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Ways to Buy and Spend Your Bitcoin

Posted on 18th Jan 2020 15:28:31 in Blog, Bitcoin

It is no secret that Bitcoin and cryptocurrency, in general, could very well represent the future of money worldwide. Because financial institutions are bypassed and this form of currency is not government-issued, trading with cryptocurrency is quicker and cheaper. However, many users today are not attracted to using Bitcoin as they believe that there aren't many situations when Bitcoin could actually be applicable. While this is partially true, there are, in fact, handy ways to buy and spend your Bitcoin. Amassing large quantities of Bitcoin doesn't mean that it will go to waste. So, we've prepared this guide on all the best ways to buy and spend your Bitcoin. Read on and learn how to acquire this cryptocurrency, and what you can do with it.

Bitcoin Wallets

Before we get into all the best ways to buy and spend your Bitcoin, we first have to stress the fact that you will need a Bitcoin wallet before any transaction happens. Think of this wallet as a place where your Bitcoin will be stored in. However, it's not really cryptocurrency that's stored in such wallets, but rather the private keys allowing you to use your Bitcoin. There are two types of Bitcoin wallets, each with its own unique benefits and drawbacks:

  • Hardware Bitcoin wallets are physical devices that you need to connect to whatever device you are using for trading (your computer, phone, tablet). The fact that your private keys are not located online makes this method more secure.
  • Hot wallets, on the other hand, create keys on a device that's connected to the Internet, making them less secure. However, they are free and more convenient to use.

If you will be buying with Bitcoin more frequently, hot wallets could be a better solution. On the other hand, if you are planning on saving your cryptocurrency, hardware wallets could be what you need. Finally, having one kind of crypto-wallet doesn't mean that you can't have the other one as well, so why not go with both a hardware and a hot wallet?

Best Ways to Buy Your Bitcoin

After you have obtained a wallet for your cryptocurrency, it is time to actually acquire some Bitcoin. Here's how you can do that.

Cryptocurrency Exchanges

The first way is to buy Bitcoin through a cryptocurrency exchange. In most cases, such exchanges are run by a centralized entity, which acts as a sort of a "middle-man" between the buyer and the seller. As your assets (including both the cryptocurrency and the fiat funds) are kept on the exchange, such cryptocurrency exchanges provide an easy way to manage your funds. Gemini and Coinbase are two popular cryptocurrency exchanges that should leave you satisfied with the way the deal was conducted.

A good alternative comes in the form of cryptocurrency exchanges that do not operate with a centralized entity, meaning that all the deals there are handled directly. As your funds are not kept on an exchange, this will be useful to those users who do not trust someone else to safe keep their hard-earned cryptocurrency. One such exchange that we will recommend is called LocalBitcoins.

Trade Gift Cards for Bitcoin

Instead of buying Bitcoin, you can use a platform such as Paxful to trade your unused gift cards for Bitcoin. By using Paxful, you can connect with the parties who will find a use for your unneeded gift cards, providing you with a specified amount of Bitcoin in exchange. Unfortunately, as finding the right buyer can be tricky, you may need to settle for selling your gift cards at a lesser price than what they might actually be worth.

Bitcoin ATM / Coinstar

Another way to buy Bitcoin is to use a Bitcoin ATM or a Coinstar. Bitcoin ATMs function similarly as regular ATMs - after depositing cash, a slip of paper will appear out of the machine with the necessary information on your updated wallet balance. The problem with Bitcoin ATMs is that, unfortunately, there aren't many of them. You can use Bitcoin ATM Radar to see if any such ATMs are located near you.

An ATM, not unlike the one that’s very useful in terms of the best ways to buy and spend your Bitcoin.
A Bitcoin ATM is not dissimilar to its more traditional counterpart.

Coinstar machines, that are used to trade coins for other forms of money, can also be used to obtain Bitcoin. Coinstar machines, in fact, also accept paper money (up to 2,500 dollars), which is why they constitute an excellent and efficient way to buy Bitcoin.

Best Ways to Spend Your Bitcoin

Now, let us take a look at some of the ways to spend your Bitcoin. We'll go over all the most appealing solutions.

E-commerce

Unfortunately, not many e-commerce sites today accept trading with cryptocurrency; however, you should still be able to find more than adequate means of buying with Bitcoin online. For example, OpenBazaar is a great platform for spending your Bitcoin. Art, digital products, even food and drinks - all of that and more is available at the OpenBazaar.

What's more, some large companies such as Microsoft and Overstock also accept payments made with Bitcoin. While these companies are still in the minority, their decision to allow the customers to buy with Bitcoin is a signal that the better days for the world's most important cryptocurrencies are ahead of us. Even today, more and more e-commerce platforms are supporting trade with cryptocurrency, so you should be able to buy plenty of products you're after by using Bitcoin.

Microsoft logo.
Microsoft is one of the visionary companies that’s responsible for introducing new ways to buy and spend your Bitcoin.

Convert Bitcoin Into Gift Cards

Then, you can also use eGifter to convert your Bitcoin to gift cards. Hundreds of websites where you can buy gift cards are supported. In practice, this means that you can use Bitcoin as money to shop at a large number of different stores. And if you do not use the entire gift-card, you can utilize Paxful (a platform we've already discussed) to convert it back into Bitcoin again.

There's also a handy mobile application called Gyft, that allows you to easily trade your Bitcoin for gift cards. As the process of conversion is quick and painless, this is a very useful application in such cases when you find yourself at a store, but you do not have enough money on you to purchase an article that has caught your attention.

Bitcoin Debit Card

Finally, you can also obtain a Bitcoin debit card. This is a very convenient option, as it allows you to literally spend Bitcoin anywhere, just like you would if you were using a regular debit card. Wirex, BitPay and Cash App are three good choices for obtaining such a card, as they are all partnered with Visa. In practice, wherever Visa cards are accepted - so are these Bitcoin cards.

Cash App is especially useful because of the discounts it provides at some stores, because you can use it to send Bitcoin to your friends, and because you can sell and buy currency inside the app. So, as you can see, convenient ways to buy and spend your Bitcoin definitely do exist. While paper money will not be extinct any time soon, and while there are some important pros and cons of using Bitcoin, utilizing this cryptocurrency now will prepare you for the future and allow you to enjoy some convenient benefits. There's no need to be untrustful of this form of currency, which is a fact you may find out for yourself if you give it a chance.

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