As cryptocurrencies keep growing closer to mass adoption questions like how can I pay bills with Bitcoin are rising in popularity.
Though there are other cryptocurrencies called altcoins, Bitcoin remains the most widely accepted cryptocurrency of payment because of the pioneering role it has played in the evolvement of crypto.
Can I pay bills with Bitcoin? Yes, you can pay bills with bitcoin. The acceptance of bitcoin for payment for goods and services is on the increase globally. Individuals and several merchants now accept bitcoin.
Since Laszlo Hanyecz paid 10,000 Bitcoins for a pizza worth $25 on 22 May 2010, which is officially the first recorded transaction in bitcoin, the digital currency has gradually made its way into the financial ecosystem. Since then, more and more merchants have recognized and accepted bitcoin for paying for goods and services.
In our other guides, we showed some possible ways to make money with cryptocurrency, and so this time we wanted to share some of the favorite ways we found to spend some of our hard-earned cryptos on stuff. Whether you’re looking to pay bills or buy something at a store this guide will teach you.
How To Pay With Bitcoin
There are several ways one can pay for goods or services in bitcoin. However, for the sake of time, we are going to mention a few of them.
You can spend your bitcoin directly. For instance, you can use them to give copywriter, or article writers to update your site.
Though it is difficult to spend bitcoin directly on stores such Amazon, you can spend it indirectly by using it to buy gift cards from services like Gyft and eGifter and then use them to make purchases on Amazon and other reputable online stores.
Spend it offline
You can as well spend your bitcoin offline where bitcoin is accepted for payment. From travel to restaurants, hotels, tuition, electronics, and lots more, you can easily people willing to accept your payments in bitcoin.
Withdrawing your bitcoin and converting it into fiat currency could be a bit challenge. Nevertheless, platforms like Coinbase come handy when withdrawing your earning.
Use of Coinbase
It is quite easy to withdraw your bitcoin in fiat currency by following these simple steps:
- Go to settings on Coinbase.com on web or simply settings and then Linked Accounts on your mobile.
- Select ‘Link a New Account’
- Choose the kind of account you desire to link – Debit Card, Bank Account, or Wire Transfer
- Complete the verification by following the instructions
To do instant bank account verification, check this link.
If you want to do a deposit verification, which involves manually linking your bank account, use this link. Bank withdrawal, however, takes 4-5 business days to complete. This is suitable for small and large investments.
You can also withdraw your money from Coinbase by using MasterCard or Visa Card. This involves photo ID verification.
The last method you can use to withdraw your funds on Coinbase is the Wire Transfer. Though the funds appear in your account in 2-3 business days, its major drawback is that you must have up to $25,000 or more to be able to use this.
Sell your bitcoin
Some websites like Bitstamp allow you to sell your bitcoin in EUR and USD. The disadvantage of Bitstanp include limited selection of altcoins, high deposit fees on small amounts, limited payment options, and the site is not too suitable for beginners.
Localbitcoins provide a place for you to sort the nearest buyer close to you depending on your location. Though a very good place with different payment options, it involves higher fees for cash, and one needs to be careful as the possibility of fraud is high.
Bitcoin Debit cards
Bitcoin Debit cards are equally good options for withdrawing your bitcoin. There are reputable companies that offer bitcoin debit cards one of which is Bitpay. If you are a miner looking to pay your electric bills, bitcoin debit card comes as great option to enable you do so.
Top 3 Bitcoin Debit Cards
There are several bitcoin service processors across the globe but we shall examine the top 3 processors to see what makes them the preferred processors.
Bitpay is a highly trusted bitcoin payment processor which has been around since 2011. The payment gateway is user-friendly and easy to set up. They are packed with several great features amongst which is the ability to decide transaction speed to your desired timeframe. If you are a merchant who wants to withdraw money at set intervals, this feature is for you.
Bitpay equally comes with a two-factor authentication thereby providing an extra layer of security for account owners on the platform.
They give a free cap of $1,000 worth of daily transactions as well as $10,000 annual transactions before going ahead to implement a 1% transaction fee. This is why it is a perfect option for startups and small businesses.
- It is easy to set up and operate
- With the bitcoin debit card, you can withdraw your money on any ATM or Visa Point-of-sale (POS) in all 50 states of the United States of America.
- It is quite secure
- Bitpay does not charge transaction fees for its card; only takes 1% settlement charge.
- Offers favorable concession before applying transaction fees
- Card is acceptable worldwide
- It supports invoicing in 40 languages.
- It has shopping cart plugins
- It supports direct bank deposit
- It is available to only a few countries
- It requires verifications
- It lacks chip and pin
You can set up your free Bitpay account here.
The next bitcoin payment processor to take a look at is GoCoin. This payment gateway is quite simple to use. It provides a simple and straightforward API for merchants to accept bitcoin payments on their websites. In addition, it offers several plugins thereby making it available for use on online shopping platforms such as Shopify.
At just 1%, its transaction fee is quite affordable. It allows customers to receive their payouts in USD.
- It is user-friendly
- It offers cheap transaction fee. This is charged at a flat rate of 1% on all transactions.
- It offers simple plugins that merchants can easily install on their websites.
- It is only available in few countries
- Not as secure as Bitpay
To create your free GoCoin account, follow this link.
Coingate is another processor that is greatly loved by merchants because of its simplicity. It comes with a cool app that allows merchants to set up and monitor payments using their phones.
It gives merchants the opportunity of using different payment methods. It supports over 40 cryptocurrencies and altcoins. Other important features include offering special plugins to merchants and giving them the option of creating bitcoin payment buttons to use on their websites. Transaction speed is quite encouraging.
Your earnings can be withdrawn in USD/EUR into your bank, MoneyPolo, or AdvCash account. While SEPA bank transfer takes 1-2 business days, International bank transfer takes anything from 7-21 business days.
- It has different plugins to make transaction easier
- It offers bitcoin payment buttons to help merchants receive payments in bitcoin.
- Transaction fee is low.
- There is instant conversion to EUR/USD for withdrawal with SEPA, International bank transfer, Skrill, and advCash.
- Secure with 2FA using Google Authenticator
- It takes a high transaction fee of 3%
To open a free Coingate account, click here.
How many merchants accept bitcoin payment?
Bitcoin payments are accepted by different merchants in various industries. From real estate to travel, luxury goods, sporting events, charities, games, services, and online products and applications, you find merchants who are willing to accept bitcoin as a means of payment.
Some of the popular merchants accepting bitcoin payment include Badoo, Archive, BitcoinCoffee, Crowdtilt, Cheap Air, Bloomberg, Dish Network, Domino’s Pizza, Microsoft, Expedia, Etsy, EZTV, Namecheap, Newegg, Braintree, Shopify, Virgin Galactic, and a host of others.
Does Starbucks accept bitcoin? No, Starbucks does not accept bitcoin. This is because the Internal Revenue Service (IRS) considers bitcoin property. So, this is likely to trigger a lot of taxing issues any time bitcoin is accepted for payment, no matter the amount that is involved.
However, if you are using the Starbucks app, you can pay with bitcoin via the iPayYou’s Bitcoin wallet. Your bitcoin is then converted to the less volatile USD, using a tool known as Bitcoin Direct to Starbucks.
Does Pizza Hut Accept Bitcoin? No, Pizza Hut does not directly accept bitcoin for payments. However, you can still purchase pizza using a third party service provided by PizzaForCoins.com and pay with your bitcoin. Conclusively, bitcoin is a great option for paying bills without facing the unnecessary stress associated with centralized fiat currencies. To make things relatively easier, there are several bitcoin payment processors you can easily depend on for your transactions.