Investing in cryptocurrencies like Bitcoin and Ethereum is all the rage, but actually spending it can be tricky. Because of this, it used to be that cryptocurrency was seen as an attractive, alternative investment opportunity. But it’s now becoming easier to spend in the same way as cash. Leading investing publication, Invezz, goes onto explain the top five ways you can go about this.
Specialist Debit Cards
Connecting your cryptocurrency to a debit card that’s issued by card companies like Visa and MasterCard, enables you to spend it wherever the card issuer is accepted. This makes it as accessible as a typical debit card, if a shop accepts Visa, for instance, it’ll take your cryptocurrency debit card.
Different types of cryptocurrency have different cards available, like SpectroCoin for Bitcoin and Uquid Altcoin for 89 cryptocurrencies including Dash, ETC and Ethereum.
Now, close to 20,000 merchants accept Bitcoin or other cryptocurrencies in their physical stores and these include grocery stores, sports venues, restaurants and hotels. Plus, a wide variety of online merchants support cryptocurrency payments including Overstock, Microsoft, Lush and Expedia. Certain Etsy and Shopify businesses also accept Bitcoin and other cryptocurrencies.
Donate to Charity
If you’re feeling generous, you can also donate your cryptocurrency to charity. Save the Children and the Royal National Lifeboat Institution (RNLI) are two charities that accept Bitcoin – as does non-profit organisation Wikimedia (the creators of Wikipedia).
Crypto ATMs allow you to trade certain cryptocurrencies for cash and vice versa. They’re on the rise, with over 7,000 ATMs currently in 75 countries, supporting Bitcoin, Ether, Dash and Litecoin. Now, over 11 new crypto ATMs are installed every day, so they’ll likely be as ubiquitous as traditional ATMs within a few years.
Gift cards are a popular way to spend money online and with sites like eGifter and Gyft, you can buy gift cards with Bitcoin. The good thing about gift cards is they can be spent by somebody else, or given as a gift, without any cryptocurrency know-how needed. Online shopping places where these cards can be used include Domino’s, Macy’s, Sephora, Apple, Starbucks and Uber. Gift cards can also provide a simple way to lock in the value of your cryptocurrencies – which will prove helpful in a down market.
Range of Options
For people looking to spend their cryptocurrency, there’s a range of choices and this is growing as cryptocurrency increases in popularity. There’ll be a time in the near future where paying for your latte with Litecoin and your bagel with Bitcoin will be as common as tapping your credit card.