Can I Pay for My Utilities Using Bitcoin?

Proponents of cryptocurrencies will offer up a variety of explanations as to how the technology will one day transform our lives. As alluring as these promises are, however, they have yet to materialise as tangible benefits for users.Pay for My Utilities Using Bitcoin

The biggest stumbling block to the adoption of cryptocurrencies is that they are currently more difficult to use than regular money and don’t yet offer any advantages to the average consumer. However, there are now several different routes that consumers can use in order to either spend their crypto directly, or to easily convert it into cash that they can use.

Will My Providers Accept Bitcoin?

At present, energy suppliers in the UK aren’t accepting direct cryptocurrency payments. However, there are a couple of things you can do that will enable you to first convert your crypto into fiat currency and then use it to pay your bills.

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How to Pay with Cryptocurrency

When you are looking for utilities for either domestic properties or business premises, you will find a number of suppliers available to you. At present, there aren’t any UK utility suppliers who support cryptocurrency payments, so don’t worry about looking for one that does.

Instead, use a price comparison tool to check the domestic or business gas rates, or whatever utility you are considering, and choose a supplier as you normally would.

Until there is an energy supplier in the UK that supports Bitcoin by default, you will need to then register for a debit card that supports crypto – something like the Revolut card. Of course, you can use any of a number of means of converting crypto to fiat in order to make your money usable. However, if you want to go as directly as possible from your crypto wallet to the service you are paying for, you will need to register for a debit card that supports cryptocurrencies.

What is This Witchcraft?

When you sign up for a service like Revolut, you will link your account with them to the necessary crypto wallets. These cards are then used just like normal debit cards. Some of them require you to load them up with crypto before you use them, others will automatically convert your crypto to cash when they are used.

From your perspective, you are spending cryptocurrency. From the perspective of the utility provider, you are giving them regular money. Everyone wins!

What’s the Catch?

Some banks in the UK have been less than friendly towards cryptocurrencies and some have even instructed their customers not to use their accounts for anything cryptocurrency-related. Fortunately, services like Revolut function, and are licensed, as financial institutions – you can use them to replace your existing bank arrangements, although we would recommend holding a fiat account to be safe.

It can’t be long now until we are able to use cryptocurrencies to pay directly for everyday necessities. There is still some way to go, especially in developing the public understanding of Bitcoin, and if Bitcoin is ever going to seriously compete with fiat currency, we need to find ways of making it more usable.