- Trending Categories
- Data Structure
- Operating System
- MS Excel
- C Programming
- Social Studies
- Fashion Studies
- Legal Studies
- Selected Reading
- UPSC IAS Exams Notes
- Developer's Best Practices
- Questions and Answers
- Effective Resume Writing
- HR Interview Questions
- Computer Glossary
- Who is Who
How to use Bitcoins as Traditional Currency?
The bitcoin craze is gradually taking a leap now and the investors are optimistic about its growth and increased value in the coming future. However, the stability of bitcoin currency is still a big concern for everyone. Nonetheless, people are mining bitcoins, getting them exchanged and also dealing in them. This shows its value and power, which is being elongated by each passing year. Despite this, many bitcoin owners linger in vacuum when it comes to converting them into cash. Here are some hassle-free methods you can try to get it right −
Cash It On Bitcoin ATMs
A Bitcoin ATM works in multiple ways. It lets you buy Bitcoin using your fiat currency, meaning you can insert your regular debit card and the machine will spit out the Bitcoins. It will also let you to insert a Bitcoin debit card and convert the Bitcoins into traditional money. Isn’t it awesome!!
ATMs that you exchange bitcoins are now available. More than 2200 ATMs have been installed to offer the facility to Bitcoin owners to get them convert into cash relatively fast. In addition, you can also exchange other cryptocurrencies into the traditional currency. You can do vice-versa (getting Bitcoin in turn with money) as well. Many ATMs now support additional crypto coins such as Lite coin and Ethers too.
The best part is Bitcoin ATMs do not ask for your personal information. All you need is a Bitcoin wallet and cash. Similarly, inserting traditional cash into the ATM and get bitcoins added to your Bitcoin wallet is also the simple and most convenient way to buy your Bitcoins hassle free and privately.
To make your transactions, Bitcoin ATMs charge a nominal 5-10% fee per purchase.
Use for Online shopping
There are a number of popular online services that not only allow people to easily buy Bitcoin and other cryptocurrency using their smartphone or through a website but also sell them in exchange for other cryptocurrency or fiat currency.
Coinbase is one of the most popular services which allows to buy and sell popular digital currencies. CoinJar is also a decent platform. They both offer purchasing and selling of Bitcoin, Litcoin, and Ethereum, while Coinbase also supports Bitcoin Cash (another form of cryptocurrency, which is different from Bitcoin) and CoinJar has Ripple.
Swipe your Debit Card
Yes, you heard it right. Bitcoin debit cards are the easiest and convenient to use, just as your traditional debit cards. Now, you can spend Bitcoin and other Crypto coins at conventional retailers in a very hassle-free way. These retailers may not accept crypto payments but do lend support for debit and credit cards. These cards enable users to deposit their Crypto coins through an online website, which automatically converts them into a fiat currency like Indian Rupees, American Dollars or Euro.
Monaco, Bitpay, Coinjar, and BCCPay are some of the major cryptocurrency debit cards. These cards are either powered by VISA or MasterCard. This means that they can be used for online and offline shopping at most businesses. The availability of these can vary from the geographical point of view. Moreover, the daily and the monthly usage limits. Thus, it is recommended to compare each card and get the right card for your requirements.
Kickstart Your Career
Get certified by completing the courseGet Started