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The average American has a hard time understanding Bitcoin and other cryptocurrencies, and that’s being nice. It would be interesting to put money into these “currencies,” which aren’t currencies. But it’s hard to spend them.
On the other hand, spending money is getting easier. Any transaction with Bitcoin, Ethereum, or another cryptocurrency could still take a few days. It might take a lot of work to get in touch with them. You must first make an account with the exchange. Then, you’ll have to deposit money, have your information checked, wait, and then buy and withdraw currencies.
How to Put Cryptocurrencies in Cold Storage
Before we talk about how you can spend your bitcoin, let’s quickly discuss how to keep it. Just like with good old U.S. dollars, you have a few options. You can keep your regular money in a bank account and use a bank transfer or PayPal to spend it online. You can also use a card, like a debit or credit card, to pay for things. You can also put cash in your wallet and use it there if you want to.
Digital currencies are the same way. You can keep your things safe by getting a wallet. You can use an online wallet or a software wallet on your desktop computer from anywhere in the world. With the mobile wallet on your phone, you can send and receive Bitcoin transactions. You can also use a “hardware wallet,” a USB device with your digital keys.
Lastly, some stores have services that are like cash and are done with paper wallets. You will get a piece of paper with two QR codes when you buy this item. The first is how you get cryptocurrency, and the second is how you use it.
Based on what this article says, most stores that accept cryptocurrency payments, like Bitpay and Cryptopay, use third-party processors. Before you start, it’s a good idea to find out how prices work and what costs might come up.
➥ Streitwise:
Bitcoin (BTC) and Ethereum (ETH) make investing in real estate easier than ever (ETH). Primetrust, an escrow agent for Streitwise, will handle your payment to the seller. You can also check your account statements, make deposits, and keep track of your assets by using an iOS app.
➥ Overstock:
This online store was one of the first to let people pay with bitcoin. Coinbase handles payments, and you can use your virtual Bitcoin wallet right at checkout.
➥ Microsoft:
You can add money to your Microsoft account with digital currencies like Bitcoin. These funds can only be used in Microsoft’s online stores for Windows and Xbox. They don’t work at the Microsoft Store, so you can’t use them to buy anything there.
➥ Virgin Galactic
The main goal of this company is to make regular space travel possible for everyone. Since the company is so forward-thinking, you can also buy things from it with Bitcoin shouldn’t come as a surprise.
If you want to help others, you can use Bitpay to send Bitcoin directly to Save the Children. Save the Children is an organization that works to get the things kids in dangerous places around the world need.
➥ eGifter:
On this site, you can buy different kinds of gift cards online and pay for the vast majority of them with the digital currency Bitcoin.
➥ Fancy.com
This site is like a social networking site for shopping. It shows products for sale in a way that is like putting Pinterest and Facebook together. You can also buy things right from the feed, and Fancy will be the middleman between you and the seller. Here, you can pay for things with Bitcoin.
➥ NewEgg
This is a great place to look at the newest electronics and other items, and you can pay with Bitcoin through your digital wallet.
Businesses that are willing to do business in cryptocurrency
On the list above, bigger businesses are known to accept cryptocurrencies. More people will likely use cryptocurrencies to pay for things. Bitcoin payments can be made to small and local shops that use Shopify’s processing system, which is a lot of them. Square is a well-known mobile payment app that is adding new Bitcoin marketplace options. This could mean that soon people will be able to pay for goods and services with bitcoin.