Now that you know what cryptocurrency is, the next question is: how do you use cryptocurrency? Just like the US dollar, euro, or any other local currency you can think of, cryptocurrency can be spent in exchange for goods and services.
This means that you can pay for goods and services using cryptocurrencies such as bitcoin, ether, litecoin. This guide will show you exactly how you can start paying using crypto.
All currencies have limitations for where you can use them, for example, you may not be able to pay using euro when buying a bowl of noodles in China, and Thai baht is not accepted when buying a shirt in the United States.
Similarly, when paying using cryptocurrencies directly, you can only pay at specific merchants that accept cryptocurrencies. Increasingly, companies and stores all over the world are warming up to cryptocurrencies, especially bitcoin. Here are some popular merchants that accept bitcoin as a payment method:
To pay directly to these merchants, most often you will need to transfer your cryptocurrency from your wallet to the merchant’s wallet.
There is a simpler and more convenient way to pay using cryptocurrency, which we will explore next.
A crypto card or bitcoin card is the simplest way to pay using cryptocurrencies, and you can pay at a wider range of merchants.
This is because it typically uses an existing payment network such as Visa or Mastercard to process your payment, with the crypto card company acting as the middleman and helping you convert from cryptocurrency to cash.
Similar to a debit card that is connected to a spending account, the TenX Visa Card lets you spend your crypto balance in the TenX app. To pay, simply top up your account and use your card to pay as usual: tap, swipe, or pin and chip.
Your crypto is automatically converted when you are paying, so your merchant receives local currency. This means that you can pay at any store that accepts Visa, even if they do not actually accept cryptocurrency.
Paying using cryptocurrency is not limited to just merchants, of course, you can also pay individuals such as friends, family, or a work freelancer using cryptocurrency. You would pay them by sending the amount of cryptocurrency to their crypto wallet.
To do this, you will need to get their cryptocurrency wallet address. Make sure to check that: