Can You Pay Bills with Bitcoin?
Posted on April 1, 2021 in Debt
Bitcoin is everywhere these days and seems like everyone and their mother has invested in some form of cryptocurrency. But, can you pay bills with bitcoin? The answer: yes you actually can pay bills with bitcoin! From your phone bill to your electric and gas bills, more and more companies are starting to accept crypto payments. And it doesn’t stop there, you can even pay down debt with Bitcoin. Read on to learn how.
How to Pay your Bills with Bitcoin
There are a few different methods for how to pay your bills with cryptocurrency from Bitcoin debit cards to crypto bill pay platforms that allow you to convert cryptocurrency to cash, and even direct-to-biller payments with Bitcoin.
Cryptocurrency Bill Payment Platforms
Cryptocurrency bill payment platforms, like Coinsfer automatically convert Bitcoin to USD allowing you to pay your bills online. These platforms allow you to set up a schedule so that you can set it and forget it.
Bitcoin Debit Cards
Bitcoin debit cards are the easiest way to use cryptocurrency to pay your bills. You use bitcoin debit cards just as any debit card, allowing convenient payments. This happens because most bitcoin debit cards use protocols that quickly convert bitcoin into USD when swiping the card with a merchant. Each transaction comes with a small processing fee, but the fee will be much less than what you would pay to convert bitcoin to USD on a cryptocurrency exchange such as Kraken or Gemini. Another good thing about bitcoin debit cards is that the merchant will always get paid in their local currency, allowing you to shop at any stores just like with a standard debit card. What’s more, you can even sign up for auto-pay with your bitcoin debit card.
Direct to Biller Bitcoin Payments
Many utility companies have even started accepting Bitcoin. The benefit of direct to biller Bitcoin payments is that you don’t have to worry about paying a service or conversion fee. This also allows for much faster payments by utilizing a Bitcoin wallet or account.
Arizona has recently passed legislation to accept crypto payments as a valid form of payment for state and local taxes. While other states, including Illinois and Georgia, consider allowing Bitcoin state tax payments.
People looking to make their cryptocurrency investments work for them may turn to crypto-backed loans. These loans allow you to lend out crypto to earn interest income, or for investors looking for instant credit lines, they can offer their crypto as collateral and take out a loan.
Crypto loans typically have loan terms of seven, 14, 30, 90, and 180 days.
Pay off Debt with Bitcoin
In addition to paying off bills, you can also use the above-mentioned methods to pay off debt with bitcoin. Particularly, crypto loans may be a good option for you to consolidate and pay off debt with bitcoin.
Pay off Credit Card Debt with Bitcoin
You can use Bitcoin to pay off your credit card debt, as long as your credit card company accepts Bitcoin as a payment method.
Pay off Student Loan Debt with Bitcoin
You can’t directly pay off student loan debt with Bitcoin. But, you could take out a crypto loan to cover the costs of your student loan debt. You can also convert your Bitcoin to USD if you have made significant returns and use that money to pay off your student loan debt.
If you are struggling with sky-high interest rates on your student loans, you can also refinance your debt with crypto assets. Some crypto companies will offer more competitive interest rates and APR than your current debt.
Pay Bills with Bitcoin Today!
Times are changing, and there are now many more ways to pay off debts than using a bank account of plain old USD. There are several ways you can let your Bitcoin work for you and help you pay off debts and bills. Who knows, maybe your landlord will even accept cryptocurrencies as a way to pay for rent soon!
Need more help paying off debt?
Related blog posts
Need expert financial advice?
Let TurboFinance connect you with the best consulting services and resources to help you take control of your finances and find a path to build wealth.Get A Free Consultation Today!