Some types of crypto currency including Bitcoin, can be purchased using U.S. dollars, while other kinds can only be purchased only with another crypto currency. To buy crypto currency, you will need to create an account on a cryptocurrency exchange. This account is called your “wallet” and is accessed via an online app.
Coinbase) is a popular cryptocurrency trading exchange where you can buy and sell crypto currency directly. Other crypto exchanges include Cash App (only for Bitcoin), Binance and Bisq. Binance and Bisq each have their own native cryptocurrencies.
For Binance, if you use their native cryptocurrency, BNB, you can lower the fees you pay by 25%. With Bisq, trading fees can only be paid with Bitcoin or its native cryptocurrency, BSQ. Using BSQ halves the trading fees compared to using Bitcoin.
Paypal now also allows you to use your Paypal account to learn about cryptocurrency and buy it. Paypal crypto enables you to buy and sell Bitcoin, Ethereum, Litecoin and Bitcoin Cash. You can get started investing with Paypal crypto currency with just a small amount of money.
You can also use online brokers to trade cryptocurrencies including:
- Sofi Active Investing
- Robinhood Crypto
Although cryptocurrency is not widely accepted as a form of payment, there are some things you can buy with it, for example:
Furniture and home goods: Both Overstock and luxury home goods site Fancy.com accept Bitcoin. Overstock requires that anyone paying with Bitcoin combine it with an in-store credit or gift card.
Fast food: This may be the most surprising category, but Domino’s Pizza and Subway accept Bitcoin. For Domino’s, you will have to use a third-party service called Lightning Pizza to transmit the Bitcoin portions.
Sporting events and concerts: You can get tickets to see the Oakland A’s, Dallas Mavericks or Miami Dolphins play with your Bitcoin. The Dolphins also accept Litecoin, another cryptocurrency. If you live in Manhattan, you can use Bitcoin to buy concert tickets through a company called Blockparty.
Travel: The Expedia travel site accepts Bitcoins, as do CheapAir (http://www.cheapair.com/), Destinia which also accepts mBTC and Bitcoin’s own travel site.
Auction items: Christie’s, the famous auction house, accepts Ether cryptocurrency.
Electronics: Newegg, a website that sells a variety of computers, gaming and other electronics, accepts Bitcoin.