One of the questions that come up frequently on the topic of Bitcoin is, "Where can I spend it?" This article by no means covers every possible answer to that question.
In fact, the answer to the question will change as Bitcoin and cryptocurrency, in general, evolve but, we will provide you with real verifiable and actionable answers to the question.
At a high level, Bitcoin is a digital currency also known as a cryptocurrency. There are many others but Bitcoin is the most popular and considered to be the oldest cryptocurrency (There were prior attempts made at developing digital currency) as of today with the birth year of 2009.
I think the fact that the first question most people ask is, "Where or how do I spend it?", says a lot about our (USA) society and how we have been conditioned, which is to consume.
Be that as it may, Bitcoin is actually a digital asset - like any other valuable asset (E.g. Homes, Stocks, and Gold) - that can be used as a store of value or traded (a medium of exchange) just as you would do with a dollar. One key difference today is that Bitcoin has become more valuable since its inception and the dollar - during that same time - has not.
This image is a great illustration of the historical values of the dollar and sats (short for satoshis which is the smallest denomination of a Bitcoin). The chart is updated in real-time and can be found here.
Before we get to that, let us discuss how you get it in the first place because you can't spend what you do not have. An easy way to answer that question is to think about how you get dollars today. Three primary ways for most of us are:
- Earned or paid to you by your employer (job) or customers (business).
- Exchanged in trade for something that you have in your possession. Example - You would sell a home for dollars.
- Given to you as a gift.
Understand that Bitcoin can be acquired in exactly that same way. It is a currency just like the dollar, peso, or euro.
Ways to spend Bitcoin and resources:
Donate to Nonprofits that accept Bitcoin.
Convert Bitcoin into dollars - Chances are that if you bought Bitcoin, the exchange where you bought it also allows you to convert it into dollars. The following are US-approved and are in compliance with US cryptocurrency compliance regulation.
Bitcoin ATM withdrawal is also an option. See the map here.
Have the Bitcoin sent to your Cash App, sell it, then use the cash or transfer it to your bank in dollars.
Dine at restaurants that accept Bitcoin.
Although Bitcoins is new and can seem somewhat complex, once you put aside the technology behind it and the fact that you can't see and touch it like old money, it is fairly easy to spend. I think the larger question is why would you want to.