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Five years ago, you couldn’t just walk into a coffee shop and buy a cappuccino with Bitcoin. These days though, Bitcoin and other cryptocurrencies are becoming more and more acceptable; users can now buy Tether and other cryptocurrencies with which they can use to purchase anything, from groceries and clothes to shoes and lots more.
More so, the advancement in technology, including lighting speed, has made Bitcoin transactions very easy and fast.
Yet, only a handful of retailers have truly embraced crypto as a valid means of payment. Fortunately, there are many other ways to spend digital currency that enable people to make daily purchases.
In this article, we will share the ways you can spend cryptocurrencies on everyday purchases. Let’s get started, shall we?
In This Post:
Top Ways to Spend Bitcoin
From inception, Bitcoin and other cryptocurrencies were considered to be peer-to-peer digital currency meant for the Internet. These days though, Bitcoin, Tether/USDT, and other digital currencies are regarded as an asset that people purchase with the hope that it appreciates. This is not to say its initial intent has been eroded. In fact, many users invest in cryptocurrency and use it to make daily purchases.
Such ways in which these digital currencies are used include:
- Purchasing products and services at crypto-only retailers
- Use of crypto-only debit cards
- Use of gift cards purchased with crypto
- Buying goods and services at crypto-friendly retailers
Let’s review each in detail.
1. Purchasing Products and Services at Crypto-Only Retailers
One of the ways to easily spend digital currency is to shop at crypto-only retailers. Some of these retailers include 21X, which is into art and merch, OpenBazar, a decentralized marketplace, and Bitify, an auction platform.
Not only do these businesses allow and accept cryptocurrency, but they also hold funds in crypto. Also, these companies have their eyes on the cryptocurrency market. Sadly, the number of businesses that allow Bitcoin is scarce.
2. Use of Crypto-Only Debit Card
One of the easiest ways to spend cryptocurrency is the use of a crypto debit card. Such debit cards, including BlockCard Visa Debit Card, allow crypto users to top up their debit cards using any digital currency and then spend these currencies in any crypto-friendly retail store.
Just like fiat money can be used to purchase goods and services anywhere in the world, the crypto debit card also allows users to use the crypto card anywhere they are.
3. Purchasing Goods and Services at Crypto-Friendly Retailers
Not only can you shop at crypto-only retailers or use a crypto-only debit card, but you can also shop at crypto-friendly retailers. Just so you know, several digital vendors allow the use of cryptocurrency in purchasing goods and services; this is usually through cryptocurrency merchant services such as BTCPay or BitPay Server.
SimilarTech, in one of its surveys, disclosed that approximately 133 000 online platforms and retailers accept the use of Bitcoin and altcoins as a means of payment. Some of these crypto-only platforms include Dallas Mavericks, Namecheap, Microsoft, Lush, Overstock, and so on.
Besides, Shopify, a top online retail shop, has since enabled Bitcoin as a valid payment method. Thus, you can shop at any Shopify-hosted online shop and pay with Bitcoin; they also accept many other digital currencies. Users will only need to switch on the crypto feature to use it.
4. Use of Gift Cards Purchased With Crypto
Another way in which Bitcoin can be used for everyday purchases is through the use of gift cards. Here, gift cards are purchased using Bitcoin from platforms such as Gyft or BitRefill. These platforms enable users to pay for gift cards using digital currencies, although these gift cards must be purchased from recognized retailers such as BestBuy, Amazon, and Starbucks. The gift cards purchased can then be used to buy goods and services online or in-store.
Although this may seem like a bit of a merry-go-round, it's one of the easiest ways to spend cryptocurrency and was used in the early days when the acceptance rate of digital currencies was still very low.
Identifying Businesses That Accept Cryptocurrencies
Some crypto users prefer keeping their digital currency to themselves rather than buying gift cards with them. If you prefer things this way, then you will need to have your Bitcoin wallet. You will also need to discover stores that allow cryptocurrencies. While these stores are rare, they do exist. They include:
Coinmap enables users to input their location and then shows them nearby stores that accept bitcoin.
Here, users can type in any product they wish to purchase, from shoes and clothes to teacups and pots. After this, the site then pulls up a list of merchants willing to accept cryptocurrency in exchange for the product.