Where can you spend your cryptocurrency? Investing and earning a profit in crypto is one thing but once you have reached a goal or two, where can you actually spend your hard-earned digital currency?
One real issue is that Bitcoin, Ethereum, and others are not technically viewed under the law as currency. So the rules of how to “spend” them will vary depending on the platform, the rules of the seller, etc.
Where To Spend Cryptocurrency, or How To Spend?
Where is an issue, to be sure…but HOW to spend your Bitcoin can also be a question you’ll need answering. For example, there are debit cards you can tie your cryptocurrency to that allow you to spend anywhere that type of debit card is accepted. Crypto accounts may require you to use a mobile wallet, or you may have to use some type of pre-paid card to pay for some goods or services with your digital currency.
Many published reports about digital currency-friendly debit cards list options like the Shift Card, CoinsBank, Bitpay, and SatoshiTango. The problem most newcomers to cryptocurrency will experience here is deciding which of these to trust, which feel less-than-trustworthy (where applicable), and which ones to avoid completely.
If you are an online gamer, you are already familiar with certain types of virtual cash. Some gaming platforms allow you to make in-game purchases, swaps, or other transactions that can result in your buying and selling with Bitcoin or the accepted virtual currency for that platform. And some important names in the industry are getting involved; Ubisoft was reported to be developing “game features on the Ethereum blockchain” according to one published report from 2019.
But you can also take part in online gambling-related to e-sports using virtual currency; state and federal laws may dictate how such operations are managed–know the rules before you play.
You can also use digital money to donate to online fundraisers for agencies, companies, or gaming platforms. Some online game developers may operate a GoFundMe style campaign that accepts cryptocurrency as well as cash.
Can I Spend Digital Currency Directly?
Several online retailers accept certain types of cryptocurrency. Overstock.com, for example, was an early adopter of Bitcoin–you can purchase and even get refunds in Bitcoin for qualifying transactions.
Microsoft.com also accepts Bitcoin in certain online stores. You may even be able to purchase plane tickets and make hotel reservations–Expedia.com also accepts Bitcoin, though it warns its users that once a transaction is started using Bitcoin it cannot be canceled. Refunds are possible if all refund policy terms and conditions are met, but never assume you know what the current requirements might be.
Some online retailers and resellers who subscribed to the Shopify platform may also be able to accept Bitcoin; indie merchants once upon a time were advised to use the Stripe payment platform to accept cryptocurrency but that option has been withdrawn by Stripe according to several sources.