7 Ways To Use Cryptocurrency for Everyday Purchases

Cryptocurrency is no longer just a speculative asset. It’s becoming a popular means of payment. From using it to pay for groceries and bills to dining and travel, digital currencies are making their way into mainstream transactions.

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Here are some of the most common ways you can use crypto for everyday purchases.

Also see seven things to know before buying new cryptocurrencies.

Paying Bills

Platforms like BitPay allow you to pay your bills directly with crypto, enabling swift transactions at lower fees. You can also schedule your recurring bills to make automatic payments, such as loans and mortgages, directly from your crypto wallet.

All you have to do is download the BitPay app and follow the steps provided. The process should take only five minutes, according to BitPay.

Explore More: Coinbase Fees: Full Breakdown of How To Minimize Costs

Direct Merchant Payments

Another way to use cryptocurrency for everyday purchases is purchasing items directly from merchants accepting crypto. This is one of the simplest ways to pay with crypto because you don’t need to pay through a third party. Simply transfer your currency directly to the merchant from your digital wallet.

The process is straightforward. All you have to do is initiate payment and select the currency you’d like to use. From there, specify the amount, confirm the payment and voilà! Some merchants simplify the process by providing a QR code for crypto payments. In this case, simply scan the code, specify the amount and confirm the transaction.

Crypto Debit Cards

A crypto debit card is another way to simplify crypto purchases because you can use it regardless of whether a merchant accepts crypto. Crypto debit cards convert crypto into currency like the U.S. dollar, making transactions smooth for you and the merchant.

This way, you can make transactions without worrying about the merchant’s preferred means of payment. Plus, you can spend your crypto anywhere that accepts traditional debit cards. Another advantage is that you can get rewards, such as cash back, using your crypto credit card.

However, be sure to do your research on this payment method before diving in, as there are things you’ll want to be aware of. For example, crypto debit card transactions are taxable, so you may have to pay capital gains or income taxes, per CoinLedger.

Gift Cards

Some popular retailers don’t accept crypto, but that doesn’t mean you can’t transact using it. If you prefer crypto as a means of payment, you can use your crypto to purchase gift cards from platforms like CoinGate and then use them to purchase items from merchants that don’t accept crypto. Some popular gift cards on CoinGate’s site are Amazon, Apple and Walmart.

You can also buy gift cards for Spotify and Netflix on CoinGate, which can allow you to pay for those subscriptions.

Peer-to-Peer Transactions

Do you wish to use crypto when splitting bills with your friends? Peer-to-peer (P2P) transactions have been made easier by cryptocurrency. You only need the recipient’s wallet address to transact with them. All you have to do, according to Coinbase, is get the recipient’s wallet address, open your own crypto wallet, input the address and select how much you want to send.

While making P2P transactions using crypto is advantageous, there’s a high risk because the transactions are irreversible. Also, since crypto is volatile, the value you send might not be the exact amount your recipient receives.

Travel and Transportation

Are you planning your next trip and wondering if you can pay via crypto? The answer is yes. Some travel companies, like Travala, allow you to pay for your travels directly using crypto.

You can also buy travel gift cards with crypto. For example, CoinGate offers Airbnb and Hotels.com gift cards.

Dining and Entertainment

You can also pay for some dining and entertainment purchases with crypto. If a restaurant accepts crypto payments directly, you can pay them with your crypto. Alternatively, you can buy a gift card for a restaurant with crypto.

For entertainment, check out AMC Theatres, which allows crypto payments like Ethereum, Bitcoin and Litecoin.

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This article originally appeared on GOBankingRates.com: 7 Ways To Use Cryptocurrency for Everyday Purchases

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