It may be safe to say, relatively speaking, that there are only a few people who have never heard about cryptocurrencies. However, there are currently just a few who can claim that they live entirely off of cryptocurrencies. There was a programmer who once bought 2 pizzas, worth 10,000 Bitcoins at the time. He thought he had hit a bargain. He was not yet living off cryptocurrencies. Bitcoin became more famous in the coming years. It gained traction and attention. It became highly talked about. Was it just a bunch of hype?

It was both a hype and a reality. Some people thought of Bitcoin as the currency of the future. At least it promised to be. Others thought it was the next internet-based bubble. It gained millions of followers worldwide. Bitcoin machines were installed in several parts of the world with America getting the lion’s share. There are at least 2,427 Bitcoin ATMs in the world.

Number of Bitcoin ATMs installed over time

bitcoin ATMSource: https://coinatmradar.com

Governments began to take notice. They didn’t know how the cryptocurrency market was going to turn out. Some governments played the wait-and-see game. They probably hoped that it would solve itself and crash before it gathered more attention. Those governments were proved wrong. Some countries drew policies to control cryptocurrency transactions. While yet others paid little attention.

The central bank in Israel has declared that cryptocurrencies are less of a currency but more of an asset. The bank’s governor, Nadine Baudot-Trajtenberg was quoted saying, “Bitcoin and similar virtual currencies are not a currency, and are not considered foreign currency.”

Several countries adopted the same stance about Bitcoin and its family of cryptocurrencies. This didn’t manage to put a stop to what investors and fans thought about cryptocurrencies. As a result of people’s trust in cryptocurrencies and their future, many digital wallets have been created, and are still being created. People can now convert fiat currency into cryptocurrency or vice-versa via Bitcoin exchanges, and even directly in many digital wallets. Our own wallet, the Blockchains.my (BCMY) digital wallet app, does in-wallet exchanging, plus a lot more. You can trade digital gold assets or digital currencies and make payments from one single point, in a variety of ways.

You must be wondering if it’s possible to live off cryptocurrencies. We think that it’s certainly possible to do so. You can work and earn in cryptocurrencies. Moreover, you can spend your cryptocurrency without converting it into fiat money. We will show a few ways of how this is possible.

Earning In Cryptocurrencies

The easiest and best way you can earn in cryptocurrencies is to ask your boss to pay you at least in part with digital currency – if they can. Or, if this is not possible, then simply take some of your deposited cash in the bank, and join a cryptocurrency exchange, and purchase some cryptocurrency. However, it may be  that they have invested in cryptocurrencies. If this is the case, and if your boss agrees, then all you need to do is give him/her your crypto wallet address, your public key (not your private key). A Japanese firm, GMO Group, opted to pay a portion of its employees’ salaries in Bitcoin.

The two most central things that you will need to live off cryptocurrencies are:

  • A source of cryptocurrency or fiat currency that you can easily convert into crypto.
  • A wallet that you can use any time and anywhere, to purchase things online and in store.

When you have your wallet and cryptocurrencies ready, you will need to know online and brick and morter stores where you can spend your wealth. You should look out for physical stores that display the “Bitcoin accepted” logo. Note: Some wallets, such as ours, have the option of having a card that can be used as a debit/credit card, even if the store doesn’t accept Bitcoin. We even have an NFC Smart Card option for contactless transactions. Furthermore, if there’s a Bitcoin ATM around, you can simply withdraw fiat right there and pay in store with cash.

Bitcoin accepted here logo

Bitcoin LogoSource: https://bitcoin.stackexchange.com

Where Do You Purchase Cryptocurrencies?

You can buy cryptocurrencies at exchanges, which as stated, can be directly in some digital wallets.

One such exchange is Coinbase, which is a San-Francisco-based Bitcoin exchange that initially offered its services to the U.S. It later expanded into Europe, and it currently serves clients in at least 32 countries. Coinbase recently adopted Bitcoin wallets that support SegWit in order to reduce withdrawal fees.

You can buy cryptocurrencies at Coinbase by using credit/debit cards and bank transfers. You can only buy the three mainstream currencies, namely: Bitcoin, Ethereum, and Litecoin. There are plans to add more digital currencies on the network.

Coinbase stores customer’s funds in an offline (cold) wallet. This is a safe storage method as online exchanges are prone to hacks.

Who Accepts Bitcoin And cryptocurrencies Directly For Payments?

Cryptocurrencies wouldn’t be interesting as a currency if they didn’t allow you to purchase goods and services. This is one of the core features of a currency. We compiled a short list of the places where you can use cryptocurrencies as if it was fiat – this is not a complete list.

Overstock

As the name suggests, the company sells its overstocked products at reduced prices. The items you can buy range from pillows to gadgets. The online retail company has been accepting Bitcoins since January of 2014. Paying with Bitcoin is not a hustle, all you need to do is to select the “Pay with Bitcoin” option, and your transaction will be processed.

Microsoft

You can make your purchases with Bitcoins in Microsoft’s physical and online stores. However, the company limits what you can buy. You can only pay for apps, games, and movies using Bitcoin.

PizzaForCoins

We all need to need to eat. PizzaForCoins allows you to buy pizza from the nearest pizza joint next to you using Bitcoin and at least 45 other Altcoins. You are charged a small transaction fee for this service. You need to use a hot wallet to make transactions.

Reeds Jewelers

You can buy jewelry, loose diamonds, and watches from Reeds Jewelry using Bitcoin. You can do so online, or at their physical locations scattered across 13 states. On the online store, you need to choose the “Pay with Bitcoin” option in the payment section, if you want to pay with BTC. If you are buying in a physical store, then you need to speak to one of the Reeds store’s associates.

The Future Of Bitcoin Payments

The chief financial officer of PayPal, John Rainey, stated that:

“The technology, there is real merit to it. I do think, though, it will be years down the road before we see the kind of ubiquity and acceptance that make it a form of currency that is used every day.”

This shows that there is a future for cryptocurrencies as forms of payment. Bitcoin and cryptocurrencies have a future as currency because more people are now learning about digital currencies and are willing to adopt them. This will also be accelerated by some of the major retailers (both online and physical) accepting Bitcoin payments.


Sources:
https://coinatmradar.com/charts/#by-continent
https://www.coindesk.com/bank-of-israel-digital-currencies-are-an-asset-not-a-currency/
http://www.bbc.com/news/business-42435838
https://bitcoin.stackexchange.com/questions/30566/logo-bitcoin-accepted-but-not-here
http://www.businessinsider.com/bitcoin-price-8-surprising-places-where-you-can-use-2017-10#egifter-6
https://medium.com/dash-for-newbies/cold-wallet-vs-hot-wallet-whats-the-difference-a00d872aa6b1
https://www.lifewire.com/big-sites-that-accept-bitcoin-payments-3485965
https://cointelegraph.com/news/paypal-exec-says-very-high-likelihood-bitcoin-will-become-popular-payment-method