Today, Bitcoin can be used as an online or offline payment method in many places. Actually, many people find Bitcoin or any other cryptocurrencies a little confusing. These are not actual dollars and pounds you have held in your hand and felt it. Cryptocurrencies are a digital cash form, which has made its way in the financial world.
To buy Bitcoin Australia, you need to get registered at an exchange, verify your personal details, deposit cash and wait to make transactions using the virtual cash. Things are getting better from spending because currencies can be transferred to credit or debit cards and used. The majority of credit card providers approve to spend cash like cryptocurrency.
All the cards differ in the type of cryptocurrency they support. However, Bitcoin is the most popular and the majority of cards accept Bitcoin.
How cryptocurrency can be stored?
Before diving deeper on how to spend Bitcoin, get to know how it can be stored. Regular money gets deposited in a bank. For making payments only you use PayPal or bank transfers or debit/credit cards. Cash can also be stored in your wallet and spent from there.
In the same way, you can use cryptocurrency for making payments. Choose a ‘Wallet’ for your cryptocurrency. A wallet app can also be used on your desktop, which can be accessed from anywhere. Even mobile wallets allow spending and transferring Bitcoin from your Smartphone.
Another option is a hardware wallet. It is a USB device, which electronically stores your Bitcoin keys.
Some channels propose paper wallet services that are just like cash. You get a paper that has 2 QR codes printed on it. The first one is for receiving the cryptocurrency and the second one says how it can be spent.
- Tipping & charity
- Common household things
- Gift cards
- Video games
- Travel expenses like flight and hotel booking or cruising
More and more organizations and small businesses are accepting cryptocurrency as a form of payment.
How to spend Bitcoin?
Paying with Bitcoins is the same as sending an email. Rather than sending a text to a specific email address, buyers need to transfer their cash amount to the seller’s Bitcoin address. The best thing with Bitcoin payment is you don’t need to share personal information. If physical goods are purchased just give your address and name.
For buying a digital item, your email address will be sufficient. In the case of donation, there is no need to offer any information……total anonymity is possible!
After offering the necessary information, you will not be asked your credit card number but one of the Bitcoin payment options given below will be displayed.
- A QR code makes payment via bitcoin wallet app easy.
- A link to the merchant’s cryptocurrency account that accepts bitcoin payments
- A Bitcoin addresses
The process can differ a little depending on the kind of Bitcoin Wallet you are using. The retailers that offer cryptocurrencies as a payment option may possibly be using 3rd party processors like Cryptopay or Bitpay. Therefore, it is essential to know how their payment system functions and the charges involved before jumping in.