Where To Spend My Cryptocurrency?
Cryptocurrency is becoming a massive industry very quickly. At the time of me writing this article, we have over a $400,000,000,000 market cap and for such a speculative investment according to some, that’s a lot of money to be poured into an emerging industry. The issue here however, is that cryptocurrency is being used less as currency and more as a store of value. People just don’t want to seem to get rid of it, which more or less defeats it’s original intended function, as a means of trading and distributing for goods and services.
Well what if I actually do want to spend my coins on something that isn’t just more crypto? Something physical, something that I can hold in my hands and physically see? Well there in-lies one of the biggest problems the community is currently facing as a whole. The lack of places that will accept crypto or a confusing barrier of technical aspects will deter the average user from actually using their coins for their intended purpose. Fortunately for us though, the crypto community has been working hard to fix that.
When crypto started, its most popular use case came from the deep web. People used bitcoin to anonymously buy things like drugs, hire hit men and other illegal activities. As time went on (and as bitcoin became less anonymous), bitcoin was slowly being replaced on the deep web with Monero and other privacy coins as the choice currency as bitcoin became more of a mainstream investment opportunity. Nowadays, more and more cities have started to see ATM’s pop up all over town that allow you to cash out your crypto for fiat or vice versa. Furthermore, we have services like bitpay that will allow you to accept crypto as a payment method, which is great and all, but how do you know exactly what businesses use that? What if you want more options than that?
The ideal thing for us right now that would really put crypto on the map would be for widely used services such as Amazon.com or Walmart to start accepting cryptocurrencies, but until then, here’s a few resources to help you find places to spend your hard earned coins on things you actually want.
- Spendbitcoins.com– The juggernaut of local resources for spending your coins but also has methods of buying things with crypto payments online.
- Overstock.com– Buy home furnishings and home improvement supplies with your coins and have them shipped directly to your house.
- Expedia.com – Pay for your hotel bookings.
- Egifter.com and gyft.com – Buy gift cards for places that don’t normally accept crypto.
- Newegg.com – Buy tech stuff with your crypto.
- Shopify.com – Various different merchants accept crypto payments on shopify!
- Mydish.com– Dish network will let you get pay per view and other cable television with crypto now.
- Roadwaymoving.com– Get some help on the big move with your crypto.
- Pizzaforcoins.com– Order pizza with your crypto.
- Intuit.com– Pay for financial services with crypto.
- Microsoft.com– Buy microsoft tech products with crypto.
- Reeds.com– Buy jewelry with your crypto.
- Cheapair.com– Book flights with crypto.
- Tesla.com and Benzandbeamer.com – Buy a car with crypto.
- Virgingalactic.com– Buy a ticket to space with crypto.
- OkCupid.com– Get a date with crypto.
- Remax.com– Buy a house with crypto.
This is just scratching the surface of companies to accept crypto payments. By the end of this year, we will most likely see a steady increase of companies to add to this list as well! If you think that’s pretty cool, there’s also services like Ten X and Request Network that make spending or instantly exchanging crypto even easier on users, furthering us in the direction of providing that ease-of-use layer we so desperately need to gain mass adoption.
One of the things you might have to keep in mind and be aware of before you jump the gun making purchases however, is that some countries like the US may require you to pay a capital gains tax on all of your transactions. While this isn’t fun for anyone, don’t let this fully discourage you. As the old saying goes, “Nothing can be said to be certain in life except death and taxes.” You’re going to have to pay taxes regardless, so if you’re going to have it, why not spend it on something you want rather than to continue to support the system that we’re so desperately trying to veer away from by using crypto in the first place?
What do you think? Is it worth spending your crypto rather than holding onto it? Why or why not? Is there anything I missed in this list? Let me know in the comment section, I’d love to hear what you have to say.
Thank you for reading, I hope I’ve been able to provide some helpful information for you! As always, go long and prosper.
Written by satoshispockamoto