Cryptocurrency is no longer just a speculative property. It is becoming a popular means of payment. To pay for food and travel for groceries and bills, digital currencies are making their way into mainstream transactions.
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Here are some of the most common methods that you can use Crypto for everyday purchase.
See also seven things to know before buying new cryptocurrency.
paying bills
Platforms like Bitpay allow you to pay your bills directly with crypto, enabling Swift transactions at low fees. You can also schedule your recurring bills to make automated payments such as loans and mortgage from your crypto wallet.
All you have to do is download the bitpe app and follow the steps provided. According to the bitpe, the process should take only five minutes.
Explore more: Coinbase Fee: Full breakdown of how to reduce cost
Direct merchant payment
Another way to use cryptocurrency for everyday purchase is buying items directly from traders accepting crypto. This is one of the simplest ways to pay with crypto because you do not need to pay through third party. Just move your currency directly to the merchant from your digital wallet.
The process is straight. You just have to start payment and choose the currency you want to use. From there, specify the amount, confirm the payment and Voilà! Some traders simplify the process by providing a QR code for crypto payment. In this case, scan the bus code, specify the amount and confirm the transaction.
Crypto Debit Card
A Crypto Debit Card is another way to simplify procurement of crypto procurement because you can use it regardless that a trader accepts crypto. Crypto debit cards convert Crypto into currency like a US dollar, making the transaction smooth for you and the businessman.
In this way, you can do transactions without worrying about the preferred means of payment of the businessman. In addition, you can spend your crypto anywhere that accepts traditional debit cards. Another advantage is that you can receive prizes like cash back, using your crypto credit card.
However, before diving, be sure to do your research on this payment method, because there are things that you want to be aware. For example, Crypto debit cards are transactive, so you may have to pay capital gains or income tax according to Coinaldagar.
Gift card
Some popular retailers do not accept Crypto, but this does not mean that you cannot use it. If you like Crypto as a means of payment, you can use your crypto to buy gift cards from platforms like Korto and then use them to buy items from traders who accept the crypto Do not do There are some popular gift cards on the coating site Amazon, Apple and Walmart.
You can also buy gift cards for spotify and netflix on coingate, which can allow you to pay for those membership.
Colleague to colleague transactions
Do you want to use Crypto when dividing bills with your friends? Peer-to-Pier (P2P) transactions have been made easier by Cryptocurrency. You only need the address of the recipient’s wallet to transact with them. According to Coinbase, you just have to get the reception’s wallet address, open your own crypto wallet, input the address and choose how much you want to send.
P2P transactions using crypto are beneficial, there is a high risk because the transactions are irreversible. In addition, since the crypto is unstable, the value you sent may not be the exact amount received by your recipient.
Travel and transportation
Are you planning your next trip and wondering if you can pay through Crypto? The answer is yes. Some travel companies such as Travla, allow you to pay for your journey directly using Crypto.
You can also buy a travel gift card with Crypto. For example, Coingate provides airbnb and hotels.com gift cards.
Meals and Entertainment
You can also pay for some food and entertainment purchase with crypto. If a restaurant accepts the crypto payment directly, you can pay them with your crypto. Alternatively, you can buy a gift card for a restaurant with crypto.
For entertainment, see the AMC theater, which allows crypto payment such as atherium, bitcoin, and litcoin.
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This article originally appeared on gobankingrates.com: 7 ways to use cryptocurrency for everyday purchase in 7 ways
The idea and opinion expressed here are the idea and opinion of the author and not necessarily Nasdac, Inc.
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