How to Spend Bitcoin? Best Ways to Do It!
How to Spend Bitcoin?
With cryptocurrencies being such a new concept, it’s no wonder that people still are not sure how to spend it, where to get it, or generally even what it is. Bitcoin was founded in 2009 and is considered the founding father of all cryptocurrencies. With the earliest cryptocurrency being founded just over a decade ago, the concepts of digital assets are still very young and there is still plenty of time to learn all about it to prepare oneself for the future of finance. As time passes on and cryptocurrencies become a more integrated part of society, it will be important to understand how to get the most out of your bitcoins. In this article you will learn how to spend bitcoin online and at stores.
Spending Bitcoin Online
For someone who is new to bitcoin–or cryptocurrencies in general–one of your first questions might be “where can I spend or use my bitcoins?” Over the last five years, more and more places are starting to accept bitcoin as a legitimate payment method. Recently, with various bouts of economic volatility and instability, bitcoin has begun to emerge as a serious solution to economic problems.
So… what can you buy with your bitcoins?
- Microsoft: one of the first big tech companies that started accepting bitcoin back in 2014. One can buy anything from Windows licenses, games, apps, movies, and Xbox products.
- Overstock: Overstock partnered with Coinbase back in 2014, which allowed bitcoin to become a payment method on their site. One can use bitcoin to buy anything on Overstock.
- Newegg: an online computer hardware marketplace that currently accepts bitcoins for some of their products. There are some restrictions, however, on what one can spend bitcoin.
- TigerDirect: TigerDirect was one of the first big online retail stores to start accepting bitcoin as a payment method via BitPay back in 2014. There are no limitations when using bitcoin on TigerDirect.
- Cheap Air: Cheap Air is an online flight booking company that currently allows users to purchase plane tickets with Bitcoin.
- Gyft: using Gyft allows users to spend bitcoin to buy and send gift cards. These gift cards can be used on sites that do not support bitcoin like Amazon, Nike, Best Buy, and a plethora of other stores.
- BMW: a large number of BMW dealerships accept bitcoin as a legitimate payment method for purchasing a car.
- AT&T: Using BitPay, AT&T customers can choose to use bitcoin as their preferred payment method. AT&T was the first major mobile carrier to accept bitcoin.
- Shopify: In 2015, Shopify enabled bitcoin payments for all customers through BitPay. Customers can buy and sell their products using bitcoin.
- Paypal: PayPal announced that it will enable Cryptocurrency as a funding source for purchases in 2021, allowing users to use their Cryptocurrency holdings to make purchases at its network of more than 26 million merchants. Once launched in 2021, when a consumer selects Cryptocurrency as the funding source, the Cryptocurrency will be instantly converted to fiat currency and the transaction will be settled with the PayPal merchants in fiat currency.
While these are just some of the companies that currently accept bitcoin as a payment method, this number will likely grow exponentially as bitcoin continues to become more mainstream. Even if a company does not directly accept bitcoin, there is a chance you can buy a gift card using bitcoin and use that card wherever you desire.
Using a Debit Card that Accepts Bitcoin
Ever since bitcoin emerged as a promising digital asset and form of payment, companies have been trying to figure out the best way to use bitcoin in everyday life. Perhaps the biggest innovations in bitcoin’s lifetime is the emergence of BitPay. Bitpay is essentially a debit card that you can upload your crypto on and spend bitcoin anywhere debit cards are accepted. Bitpay partnered with Visa to make this concept possible and has proved to be extremely successful. Innovations like this are making bitcoin a real digital asset that one cannot overlook. Cash App is another application that utilizes bitcoin. On Cash App, one can buy, spend, and store their bitcoins and other digital assets. Cash App has really set the bar high for other companies looking to get into digital assets because it is an exchange, bank, and debit card all in one.
How to Spend Bitcoin at Stores?
Although it is much easier to make purchases using bitcoin online, there are some retail stores that accept bitcoin as payment. Some of the ways these retail stores accept bitcoin is by utilizing new technology and using QR codes and wallet keys. These are key features of bitcoin applications like BitPay. Some retail stores that have experimented with using Bitcoin as a payment method include various fast food chains. KFC experimented with a 20-dollar bitcoin bucket where customers could purchase this meal using bitcoin. Similarly, some Subway branches have started accepting bitcoin as a payment method. This decision did not come from the Subway executive board. Instead, the branches that conducted this experiment found that bitcoin is a recognizable form of payment.
Bitcoin is not a generally acceptable payment method universally – yet. It has, however, made some significant strides in that direction over the last few years. As additional businesses start to recognize its value, crypto holders will be able to spend bitcoin in additional spaces. Learning how and where to spend your bitcoins now will prove to be a vital skill for the future.
Above, users have learned about some notable companies that have already implemented bitcoin into their services. Further, crypto owners also learned about bitcoin debit cards and the best ways to make the most of their bitcoins.
Founded in 2020, CrossTower is an exchange operator founded by capital markets veterans on a mission to mainstream digital asset trading and investing. Our digital-asset platform was methodically built for institutional and individual investors with best-in-class safeguards, services and capabilities as well as innovative pricing to make the next-generation financial markets a reality. Because our leadership team has extensive experience building and managing traditional exchanges, we understand what’s needed to ensure the CrossTower experience is familiar to market professionals.
CrossTower Inc. provides this content for general information purposes, to better inform you on your digital asset investment journey. We do not provide investment recommendations or provide tax advice. Please consult your investment professional or tax advisor if you require assistance in these areas.