How to pay your bills with Bitcoin
Bitcoin was invented a few years now. However, the world’s largest cryptocurrency has undergone different phases during its short lifetime. It is considered as both a currency and an asset. It has received mix feelings from people over the past few years.
Despite the backlash from banks and some traditional financial institutions, Bitcoin is finally getting the adoption and acceptability it deserves. While some cryptocurrency enthusiasts focus on Bitcoin investment, the cryptocurrency is becoming an acceptable means of payment in a wide variety of sectors across the global economy. An increasing number of online and offline merchants are accepting Bitcoin as a form of payment, which makes it easier for people to utilize the cryptocurrency for their day-to-day spending habit.
With the number of people using Bitcoin to pay for goods and services on the rise, it is crucial that they know how to use the cryptocurrency to pay for their bills.
Why use Bitcoin to pay for your bills
Bitcoin has emerged as an alternative means of payment, and it offers a lot of benefits compared to the traditional fiat currencies and payment methods. The unique features of Bitcoin and other cryptocurrencies make them excellent choices when paying your bills. Here are some reasons why you should use Bitcoin to pay for your invoices.
- Lower transaction fees: it is no secret that Bitcoin transactions have lower transaction fees compared to bank and credit card transactions. The transaction fees for Bitcoin payments are often minute that a user doesn’t even notice.
- Fast cross-border transactions: Bitcoin offers fast cross-border transactions to users. While using banks, international payments take a few days to go through. However, you can pay merchants in any part of the world within minutes.
- Anonymous transactions: Bitcoin transactions also offer a certain level of anonymity. The transaction details of both the sender and the receiver, such as their names are not revealed when payments are made. The privacy offered by Bitcoin makes it a good option for some people who pay bills and make online purchases.
How to pay your bills with BTC in different parts of the world
Cryptocurrency debit card and bill payment companies have emerged over the past few years that allow people to pay their bills using Bitcoin. The debit card and bill payment companies serve different regions, and we will look at some of them. We will also look at the different ways to pay your bills using Bitcoin.
Direct Bitcoin payment
The first and perhaps the most popular method is the direct payment to the utility companies. An increasing number of utility companies now accept Bitcoin as a means of payment and have provided Bitcoin wallet addresses to help people with that. You must ask your service provider if they accept Bitcoin payments although it is something you can see on their websites.
Direct payment to the utility companies eliminates the need for third-party payment processing companies. Thus, you don’t have to pay a service or conversion fee. In addition to that, direct payment to the utility companies is also faster than going through the third-party platforms.
Direct bill payment is already in effect in the state of Arizona in the US. Some states in the country such as Illinois and Georgia are also looking to accept BTC payment for local tax.
Payment solutions in the United States and Canada
There are Bitcoin debit card and bill payment companies in the United States and Canada that allow people to pay their bills using Bitcoin.
- Shift: This debit card supplier is available in America and allows people to pay their bills in BTC. The debit card is connected to a user’s Coinbase wallet for transactions, and it is currently available in 45 states across the United States. The Bitcoin is converted to US Dollar before bill payment, and Shift doesn’t charge the users any conversion fee when BTC is converted to USD.
- Coinsfer: Coinsfer is a bill payment company that operates majorly in the United States. The company helps people pay their bills using Bitcoin. Coinsfer is available to users in every part of the country and gives them a choice of recurring payment or one time payments like any other bill pay service.
- Bill Pay for Coins: this is another bill payment company that operates majorly in the United States. Setting it up is a one-time thing, and by connecting your Bitcoin wallet address to this platform, your bills will be paid using Bitcoin at all times. In addition to taxes, you can use them to pay for credit cards, home or auto loans, federal and state taxes, and a host of other monthly invoices.
Payment solutions in Europe
- Bitbill: Bitbill is a bill payment company that allows people to pay their bills using Bitcoin. Their services are available to all SEPA countries including Austria, Germany, France, Italy, The Netherlands, Spain, Portugal, and a host of others. You can pay for a broad range of bills using this platform.
- Spectrocoin: based in London, Spectrocoin serves a wide range of countries in Europe and the United States. The Bitcoin debit card provider provides numerous services to its users and allows them to pay for bills and spend their BTC in US Dollar or Euro at several outlets across the continent.
Payment solutions in Australia
- Living Room of Satoshi: Living Room of Satoshi is the largest Bitcoin payments gateway in Australia and allows people to pay for their bills using Bitcoin. The BTC is converted to the Aussie (AUD) before bill payment, with no conversion fee charged. The platform allows Australians to pay for a wide range of bills such as power, credit card, health fund, membership cards, and more.
Other parts of the world
- WageCan: WageCan is cryptocurrency debit card provider that allow people in other parts of the world to pay their bills. Their services are available to people outside Europe and the United States. Their debit cards connect to over 30 million ATMs in different parts of the world while also enabling local currency withdrawals. At the moment, it has one of the largest markets as it supports multiple nationalities.
Multinational payment processing solutions
Asides the payment solutions discussed above, other bill payment solutions are available in several countries across the world. The payment solutions include;
- Bestcryptodebitcard, and
The Bitcoin economy is getting closer as more merchants, and government bodies now accept the cryptocurrency as a means of payment. The benefits offered by Bitcoin makes them useful means of paying bills. The payment solutions reviewed in this post can be used to pay for a wide variety of bills in different parts of the world.