Bitcoin was first created as electronic peer-to-peer cash to be used for buying and selling. Down the road though, it is now used as an investment asset and store of value.
That’s not to say that the initial use case has been abolished though. If you have Bitcoin, you can still use it to pay for goods and services if that’s what you want.
It was difficult to find merchants open to accepting Bitcoin payments a few years ago, but that has changed. As the price of the asset has been increasing consistently, everybody now wants a piece of it.
There are thousands of stores worldwide that now accept Bitcoin payments, and you may not struggle to find such merchants around you, all you have to do is ask. This guide highlights how you can spend your Bitcoin on goods and services you need.
Why Use Bitcoin to Pay?
There are many reasons why you may want to use Bitcoin to make payments. The following are some of the reasons why you should use Bitcoin to pay.
Security
Bitcoin transactions are protected by cryptography and decentralized blockchain that makes it impossible to tamper with.
Transactions are permanently recorded on the blockchain ledger and can be verified at any time, so there’s no room for fraud at any time. The transactions are also not traceable to you, thus increasing your privacy.
This is unlike traditional payment systems that expose all your identity and can be tampered with because of centralization. If you want a payment method that respects your privacy and ensures security, Bitcoin offers that.
Lower Fees
Bitcoin transactions aren’t just secure, they are also much cheaper than transactions through financial institutions. Payments done with credit or debit cards are usually a percentage of the amount spent, which can add up fast.
For Bitcoin transactions, the fees can be as low as a few cents, making it more attractive to those who wish to cut transaction fees when making payments.
Faster Transactions
Bitcoin transactions are also much faster, especially when it comes to cross-border payments. If you have used payment institutions like Western Union or the others to send funds across borders, you would know better.
Transactions with Bitcoin take as little time as possible both for local and international payments. Instead of waiting for days to receive payment, you can get it in a few minutes or even seconds.
Global
Every major payment company has countries where their services are not available, not so with Bitcoin. Anyone from any part of the world can use Bitcoin to pay as long as they have internet access.
How to Pay With Bitcoin
The following are the ways to pay with Bitcoin.
Pay to a Merchant
There are thousands of merchants that now accept Bitcoin payment. All you have to do is buy from them and choose crypto as payment option at checkout.
They usually have a crypto payment gateway they use, which will make the payment as easy and quickly as possible.
A unique Bitcoin address will be generated or you’ll be given a QR code option to scan and send the crypto to the assigned address. The transaction will be confirmed and payment settled almost instantly.
Peer-to-peer Payment
This is where you use Bitcoin for payment the way it was intended to be. Simply make the payment directly to the wallet of the person you’re paying to.
You may send to the wallet through the wallet address by asking them for the address. You can then copy and paste the address in your wallet and send the payment.
Another option is to scan a QR code generated on the receiver’s phone. This is usually much easier and also safer since you don’t risk copying the address and exposing it to bad actors online. Your payment will also be settled near instantly depending on how busy the network is.
