Investing in bitcoin and all other cryptocurrencies is fun and exciting, but how can digital currency really be used? This guide shows you how to spend bitcoins and other cryptocurrencies. It can be interesting to invest in these currencies, but it is also very difficult to spend them. However, spending is getting a bit easier. Any transaction with Bitcoin, Ethereum, or other cryptocurrencies can take several days to complete. Buying them can be difficult. You have to sign up for an exchange, deposit money, verify your information, wait, and then buy and withdraw your currency.
How do you store crypto?
Before we dive into using cryptocurrencies, let's briefly explain how to save them. Like the good old American USD, there are several different options. You can store "normal" money in a bank and use it digitally via bank transfer or PayPal. Alternatively, you can spend your money using a card such as a debit card or credit card. And of course, you can also store cash in your wallet and use it from there. This is similar to cryptocurrency. You can get a "wallet" for your cryptocurrency. You can use a software-based wallet on your desktop or an online wallet that you can access from anywhere. Mobile wallets allow you to transfer and use cryptocurrencies from your mobile phone. Another option is a hardware wallet, which is a USB device that electronically stores cryptocurrency keys. Finally, some stores offer cash-like paper wallet services. This leaves a sheet of paper with the two QR codes on it. For one, you get a cryptocurrency, and for the other, you use it.
Crypto debit and prepaid cards
One way to use cryptocurrency is to connect it to a debit card. This allows you to use it as cash. Cards are issued by major credit card companies, such as Visa and MasterCard. Therefore, you can use cryptocurrencies wherever your visa is accepted. Different types of cryptocurrencies can be used with different cards. And many of them are connected to specific cryptocurrency market and storage options. Therefore, this is something to consider when deciding how to use cryptocurrencies. Many of these cards are still in the most popular cryptocurrency format and can be used with Bitcoin. But other currencies are starting to catch up.
Here is a short list of debit cards you can use with cryptocurrency:
Shift Card: This Visa card allows you to log into your Coinbase account to issue cryptocurrency online and offline.
CoinsBank: This cryptocurrency exchange offers four different cards, each with different functions and fees. The cards automatically convert Bitcoin to various currencies, including US dollars and British pounds.
Xapo: This card links your Xapo account to a card that you can use to pay or receive cash in-store, online. It also comes with an app that will help you keep track of your spending and the current value of Bitcoin.
Uquid: This card is intended for authorized users of a Uquid account. It works with GBP, EUR and USD.
Wirex: This card has a robust online banking application specifically designed for bitcoin. It allows you to store bitcoins in a digital wallet and then use the card to spend dollars.
BitStamp: This is another virtual wallet option that also offers a plastic prepaid debit card that you can fund with Bitcoin.
Ten X: This is another virtual wallet that allows you to spend bitcoin even in real life.
Satoshi Tango: This machine allows you to buy bitcoins and then transfer them to a debit card.
Places you can use your crypto
Overall, the easiest option to use Bitcoin is probably to choose one of the wallet / debit card combinations above. However, there is a charge for these. Therefore, if you want to use cryptocurrency directly, some online retailers accept it as a payment method. As always, it's wise to understand how the payment system works and what charges can be incurred before you start.
Streitwise: Investing in real estate with Bitcoin (BTC) and Ethereum (ETH) has never been easier. Primetrust, Streitwise's escrow agent, makes it easy for you to pay sellers. In addition, there is an iOS app for accessing account statements, depositing funds and viewing investments.
Overstock: This online retail giant was one of the early adopters of bitcoin-based payments. You can process payments through Coinbase and use them from your virtual Bitcoin wallet at checkout.
Microsoft: You can actually use Bitcoin to store your Microsoft account. These funds are only available in the Windows and Xbox online stores. It cannot be used to purchase items from the Microsoft Online Store.
Virgin Galactic: This company aims to realize everyday space tourism. You can also buy the product with Bitcoin because it is futuristic in nature. Save the Children: If you feel ideal, you can use Bitpay to donate Bitcoin directly to Save the Children. This is an organization that aims to meet the basic needs of endangered children around the world.
Save the Children: If you feel idealistic, you can use BitPain directly to donate to Save the Children, which aims to meet the basic needs of vulnerable children around the world.
eGifter: This website allows you to buy all kinds of gift cards online, and you can buy most of them with bitcoin.
NameCheap: If you are interested in launching a new brand or website, you need to get a domain name. You can now pay in bitcoin with NameCheap.
Wikimedia: You can donate with bitcoin to the company behind Wikipedia.
Fancy.com: This site is like social media for shopping. It displays items for sale in a feed like Pinterest-meet-Facebook. And you can buy directly from the feed, with Fancy acting as an intermediary between you and the seller. It accepts bitcoin as a form of payment.
Expedia: This popular travel booking company allows you to pay for hotels with bitcoin. NewEgg: This is a great place to look for new tech gadgets and more, and it accepts bitcoin through your digital wallet.
PizzaForCoins: Got some extra bitcoins due to rising prices and hungry for pizza? PizzaforCoins can convert your cryptocurrency (they accept over 50) into hot pies from your favorite local pizza places.
Investing For Life does not give financial advice and is only here for education. Investing For Life hopes you have found a way to spend your cryptocurrency.
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