How to Spend Bitcoin and Other Cryptocurrency on Everyday Purchases
Bitcoin has been around for over a decade. Nonetheless, there are still only a handful of major retailers that accept cryptocurrency as a payment method. Fortunately, there are several ways to spend bitcoin that enable anyone in the world to make everyday purchases with crypto.
In this guide, you will learn how to spend bitcoin (and other cryptocurrency) on day-to-day purchases.
Top 4 Ways to Spend Bitcoin (And Other Cryptocurrency)
When bitcoin first launched, it was considered peer-to-peer digital money for the Internet. Today, bitcoin is primarily regarded as an investment asset that investors purchase with the anticipation that it will continue to increase in value over time. However, that does not mean that bitcoin has stopped being a digital currency that allows anyone in the world to make digital payments. In fact, many bitcoin users use cryptocurrency to make their day-to-day purchases.
The four main ways to spend cryptocurrency are:
- Shopping at crypto-only retailers
- Shopping at crypto-friendly retailers
- Using gift cards bought with crypto
- Using a crypto debit card
Now, let’s explore each one in more detail.
Shop at Crypto-Only Retailers
Arguably the easiest way to spend bitcoin is to shop at crypto-only retailers that specifically target the cryptocurrency community as their user base. Examples include the auction platform Bitify, the art and merch seller 21X, and the decentralized marketplace OpenBazar.
These vendors accept cryptocurrency and typically also hold these funds in cryptocurrency. Unfortunately, crypto-only retailers are few and far between.
Shop at Crypto-Friendly Retailers
In addition to crypto-only retailers, there are thousands of online vendors that accept cryptocurrency via crypto merchant payment services, such as BitPay or BTCPay Server.
According to data collated by SimilarTech, over 133,000 online retailers and platforms accept bitcoin as a payment method. That includes the likes of Lush, Microsoft, Namecheap, Overstock, and the Dallas Mavericks.
Moreover, leading online shop hosting platform Shopify has enabled cryptocurrency as a payment method. Any Shopify-hosted online shop can accept bitcoin and numerous other digital currencies simply by switching on this feature to the delight of crypto users.
Buy Gift Cards With Bitcoin and Pay Using Gift Cards
Alternatively, you could purchase gift cards using bitcoin from platforms such as BitRefill or Gyft. They enable users to pay for gift cards from retailers such as Amazon, BestBuy, and Starbucks using cryptocurrency. The gift cards can then be used to make the purchase in-store or online.
While this is a bit of a go-around, it was one of the most popular ways to spend bitcoin in the early days of the digital currency when the bitcoin acceptance rate was still very low.
Pay Using a Crypto Debit Card
Arguably the most convenient way to spend bitcoin, however, is using a bitcoin debit card.
Crypto debit cards, such as the BlockCard Visa Debit Card, allow cryptocurrency users to top-up their cards using a range of digital currencies that can then be used to spend anywhere bank cards are accepted.
Unlike with any of the other ways mentioned above, crypto debit cards enable bitcoin holders to spend crypto anywhere in the world as easily as fiat.
BlockCard Visa Debit Card: The Market-Leading Crypto Debit Card
If you want to start paying with cryptocurrency anywhere where Visa is accepted, grab yourself a BlockCard.
The BlockCard Visa Debit Card allows you to fund your card with over a dozen digital currencies, including Bitcoin (BTC), Litecoin (LTC), and USD Coin (USDC). What’s more, unlike other crypto cards, it allows you to hold your funds in crypto so you can benefit from potential capital gains on your coins while holding them in your BlockCard-linked wallets. Only when you make a payment, your crypto is converted into fiat currency.
Moreover, BlockCard charges no fees for transactions, exchanges, or deposits. Instead, BlockCard only charges a monthly flat rate. However, if you spend more than $750 per month with the card, the monthly fee is waived.
BlockCard also allows you to earn up to 6.38% crypto-back rewards in the form of TERN. Every time you spend using the crypto debit card, you earn TERN rewards. TERN is the native cryptocurrency of the BlockCard ecosystem that is used as a crypto-to-fiat bridge as well as a staking asset for cardholders who want to boost their crypto-back rewards.
If you want to be able to seamlessly integrate crypto payments into your day-to-day financial transactions, using a crypto debit card is arguably the most viable solution. By being able to pay anywhere where Visa is accepted, BlockCard holders can effectively spend cryptocurrency wherever they want – from buying a cappuccino at Starbucks to purchasing a new iPhone at the Apple store.
Sign up for a free BlockCard account and grab yourself a crypto debit card today!