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Basic Guide on How to Spend Bitcoin and Other Cryptocurrencies

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Bitcoin and other cryptocurrencies

In recent years, Bitcoin and other cryptocurrencies have entered more into the mainstream. Most people walking down the street have at least heard of Bitcoin. While a lot of people got involved in the buying and selling of cryptocurrencies to try and make a quick buck, most people who are enthusiastic about the world of blockchain are in it for the long haul. 

These are usually the people who are going to be more likely to actually use their Bitcoin and other cryptocurrencies as a payment tool and not just as a storage of wealth or a trading tool. This guide looks at a few different ways in which you can use your Bitcoin in spending capacity. Taking into consideration the prime abilities of crypto trading robots such as Quantum AI, Bitcoin Prime, Bitcode AI and  Oil Profit, you will be able to fully automate your trading activities.

Crypto Debit Cards

Perhaps the easiest way for you to spend your cryptocurrency is by linking up your holdings to a debit card. 

These days, many of the leading card providers such as MasterCard and Visa have these types of crypto-linking debit cards. These cards can be used just like you would a normal debit card that is linked to your fiat currency bank account. 

Naturally, the most popular type of crypto debit card is going to be for Bitcoin, but there are other cryptocurrencies catered for also. 

Prepaid Cards

There are numerous cards where you can load on some of your cryptocurrency holdings and use this prepaid card like a normal debit card. A popular option is the Shift Card. This is a card produced by Visa and it allows you to connect the card to a Coinbase account. Therefore, you can spend cryptocurrency both offline and online. Other popular prepaid cards include CoinsBank, Xapo, and Uquid.

Direct Payments

While it may be easier to use the likes of debit cards and prepaid cards to spend your cryptocurrency, there are fees attached to those transactions. More and more retailers are now accepting direct payments of cryptocurrency. 

Usually, only a limited number of cryptocurrencies will be catered for and oftentimes it will only be Bitcoin. A lot of retailers that accept direct payments will utilize third-party processors such as Cryptopay and Bitpay. 

Some of the popular retailers that accept these types of payments include Virgin Galactic, Namecheap, Expedia, Microsoft, and Overstock. As time goes on, this list is likely going to grow as using cryptocurrencies as a payment method becomes more popular.

A growing trend

Besides many industries actively adopting blockchain (take a look at the number of online casinos that accept crypto), the main catalysts for the growth in the acceptance of cryptocurrencies as a method of payment are payment processors such as Shopify, Square, and Stripe.

These brands are a vital part of millions of different businesses of all shapes and sizes. 

Each of these providers already has or is developing a framework that will allow their vendors to accept cryptocurrencies as a form of payment. This will lead to mass adoption as the years go by.

Conclusion

As you can see, there are a handful of different methods allowing you to spend your Bitcoin and other cryptocurrencies. They are all straightforward and will be familiar to anyone who has ever made a payment in an online or offline environment. All that is needed is a few key details and you will be good to go. 

Image by Liam Ortiz from Pixabay

Bitcoin

Bitcoin Price Climbs Above $27,000 Ahead of the FOMC Monetary Policy Meeting

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Bitcoin price jumped more than 3% on Monday, hitting its highest level since August 2023 ahead of the highly anticipated FOMC meeting. At press time, the premier cryptocurrency was trading 2.70% higher at $27,244.20. The digital asset has gained nearly 5% in the month to date and 64.71% in the year to date. Bitcoin’s total market cap has climbed by 3% over the past 24 hours to $531 billion, while the total volume of the asset traded over the same period increased by almost 100%.

Fundamentals

Bitcoin price was showing signs of recovery on Monday from the losses made in the last cryptocurrency market dip. Bitcoin flipped above the important level of $27,000, while Ethereum held above important support levels. The overall cryptocurrency market was in the green with the global crypto market cap up by 2% to $1.08 trillion for the day, while the total crypto market volume increased by more than 56%.

Even so, the Crypto Fear & Greed Index, which is a major measure of the crypto market sentiment by participants, was in a fear level of 38, almost like last week’s reading. This points to a continued decline in risk appetite by investors, which could prompt them to sell further.

Despite Monday’s bullish rally, interest rate decisions due later in the week may introduce downward pressure on cryptocurrencies. The US Federal Open Market Committee (FOMC) is slated to commence its…

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Bitcoin

Bitcoin Price Flips Above $26,500: What’s Next?

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Bitcoin price has been showing signs of a potential short-term recovery over the past few days and even tapped its highest level in two weeks, above $26,500. The premier cryptocurrency has gained nearly 2% over the past week, erasing some of the losses made in the previous days. Even so, the asset remains 9% below in the month to date. Bitcoin’s total market cap has climbed by more than 1% over the last day to $518 billion, while the total volume of BTC traded over the same period decreased by more than 9%.

Inflation Concerns

Like most major altcoins, Bitcoin price noted a slight bearish initial response to the US Consumer Price Index (CPI) data published on September 13. Data released by the Bureau of Labor Statistics (BLS) showed headline inflation by the CPI came in at 3.7%, ahead of the predicted 3.6% year-on-year and higher than July’s 3.2% rate. Annual core CPI, which excluded food and energy prices, decreased to 4.3% in August, in line with forecasts and down from July’s 4.7% reading.

The Producer Price Index (PPI) data released on Thursday suggested bearable levels of inflation following a monthly increase of 0.7% and an annual increase of 1.6% in August. The monthly reading was higher than the estimated 0.4% increase. The core PPI came in at 0.2% for the month, in line with analysts’ expectations.

Retail sales data also published on Thursday…

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Bitcoin

Bitcoin Price is Facing a Major Hurdle at $26,500 Amid Fed Concerns

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Bitcoin price has been struggling to break above the crucial resistance level of $26,500 for the past few days. The premier cryptocurrency has slumped by more than 13% in the month to date but remains 56% higher in the year to date. Bitcoin’s total market cap is a formidable $503 billion, down by more than 20% compared to its highest level so far this year of $612 billion. At the time of writing, the Bitcoin price was trading 1.50% lower at $25,797.25.

Fundamentals

Just like most altcoins, Bitcoin, the biggest cryptocurrency by market cap, has been in consolidation mode in recent trading sessions amid a strong bear market. Ethereum, the largest altcoin by total market cap, has been hovering below the important resistance level of $1,700 after facing a strong rejection at the level. According to Coinmarketcap, the global crypto market cap remains lower at $1.04 trillion, while the total crypto market volume increased slightly over the last day.

The Crypto Fear & Greed Index, which is a key measure of the crypto market sentiment by its participants, was at a fear level of 37 on Friday. This is a slight decline from the fear level of 40 recorded earlier this week. Additionally, it indicates that the risk appetite among investors has inched lower compared to last month’s neutral level of 49.

Focus will now be on the US Federal Reserve ahead of its two-day policy meeting…

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