What to Buy with Bitcoin?
By now, most people on the planet have got an idea what Bitcoin is. And a few of you got hold of some Bitcoin. If you have got some Bitcoin, either you need to sell it, store it, or spend it. After Bitcoin has touched 20k USD mark, for a long time, Bitcoin price stayed under 10k USD.
So, if you think it’s time to spend your Bitcoin instead of selling or storing it, here is how you can.
Selling is not a big deal for many people. You go to an exchange and sell it. But here is the problem. Once you sell, you need to declare the profits, if any, to the tax department.
For some people, however, liquidating is not an option. In India, Bitcoin itself is not illegal. But the central bank has banned banks from serving crypto-entities. That is, no Indian exchange can use the banking services. Users can sell. Nevertheless, they can’t get money in fiat. All they can do is exchange for another cryptocurrency.
So, when you can’t liquidate your Bitcoins, it's better to start using it for purchases.
Bitcoin Debit Cards
Bitcoin debit cards work like a regular debit card. Instead of loading the debit card with fiat, you have to load it with Bitcoin.
This way you can pay with your Bitcoins wherever Visa, MasterCard, or a particular type of debit card is accepted. Hence, you will have more flexibility.
How can you get a Bitcoin debit card?
CryptoPay.Me provides both virtual and physical prepaid debit cards. These services come at a cost. You can use these debit cards wherever major cards are accepted. Better yet, you can even withdraw money. CryptoPay claims that they deliver the physical cards worldwide without any delivery fee.
BitPay is another popular service proving Bitcoin debit cards. These cards are Visa-branded. Hence you will have more acceptance and more flexibility on what you can buy.
BitPay has initially started as Bitcoin POS for merchants, BitPay handles the Bitcoin payments and fiat conversions for the merchants. It has a strong reputation and serves customers like NewEgg ad Microsoft.
There is another service called WirexApp that provides Bitcoin visa debit cards. They have both Android and iOS apps. So, you can manage Bitcoin funding into the debit card on the fly. By the way, WirexApp has an excellent user interface.
If you are looking for more services, you can sign up for Uquid. This service also provides food and pharmacy vouches, in addition to a virtual debit card. Plastic cards will be available soon. Plus, you can do mobile data recharges.
Apart from debit cards, which cost you something in terms of service fee, some merchants and enterprises directly accept Bitcoin. For a list of Bitcoin merchants, click here.