Buying Bitcoin is one of the wisest investments you can make. This fast-growing cryptocurrency allows you to supplement your income and boost the health of your finances.
Besides storing the cryptocurrency, you can also use it to make various purchases. But how exactly can this be done?
In this article, we’ll show you how to spend Bitcoin in UK.
How to Spend Bitcoin in UK: First Steps?
Before you can spend Bitcoin, you’ll first need to buy or mine it. This requires you to get a cryptocurrency wallet.
Although most providers offer digital solutions, they’re not ideal for long-term storage. Hardware wallets are a much better option. Apart from being more secure, you can also use them on your phone and pay on the go.
Once you’ve obtained your wallet and amassed a certain amount of Bitcoin, you can start spending this currency. Here are some of your best options:
Buying Goods and Services in UK With Bitcoin
You can buy a wide range of products and services with Bitcoin in the UK. Initially, the cryptocurrency was mostly used for illegal purchases, but that’s not the case anymore.
Nowadays, Bitcoin is accepted as payment for numerous items, from food and drinks to clothes and accessories.
Best of all, the cryptocurrency isn’t limited to physical goods. Many digital service platforms accept Bitcoin, such as VPN providers or vendors of entertainment products.
What is more, a large number of renowned companies accept Bitcoin:
- Microsoft Store – You can use Bitcoin in Microsoft Store to buy books, movies, apps, and console upgrades.
- Etsy – This platform itself doesn’t accept Bitcoin site-wide, but independent sellers on Etsy accept cryptocurrency in their shops. Most of them include Bitcoin in the “Other” payment methods at checkout.
- Lush – The website supports Bitcoin payments on different cosmetics. Bear in mind that this option isn’t available in their brick-and-mortar stores.
- Amazon – Like Etsy, Amazon doesn’t directly support Bitcoin. Still, you can purchase their vouchers with Bitrefill, enabling you to use your digital currencies.
- Shopify – This marketplace accepts Bitcoin, meaning any merchant running their store on the platform can diversify their payment options.
- Whole Foods – Whole Foods is a huge retailer that started accepting Bitcoin and other cryptocurrencies two years ago.
- Philipp Plein – The fashion giant supports 15 cryptocurrencies, including Bitcoin.
You might have known how to spend Bitcoin in UK on some products, but you’re not willing to use this currency for short-term spending. Fortunately, you can also make long-term investments, such as real estate.
Like buying houses with cash, paying with Bitcoin accelerates the process by eliminating mortgages and other setbacks. Your offer can also look stronger if you can purchase the place upfront by providing enough cryptocurrency.
Another great way to spend Bitcoin in the UK is to donate it. Various charities accept this cryptocurrency, including the Tor Project, Royal National Lifeboat Institution, and Wikipedia.
Donating to an international organisation is also an excellent idea.
Bitcoin miners can spend their cryptocurrency on advanced mining equipment. Most manufacturers accept Bitcoin, meaning you won’t lose any money through unnecessary conversions.
Buy More Bitcoin
You can also consider spending your alt coins to purchase Bitcoin. These fractions of Bitcoin are easier to mine and cheaper. This way, you can collect and convert them quickly, allowing you to grow your portfolio.
Should You Buy Other Currencies With Bitcoin?
While many people buy Bitcoin with other currencies, few users do it the other way around. This is an option on nearly any market, but it’s not preferred since Bitcoin is the most valuable crypto coin. For this reason, you would have no return on investment.
On top of that, most cryptocurrencies drop or rise in value according to Bitcoin trends. If the most popular coin plummets, the others drop, too.
Launch Your Shopping Spree
Now that you know how to spend Bitcoin in UK, you’ll enjoy the tremendous versatility of this cryptocurrency. Instead of just setting up an additional savings fund, you can also occasionally indulge yourself with your favourite products and services.
In addition to convenience and versatility, shopping with Bitcoin offers greater security. You only need to provide basic information, and all your transactions are stored in a secure network. Hence, there’s no reason to postpone your Bitcoin purchases any longer.