When the prospect of cryptocurrency was first crafted, it was accompanied by a hefty sum of interest as to what the technology could provide. That was over a decade ago, and the world has embraced a new kind of financial freedom. But more than just an investment tool, did you know you can pay bills using cryptocurrencies ? The fundamental idea of the original cryptocurrency, bitcoin, was a peer-to-peer electronic payment medium that did not force individuals to rely on a banking system. Now, the relevance of Bitcoin is such that it can be utilized to pay for goods and services in our everyday life. So how can you use cryptocurrencies to pay your bills?
Chose your wallet and start spending
Without the aspect of investing, making payments using something like Bitcoin is as accessible as ever. Although a self-custodial wallet is preferable for your assets' safety, many companies use crypto as a payment method. Cryptocurrency exchange platforms, like PlasBit, streamline the exchange of fiat to cryptocurrency and vice versa. Setting up a wallet would be the first step to pay bills using Cryptocurrencies. Understanding the cryptocurrencies you hold and what kind of wallet you prefer allows you to select the best option amidst the growing number of online and hardware wallets at your disposal. A simple check on a company's website will allow you to see which businesses accept cryptocurrencies as payment. Countless entities have adopted blockchain technology to accept digital currencies as a payment method, and even Amazon accepts Bitcoin, Ethereum, and Cardano.
Bills you can pay with cryptocurrency
With the recent introduction of payment processors like PlasBit, cryptocurrency holders have an easier time using digital assets to pay for their expenses than ever. Rental payments, mortgages, and utility bills can now accept payments with tools like PlasBit crypto debit cards. PlasBit as the payment processor converts cryptocurrency into fiat for banks that do not yet directly accept cryptocurrency as a payment option. The widening and mainstream acceptance of cryptocurrency has had the most significant impact on these payment endeavors. Subsequently, companies like PayPal allow payment of bills using cryptocurrency. Additionally, various companies enable their charges to be paid directly from a cryptocurrency wallet.
Who accepts crypto as a payment method?
Although there are hundreds of viable cryptocurrencies in the market, there is no denying that Bitcoin is the biggest by market capitalization. Moreover, as the most well-known digital asset, it has become the most readily adopted by some of the world's largest companies. Entities like Burger King, KFC, and Subway accept BTC as a viable payment method. Yet, the most accessible method of utilizing Bitcoin for bill payments is using a crypto debit card loaded with crypto; The card operates just like a preloaded debit card; it is loaded with the crypto you own. Therefore, when the card is used, the cryptocurrency is converted to make a specific payment to the vendor. Furthermore, Getting a crypto debit card is done in several different ways. PlasBit, for example, features a crypto debit card that links to your account and is accepted wherever Mastercard or Visa is.
Crypto payment services
Finally, various companies work on behalf of their customers to make purchases using BTC. One of the premier companies is PlasBit, which accepts Bitcoin to pay bills and products. The process sees buyers send the desired asset to PlasBit, who then calculates the cost in BTC , and the order is executed. It is always essential to ask various vendors and merchants if they accept Bitcoin as a viable payment. Pizza Hut, Namecheap, and 4Chan are all well-known brands already accepting the currency. So, you may be surprised at the answer. Moreover, paying directly with Bitcoin eliminates the need for outside entities and thus removes the service charges you may expect. Conversely, cryptocurrencies' mainstream application is still young But with states like Colorado accepting BTC for tax payments, the widespread applicative uses will only continue to expand.
Pros and cons
Although it is becoming easier to pay bills using Cryptocurrencies, like anything, it has its pros and cons. The most significant advantage of making payments using cryptocurrency is tied to cryptocurrency's most considerable advantage of decentralization. A peer-to-peer blockchain network allows financial freedom without government oversight. Additionally, you only need an internet connection to have access to cryptocurrencies and payment methods all over the world. Conversely, some blockchain networks charge fees to make transactions, increasing the overall cost. Also, the lessened regulation makes the use of cryptocurrency one with risk. Hence, if finances are lost, they are unlikely to be returned. Finally, the entire cryptocurrency market can be volatile, which makes the ever-changing prices a concern. Still, there is no denying that making bill payments utilizing cryptocurrencies is a viable option for anyone with a cryptocurrency wallet. This trend should only become more prevalent in the coming years as more mainstream companies join the journey of cryptocurrency mass adoption.
