Spending Cryptocurrency

The ability to pay with Bitcoin or with some other cryptocurrency in stores remains uncommon.

While some merchants are slowly starting to accept payments in Bitcoin, the vast majority of retailers are still not on board.

There are many reasons for the lack of adoption, primarily the absence of legal and regulatory guidelines when it comes to transacting and taxing cryptocurrencies.

Crypto Debit Cards

That said, there are some ways to spend your cryptocurrency. A number of companies provide debit cards which are tied to crypto on your balance and can be used to pay anywhere where Visa, MasterCard etc is accepted.

  1. You pay with a card as you would normally do. The card can also be used to withdraw cash from an ATM.

  2. The debit amount deducted from your crypto wallet balance using the current market rates.

  3. Depending on the card provider some additional fee or perks such as cashback rewards may apply.

Below, you will see some of the more popular providers of crypto debit cards. Most of them are currently available to people living in the US or Europe.

Note that, all crypto debit card providers will require some kind of identification documents.

What To Know

When using the services, the card provider will usually issue you with a custodial cryptocurrency wallet that will be used as a source of funds for your card.

The wallet provided by a debit card provider will be a custodial wallet and therefore, you should never keep a lot of funds on it.

Use a non-custodial wallet for your primary funds and occasionally top up the wallet provided by a card provider with amounts you're a planning to spend in the near term.