A Straightforward Guide on How to Spend Bitcoin

April 21, 2021

Have you been holding your Bitcoin for too long? You might be hoping to spend your Bitcoin once in a while.

But what should you be spending your cryptocurrency on? When is it better to spend Bitcoin as opposed to fiat currency?

More businesses are adopting Bitcoin and the choices of what you can buy are increasing by the day. You might also get better prices with Bitcoin than you would with fiat currency.

We’ve prepared this guide on how to spend Bitcoin and what you should spend it on.

Let’s start with discount purchases:

Spending Bitcoin to Get Discounts

As an effort to push Bitcoin to the masses, many retailers offer discounts on their products if you buy using Bitcoin.

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For example, Purse.io allows you to buy products on Amazon using Bitcoin. You can often get discounts using Bitcoin than if you pay directly through the Amazon website.

We might also expect to see such discounts in physical stores. If you pay with a credit card, the merchant might have to charge a convenience fee. This fee is charged to cover the merchant’s expense of accepting credit cards.

This convenience fee gets waived if you buy using Bitcoin. Many physical retailers will likely install Bitcoin ATMs in their stores. This will encourage customers to spend with Bitcoin over fiat.

We’re already seeing banks offering Bitcoin funds. For example, you can read here about how Morgan Stanley offers access to Bitcoin funds.

Saving money is one of the major reasons why you should consider using Bitcoin for your purchases.

Get a Debit Card

For using Bitcoin, you should consider getting a cryptocurrency debit card. This debit card gets connected to your cryptocurrency wallet and works like a regular debit card.

You have to first make sure you choose a cryptocurrency wallet that works with debit cards. You can look at the major online cryptocurrency wallets such as Coinbase.

You can also consider the popular hardware wallets such as Ledger for connecting with debit cards.

You can then request a cryptocurrency debit card from a major card service such as Mastercard or VISA. When shopping around for cryptocurrency debit cards, make sure you choose one with low transaction fees.

What Should I Buy?

We can expect everyday goods to luxuries becoming available with Bitcoin. So what should you buy with Bitcoin? Should you use it as a complete replacement for fiat currency?

You want to remember that the advantage of Bitcoin is that it offers privacy. It also works as a great hedge against inflation.

As such, many Bitcoin users like to use it to purchase goods that suffer from skyrocketing prices. You can consider using Bitcoin to buy groceries, supplies, and luxury goods.

For example, you can buy precious metals using Bitcoin through many popular online retailers. As precious metals are also a hedge against inflation, Bitcoin buys you extra protection.

If there’s anything you wish to buy anonymously, then Bitcoin is also a great choice. If you’d rather there are few or no records of your purchase, you can consider using Bitcoin.

Need a Gift Card?

If you like to buy with gift cards, you can purchase gift cards using Bitcoin. There are online retailers where you choose a dollar amount for a gift card at your favorite retailers.

The gift card retailer will request that you send them the equivalent account in Bitcoin. You can then use these gift cards at online retailers or at physical retailers.

One great gift card retailer is CoinCards. This service lets you send Bitcoin for the gift cards of your choice. CoinCards will then buy the gift card from the retailer.

As such, this is an anonymous transaction and is a great choice for Bitcoin users who value privacy. Another great option is to use Bitrefill which also anonymously buys gift cards for you using Bitcoin.

Going to the Game?

We can expect to see more sports games selling tickets to Bitcoin users. Already, we’ve seen the Dallas Mavericks and the Miami Dolphins accept Bitcoin for their tickets.

Mark Cuban, the owner of the Dallas Mavericks, is a huge fan of Bitcoin. He has stated that anyone can use Bitcoin to buy tickets to any game held at the team’s home stadium.

The Miami Dolphins also allow fans to buy tickets and food using Bitcoin. This works for any game played at the Dolphin’s home stadium.

If we see a surge in ticket prices due to Bitcoin, we can expect more sports franchises to adopt the cryptocurrency.

Services

Much of our purchases go toward buying services to make life more convenient. To add to this convenience, we can expect greater adoption of Bitcoin for services.

If you run an online business, you can consider using Bitcoin to pay for freelancer services. You might even be able to hire full-time staff and pay them using Bitcoin.

While regulations do interfere with Bitcoin, we may also see medical services accepting Bitcoin. Next time you go to your doctor, you might be able to pay your bill using Bitcoin. You might find this to be more affordable even when using health insurance!

AT&T and Virgin Mobile offer their telecommunications services to Bitcoin users. We can expect to see more phone plans accepting Bitcoin in the near future.

The most exciting service that could accept Bitcoin is in the travel industry. As of this publication, no major travel companies accept Bitcoin.

But for frequent flyers and wanderers, you might want to hold onto your Bitcoin. It may not be long until you can pay for your flight using Bitcoin.

That’s How to Spend Bitcoin

This guide has given you an introduction to how to spend Bitcoin. While it’s still in its early stages, we can expect to see more retailers accept Bitcoin.

The first thing you should do is find discount sites that accept Bitcoin. Next time you want to shop on Amazon, see if you can buy via Purse.io instead.

You might also want to accumulate more Bitcoin to pay for more expensive luxury goods. You can also expect to pay for services within the next few years using Bitcoin.

For more tips and tricks on how to use Bitcoin, check out the other articles on our website!

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Historical background and MH17, Indonesia and the Netherlands. Bonanza Media and Max van der Werff

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A Straightforward Guide on How to Spend Bitcoin

Spending Bitcoin to Get Discounts

Get a Debit Card

What Should I Buy?

Need a Gift Card?

Going to the Game?

Services

That’s How to Spend Bitcoin

Like it? Share it with your friends!

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