As most of us already know, Bitcoin is the most famous and widely used cryptocurrency in the world that uses cryptography to keep it secure. There are no physical bitcoins, only balances kept on a public ledger that everyone has transparent access to (although each record is encrypted).
“Bitcoin is just not the most efficient currency yet,” said Henry Elder, the head of wealth management at Wave Financial, a digital assets firm in Los Angeles. Amazingly and ironically, Bitcoin’s value as of December 14, 2021, is 46696.30 USD after it dropped from its all-time high of slightly above 66k early on this year.
But the most important question when it comes to bitcoin is what can you actually use it for? In other words, what things can you really buy with bitcoin?
And after some companies have issued a crypto debit card, there are more things you can buy with bitcoin. So, with that in mind, let’s find out what you can actually do with your bitcoins, and what are the best bitcoin debit card right now.
Best bitcoin debit cards in 2022
Crypto debit cards allow you to spend your crypto assets in the real world, just like a standard debit card. These cards are linked to a crypto wallet or online crypto account. When you make a purchase through your crypto debit card, your crypto converts into dollars as the merchant processes it.
With that in mind, here is a list of the best bitcoin debit cards for 2022:
What can you actually buy with bitcoin?
The answer? A lot. But it’s not always easy though. The list of companies accepting cryptocurrencies is growing continually. There are a wide variety of products and websites using bitcoin. But some transactions involving it are rare, especially large ones.
So, here is a list of things you can purchase using bitcoin.
Technology and e-Commerce products
Microsoft accepts bitcoin but only on its online store. It doesn’t allow cryptocurrency promotional ads and crypto-related products on its site. Also, Overstock, an e-commerce platform was said to be among the first sites accepting bitcoin. Shopify, Rakuten, and Home Depot also accept bitcoin. PayPal, once a subsidiary of eBay, now allows customers to buy, sell, and hold cryptocurrency in their accounts.
You can go for a vacation using your bitcoin. CheapAir is one of the several airlines that accepts bitcoin as payment or, you can book your flight through Expedia. The Kessler Group, a U.S. -based luxury hotel chain, is one of the hotels accepting bitcoin.
For more info, visit our posts on how to book a flight with bitcoin.
If you are looking for some new furniture, this is probably good news for you. You can purchase new furniture using bitcoin. Overstock and Fancy.com let you pay what you purchased using bitcoin. Just choose “Pay with Bitcoin”, and you’re good to go.
People who love jewelry and expensive watches must’ve kept an eye on this. The online luxury retailer BitDials offers Rolex, Patek Philippe, and other high-end watchers in return for bitcoin.
May it is fast food, candies, pizza, you can buy them with bitcoin. Though it’s not easy, it can be done. If you want to order pizza from Domino’s Pizza, you need to go through a service called Lightning Pizza in order to move small portions of your cryptocurrency to the restaurant. Subway is one of the fast-food restaurants that also lets you pay with cryptocurrencies. There aren’t any opportunities to buy candy or sweets using bitcoins because of processing fees that come with smaller purchases, but one manufacturer came up with a Bitcoin-enabled candy dispenser called SweetBit.
News media and television service
Among mainstream outlets, the Chicago Sun-Times became the first major publication to accept bitcoin on its platform in 2014. That same year, magazine publisher Time Inc. began accepting cryptocurrency for digital subscriptions. Bloomberg News, which has been a leader among national publications in covering cryptocurrencies, also accepts bitcoin. And if you have enough bitcoins to handle recurring payments, you can shift from your monthly TV subscription to your Bitcoin wallet. The service uses BitPay to process its subscription payments.
Buying tickets online with bitcoin is also an option for you if you are holding bitcoins. There is a variety of options including:
- The Oakland A’s offer a six-person suite for the price of one bitcoin.
- The Dallas Mavericks not only allow bitcoin payments, but you’ll also get a discount on merchandise for paying that way.
- The Miami Dolphins accept both Bitcoin and Litecoin.
- Manhattan residents can use a local company called Blockparty to buy concert tickets using bitcoins.
If you’re hosting an event, there are plugins that make it easy to accept Bitcoin payments from attendees. Solutions like Big Tickets facilitate transactions to take the stress off of you.
There are car dealers such as Lamborghinis and Subaru who already accept bitcoin as payment. Recently, Tesla has joined the list. It’s been highly publicized, but it’s not easy because you have to follow the carmaker’s instructions and you only have 30 minutes to finalize your purchase and once it’s done, Tesla won’t give you a refund for transactions sent to the wrong address.
College Tuition Fee
In 2014, New York City’s King’s College began accepting Bitcoin for tuition. From there, a few other schools have begun accepting cryptocurrency for payment. You don’t have to pay with a digital wallet. Many simply invest in Bitcoin and cash out when it’s time to pay.
Early this year, Swiss insurer AXA made an announcement that they are now accepting bitcoin as a mode of payment. Also, Premier Shield Insurance, an agency that sells home and auto insurance policies, accepts bitcoin for premium payment.
How to convert bitcoin to cash?
There are two main avenues to convert bitcoin to cash. These are peer-to-peer platforms and third-party broker exchanges.
This is a quicker and more anonymous method you can use where you sell your bitcoin for cash. You decide which payment method you want your buyers to use, and the exchange allows faster transactions with, of course, fewer fees. Another good thing about this one is that you get a better exchange rate with an individual buyer than you can with a third-party brokerage. This is safe once you know what you are doing. However, you also need to be careful with fraudsters. And, the most popular peer-to-peer platform is LocalBitcoins.
Third-party broker exchanges
This is another name for a cryptocurrency exchange. It is the same process as currency exchanges of foreign currency to your country’s currency. It is simple, easy, and secure, though it’s not the fastest method. The average time for money to reach your account varies by country and fees also depend on the country your bank is located in. Bitcoin ATMs and Bitcoin Debit Cards function the same way as third-party brokers.
Now that we mentioned Bitcoin Debit Cards,
How to convert bitcoin to cash through your Binance Debit Card?
With the Binance Card, you can spend your favorite cryptocurrencies at more than 60 million merchants worldwide. Just transfer crypto from your spot wallet to your funding wallet, and you’re ready to go. Spend your crypto anytime, anywhere.
Here’s a step-by-step guide:
- Open your Binance App and tap [Wallets] – [Overview]- [Transfer]Or, log in to your Binance account on the Binance website and tap [Wallets] – [Overview]- [Transfer]
- Select [Funding] as the destination wallet, the type of crypto you want to transfer and enter the amount. Then, tap [Confirm Transfer]
- Click on the [History] icon on the top right to check your transfer history in order to verify that the funds have been transferred.
And that’s it! Once you’re done following the guide step-by-step, you can now enjoy and spend your crypto anytime, anywhere.