For those holding cryptocurrency, using digital coins as a means of payment—rather than just an investment—can be an attractive option. While more retailers and organizations are beginning to accept crypto, many utility companies and large corporations still do not allow direct crypto payments for bills. Here’s how you can pay bills with crypto and why experts urge caution before doing so.
Paying your bills with crypto
Before using cryptocurrency for bill payments, you’ll first need to purchase the digital coin of your choice. Be sure to research not only the coin itself but also the platform where you plan to buy and store it. Crypto prices can be highly volatile, and unlike traditional bank accounts insured by the FDIC, crypto investments come with no such protections. If a coin loses significant value or a trading platform collapses—like the infamous case of FTX—there’s no guarantee you’ll recover your funds.
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What companies accept crypto?
Few major corporations allow direct crypto payments, but there are some exceptions. Additionally, third-party services can help convert crypto into payments for businesses that don’t accept it directly.
In 2019, AT&T became the first major U.S. mobile carrier to accept Bitcoin payments through BitPay. Companies like Bitrefill, allow users to “top up your T-mobile prepaid minutes and data with Bitcoin, Ethereum, Dash, Dogecoin, and Litecoin.” The same site allows Verizon customers to do the same and also provides a way to purchase gift cards, including those for Visa and Amazon.
Customers can use BitPay to pay for select subscriptions and products.
While Amazon does not allow customers to purchase goods with crypto, a Twitch subscription, which is owned by Amazon, can be. Additionally, companies like Bitrefill can allow you to purchase gift cards for retailers like Amazon, and that can then be used on the e-commerce site. Online furniture retailer, Overstock.com, does allow payment in cryptocurrency.
Microsoft offers customers the opportunity to pay for subscriptions and products using Bitpay.
While paying bills with crypto is possible, it requires careful planning, especially given the risks of volatility and security concerns. If you choose to use crypto for everyday expenses, consider using a trusted platform that can facilitate transactions securely.
If you can’t use a service like BitPay or Bitrefill, other service providers will facilitate the transaction on your behalf. In some cases, you may need to pay a fee to make the transaction, which might be a disincentive as it would make your bill more expensive.
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