Crypto is Catching On! How Can You Spend Your Crypto if You’re Outside of the U.S?
Within the past month, 2 major corporations announced plans to accept cryptocurrency as a payments method.
Firstly, towards the end of March, Elon Musk dropped this announcement about Tesla:
Tesla Now Accepting Bitcoin!
Elon made an official announcement to say “You can now buy a Tesla with Bitcoin”.
The Bitcoin payment method is already live on their US site.
This news has electrified the news, crypto lovers are ecstatic by this.
Not only did it up the value of Bitcoin by 3% within 24 hours it has also given hope to the crypto community that mass adoption will follow swiftly.
In addition to this Elon announced that Tesla will keep the Bitcoin payments in Bitcoin, not converting it into fiat.
This will continue to add to the credibility of Bitcoin as it shows that Elon Musk and Tesla believe in Bitcoin, otherwise they would cash it out.
Altcoins have also all saw an increase in percentage gain following Bitcoins rise, ranging from 2-21%.
For example, Civic (CTC) which is an Ethereum token has increased by 21%.
So overall, all crypto users have benefited from this news.
The only limitation that comes with this announcement is that it will currently only be available in the US.
Not long after this announcement from Elon Musk and Tesla, the next large corporation came out with an exciting update as well.
PayPal Now Accepting Bitcoin, Ethereum, Litecoin and Bitcoin Cash in the U.S!
Just before the Easter Bank Holiday weekend, PayPal smashed the news headlines with the announcement that they can now accept cryptocurrency payments.
“Customers in the U.S. (except Hawaii) can buy, sell and hold four different Cryptocurrencies on PayPal: Bitcoin, Ethereum, Litecoin, and Bitcoin Cash.”
Of course, the business you’re making a purchase from has to accept crypto payments just as it does PayPal transactions. But, the option is now there.
This announcement came soon after the update from Tesla announcing they will be accepting Bitcoin payments in the U.S.
These announcements combined will have a huge impact on the validity, growth, and value of both Bitcoin and other cryptocurrencies.
The increase in spending and adoption by both customers and businesses alike is substantial.
Unlike the Tesla announcement though, PayPal won’t be paying merchants in the crypto the customer is paying in.
Tesla are accepting Bitcoin payments and won’t be converting the coins into fiat.
PayPal’s new “Checkout with Crypto” will allow users to instantly convert their Bitcoin, Ethereum, Litecoin, or Bitcoin Cash into US dollars.
This is then used to complete the transaction. If a merchant doesn’t take US dollars, PayPal also converts those dollars into local currency at standard conversion rates.
Whilst the overall crypto market has benefited from the announcements from PayPal and Tesla, the actual usage benefits currently only apply to those living in the U.S.
So what can residents outside of the U.S. do to spend their crypto?
AutoCoinPayments is a Estonian/European based crypto payment solution provider. Whilst we may not have the reputation of the likes of PayPal, we are the only solution currently available for worldwide users, not just U.S. residents.
We have a proven track record of secure transactions that have been fast, safe and with low fees too.
For a few years now AutoCoinPayments has been the payment system that powers AutoCoinCars.
AutoCoinCars is a car marketplace that accepts crypto payments. They have been partnering with more and more car dealerships and have been seeing a constant increase in successful transactions using crypto.
Over the course of 2020, there was more than 1000 Bitcoin spent on vehicles. Their car market platform is our longest-running successful crypto powered marketplace as it provides the perfect way to spend crypto on something real.
With the powerful payment system of AutoCoinPayments, this business has gone from strength to strength. We are planning on partnering with more marketplaces to expand the areas in which you can spend crypto.
If you want to convert or spend your crypto get in touch with us today and we can help you make your real-world purchase with crypto a reality.