Recently, I finally took the plunge and bought some Bitcoin. I even wrote shared the experience. Overall, it wasn’t that groundbreaking. It didn’t involve a radical rethinking of how I used or thought about money. It was not that different from depositing money in a new account from an ATM. The account in this case just happened to be Bitcoin.
Since then, I’ve bought more Bitcoin. To date, I have a couple hundred bucks in my lone Bitcoin wallet. I’m still using BRD, which is one of the simplest wallets you can get. I have looked into getting others that have more features, but many of them seem to be more trouble than they’re worth.
That may change. I am quite interested in what BitPay has to offer with some of their services, but for now, I’m content to stick with BRD.
However, since I bought my Bitcoins, one issue has come up and I suspect it’s still the primary issue that most people face when they first get involved in this. It’s probably the same issue that prevents a lot of people from getting into it to begin with.
How do I spend my Bitcoins once I have them?
It’s the main issue that all these cryptocurrencies face. Getting them and securing them is challenging enough. Actually spending them like real money is still a challenge. While there are some noteworthy merchants that accept Bitcoin, most major retail outlets do not. You cannot use Bitcoin at Amazon or WalMart or even a standard grocery store just yet. Until that changes, its use will be limited.
This is what kept me from buying much of anything with my Bitcoins. Then, I discovered a useful tool that has helped make that easier and I think it’s worth sharing. While it’s true that companies like Amazon and Apple don’t accept Bitcoin directly, you can still use them. You just have to do it indirectly.
One way to do this is to use a site I found called Bitrefill. What it does is simple. You just use your Bitcoins to purchase digital gift cards for popular retail outlets. It works like this.
Step 1: Go to Bitrefill.com and browse the various gift card options, which includes the likes of Amazon and Walmart.
Step 2: Pick a gift card, choose an amount, and enter your Bitcoin account information for the desired amount, which is usually around $50 to $100.
Step 3: Complete the purchase and wait for the gift card code to come in via email. Then, just add the amount to your existing account.
For those who buy most of their stuff on Amazon, this is a quick way to turn your Bitcoins into something spendable. There are a few other workarounds, like Moon and Purse.io, but I’ve found this to be the easiest. There’s even a similar website called CoinsBee that allows you to do the same to your Apple iTunes account.
Basically, if you know how to send or spend gift cards, you can spend Bitcoin. Does it require a few extra steps from traditional cash? Yes, it does, but you can still spend it.
That may still raise the question as to why bother with Bitcoin in the first place. If it’s just adding an extra step between you and the retailers you prefer, then what’s the point? Well, this is where I’d like to share another part of my Bitcoin experience.
After buying my first batch, the price went up. I don’t know why, but it did. Suddenly, the first hundred bucks I put in was worth $125. That was great. It was downright thrilling. Granted, it did go down to around $103, but it was still impactful in a major way.
That’s because Bitcoin, unlike traditional money, fluctuates in value. Many see it as a reason why they don’t buy in. It’s just too volatile. I can understand that, but I also understand the impact of inflation.
If you go to your bank account right now and look at your money, you won’t see it change much in terms of value. However, inflation does ensure that its value goes down. It’s not a conspiracy. It’s just basic economics. Over time, most fiat currency loses value. That has been the trend for nearly a century.
With Bitcoin, it fluctuates. One day, it has more value. The other, it has less. You’ll win on some days, but lose with others. With regular cash, though, you always lose. You don’t lose nearly as much. Most of the time, it happens so slowly that you don’t even notice. Even so, losing is still losing.
The Bitcoins I have now may only be worth a few hundred bucks. By this time next year, they could be worth a lot more. That’s even more money I can convert to Amazon or WalMart gift cards. There’s also a chance the price could crash, as it has before, but given the finite nature of Bitcoin, there’s more incentive for its value to increase rather than decrease.
That doesn’t mean its value will always go up. There’s still a non-zero chance that Bitcoin’s value could stall or outright collapse, as other currencies have in the past. That’s why I’m not converting all my money into Bitcoin anytime soon.
For the time being, though, I’m satisfied and encouraged by my Bitcoin experience. I also encourage others to get into it as well, if only to get a feel for it. Hopefully, the sites I’ve listed here will help you get some use out of your Bitcoins. Money is a powerful force in this world. So long as Bitcoin and other cryptocurrencies keep operating as such, they’ll have a part in our future. Now is as good a time as any to carve your place in that future.