How to Spend Bitcoin and Other Cryptocurrencies – The Dough Roller
Bitcoin and other cryptocurrencies are confusing to the average American, to say the least. These coins, which aren’t actually coins, can be interesting to invest in, but they’re also very difficult to spend.
However, it’s getting easier to spend. it can still take several days to complete any transaction with bitcoin, ethereum or other cryptocurrencies. buying them can be difficult. you will have to register with an exchange, deposit money, verify your information, wait and then buy and withdraw your coin.
Reading: How do you spend bitcoin
That said, things are looking up a bit from an expense standpoint. Here, we will summarize how and where to spend your cryptocurrencies, as well as how to transfer the coins to a master card that allows you to spend more like a credit card.
how to store cryptocurrencies
Before we dive into how to spend your cryptocurrency, let’s briefly talk about how to store it. You have a few different options, just like you do with the old US dollars. With your usual money, you can save it in a bank and spend it digitally through a bank transfer or PayPal. Or you can use a card like a debit or credit card to spend money. and of course you can also store cash in your wallet and spend it from there.
This is similar with cryptocurrencies. you can get a wallet for your cryptocurrency. you can use a software-based wallet on your desktop or online wallets that you can access from anywhere. mobile wallets allow you to transfer and spend cryptocurrencies from your phone. another option is a hardware wallet, which is a usb device that stores your cryptocurrency keys electronically.
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Finally, some outlets offer paper wallet services, which are similar to cash. with this, you will have a sheet of paper with two qr codes. one is how you receive cryptocurrencies and the other is how you spend them.
cryptocurrency debit cards
One way to spend your cryptocurrency is to connect it to a debit card. this allows you to spend it like cash. Cards are issued by major credit card companies, including Visa and MasterCard. so wherever a visa is accepted, you can spend your cryptocurrency.
Different types of cryptocurrencies have different cards available. and many of them are connected to specific cryptocurrency market and storage options. so this is something to keep in mind when deciding how to spend your cryptocurrency.
More of these cards are available for bitcoin as it remains the most popular form of cryptocurrency. but other currencies are also starting to catch up.
related: best bitcoin debit cards
debit cards and prepaid cards for bitcoin
here is a quick list of debit cards you can use with crypto:
- coinsbank: This cryptocurrency exchange offers four different cards, each with different features and fees. The cards automatically convert bitcoin into several different currencies, including US currencies. uu. dollars and pounds sterling.
- xapo: This card connects your xapo account to a card, allowing you to pay in stores or online or get cash. It also comes with an app to help you keep track of your spending and the current value of bitcoin.
- uquid: This card is for eligible users of a uquid account. works with gbp, eur and usd.
- cryptopay.me: this is a prepaid card with low fees. it comes with a plastic and a virtual version, so you can choose the one that best suits your current needs. Again, this card works with GBP, USD, and EUR.
- Spetrocoin: This prepaid card allows you to cash out bitcoins at any ATM worldwide. you can also use it as a debit card. cards can be used in usd, eur or gbp.
- bitpay: this visa-branded card allows you to load your bitcoins from your virtual wallet. you can then withdraw cash or use the card at retail stores.
- wirex: This card has a strong online banking application specifically for bitcoin. allows you to store your bitcoin in a digital wallet and then use the card to spend it as dollars.
- bitstamp – This is another virtual wallet option that also offers a plastic prepaid debit card that you can fund with bitcoin .
- satoshitango: This card allows you to buy bitcoins and then transfer them to a debit card.
altcoin debit cards and prepaid cards
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The cards mentioned above are usually bitcoin-only, though some, which we’ll also highlight here, work with other cryptocurrencies as well. If you want to use other altcoin options, you can check the list of prepaid and debit cards below:
- project that will accept bitcoin as well as a variety of other cryptocurrencies.
places to spend crypto directly
In general, the easiest option for using bitcoin is probably to choose one of the above wallet/debit card combinations. however, these do involve fees. therefore, if you want to spend your crypto directly, several online retailers accept it as a form of payment.
According to this article, many of the retailers that accept cryptocurrencies use third-party processors, such as bitpay and cryptopay. As always, it is advisable to understand how the payment system works and what fees may be involved before entering.
- streitwise: investing in real estate with bitcoin (btc) and ethereum (eth) has never been easier. streitwise’s escrow agent, primetrust, will facilitate your payment to the seller. Plus, there’s an iOS app to access statements, deposit funds, and view your investments.
- Overstock: This online retail giant was an early adopter of cash-based payments. bitcoin. process payments through coinbase, and you can spend from your virtual bitcoin wallet at checkout.
- microsoft: you can actually store your microsoft account with bitcoin. You can only use these backgrounds in the windows and xbox online stores. they cannot be used to purchase items from the microsoft online store.
- virgin galactic: This company aims to make everyday space tourism a reality. Since it’s futuristic in nature, it’s no surprise that you can also buy its products with bitcoin.
- save the children: If you’re feeling idealistic, you can use bitpay to directly donate bitcoin to save the children, an organization that aims to meet the basic needs of at-risk 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, getting a domain name is essential. now you can pay for one in bitcoin with namecheap.
- wikimedia: you can donate to the company behind wikipedia with bitcoin.
- fancy.com: this site is like a social network for shopping. displays items for sale in a feed similar to pinterest-meets-facebook. and you can buy directly from the feed, with fancy acting as the intermediary between you and the seller. accepts bitcoin as payment.
- expedia: This popular travel booking company allows you to pay for hotels with bitcoin.
- newegg: This is a great place to check out new tech gadgets and more, and accept bitcoin through your digital wallet.
payment processors that accept cryptocurrencies
The list above includes larger companies (and some startups) known to accept cryptocurrencies. but it is possible that we will see this trend of cryptocurrencies as a form of payment grow. That’s because several payment processing systems popular with nonprofits, small businesses, and even larger retailers now accept bitcoin.
shopify, a processing system used by many local small businesses, allows businesses to accept bitcoin payments. and popular payment app square is rolling out bitcoin marketplace options that can allow customers to purchase goods and services with cryptocurrencies. Finally, the payment processor fringe allows businesses to embed a bitcoin payment form directly on their websites.
With the addition of these popular payment processing systems, you may be able to spend your bitcoins at many local and online stores.
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