Whether you want to pay for a new car with cryptocurrency or you are a business owner and want to send a merchant invoice using cryptocurrency, using cryptocurrency has never been easier. Let’s take a look at the key things any user needs to know to make payments with cryptocurrency quickly and securely.
How to pay with cryptocurrency
Before you can pay with cryptocurrency, you need to have cryptocurrency in your wallet. Creating a cryptocurrency wallet is relatively simple, and there are a variety of wallets that are ideal for all types of users, from complete beginners to seasoned power users. After you create your wallet, you need to acquire cryptocurrency to spend. You can do this by purchasing assets or having a friend send them to your wallet address.
After purchasing a cryptocurrency wallet with funds, the main ways to pay with cryptocurrency are:
- Pay merchants who accept cryptocurrency payments
- Make peer-to-peer payments directly from your wallet to another wallet.
- Convert your cryptocurrency to cash using a cryptocurrency debit card
- Pay your bills with Bitcoin using solutions like BitPay Bill Pay.
- Buy gift cards with cryptocurrency from popular brands and retailers
Pay merchant invoices from your wallet
Thousands of businesses around the world accept cryptocurrency payments directly from your wallet. BitPay is the world’s leading cryptocurrency payment processor, giving customers and merchants the freedom and flexibility to make and accept cryptocurrency payments from their preferred wallet. BitPay supports over 100 cryptocurrency wallets and hundreds of top cryptocurrencies in total. Our BitPay protocol eliminates payment exceptions such as over or underpayments, late payments, and double spending, ensuring the smoothest and most secure experience possible. For a curated list of partner merchants accepting cryptocurrency through BitPay, check out our merchant directory.
How to pay with cryptocurrency from your wallet
Paying a cryptocurrency invoice from your cryptocurrency wallet only takes a few simple steps.
Step 1: Select BitPay as your payment method when making a payment.
BitPay is the safest and most secure way to pay online.
Step 2: Select Start Checkout.
Depending on the merchant you are paying or the amount of your transaction, you may be prompted to verify your BitPay ID. Don’t have a BitPay ID? Sign up to get started. BitPay ID is a simple way to manage your payment information with BitPay and streamline logins to multiple BitPay products. All you need is an email and password. The one-time verification requirement is for BitPay merchants with a minimum of $3,000 in payments, or for those who make a prepayment, initiate a refund request for an amount greater than $1,000, or receive a BitPay payment.
Step 3: Select your wallet.
BitPay supports over 100 of the most popular cryptocurrency wallets, including all wallets supported by Wallet Connect 2.0.
Step 4: Choose your cryptocurrency.
When you connect your wallet, BitPay will automatically display the available assets that you can use to pay BitPay invoices. BitPay supports payments in over 100 of the most popular cryptocurrencies. Don’t see your preferred coin or token? Either BitPay has not added support for that asset or the merchant has chosen not to accept it.
Step 5: Pay the invoice
If you pay using BitPay Wallet, you can select “Pay from Wallet”. An invoice will be generated in your Wallet app, allowing you to complete the payment. Alternatively, you can scan the QR code with your Wallet app or manually enter the merchant’s receiving Wallet information into your Wallet to complete the transaction. Once your Wallet verifies the payment, the payment will be reflected in your invoice immediately. Please remember to send the payment within the 15-minute payment window.
Pay with cryptocurrency. It’s fast, easy and secure.
Get the BitPay Wallet App
P2P payments from any wallet
True to Bitcoin’s origins as a fast and secure means of exchanging value between users, peer-to-peer (P2P) payments can be easily initiated through a trusted wallet provider. Payments can be made online or in person. All you need is a few pieces of information before you can start paying someone with cryptocurrency.
P2P Cryptocurrency Payment Methods
Level 1: Open your wallet
(Don’t have a wallet? Download BitPay Wallet. It’s safe, secure, and free!)
Step 2: Enter your wallet address or scan the QR code if you are visiting in person (Note: Double and triple check that the address is correct. Sharing your wallet address is safe, but never share your private keys or recovery phrase!)
Step 3: Enter the transaction amount and the specific cryptocurrency being used.
Step 4: Check all transaction details
Step 5: Use a wallet or block explorer to verify that the transaction has been processed.
Pay with a cryptocurrency debit card
For crypto shoppers on the go, a crypto debit card like BitPay Card is one of the easiest and most convenient ways to spend your holdings, whether you’re shopping online or in person. Simply top up your BitPay Card with your preferred cryptocurrency and use it like cash anywhere in the world. Mastercard is accepted. You can also earn cashback rewards on purchases. Download the app, get started, apply for a BitPay Card, and get approved in minutes. Once approved, you’re ready to start spending!
How to top up and pay with a cryptocurrency debit card
Follow these 5 steps to unleash the spending power of your cryptocurrency debit card.
Level 1: Make sure you have an active wallet with a positive cryptocurrency balance in the BitPay app.
Step 2: Get a BitPay card (apply and get approved in minutes, no credit check required)
Step 3: Tap the card icon on the app home screen
Step 4: Top up your card using your preferred cryptocurrency
Step 5: Use your card in person, online, or at an ATM, just like any other debit card.
tip: You can top up your card from any wallet, including your Coinbase account.
Pay your bills with BitPay Bill Pay
Pay bills easily and directly from your wallet using Bitcoin and other cryptocurrencies for everything from credit cards to mortgages, without going through banks and wire transfers. Start making payments with BitPay Bill Pay using the BitPay app or website.
Steps to pay your bill with Bitcoin
Step 1: Set up your wallet: Download the BitPay app for Android or iOS devices and create a self-custody wallet. You can also import wallets/keys from other popular self-custody wallet applications such as Metamask, Exodus, Trust Wallet, and Coinbase Wallet. Alternatively, you can use the BitPay website by logging into your BitPay account and going to the Bill Pay tab.
Step 2: Link your account: Tap the “Pay” tab in the BitPay app, then tap “Bills.” If this is your first time using BitPay, you will need to provide basic KYC (know your customer) information to link your billing account to your cryptocurrency wallet. Follow the instructions on the Bill Pay tab on the BitPay website to add a bill.
Step 3: Pay your bill with cryptocurrency: Once your bill is linked, you can view details such as the provider, due date, and balance in the app. Select the bill, tap “Pay Bill,” enter the amount you want to pay, select your preferred cryptocurrency, and confirm the payment.
Learn more about how to pay almost any bill with cryptocurrency.
Buy gift cards with cryptocurrency and use them virtually anywhere
While the three ways to pay with cryptocurrency described above already cover most spending situations you can imagine, there is another way to pay with cryptocurrency. Did you know that you can buy gift cards with cryptocurrency from hundreds of leading companies and brands, including Mastercard, The Home Depot, Best Buy, Airbnb, Hotels.com, Delta Airlines, and more?
If you’re not sure if a cryptocurrency debit card is right for you, or if your favorite merchant doesn’t accept cryptocurrency payments directly, you can buy a gift card through the BitPay app or the BitPay extension for Google Chrome and use your cryptocurrency like cash. Once you receive the gift card you want, you can use it freely, just like any other digital gift card. Use it right away, use it later, or share it with friends and family.
How to buy gift cards with cryptocurrency via BitPay
Gift cards are another easy way to use your cryptocurrency at some of the world’s most popular brands, even if they don’t accept cryptocurrency payments. Follow these simple steps to buy gift cards with cryptocurrency via BitPay.
Level 1: Download the BitPay app or Chrome extension
Step 2: Choose a gift card and merchant
Step 3: Select amount
Step 4: Pay for gift cards using your preferred wallet and cryptocurrency.
Step 5: Receive your gift card instantly and start using it!
tip: You can purchase gift cards using any key you have imported into the BitPay app, including your Coinbase account.
Benefits of paying with cryptocurrency
Whether you’re a consumer or a merchant, there are many benefits to paying with Bitcoin or another cryptocurrency.
First of all, cryptocurrency holders can make secure and inexpensive financial transactions without the intermediary of a bank. Routing these transactions through traditional institutions such as banks often involves huge service or remittance fees, especially when sending or receiving money overseas. While bank transfers can take several days or more to complete, cryptocurrency payments typically take only a few minutes. Cryptocurrency transactions are largely anonymous, allowing business to be conducted without having to disclose personal information, which appeals to privacy-conscious cryptocurrency users. Cryptocurrency transactions are also secure and virtually impossible to alter or tamper with, reducing the risk of fraud even when sending money to complete strangers.
FAQs on how to pay quickly and securely with cryptocurrency
We’ve covered a number of convenient ways to use your cryptocurrencies with BitPay, but you may still have questions. Here are some of the most frequently asked questions about secure cryptocurrency payments.
Which cryptocurrencies can I use to buy things?
The answer to this will vary. Larger, more established payment service providers like BitPay will generally support a large number of the top cryptocurrencies by market cap, which will meet the needs of most cryptocurrency users. This includes the most popular coins and tokens, such as Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Dogecoin (DOGE), and USD Coin (USDC). However, if you want to use smaller or niche coins or tokens, you will usually need to use direct P2P payments.
Where can I pay with cryptocurrency?
Thousands of merchants around the world accept cryptocurrency payments directly. Including merchants that accept gift cards or debit cards, the number of stores and brands where you can make purchases using cryptocurrency increases to millions. Search BitPay’s merchant directory to find your favorite merchants that accept cryptocurrency payments directly or offer gift cards that you can purchase through the BitPay app. With a cryptocurrency debit card like the BitPay card, you can use your cryptocurrency virtually anywhere.
What can I buy with cryptocurrency?
If you think about it, you can probably buy anything with crypto these days. From airline tickets to smartphones, cars to real estate, you can buy everything with crypto thanks to BitPay’s extensive network of partners across industries and sectors. Looking for a more complete list of things you can buy with crypto? Check out our guide to spending crypto.
Can I send money to my friends or family in cryptocurrency?
Yes, you can! In fact, direct P2P transactions are the easiest and most direct way to pay your friends and family with cryptocurrencies. All you need is their crypto wallet address and you can send money to anyone quickly and easily.
What fees do I have to pay when paying with cryptocurrency?
Depending on the method you use, you may be required to pay a small fee for cryptocurrency payments. Transactions vary depending on the cryptocurrency you use, the service provider, the merchant, and market conditions. Learn more about fees and how to pay less when trading cryptocurrencies.