How Can I Spend My Bitcoins? Six Unique Ways to Spend Your Bitcoin!

Earning and possessing Bitcoins is one thing, and spending it is entirely different.

Earning and possessing Bitcoins is one thing, and spending it is entirely different because very few services allow using Bitcoin directly for purchases. However, there are numerous indirect methods for anyone to shop using Bitcoins globally.

Bitcoin is a cryptocurrency that functions with peer-to-peer transactions. It has managed to create a global community that has spawned a new industry of millions of enthusiasts who invest, trade, and use it in their daily lives. While most people own and use Bitcoin, anyone can purchase and sell it and other digital currencies in many popular online markets known as Bitcoin exchanges. You can also buy Bitcoins at a Bitcoin ATM, such as PayDepot, to purchase Bitcoin with cash or a debit card. Also, you can set up a Bitcoin wallet, such as Payperless, on your mobile phone or computer to store your Bitcoins securely.

How To Use Bitcoins?

Like many other cryptocurrencies, Bitcoin can be used for almost anything today through a crypto credit card or a third-party provider. Some organizations allow third parties to convert payments into fiat currency, while others accept and hold Bitcoins directly. While foreign exchanges can charge high fees to convert Bitcoin into local currency, buying and selling Bitcoin at Bitcoin ATMs like PayDepot can be a cheaper alternative.

A crypto wallet, which is a digital wallet, allows the user to store and access the cryptocurrency. Moreover, if someone wants to receive Bitcoin, they can do it using their unique public wallet address by accessing it with their private keys.

Where To Spend Bitcoins?

From buying goods from online merchants to paying bills and making donations, there are several ways Bitcoin holders can spend their Bitcoins. Here are a few possibilities:

1.   Gift Cards

Bitcoin debit cards or gift cards can be loaded with Bitcoin and allow one to expend them online. Gift cards are an easy way to use Bitcoin to buy products online and offline from global and small local businesses alike.

Only selected businesses accept Bitcoin as a payment method. However, buying gift cards with Bitcoin for various services converts the Bitcoin value into standard currency, which one can use at retailers that do not accept cryptocurrencies. Gift card services such as eGifter, Bitrefill, and Gyft make it possible to spend Bitcoin at merchants that do not offer Bitcoin as a direct payment method, such as Amazon or Bestbuy.

 

2.   Traveling

Several airlines accept Bitcoin payments and allow customers to book flights for both local and international travel. One can also book hotels with Bitcoin, which is very convenient and allows one to make the most of the cryptocurrency. For travelers who face high fees on traditional foreign exchanges, buying and selling Bitcoin at Bitcoin ATMs, such as PayDepot, is an excellent alternative to convert it into local currency during an international trip.

Expedia Travel used to be one of the best options as it accepted Bitcoin via its partnership with the crypto-friendly travel booking platform Travala. While Expedia no longer accepts Bitcoin, CheapAir is another American online travel agency that facilitates Bitcoin payment for travelers. Besides accepting Bitcoin for flight and hotel bookings, it also provides valuable information on how travelers can make the most of their holidays with cryptocurrencies.

 

3.   Retail Networks

While many retail providers do not accept direct Bitcoin payment, there are other ways to pay in Bitcoins. Besides the gift cards option mentioned earlier, one can make Bitcoin payments instantly and cheaply via secondary payment channels, such as LightningNetwork. All these payment options allow Bitcoins to be used anywhere in the world.

SomeBitcoin ATMs, also allow one to integrate buy-and-sell functionality into its digital wallets. It serves as a two-way point of sale for Bitcoin kiosks, helping small businesses generate additional revenue from cryptocurrencies.

Services such as Shakepay allow one to convert their Bitcoins into US dollars or Euros for a fee. Thus, though one cannot spend Bitcoin directly in many places, there are ways around the rules that work. Many global conglomerates have also already started accepting Bitcoin payments, such as Tesla, Starbucks, Visa, and Paypal, with many others already on the way.

 

4.   Online Memberships, Television, And Games

One can spend Bitcoins on online games and gambling in casinos. The games are much fun without the fear of tax collectors as Bitcoin transactions are anonymous.

Point to Remember

Being anonymous does  not refer to being untraceable; anyone can see any transaction details and  balance of any address on the Blockchain. Hence, it is recommended to use a  new address each time to receive payments. Besides, users must avoid sharing  these addresses to keep their privacy intact. 

The user can make transactions from anywhere, anytime. Zynga Mobile Games also allows customers to make in-app purchases across all its games using Bitcoin. One can also buy memberships for services online using Bitcoin.

Microsoft account funds allow people to use Bitcoin for various services, including XboxLive and Skype. One can also buy TV subscriptions for Dish. Many similar websites accept Bitcoin as a payment method.

 

5.   Software TechOrganizations

Bitcoin is becoming a popular payment option fast as organizations welcome its use by consumers and push ahead with its adoption. Microsoft is one of the world's largest establishments that allows users to add money to their accounts using Bitcoin.Bitcoin can be easily added to Microsoft account and used to buy movies, apps,and games on Windows and Xbox stores.

 

6.  Food Delivery Services

As mentioned earlier, several prominent brands have started accepting Bitcoin and other cryptocurrencies, including restaurant chains such as Starbucks, Subway, Burger King, etc. Besides these, several food delivery platforms also offer the option of making payments in Bitcoin. You can check with your local restaurants and food delivery platforms to check whether they provide this service.

 

Final Words

Even though there is a long way to go, organizations that accept Bitcoin debit cards, like major brands such asMicrosoft, AT&T, and Overstock, are taking steps in the right direction.Microsoft and Tesla acceptingBitcoin payments have created a degree of trust in the use of crypto, which is attracting other brands to join.

 

References

  1. Jeff. (2017). Where Do I Spend     Bitcoin? Here Are The Top 6 Ways To Get Started. Coinsutra. https://coinsutra.com/spend-Bitcoin/amp/
  1. Michelson,     Brad. (2019, April 11). The Best Ways to Buy and Spend Your     Bitcoin. Hackernoon. https://hackernoon.com/the-best-ways-to-buy-and-spend-your-Bitcoin-c70cf04b2e0c
  1. The European     Business Review. (2021, February 11). What     Are Top Ways To Spend Your Bitcoins? https://www.europeanbusinessreview.com/what-are-top-ways-to-spend-your-Bitcoins/
  1. Bitcoin.com.au. Where     can you spend Bitcoin? https://Bitcoin.com.au/spend-Bitcoin/