How Easy is it to Buy Things with Cryptocurrency?
Cryptocurrency is easy to trade online for a lot of things within the crypto environment, such as for NFTs, or for tokens in a different cryptocurrency.
In some countries, such as El Salvador, cryptocurrency is also regarded as legal tender, so all companies operating within the country have to have provisions to accept crypto as payment for goods and services.
However, in most of the world, it is up to a company itself whether or not it will accept payment via cryptocurrency, and most major brands do not directly accept it.
So, how easy is it for you to use your cryptocurrency to buy goods and services from outside of blockchains? Here we take a look at your options:
Paying Directly with Crypto
Some sites do accept cryptocurrencies as a direct method of payment you can use when shopping with them online. However, this is not especially common. Some sites that experimented with accepting Bitcoin now no longer do, such as Microsoft and Twitch.
There are a variety of reasons why companies have opted out of offering crypto as a payment method at this time, which range from the perceived volatility of the market, through to the technical changes they would need to make to accommodate payments in crypto.
However, some sites exist specifically to trade luxury goods for crypto, and others such as Etsy allow sellers on the platform to select an option for ‘other payment methods’ and make arrangements for crypto payment directly with their customers.
Paying Directly with Crypto
If you want to be able to pay for products or services using your crypto funds anywhere you’d normally use a credit or debit card, you can actually get crypto debit cards that connect to the funds in your crypto wallet and convert some of your tokens to the currency you are spending right at the point of sale. You can find out how much your crypto tokens are worth in the fiat you are spending using this convenient crypto calc site.
Crypto debit cards can allow you to buy more or less anything with your cryptocurrency funds, but it is important to be aware of exchange rates at the time you make the purchase, so you don’t get any surprises.
Converting to Local Currency
The other option you always have if you want to spend your cryptocurrency somewhere where it is not accepted, is to trade your crypto for fiat. This is very easy to do with cryptocurrency exchanges, and you can have access to the money straight away, ready to use to make purchases using your normal methods, like your debit card.
You can also convert your crypto to different foreign currencies if you want to, which can be handy if you are traveling, or you are interested in forex trading as well as crypto.
While crypto may not be as widely accepted online as we might like, it is still pretty easy to pay for the things you want using your crypto funds.