Bottom line for artists and independent business owners: If you're using crypto primarily as a payment rail — receiving stablecoins, converting to local currency when needed — staking is not for you. It's a feature designed for people who want to actively participate in a blockchain's infrastructure or earn yield on holdings. When you see those APR banners in your wallet app, you can safely ignore them. Don't feel pressured to stake anything. It's entirely optional.

Common Scams and How to Protect Yourself

Modern online business has real and persistent scam problems. The crypto space is no exception. Your best defense is knowing what these scams look like.

Phishing Attacks

The most common crypto scam. You'll receive a message, email, or see a website that looks like a legitimate wallet, exchange, or service. It asks you to enter your seed phrase or connect your wallet and approve a transaction. Once you do, your funds are drained.

How to avoid it: Never enter your seed phrase anywhere except your wallet app when recovering a wallet. No legitimate service will ever ask for your seed phrase. Bookmark the real URLs of any services you use and always navigate to them directly.

Telegram users should be especially alert. Phishing attacks on Telegram surged dramatically starting in late 2024, with scammers creating fake groups, bots, and support accounts.

Approval Scams (Malicious Smart Contract Approvals)

When you interact with a decentralized application (dApp), it often asks you to "approve" a smart contract to access your tokens. A malicious dApp can request unlimited access to your wallet's tokens. Once approved, it can drain your funds at any time.

How to avoid it: Only interact with well-known, verified dApps. Read what you're approving before clicking "confirm." Use wallets with built-in transaction simulation that shows you what a transaction will actually do before you sign it. Regularly review and revoke old token approvals.

Fake Token Scams

Someone sends you tokens you didn't ask for, or you find tokens in your wallet you don't recognize. These are often designed to lure you into interacting with a malicious smart contract when you try to sell or swap them.

How to avoid it: Ignore tokens that appear in your wallet unexpectedly. Do not attempt to sell, swap, or interact with them in any way.

Rug Pulls

A "rug pull" is when the creators of a cryptocurrency project take all the invested money and disappear. They create hype, attract buyers, and then sell their own holdings (crashing the price) or simply drain the project's liquidity pool.

How to recognize and avoid them:

Be extremely skeptical of any new token promising extraordinary returns.

Check whether the project's smart contract code has been audited.

Look at whether the team has locked their own tokens (meaning they can't sell immediately).

If a project's liquidity is not locked, the creators can pull it out at any time.

Stick with established tokens and stablecoins for business transactions.

Social Engineering

Someone poses as a fellow artist, a potential client, or a crypto "expert" who offers to help you set up your wallet. They then ask for your seed phrase, or direct you to a fake website.

How to avoid it: Never share your seed phrase with anyone for any reason. Real crypto wallets and services will never ask for it. Be skeptical of unsolicited "help" from strangers, especially in DMs.

The golden rules:

Never share your seed phrase with anyone, ever.

Never enter your seed phrase into a website.

Always verify URLs directly — don't click links in messages.

Send a small test transaction before sending large amounts.

If it sounds too good to be true, it is.

The Environmental Question

If you've spent the last several years angry about cryptocurrency boiling the oceans, this section is for you. Your anger was not misplaced — but the situation has changed dramatically, and understanding why matters.

Proof of Work (PoW): The Old Way

Bitcoin and early Ethereum used a system called "proof of work." In this system, computers compete to solve meaningless math problems. The winner gets to validate the next batch of transactions and receives a reward. The "work" in proof of work is deliberately wasteful — that's the security mechanism. Making it expensive to participate makes it expensive to attack.

The environmental cost is enormous. Bitcoin's network alone consumes approximately 140 terawatt-hours of electricity annually — comparable to the entire energy consumption of a mid-sized country like Argentina. This criticism was, and remains, completely valid for proof-of-work blockchains.

Proof of Stake (PoS): The Modern Approach

Almost every blockchain built in the last several years uses "proof of stake" instead. In this system, validators put up their own cryptocurrency as collateral ("stake"). They're selected to validate transactions based on the size of their stake and some randomization — no competitive math problems, no energy arms race.

If a validator cheats or goes offline, their staked tokens can be "slashed" (destroyed). This creates an economic incentive to behave honestly without needing massive computing power.

The energy difference is staggering. When Ethereum switched from proof of work to proof of stake in 2022, its energy consumption dropped by over 99.95%. Proof-of-stake systems globally use approximately 500 GWh annually, compared to approximately 97,100 GWh for proof-of-work systems. A proof-of-stake transaction can be validated on a computer with as little as 8 GB of RAM.

What this means for you:

Every blockchain recommended in this guide — TON, TRON, Solana, Ethereum (post-2022) — uses proof of stake or a variant of it. If your objection to crypto was the environmental cost of proof of work, that objection does not apply to these networks.

Bitcoin is still proof of work and still energy-intensive. But Bitcoin is not what this guide recommends for business transactions. If someone suggests you use Bitcoin for day-to-day payments, they're giving you outdated advice.

Blockchain Recommendations

Based on the research behind this guide, here are specific blockchains worth evaluating, along with their strengths, weaknesses, and caveats.

TON (The Open Network) — Best for Telegram Users

TON is the exclusive blockchain infrastructure for Telegram, which has over 950 million monthly active users. The TON Wallet is built directly into the Telegram app, meaning you can send and receive crypto without installing any additional software.

Strengths: Extremely low friction if your audience is on Telegram. Cross-chain deposits launched in early 2026, letting users fund their wallets from other major blockchains. Self-custodial wallet with an accessible recovery system.

Caution: Toncoin (the native token) is volatile — it dropped 65% from its early 2025 peak. Use TON for stablecoins (USDT on TON is available), not for holding Toncoin as a store of value. The ecosystem is still maturing relative to more established chains.

TRON — Best for Low-Cost Stablecoin Transfers

TRON hosts over half of all USDT in circulation globally and is the most widely used blockchain for stablecoin transfers. It processes billions of dollars in daily USDT volume and is the default network for stablecoin transfers on many major exchanges.

Strengths: Extremely low and increasingly competitive fees. The network cut fees by approximately 60% in August 2025. Some wallets now offer gas-free USDT transfers where the fee is deducted directly from the USDT being sent, eliminating the need to hold TRX. Massive liquidity and adoption, particularly for international transfers.

Caution: TRON's founder, Justin Sun, has a troubled history with regulators. The SEC sued Sun and his companies in 2023, alleging fraud, wash trading, and undisclosed celebrity promotion schemes. The case was settled in early 2026 with a $10 million fine paid by a Tron-affiliated company, with all claims against Sun dismissed and no admission of wrongdoing. Additional fraud allegations from a former associate emerged in late 2025. None of this necessarily affects the technical reliability of the TRON network itself for sending stablecoins, but you deserve to know who built the infrastructure you're using.

Solana — Best for NFTs and Smart Contracts

Solana is a high-performance blockchain designed for speed and low cost, with strong support for NFTs and decentralized applications.

Strengths: Very fast transactions (often sub-second). Extremely low fees (typically under $0.01). A mature and active NFT ecosystem. If you want to experiment with minting NFTs of your art, creating smart contracts for royalties, or building anything that requires programmable logic, Solana is a strong choice.

Caution: Solana has experienced network outages in the past, though reliability has improved significantly. Its ecosystem is more complex than simply sending stablecoins — there's more to learn, but also more you can do.

Signal + MobileCoin — Worth Knowing About, But Approach With Caution

Signal, the encrypted messaging app, has integrated MobileCoin (MOB) for in-app payments. The privacy features are genuinely strong — Signal can't see your balance, transaction history, or recipients.

Caution: We include this with significant caveats. MobileCoin is 100% pre-mined, meaning the entire token supply was created at launch and distributed by the founders. Signal's founder Moxie Marlinspike served as a technical advisor to MobileCoin before the integration, raising conflict-of-interest questions. MobileCoin was also connected to the FTX collapse through Alameda Research's investment. Liquidity is very thin, and trading options are limited. The privacy technology is interesting, but for a practical payment rail, MobileCoin's small ecosystem, limited exchange listings, and controversial history make it hard to recommend as a primary tool.

What about Ethereum?

Ethereum is the most established smart contract platform and has a massive NFT ecosystem. However, its transaction fees (even post-Merge) are higher than the alternatives listed above for simple transfers. Ethereum is best suited for artists who want access to the largest NFT marketplaces (like OpenSea) or who are building complex smart contract projects. For day-to-day stablecoin payments, the other options listed above are more cost-effective.

What Is a Centralized Exchange?

Before we get to your first practical steps, there's one more concept you'll encounter almost immediately: the centralized exchange, or CEX. Understanding what it is — and what it isn't — will make the next section much easier to follow.

A centralized exchange is a company that operates a platform where people can buy, sell, and trade cryptocurrency. Think of it as a brokerage or a currency exchange counter, but for crypto. Examples include Coinbase, Kraken, Binance, and Gemini.

When you use a centralized exchange, you create an account (with identity verification), deposit money from your bank account, and use the platform to purchase cryptocurrency. The exchange holds your crypto in a custodial wallet — meaning the exchange controls the keys, not you. This is convenient, but it also means you're trusting the exchange with your funds, much like trusting a bank with your savings.

Why you'll probably need one:

For most people, a centralized exchange is the bridge between traditional money and cryptocurrency. It's where you go to turn dollars (or euros, or yen) into stablecoins that you can then send to your own wallet. It's also where you go when you want to convert your crypto back into local currency and withdraw to your bank account — that "off-ramp" we discussed earlier.

What to look for in an exchange:

Reputation and regulatory compliance matter. Stick with exchanges that are licensed to operate in your country, have been around for several years, and have not been involved in major scandals. Coinbase is publicly traded in the U.S. and subject to SEC oversight. Kraken is another long-standing, well-regarded option. Binance is the largest exchange globally by trading volume, though it has faced regulatory issues in several countries.

Fees vary between exchanges, but they're generally in the range of 0.1-0.5% per trade for standard transactions. Some exchanges charge higher fees for instant purchases made with a debit card. Compare before committing.

What a centralized exchange is not:

A centralized exchange is not a wallet for long-term storage. The crypto community has a saying: "Not your keys, not your coins." If the exchange goes bankrupt, gets hacked, or freezes your account, you may lose access to your funds. The collapse of FTX in 2022 demonstrated this risk in spectacular fashion — billions of dollars in customer funds were lost. Use exchanges for buying, selling, and converting, then move your crypto to your own non-custodial wallet for safekeeping.

Your First Steps

If you've made it this far, here's a practical roadmap for getting started.

Step 1: Decide what you're trying to do.

Are you primarily looking to accept payments from international clients with lower fees? Start with stablecoins on a low-cost blockchain (TRON or TON).

Are you interested in minting NFTs or experimenting with smart contracts? Look at Solana.

Are you and your audience already on Telegram? Start with the built-in TON Wallet.

Step 2: Set up one wallet.

Don't try to set up wallets on five blockchains at once. Pick one based on your use case and get comfortable with it.

If you chose TON: Open Telegram, find the Wallet feature, and follow the setup process.

If you chose TRON or Solana: Download Trust Wallet or the chain-specific wallet (Phantom for Solana) and follow the setup instructions.

Step 3: Secure your seed phrase.

Write it down. On paper. Store it somewhere safe — a fireproof safe, a safety deposit box, or at minimum a secure location in your home. Do not photograph it, do not store it digitally.

Step 4: Fund your wallet with a small amount.

Use a reputable exchange (Coinbase, Kraken, Binance, or similar) to purchase a small amount of stablecoins and transfer them to your wallet. Practice sending and receiving with a friend. Get familiar with the process before involving client payments.

Step 5: Do a test transaction.

Send a small amount of USDT to a friend (or to your own second wallet). Confirm it arrives. Now send some back. Congratulations — you've completed your first crypto transaction.

Step 6: Start small.

Offer crypto payments as an option, not a replacement for your existing payment methods. Some clients will prefer it. Some won't. Let the transition happen organically.

Step 7: Stay informed, stay skeptical.

The crypto space changes fast. What's written in this guide reflects the state of things as of early 2026. Bookmark a few reputable crypto news sources. Don't trust anyone who promises guaranteed returns. If you're ever unsure about something, ask in a trusted community before acting.

You don't need to become a crypto expert. You just need to know enough to not get hurt — and to take advantage of a technology that can genuinely save you money and time on the transactions that keep your business running.

This guide was researched and written with the goal of accuracy and honesty. It is not financial advice. The author has no financial relationship with any blockchain, wallet, or service mentioned. Do your own research, start small, and never invest more than you can afford to lose .

The author of this document does not encourage or endorse using any currency, fiat or otherwise, for financial speculation.

An incredible amount of AI was used to research and draft this text. The author doesn't even know how to type an em dash — and blatantly refuses to learn.