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How to use and spend Bitcoin

How to use and spend Bitcoin

Beginner

19th December 2019
Updated: 27th June 2020

5a – What is bitcoin used for?

It’s now a decade since bitcoin was created, and you can now use it for almost anything for which you’d usually use ‘regular’ currency. To give examples, 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 of these because it can be transferred anywhere in the world instantly with no conversion fees.

If you’re interested in learning more about bitcoin gambling, our ‘Gambling’ pages will take you through everything you need to know. What we’re going to do next is run you through how you can spend your bitcoins in real shops, both online and offline.

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.

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 from your bitcoin debit card.

5d – Where can I go to learn more?

Congratulations! You have completed our crash-course on Bitcoin. Further information on everything we have discussed here can be found across Invezz and it’s range of courses. If you have any questions to which you can’t find an answer, then we’re always available via live chat to handle any queries.

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

By Harry Atkins
Harry joined us in 2019 to lead our Editorial Team. Drawing on more than a decade writing, editing and managing high-profile content for blue chip companies, Harry’s considerable experience in the finance sector encompasses work for high street and investment banks, insurance companies and trading platforms.
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