How to pay your bills with cryptocurrency?
Satoshi Nakamoto developed the first decentralized cryptocurrency called Bitcoin (BTC) and referred to it as “a peer-to-peer electronic cash system.” As per Bitcoin’s white paper, online payments could be made directly from one party to another without going through a banking institution with a peer-to-peer version of electronic cash.
That said, other than using Bitcoin as an investment vehicle or a store of value, it can be used to pay for goods and services. Similarly, other cryptocurrencies like Dogecoin (DOGE) can be used to pay bills online with crypto.
This article will discuss how to pay in cryptocurrency, how to spend Bitcoin on day-to-day purchases and various ways to utilize your cryptocurrencies to pay your cell phone, gas or groceries bills.
Firstly, one needs to acquire a crypto asset like Bitcoin to begin paying with cryptocurrency. Exchanges like Coinbase and Binance allow users to exchange fiat for currency (or vice-versa) and store their private keys safely. However, self-custody might be an alternative if you don’t trust third parties for your private keys.
The next step is to sign up for a wallet of your choice to pay your bills straight from your crypto wallet. From hardware to software and web to paper wallets, plenty of options are available to send payments in cryptocurrency. As mentioned above, cryptocurrency exchanges also offer wallets to store private keys on behalf of their users. However, ensure that the wallet you choose is compatible with the cryptocurrencies of your choice.
Finally, check with your utility provider to see whether you can use cryptocurrencies to pay your bills. With merchants’ growing adoption of blockchain technology, many businesses have already started accepting payments in
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