Where Can I Spend My Bitcoin (BTC)?
When you invest in cryptocurrencies, it’s not always easy to know what you can do with them later on. For example, many investors wonder how to spend their bitcoin.
As it turns out, you are in luck, because there are many different options available to you. While some seem obvious enough, others are a little more surprising. In this article, we’ll list several options that are available to you to spend your BTC.
Sell them on an exchange site for fiat or other cryptocurrencies
While this may seem obvious, it is worth mentioning this option, as it is indeed a valid way to spend your BTC. Whatever happens to the value of your initial investment (profit or loss), you always have the option of going to one of the exchanges mentioned above to sell.
Once on the platform, you have two possibilities. You can sell them for fiat (pounds, euros, dollars, etc.) and then withdraw that amount to your bank account, or you can decide to use your BTC to buy other digital assets.
Be careful to choose a serious and reliable sales platform when you want to spend your crypto. In order to avoid any potential scams, we strongly advise you to make your transactions only on the exchanges that you can find in our list above.
Donate to associations or content creators
If you regularly browse cryptocurrency-related YouTube channels or websites, you may have already realised that you can usually tip content creators.
As these are people who very often produce great content for free, spending your BTC to give them a small donation is always appreciated. Usually, a BTC address, and sometimes other crypto addresses, are listed so that donors can tip the authors of the content.
Likewise, some platforms that are not necessarily related to cryptocurrencies are glad to receive donations. We can, for example, cite Wikipedia or Wikileaks, but many other sites also accept donations in crypto – or will accept it in the years to come.
Of course, you don’t have to spend your BTC like this. However, if the information you found was of good quality and allowed you to make good decisions, then don’t hesitate to donate as a thank you.
Play at an Bitcoin casino
Another option to spend your BTC is to go to a Bitcoin casino. The concept is the same as on traditional online casinos, except that you can play the games there using your bitcoin.
Be careful when playing for money online. Gambling can carry risks and you may lose your stake during your games. There is no certainty of making a profit by playing at a casino because the luck factor has a huge impact on the short term, even using good strategies.
In addition to the risk inherent in all online gambling, there is also the risk of bumping into dishonest and unscrupulous operators who will only seek to steal your digital assets. If you play on the wrong platform, you will have no way of being able to withdraw your potential winnings later.
So choose a safe and reliable Bitcoin casino (insert link). To do this, we strongly advise you to check out our article and use only one of the casinos we have already tested and analysed so that you do not come across a scam.
Buy goods and services on sites that accept BTC payments
If you enjoy shopping online, more and more sales sites are accepting payments with digital assets, including bitcoin. Although this was not so widespread a few years ago, this method of payment is beginning to arrive on many platforms.
Of course, the number of sites that accept BTC at the moment is still small, but there has been a huge increase in recent years, and the trend does not seem ready to stop any time soon.
Pay IRL at the few brands that accept BTC
This reasoning also applies to real life. There are actually a decent number of shops that accept BTC payments, especially in a country like the UK.
However, Rome wasn’t built in a day.To become more mainstream, shops will first have to equip themselves with a special terminal that allows them to accept payments with digital currencies. Then you’ll probably have to get a wallet that’s compatible with these new payment terminals.
At first, it is likely that several competitors will enter the market to offer this method of payment to stores. You will most likely have to have a wallet specific to each type, and this will not be practical at all. However, over time, things should harmonise and it will probably even be possible to pay with bitcoin on the same terminal that accepts bank cards.
Use a special credit card that allows you to pay with crypto
Many crypto banks, if you can call them that, are already out there. Some offer loan services, others pay you if you deposit at home, etc. Not all offer the same services and each has its own specifics with its own strengths and weaknesses.
Among these crypto banks, there are some that offer their users a MasterCard or Visa bank card that allows them to pay in real life at all places that accept cards.
When you make a payment with your crypto credit card, it will convert the amount of your payment to a particular crypto, such as BTC, for example, at the daily rate. The amount you spend in pounds or dollars will be debited from its BTC equivalent, some even offer cashback!
These cards already exist at the moment and are really rather interesting. However, the fees are a bit high and it is better to wait a little longer for several competitors to enter the market in order to lower transaction costs for users.
Don’t spend anything and HODL!
You also have an alternative option to consider if you think that cryptocurrencies are the future: don’t spend them at all!
What if instead of wanting to spend your Bitcoins, you decide to keep them? After all, it is still a fairly young asset and is only just beginning to gain recognition among the general public. Bitcoin’s market cap is already huge, and has considerable upside, especially if we see more Fortune 500 companies adding it to their balance sheets.
According to some analysts, BTC can be considered digital gold because of its limited quantity and the increasing difficulty of mining it. This means that in the long term, it is possible that it may even overtake gold as a store of value. As a result, there may still be hundreds of billions of people ready to blast this asset to the moon!
In addition, the more BTC you keep in your possession, the more possibilities you will have to find ways to spend them later. Indeed, it is very likely that in view of its increasing popularity, new options for successfully spending Bitcoin will emerge – Tesla and Apple are two names that spring to mind.
There you have it, some examples of how you can spend your BTC. As we have seen, you have the choice of several different options and it is certain that at least one of them will suit you.
Also keep in mind that we are only at the beginning of the crypto era. This industry is still young, far from mature and, above all, is not yet known by the many. It will take several (dozens) of years for this payment method to become popular.
However, everything we have introduced to you today does have downsides, such as the fact that it will cost you a fee to carry out transactions. In some cases, for example, it will be more profitable to convert your BTC into pounds and then spend them, instead of using a service that does this for you. Also, if you really believe in the future of crypto, it may be worth keeping hold of all your digital gold, waiting for an increase in its value.
If you enjoyed this article, we invite you to check out our other guides on Bitcoin(insert link). They are structured according to a specific theme and will bring you up to speed on this valuable crypto project!
I discovered the world of cryptocurrency in January 2018. Arriving at the worst moment ever to invest did not stop me from learning and later sharing my knowledge in order to promote the adoption of crypto.