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How to spend your Cryptocurrency: Convert to cash, find Bitcoin cash machines and buy goods

20 Oct, 2023

Cryptocurrencies have transformed the way we think about money, offering a decentralised and secure means of transferring and storing value. Bitcoin (BTC), the first and most well-known cryptocurrency, has paved the way for a multitude of other digital assets, each with its unique features, potential use cases and market price. 

As an all-in-one crypto platform, StormGain offers all its users the potential to profit from the volatility of the crypto market by trading tokens or holding crypto as an investment. But once you have accumulated all this wealth in digital assets, how do you go about spending your Bitcoin and other cryptocurrencies? This article provides a comprehensive guide on how to put your digital coins to practical use.

Setting up a wallet

Before you can spend any cryptocurrency, you need a digital wallet. These wallets come in various forms, including:

  • Hardware wallets (stored on physical media)
  • Mobile wallets (installed as an app on your smartphone)
  • Software wallets (accessible via the internet)

A software wallet can be downloaded to your computer or mobile device, making it accessible for everyday transactions. StormGain includes built-in software wallets for users, but there may be times when you wish to withdraw to a different type of wallet. Hardware wallets offer enhanced security as they store your cryptocurrencies offline. Mobile wallets are convenient for use on the go.

Once you have your preferred crypto wallet and have deposited cryptocurrency to store inside it, it's time to think about how to spend it. This can be done via several different methods, some of which may be more convenient for you, depending on your location and preferences. It's worth noting here that most services that facilitate crypto spending work primarily with Bitcoin, the oldest, most popular and most established cryptocurrency. However, you may be able to find similar methods available for altcoins, especially prominent ones such as Ethereum (ETH) or Tether (USDT).

Crypto remittance services: Turn crypto into spendable cash

A crypto remittance service is a company that facilitates the transfer of cryptocurrencies — usually Bitcoin — and the exchange into fiat money so that you can withdraw and spend the funds. They allow clients to open an account, deposit a cryptocurrency and convert it. Some crypto remittance services also offer linked debit cards for easy spending.

To leverage the potential of Bitcoin and others for everyday spending, follow these straightforward steps to use crypto remittance services:

  1. Find a reliable service: Search for a trustworthy crypto remittance service in your country that offers spending options. Register for an account, provide the necessary information and complete any required verification procedures.
  2. Deposit crypto: Transfer your Bitcoin or altcoins into your account on the remittance service platform, usually from an external wallet. If needed, use the service's conversion tool to change your crypto into the local currency.
  3. Link payment methods: Some services allow you to link traditional payment methods like bank accounts or credit cards to your account. This makes direct purchases using your Bitcoin balance possible.
  4. Bitcoin debit card: If the remittance service provides a debit card feature, request one. This card can be loaded with fiat currency based on your crypto balance and used at any payment location that accepts cards.
  5. Track spending: Keep a close eye on your spending, review costs and monitor your crypto transactions by using the remittance service's portal. Before using the service, make sure to read and understand all its features, conditions and restrictions.

Remember that when you use a crypto remittance service, you're trusting a third party with your digital assets, so make sure that it offers good security and account monitoring tools.

How to use a crypto cash machine

Despite the name, you cannot withdraw any crypto as physical coins. However, some cash machines feature the ability to make purchases or sales of cryptocurrency or to withdraw from your crypto account (in the local fiat cash). The majority of crypto cash machines work with Bitcoin, but there are some available for other crypto tokens such as Ethereum, Ripple (XRP) and popular altcoins. If you can find a crypto cash machine in your area, using it is relatively straightforward.

  1. Find a nearby cash machine: Locate a nearby Bitcoin cash machine for your preferred altcoin using online directories like Coin ATM Radar and CoinFlip ATM Locator or by doing a simple web search. Make sure that the cash machine allows both fiat withdrawals and crypto sales.
  2. Prepare a crypto wallet: Have a crypto wallet ready to receive funds, which could be a hardware wallet or a mobile wallet.
  3. At the cash machine: Select the 'Sell' option, scan your wallet's QR code, specify the amount you want to sell and complete the transaction. The confirmation time depends on network congestion. After confirmation, collect the cash equivalent to the sold cryptocurrency.

Keep in mind that different crypto cash machines may have varying interfaces and fees, so be sure to familiarise yourself with the specific instructions and costs associated with the cash machine you're using.

Spending crypto on peer-to-peer marketplaces

A peer-to-peer (P2P) marketplace allows users to transact with each other using various methods, potentially including Bitcoin or other cryptocurrencies. Buyers and sellers deal directly with each other through these marketplaces, making them flexible but also requiring some trust between participants. Here's how to use a P2P marketplace:

  1. Find a trusted platform: Choose a reputable P2P platform that supports crypto transactions.
  2. Identify sellers that accept crypto: Browse vendor listings on the platform to find sellers who accept Bitcoin or your preferred altcoin as a payment method.
  3. Negotiate and transact: Contact the seller to discuss transaction details, such as the price and quantity. Follow the provided payment instructions to transfer the agreed-upon amount of crypto to the seller's wallet address.
  4. Confirm delivery: Once the seller receives payment confirmation, they will deliver the products or services as agreed. Stay in touch with the vendor and monitor the transaction.

Always do your research and exercise caution before making crypto transactions on a P2P marketplace. Verify the seller's reputation, the platform's security and any associated fees.

What can you purchase with crypto?

Bitcoin is accepted by various online merchants, travel companies, gift card retailers, food establishments, online service providers and even some select physical stores. Some merchants and organisations will also accept altcoins, especially in cryptocurrency-friendly locations.

Examples of crypto purchases include:

  • Online merchants: Shop for electronics, apparel, home goods and more at major retailers like Microsoft, Overstock and Newegg.
  • Travel and lodging: Book flights, hotels and holiday packages with Bitcoin on select travel websites.
  • Food: In some locations, food delivery apps, franchises such as Burger King or Domino's, and even some independent cafes will accept crypto payments.
  • Gift cards: Buy gift cards that are redeemable at popular stores, restaurants and online services.
  • Online services: Pay for web hosting, domain registration, VPN services and gaming subscriptions on sites like Twitch, Grooveshark, ExpressVPN and others using cryptocurrencies.
  • Charity donations: Contribute to social and humanitarian causes through various organisations and charities that accept Bitcoin or other cryptocurrencies, e.g., the Red Cross, Wikipedia, Save The Children, and others.
  • Physical stores: The acceptance of Bitcoin in physical stores varies by location, so always verify with the specific store before making a purchase.

Get the best conditions for crypto trading with StormGain

Using crypto for major and everyday purchases is becoming increasingly convenient, with a growing number of businesses recognising its value as a payment option. But before you start spending, you'll need to get some crypto, ideally at the lowest cost and highest profit. That's where StormGain comes in.

Available as a user-friendly smartphone app on iOS and Android or via a simple web login, StormGain is a crypto platform designed to help beginners and experts alike profit from the exciting crypto market. Featuring essential tools such as trading signals, built-in crypto wallets, automatic orders and over 60 digital assets, including top altcoins, tokenised stocks and crypto indices, StormGain sets you up for success in crypto trading with attractive interest rates and low commissions to boot. It even includes an integrated Bitcoin cloud miner that rewards users with free BTC just for spending time on the platform.

Not a StormGain user yet? Sign up in just a few seconds and try a demo account to experience the power of StormGain and start your journey towards crypto success!

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Want Bitcoin for free?

Try our Bitcoin Cloud Miner and get additional crypto rewards based on your trading volume. It's immediately available upon registration.

Start mining