The main obstacle to attracting new cryptocurrency users is that they don't think there is any real use for their bitcoins. Even experienced crypto investors find it difficult to find reliable and reputable places to use, trade and spend their bitcoins. The ultimate goal of the industry is to make cryptocurrency a part of people's daily lives. By providing consumers and professionals with a cheaper and more global way to conduct transactions than ever before, Bitcoin is creating a new landscape that is taking power away from financial institutions and returning it to individuals. There are already a number of market-leading companies that make it easy to buy, spend, earn and use cryptocurrency as part of your daily life.
How to buy bitcoin
Places to buy cryptocurrency have been developing for several years now. At first, bitcoins could only be bought in underground Tumbler, in person, out of sight of the general public. There are many different trusted places to buy bitcoin these days, making the transition to the newest digital currency revolution much easier.
1. Use cryptocurrency exchanges.
Exchanges are platforms where you can use your hard earned money to buy Bitcoins. They are typically run by a centralized organization that helps facilitate transactions between buyers and sellers through the order book. In addition, funds (fiat or crypto) are stored on the exchange itself, providing quick and easy access to your assets. The success of the exchange is largely determined by high trading volumes. This provides the exchange with liquidity to place orders (buy or sell) and execute them quickly. Many of these services, like Coinbase and Gemini, require personal information due to anti-money laundering (AML) and your customer awareness (KYC) rules in the US and abroad. You can find out more about how BlockFi uses KYC / AML in our resource center. Decentralized trading platforms are an alternative to these centralized exchanges. Here, trades are conducted directly between the two parties, without any centralized control or trade facilitation. Funds are not stored on the exchange, which gives you the ability to constantly monitor your funds without trusting third parties to store them. LocalBitcoins is a well-known example of a decentralized marketplace where buyers and sellers come together to transact directly with each other. LocalBitcoins offers a much wider variety of options for buying bitcoins like PayPal, Moneygram, or Venmo. Other platforms like Kyber Swap offer an easy and secure way to buy and sell cryptocurrency. Like a centralized exchange, Kyber has an open order book but requires the use of an Ethereum Dapp wallet like Metamask to store and transfer your funds. If you don't want to worry about the complexities of the order book, spreads between bets and buyers, etc., there are alternative exchanges that allow you to buy bitcoins quickly and easily. Exchanges like Shapeshift allow you to quickly exchange bitcoins without delay. Unfortunately, you will need to already own another cryptocurrency in order to buy bitcoins with services like Shapeshift, as they do not accept fiat currency as a payment method. They are best used to quickly "exchange" one cryptocurrency for another.
2. Convert unused gift cards to bitcoins.
If you have unused gift cards lying around in your home, don't waste them. Use them to buy bitcoins instead. Sites like Paxful allow you to buy bitcoin using unused gift cards by “connecting with other users who want to purchase the same gift cards. However, you may have to sell your gift cards at a discount in order to find a partner to do a deal with. If you're willing to do so, this is a great way to turn unused gift cards into bitcoins.
3. How to use bitcoin ATMs
Everyone knows how to use an ATM, so it only makes sense to be able to buy bitcoins from an ATM. No, you still cannot buy bitcoins at a regular ATM, but you can do it at a dedicated bitcoin ATM that accepts cash in exchange for bitcoins. Just deposit cash into the machine and you will receive a piece of paper with information about your new wallet and bitcoin balance. You can then take that paper to another ATM and withdraw cash later, or spend your bitcoins wherever they are accepted. Unfortunately, bitcoin ATMs are not yet universal and are rarely found around the world. To find your closest Bitcoin ATM, take a look at Bitcoin ATM Radar, a global repository with the location of all existing Bitcoin ATMs. Who knows, maybe one day there will be a ready-to-use bitcoin ATM on every corner. An alternative to ATM is using Coinstar to exchange excess change for Bitcoin. Yes, those machines where you can grab your piggy bank full of quarters can now spit out bitcoins instead of cash or gift cards. In fact, Coinstar works not only with coins, but also with bills. You can even deposit up to $ 2,500 to buy bitcoin locally. This makes Coinstar another great resource for buying bitcoin quickly. Now that you have learned about some of the ways to buy bitcoins, let's see where you can use bitcoins in your daily life.
How to use Bitcoin
We get a lot of questions from new cryptocurrency owners, for example: "How can I spend bitcoins?" or "where do people like to spend bitcoins?" You may be surprised at the number of places where bitcoins can be used. Now, not only can you spend bitcoins to buy your favorite video games, but you can also use it to pay for the new rug you wanted on Overstock, or even deposit money on your prepaid SIM.
1. Shop online with bitcoin
An increasing number of online stores are accepting bitcoin as a valid form of payment. Overstock has been a passionate leader in giving you the ability to use bitcoin for any purchase on the site. Other companies that support Bitcoin as a payment method include Microsoft, Newegg, TigerDirect and many more. Currently, e-commerce sites that accept bitcoin are relatively rare, but the fact that these huge companies are poised to take the plunge is a great sign for the future of the industry, so be sure to take every opportunity you have to shop on the site. which allows you to use bitcoins if you can. There are also new e-commerce platforms that are designed to only accept bitcoins and other cryptocurrencies as forms of payment. By far the largest marketplace, OpenBazaar, is a peer-to-peer marketplace where you can buy everything from local food and drinks from around the world to art and even digital goods. The platform takes precautions to ensure the security of transactions, using an escrow service for payment and user feedback to keep buyers aware of unethical sellers. While you are doing this, you can use Bitcoins to top up your prepaid SIM card with CryptoRefills. Just enter your phone number, the amount you want to top up and pay with Bitcoin. You can even send money to family or friends overseas to top up their SIM card. This is especially useful in locations where financial infrastructure is limited. If you're a gamer, CryptoRefills also lets you use Bitcoins to buy game vouchers for some of your favorite games like World of Warcraft, Counter-Strike, and more.
2. Buy gift cards with bitcoin.
Imagine being at Best Buy and seeing the new pair of earbuds you've been looking for. The only problem is that you have no money and you only have access to bitcoins. But Best Buy does not accept Bitcoin as a payment method. What do you do? With services like the Gyft mobile app, you can quickly turn your bitcoin into a gift card and make the purchase you were hoping for. The retail stores where you can use bitcoins are virtually limitless thanks to services that allow you to exchange bitcoins for gift cards. Sites like eGifter allow you to buy gift cards from hundreds of sites with your own bitcoins, allowing you to spend bitcoins as cash at your favorite stores. Haven't used up your entire gift card yet? Convert it back to Bitcoin with Paxful.
3. Get a Bitcoin Debit Card.
With the rise in popularity of bitcoin, new innovative financial products have been introduced that have made it easier to use bitcoin anywhere. One such innovation is the ability to store bitcoins on a debit card and spend wherever debit cards are accepted. Where can I spend my bitcoins? With these services, you can spend your bitcoins anywhere! BitPay offers a debit card with which you can fund your bitcoin. The company partnered with Visa to enable users to spend bitcoins instantly wherever Visa cards are accepted. You can even manage your account and card balance using the BitPay mobile app. Wirex provides a similar product for the Visa debit card and even provides 0.5% bitcoin cashback on all in-store purchases. The Cash app is another Visa debit card option, but it's also much more. The app lets you send bitcoins to friends (like Venmo), gives you cash discounts from your favorite sellers (like Ebates and Lolli), and even lets you buy and sell bitcoins right in the app. It's like an exchange card, debit card and bank account all rolled into one.
4. Traveling with Bitcoin
If you travel frequently, this is a great way to use bitcoins. There are several Bitcoin payment options available to you, from flights to accommodation. If you're looking for your next fight, look no further than airBaltic. The Latvian airline started accepting bitcoins back in 2014. They currently offer flights to over 70 destinations around the world, so there is no shortage of travel options. In terms of accommodation, companies like Travala are now allowing bitcoin to be used to book apartments, hotels and homes around the world. Whether you are looking to stay in Rome or Bali, Travala currently offers over 500,000 properties in 210 countries. The best part is that the prices are competitive on top booking sites like Kayak.
5. Pay your phone, internet and cable bills with bitcoin.
If you want to use Bitcoin regularly as a payment method, a great way to get started is by invoicing regularly. Some service providers, such as certain phone, internet, and cable TV providers, now accept Bitcoin payments. AT&T is currently the first and only major US mobile operator to offer bitcoin payments. Fortunately, they are also some of the largest. As of 2019, they have over 150 million wireless users. If you happen to be one of these users or want to become one, AT&T allows you to pay in Bitcoin online or through the myAT & T app. If you want to pay for cable TV and internet in bitcoin, AT&T can be used, but you also have the Dish Network. They have been offering the option to pay for their services with Bitcoin since 2014. So if you are currently a Dish Network customer or looking for a Bitcoin compatible cable and ISP, this is a great option. How to make bitcoin Besides buying bitcoins outright, there are a number of alternative ways to put even more bitcoins into your wallet without spending any money. To earn bitcoins, often nothing is required other than registering on the app or depositing available funds into an account that earns interest in bitcoins.
1. Earn Bitcoins with Compound Interest
It is often said that the richest people let their money work for them. This is exactly what you can do with your Bitcoin using the power of compound interest. What does it mean? Instead of storing your bitcoins in a wallet, you can put them in an interest bearing account that will earn you more bitcoins every month. Products like the BlockFi Interest Account (BIA) offer customers an interest in easily transferring bitcoins to their account. Just deposit your cryptocurrency with the BIA and let the percentage play a role. Clients can receive industry-leading rates on their bitcoins. The best part? Interest is calculated monthly. At the beginning of each month, your interest earned in bitcoins will be credited to your BIA account. In the next month, you will immediately start earning even more interest, because your balance continues to grow as you add interest. Find out how depositing into a BIA account can get you back on your feet and see how Bitcoin starts to increase interest with Bitcoin. Find out more about how the BIA works here.
2. Earn Bitcoin Cashback
One of the easiest ways to earn bitcoins is with a money back service like Lolli. Lolli users earn bitcoins as cashback every time you make an online purchase from an affiliate merchant. Their partner network includes over 500 top brands such as Walmart, Barnes & Noble, Gap, Best Buy, Overstock and more. Lolli is similar to other money back services like Ebates, except that instead of a dollar refund, you get paid in bitcoin. So, the next time you're ready to make your next online purchase, stop and remember that you can earn bitcoins in just a few clicks using the Lolli extension for Google Chrome. Another fun way to earn bitcoin cashback is by using Pay. With Pei you can get cashback in BTC or USD. Their application is very simple. The first step is to securely connect your bank account, debit and credit cards to your account through Plaid. Then, every time you shop at a store in the Pei shopping community, you will receive cashback directly to your Pei account. Their partners are companies such as Target, Chipotle, 7-Eleven and a number of other large retailers. The best part is that not only do you earn bitcoins through pei, but you also get the opportunity to “half as much” collect the points and rewards that you usually get from your credit cards. Pei is one of the best ways to passively earn bitcoins without thinking about it.
3. Receive money in bitcoins.
Some companies prefer to pay out rewards in bitcoin because of how cheap and fast it is to conduct transactions using the blockchain. These days, there are many small tasks and assignments that you can complete to earn bitcoins. It includes: Taking surveys Completion of administrative work Reply to emails Mobile Apps Review Doing freelance work Earn is a platform used by some of the best and brightest players in the cryptocurrency industry like Naval Ravikant and the Winklevoss twins. After creating a professional profile, you will start earning bitcoins every time you reply to a message from a recruiter, company, or researcher. You can also head over to Cryptogrind or Jobs4Crypto Reddit for more skilled and often ongoing Bitcoin payable jobs. Just be careful, any work paid for with Bitcoin requires trust between the parties. If you are serious about working to earn bitcoins, you should consider using an escrow service to keep your payment secure.