It doesn’t seem too long ago that the world was first introduced to cryptocurrency. The name Bitcoin started making rounds and being discussed. But very few people took it seriously. Some people got in early and bought a lot of bitcoins for very little. Some poor fellow even bought a pizza with one whole Bitcoin. Making it one of the most expensive pizzas ever bought by today’s Bitcoin standard.
But I need not tell you how big cryptocurrency has become these days. So much so that entire countries are buying cryptocurrencies to keep their foot in the global economy. Bitcoin has become one of the most expensive currencies on the planet. And hundreds of people take their first steps into crypto every day.
But lots of people argue that crypto is pointless as you can’t actually buy anything with it. Well, this is a common misconception. These days you can buy a number of things, ranging from cars to common household items using Bitcoin and other cryptos. But how? This guide will walk you through the various methods of using your Bitcoin to buy common household objects.
What is Bitcoin?
Bitcoin is the world’s most popular cryptocurrency. But for those that don’t understand what crypto is, allow us to explain. In basic terms, cryptocurrency is exactly the same as regular currency. Similar to how your debit card spends the money stored digitally in your bank. Crypto can be spent the same way.
But the big difference is that crypto is finite. You can’t just print more Bitcoin. This means its value is stronger and more secure compared to other currencies. Crypto is also stored on the blockchain, a system that gives every crypto a unique ID tag that prevents it from being copied. But Bitcoin doesn’t come with a central bank or debit card. So how can you spend your Bitcoin?
Exchanging Bitcoin for Traditional Currency
The simplest method is to just exchange your bitcoin for traditional currency by selling it. Depending on how much bitcoin you currently hold you could make a hefty withdrawal. You would potentially have to deal with cash-out fees that some crypto market apps apply.
This method will allow you to buy literally anything you need to, from any country as well since you can cash out into different currencies. But it isn’t the most effective method of spending your bitcoin. And it does rely on you having access to a bitcoin trading platform. This is why the next method is even better.
Making Use of Bitcoin ATM
Yes, Bitcoin ATMs are a real thing. They aren’t very common yet, but they are extremely useful. It works much like a traditional ATM in that you can withdraw cash in exchange for Bitcoin, effectively selling the Bitcoin directly. But you can also purchase Bitcoin on these machines. They are extremely useful when you are traveling abroad as well. Rather than exchange your currency in the traditional way you can just use Bitcoin to get local currency as and when you need it. Make sure you check the big lists of bitcoin atms at FindBitcoinATM to ensure the country you are visiting actually has a Bitcoin ATM you can use.
Direct Coin Transfer
A lot of smaller retailers and stores have started accepting Bitcoin directly. Cutting out the middle man and avoiding cash-out fees. Most crypto wallets allow you to transfer Bitcoin, and other coins, directly to any other wallet hassle-free. No hidden costs or tricks.
The process is simple too. The store will hopefully have provided their wallet address. After that, you just need to access your wallet and select transfer. It is important that you make sure the ID of the wallet you are sending to is absolutely correct. If you send it to the wrong wallet there are NO systems in place to get your coins back. Also, you want to make sure the retailer is a reputable one. Make sure to check online reviews from other customers. And make sure they give you a receipt.