Beyond serving as a popular investment, bitcoin can also be used to purchase goods and services. However, while more individuals are opting for payments in cryptocurrency, low merchant acceptance still makes it challenging to use it for bill payments. Thankfully, there are platforms that facilitate paying bills with bitcoin and other cryptocurrencies, enabling anyone to live on crypto.
Read on to learn how to pay bills with bitcoin in the US.
How to Pay Your Bills with Bitcoin: Step-by-Step
Paying your bills using cryptocurrency without having to convert it into dollars first is actually easier than you may think. All you need is a crypto payments platform and your Bitcoin wallet filled with the amount you need to cover your bills.
Here’s how it works.
1. Choose a bitcoin payments processor
To pay your bills using bitcoin, you will need a crypto payments platform that allows you to do that.
You will have to research which one works in your region, as different providers service different counties. In the U.S., for example, you can use Zypto.
2. Access the bill payments dashboard
Zypto allows you to make payments by visiting its official website, clicking on the ‘Crypto Bill Payments’ dashboard, and choosing from a list of billers.
Once you are on the Crypto Bill Payments dashboard, go to the ‘Bill Payments’ tab. Here you can find more than 20,000 companies that are based in the United States, as well as utilities and credit card companies.
3. Select the bill you want to pay
Once you have successfully identified the payee for bills, choose which bill you want to pay.
Choose a biller from the list or enter the name of the company in the search bar to check available offers.
In the fields that are displayed, enter the details, like the account number and the amount due. It is, therefore, important that all entries are accurate to prevent any issues related to payment.
4. Choose bitcoin as your payment method
In the payment options, select bitcoin as your chosen currency.
You are going to find multiple cryptocurrencies, which makes it a flexible choice for diverse crypto holdings.
5. Confirm and complete the payment
After inputting all information, carefully review all the details, checking the transaction fee and the total sum of money to be paid. If everything is as it should be, make the payment.
6. Receive confirmation
Once the transaction is verified on the blockchain, you will be notified by an email from Zypto. In most cases, bill payments are usually processed and credited to the payees within two days.
Why Does It Make Sense to Pay Your Bills With Digital Currency?
You may be wondering why you should consider paying your bills with bitcoin at all. Well, there are several reasons why it makes sense if you already hold funds in crypto.
Faster transaction settlements
Bitcoin transactions are generally faster than traditional banking rails, which can take days to process transactions. This will ensure your bills are paid on time without late fees.
(Potentially) lower transaction costs
Using bitcoin can lower fees compared to traditional payment methods like credit cards. And lower transaction costs mean lower costs for you.
Easier record keeping due to blockchain transparency
Bitcoin transactions are recorded on the blockchain, providing a transparent and immutable record. This can simplify your financial record-keeping, making it easier to track your payments and manage your finances.
Global accessibility
Bitcoin grants you worldwide access to pay bills, even when you are in a foreign country, without the hassle of exchanging foreign currency or international bank transfers.
Increased financial control
There is no bank controlling your money if you’re holding it in bitcoin. There are also no inflated fees and no transaction limits. You are the only one who can control your funds.
The Final Take
Using bitcoin to pay your bills in the US is not only possible but also has benefits, including convenience, flexibility, and reliability.
If you already hold a large amount of money in crypto, you might as well use your digital currency to pay for your bills. Thanks to crypto payment platforms like Zypto, it’s become easier than ever.
