How to Pay Your Bills with Bitcoin
This article was originally published on coincentral.com on the 14-May-2018.
The decentralized market continues to see massive adoption on a global scale but many new investors are still unaware of how to spend their crypto in practical ways such as paying bills directly. New investors are flocking to the marketplace in record numbers and this investment capital is getting reinvested back into the BTC services marketplace.
As more people learn about the benefits of blockchain technology, the decentralized economy continues to expand. While most of the media’s attention is focused on how Bitcoin can assist you in acquiring your Lambo, many people are still unaware of the multitude of ways in which they can spend their Bitcoin earnings on day-to-day items. There is no shortage of services that allow you to pay your bills directly using Bitcoin and new platforms with even more innovative concepts continue to emerge in the market daily.
You hear all about the HODLers of BTC but rarely do you get to hear stories about the people that use their cryptocurrencies to do more mundane tasks such as pay their cell phone or electric bills. While these activities lack the luster of a cherry red Lamborghini Diablo, they are, in fact, much more important to mass scale Bitcoin adoption.
Bitcoin users from around the world are finding unique and innovative ways to avoid using fiat currencies in their lives and if you are bit more practical than a bright red Lambo, or just looking to use your hard earned Satoshis to get by, there are many ways in which you can spend your BTC on your living expenses. Below are just a few of the most popular ways that you can pay your bills directly from your BTC wallet and avoid paying any crypto-to-fiat transition fees.
Bitcoin Debit Cards – Pay Your Bills with BTC
Bitcoin Debit cards are considered by many as the missing link between the cryptomarket and the traditional market space. Crypto Debit cards can function in a couple of different ways but most utilize a protocol that converts your crypto into fiat currency the moment you swipe your card. You will pay a small processing fee for the transaction but with most cards, it is far less than what Coinbase would charge you.
The Welto.io platform provides users the ability to pay their bills directly from their Bitcoin wallet. The platform boasts immediate transaction times and even allows you to use a combination of crypto and fiat currency to pay your bills. There is 2% flat transaction fee for their services; which is far less than fiat-based payment systems and despite the $300 payment limit, Welto is expanding quickly.
The Welto platform is currently working on a large-scale update that would allow for the use of more cryptocurrencies in the future. Currently, users can pay bills with BTC, LTC, ETH, ZEN, ETC, and CRW. There is also a mobile app available for download on the Android operating system.
If that isn’t easy enough for you, you can download the Amazon Alexa app and pay your bills with voice commands. The best part is that the Welto platform is not alone. Click here to see a list the most popular crypto bill pay platforms currently available.
Living Room of Satoshi
The Living Room of Satoshi platform is an Australian-based cryptocurrency bill payment system that is already seeing substantial use in the country. This 2014 startup is currently processing around $1 million a week in small bills for BTC users in Australia. The system is integrated with the BPAY bill system to provide users access to the most popular service providers in the area.
This platform is excellent in its abilities and overall informative feel. You can see the actual payment statistics of the platform’s users by category for the last 14 days. A quick review of this data is truly eye-opening. Credit cards bills are the #1 bill paid on the platform followed by the internet, phone, electricity, and gas. The platform even allows you to pay your rent with crypto.
This is truly a remarkable tool for the BTC users of Australia and hopefully, they will expand their operation in the future.
Pay Your Bills Directly
You should always ask your service providers if they accept BTC directly as a form of payment. You may be surprised to find out that they already do or are planning to integrate it in the near future. Corporations and governments from around the world are getting hip to the benefits of accepting cryptocurrencies and you may not be too far off from the day that you can even pay your taxes in crypto.
It was reported in February of this year that Arizona was considering becoming the first state to accept cryptocurrency payments for property taxes. This would be a huge step forward for the decentralized economy and more states will surely follow Arizona’s example in the coming months.
Is it Possible to Pay Your Bills by Using a Bitcoin Wallet?
Yes, it is very easy to pay your bills with your Bitcoin wallet and there are thousands of people already doing this every day. These are the individuals that are taking the decentralized economy forward by forcing retailers to take a serious look into cryptocurrencies such as BTC and as you probably already know, just a peek at BTC can be enough to take you down the blockchain rabbit hole.