How to use and spend Bitcoin

How to use and spend Bitcoin

A large number of shops and service providers now accept Bitcoin payments. Find out what your considerations should be when spending your coins.
Updated: Jan 20, 2022
0/5 Star rating
Beginner
3 min read

I. 5a – What is bitcoin used for?

Bitcoin can now be used for almost anything that you’d usually purchase with ‘regular’ currency. Examples being: many Australians today pay their household bills using bitcoin, you can gamble with bitcoin in many online casinos and betting sites, buy furniture from Overstock, and send remittance payments using your bitcoins. Bitcoin is particularly suited to the latter because it can be transferred anywhere in the world instantly with no conversion fees.

The following is an overview of how you can spend your bitcoins in real shops, both online and offline:

II. 5b – Who accepts Bitcoin?

If you want to spend your bitcoins, this is the most important question. Transactions with bitcoin can only be completed with shops/individuals that accept it as a payment option and have a wallet address to receive bitcoins. If this is the case, spending your bitcoins usually involves the simple process of scanning a QR code generated by the shop’s wallet and inputting the amount of bitcoin you wish to send.

If a shop or online platform accepts bitcoin, it will be listed in their payment options. We’ll always keep you updated with new places that allow you to shop with your bitcoins.

III. 5c – What about shops that don’t accept bitcoin?

It’s reasonable to think that if a shop doesn’t accept bitcoin, then you can’t pay with it. While it may seem like this would make spending your bitcoins impossible, this is actually not the case.

Companies have created products to encourage the adoption of bitcoin into existing payment schemes around the world, rather than just waiting for every shop to accept bitcoin directly. Bitcoin prepaid cards and bitcoin debit cards allow you to pay with your bitcoins anywhere that accepts ‘regular’ card payments.

Both varieties of bitcoin cards (prepaid and debit) are loaded with bitcoins, but allow you to pay in shops that only accept card payments. This means that it’s possible to incorporate bitcoin into your day-to-day life easily, and you can even start paying for monthly expenses, such as a mobile phone contract, with your bitcoin debit card.

IV. 5d – Where can I go to learn more?

You have now successfully completed our crash-course on Bitcoin. Further information on everything we have discussed here can be found in our range of courses.

At this point you may also wish to read up on where to purchase bitcoin or how to trade it.


Sources & references
Risk disclaimer

Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >

Harry Atkins
Financial Writer
Harry was a Financial Writer for Invezz, drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience… read more.

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