Bitcoin

5 Great Ways to Spend Bitcoin

Bitcoin was created in the aftermath of the 2008 global economic crisis and was designed to give financial hope to people in many ways. At its core, cryptocurrency removes the governing authority and relies on a peer-to-peer network for fast and reliable transactions.

But even though Bitcoin is primarily seen as an investment, it’s still a currency. Many people want to spend Bitcoin freely and incorporate it more into their everyday lives.

From a strictly consumer perspective, spending Bitcoin is relatively simple so long as the merchant offers it as a payment method. To get a better idea of how to spend Bitcoin, here are a few examples to consider.

Online Retailers

If you’re looking to spend Bitcoin on clothing, furniture, décor, jewelry, or even kids’ toys, Overstock is one of the best options out there.

This online retailer accepts Bitcoin payments from all over the world. Paying with Bitcoin is effortlessly integrated into their checkout system.

Once you’re ready to order an item, all you need to do is select Bitcoin or one of several other cryptocurrencies they accept and confirm the payment.

Another great place where you can spend Bitcoin is Microsoft. The company has been somewhat a trailblazer when it comes to cryptocurrency.

They’ve been accepting Bitcoin since 2014 in their Xbox Store but did have a short break for a while. Currently, you can spend Bitcoin for Xbox store credits exclusively.

Service Providers

Unsurprisingly, some of the major telecommunication companies have jumped aboard the crypto train a well. AT&T is the first to accept Bitcoin payments via BitPay, a well-known cryptocurrency payment processor in the U.S. AT&T clients can pay using Bitcoin by logging into their accounts.

Food and Coffee

Did you know that you can buy Starbucks coffee with Bitcoin? That is excellent news for many crypto users around the world, especially those using mobile wallets.

But Starbucks is not accepting payments directly but via a third-party app called Bakkt, launched in mid-2020. So, if you’re storing those coins for smaller purchases and love coffee, Starbucks has you covered.

You can also go grocery shopping in Whole Foods and spend Bitcoin. Like Starbucks, Whole Foods doesn’t accept Bitcoin directly but has made an exclusive arrangement with a third party. So, if this is your favorite store, then all you need is the Spedn app to process payments. You can also use the Spedn app in Regal Cinemas, Jamba Juice, and Baskin-Robbins too.

Travel Arrangements

International travel might have slowed down recently, but it’s still helpful to know that you can plan a trip and pay it with Bitcoin. There are numerous solutions available.

For example, the well-known travel site Expedia allows users to pay for hotel accommodation in over 700,000 hotels worldwide.

If you want to buy an inexpensive airline ticket, CheapAir allows you to pay for it in Bitcoin. Unfortunately, lodging services like Airbnb are not yet offering Bitcoin as a form of payment.

How to Buy Bitcoin?

To spend Bitcoin online, you first need to buy it. Unfortunately, acquiring Bitcoin is not the same as exchanging dollars for euros at the bank or exchange office. The easiest way to buy Bitcoin is to choose a reliable crypto exchange platform, such as Coinbase, and create an account.

A well-established and regulated exchange will ask for personal information and confirmation of your identifications. You will also need to connect your bank account or PayPal account (connected to a bank account) to buy Bitcoin.

Once you go through all the steps of signing up, you can deposit funds into your account. Select how much Bitcoin you want to buy, and the amount will show in your balance.

Ideally, you can withdraw the funds from the exchange and send them to a digital wallet. Exchanges such as Coinbase allow users to use third-party wallets and move their funds wherever they want.

Spending Bitcoin Freely

Countries like El Salvador made Bitcoin legal tender. Now, every merchant in the country will have to accept Bitcoin as payment. This is significant progress for those who believe that cryptocurrency is the future of banking.

For now, though, spending Bitcoin has some limitations. Even places that do accept it often rely on third-party payment processors.

Others offer to accept Bitcoin for particular items. However, the number of merchants that accept Bitcoin is continuously on the rise, and maybe soon we’ll be able to spend Bitcoin everywhere.

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