Following the unbelievable rise of Bitcoin and other cryptocurrency prices in 2017, the industry entered and established itself in the mainstream world. As more and more people became aware of the powerful forces that cryptocurrencies offer, more and more merchants started accepting them as a viable form of payment. Here we’re going to help you harness the benefits of crypto with this guide on how to spend cryptocurrency anywhere.
What Are The Benefits Of Using Cryptocurrency?
Initially designed as a response to the Global Financial Crisis, cryptocurrencies were invented to bring a monetary alternative to one dependent on banks and governments. Operating freely from the control of these types of organisations, crypto is entirely decentralized, and is run by a network of operators through blockchain technology. Cryptocurrencies offer a faster and cheaper alternative to sending funds internationally, by facilitating peer-to-peer payments as opposed to needing the payment to go through various banks and changing through various fiat currencies. As all payments are entirely digital, the buying, selling, and storing of cryptocurrencies is also convenient, safe and easy to manage.
How To Spend Cryptocurrency Anywhere
The first step to spending crypto is acquiring crypto. You’ll first need to download a wallet that can hold the specific cryptocurrency you’re looking to buy, and then buy the desired crypto. Oobit offers a seamless and convenient service which allows users to buy a wide variety of cryptocurrencies through a debit or credit card. The crypto is then sent directly to your wallet and is available to be used within the hour, often a lot sooner (network dependant).
While some countries are more crypto-friendly than others, most options below are accessible to crypto users wherever they might reside. There are currently four main ways to spend crypto anywhere, broken down into categories below:
- Crypto Wallets
- Crypto Debit Cards
- Intermediary apps
- Companies that accept Bitcoin
Web and mobile based wallets are generally connected to the internet and allow users fast access to their accounts. Sending crypto is as easy as sending fiat, however crypto payments require a wallet address instead of a bank account. Wallet addresses are typically long strings of numbers and letters, so to make this more user friendly the industry has generated QR codes that display this information.
When sending funds from your Oobit wallet all you need to do is copy paste the destination wallet address in your “Send By Wallet” option and enter the amount you’d like to send.
Crypto Debit Cards
There are currently several crypto debit cards on the market that allow you to store crypto in the accompanying wallet and instantly convert them to fiat when you want to use them on the high street. These cards are usually operated by Visa or Mastercard, so in turn offer a secure and reliable service. Some of the top options include Wirex, CryptoPay and SpectroCoin, here is a full list of top 10 crypto debit cards for you to explore.
Oobit is in the process of creating a prepaid crypto card that will allow users to use their crypto for their everyday shopping. Offering low commission and international usage (including withdrawals) the card is set to revolutionise users’ crypto experience. The prepaid crypto card is set to launch in 2021.
Since Bitcoin’s inception and significant adoption over the past several years, many companies have added Bitcoin, as well as other cryptocurrencies, to their list of accepted payment options. According to a 2020 study conducted by HSB, 36% of SME in the United States currently accept crypto. This list grows substantially by the day, however these days users can pay in crypto for anything from Burger King to KFC, at Microsoft to the Miami Dolphins, to Norwegian Air and a host of crypto-run restaurants in Japan. The list is endless, so users best check in their area what is available.
For the companies that don’t accept crypto, there are intermediary apps. As more and more intermediary solutions pop up, the range of merchants at which you can spend your cryptocurrencies increases greatly. There is a service called eGifter which allows users to buy gift vouchers using BTC and other cryptocurrencies which can then be used on top online shopping platforms like Amazon, Apple, Uber and many more. Another option is Gyft which works with similar concepts except for companies like Sephora, Whole Foods and CVS.
Enter The Modern World Of Crypto
Now that we’ve covered how to spend cryptocurrency anywhere, here are 10 more great reasons on why you should spend crypto anywhere. As the world continues to develop at a fast pace, why not embrace the new and jump into this exciting and advanced way of living. Get started with Oobit today.