Where And How To Spend Bitcoin
By Latest In Crypto on Altcoin Academy
The growing investment interest in Bitcoin has seen huge price growths over its lifetime, but there is still huge growth to come in the adoption of Bitcoin as a usable currency. This guide explores these aspects of Bitcoin, covering how and where to spend your tokens.
How To Store Bitcoin
Cryptocurrency wallets come on different platforms with a variety of different features, and they are the first step to using and spending with cryptocurrencies. A wallet is the equivalent of a bank account for fiat currencies as it provides you a personal account and management interface to send, receive, and store crypto.
Different wallets will have different pros and cons, so choosing the right wallet is a crucial step to the security of your digital assets as well as convenient storage and spending. For example a user that wishes to make regular easy to access transactions may opt for a mobile wallet for transferring and spending on your phone (at the slight detriment of security).
For more information on which wallet to use and why, please see our Cryptocurrency Wallet Guide
Where To Spend Bitcoin
The Bitcoin network of compatibility and support in the world is rapidly and consistently growing, and there is a lot of progress that still has to be made before Bitcoin and other cryptocurrencies are usable for day to day mainstream use. The sections below outline the different ways that Bitcoin can be used at the moment for consumer retail purchases or other purposes
Cryptocurrency Debit Cards
The most convenient way to spend your cryptocurrencies is currently to connect it to a Debit card issued by major credit card companies including VISA and Mastercard, so they can be spent wherever these are accepted.
Some notable merchants who can provide Debit Cards and Prepaid Cards services with Bitcoin:
Retailers That Accept Cryptocurrency Directly
Many large retailers are jumping on board and preparing support for Bitcoin payments, and this can only grow moving forward. A few major examples below:
- Microsoft have accepted Bitcoin payments for Xbox store credits since 2014
- Overstock.com accept multiple kinds of cryptocurrencies for payments and have over a million household items for sale
- KFC Canada have Bitcoin payment support through BitPay and also offered a limited edition “Bitcoin Bucket“
- Playboy accepts payment using cryptocurrencies for adult content
- Namecheap is one of the leading domain name registrants and have accepted Bitcoin since 2013
- NewEgg is an online retailer of electronics and computer hardware
- Purse.io provides a service to pay with Bitcoin on Amazon, the largest online retailer
- AT&T is the first major US mobile service to provide cryptocurrency payment options through BitPay
Payment Merchants
There are some major payment processors that have Bitcoin payment services, so there could be many small businesses that can accept cryptocurrency
- Shopify is used by many local businesses and allows Bitcoin payments
- Cash App by Square is a mobile payment service with Bitcoin compatibility
- Stripe supports Bitcoin payment integration into websites
Gift Cards
For the retailers that do not accept cryptocurrency directly, there may still be the option of purchasing gift cards at eGifter or Gyft to be redeemable at hundreds of large retailers
Transfers To Friends And Family
Bitcoin allows for fast and cheap global money transfers between any two parties so is very convenient for transferring funds to family and friends, especially across nations and borders.
Gambling
Gambling sites have taken an interest in cryptocurrencies as it allows for users to remain anonymous and gamble under less scrutiny from tax collectors and regulation.
BitStarz is a popular and reputable gambling site that caters entirely to cryptocurrency gambling. BitStarz has mobile support and quick withdrawals with 24/7 live chat customer support.
BitStarz provides 20 Free Spins as a Welcome Bonus with no deposit required
Charity Donations
Many charities have set up cryptocurrency donation support as it is an easy and private method of donating. It also ensures that funds are sent directly to the correct stakeholders, as intermediary services will take a cut from traditional donation methods.
Below are a few examples of charities with cryptocurrency donation support.
Traveling
The travel industry has been at the forefront of cryptocurrency adoption and support as it supports customers globally and requires convenience and security for its transactions. As they can easily be converted to different currencies and can be transacted globally it is very convenient for travelers and the overall global travel and tourism industry.
Some examples of major retailers and travel services accepting Bitcoin:
- TravelbyBit is an Australian-based travel booking agency that allows you to pay for your travel services, such as flights, accommodation, cruises, tours, and more, in a range of cryptocurrencies and traditional payment methods.
- Virgin Galactic is Virgin Group’s business unit for commercial space travel and allows for payment in BItcoin.
- CheapAir was one of the first travel agencies worldwide to accept Bitcoin payments (since 2013) and has processed over $5,000,000 of BTC payments. Support for Ethereum payments is on its way as well.
- Ships & Trips Travel are a travel agency that allows Bitcoin payments
How Do I Spend Bitcoin
Spending using Bitcoin is simple and intuitive as long as you have the digital funds ready in your wallet and the retailer has Bitcoin payment support.
The exact details may vary from merchant and wallet use, but in general, the steps are:
- Open your wallet interface to access your digital assets. (A mobile wallet would, therefore, be most convenient for regular retail transactions)
- Most Bitcoin payment processors will provide a QR code at checkout, which represents their Bitcoin address and payment amount altogether. If a QR code is provided then simply scan the QR code and it will pre-fill the recipient bitcoin address and payment amount on your wallet.
- If a QR code is not provided then you will need to manually fill the recipient’s bitcoin address and transaction amount. (Please double-check that the address and amount are correct as transactions cannot be reversed)
Looking to purchase Cryptocurrencies? Please see our Cryptocurrency Exchange Guide with in-depth exchange reviews on which exchange to use and why
