Here's where you can shop with Bitcoin and other crypto
Venmo, the peer-to-peer personal payments app, announced Tuesday that it would expand its platform to include cryptocurrency.
The launch of Crypto on Venmo means that over 70 million users of the app can buy, hold and sell cryptocurrency directly in the Venmo app. This is evident from a press release on the company's website.
Similar Bitcoin wallets already exist in the market, but Venmo's appeal will be the integration of buying, selling and trading Bitcoin, Ethereum, Litecoin and Bitcoin Cash with funds from personal Venmo balances or linked bank or debit card accounts 1.
"Our goal is to provide our customers with a user-friendly platform that makes buying and selling cryptocurrencies easier and demystifies some of the most common questions and misunderstandings consumers face," said Darrell Esch, SVP and GM of Venmo in a press release.
With the launch of Crypto on Venmo, the more than 70 million users of the app can buy, hold and sell cryptocurrency directly in the Venmo app. (Photo illustration by Rafael Henrique / SOPA Images / LightRocket via Getty Images)
Ever since cryptocurrencies hit the market, they have been touted as a way to bypass exchange rates, international money transfer fees, payment processing fees, and delays associated with money transfers. With all of the ways Crypto can modernize payment and currency, its widespread application depends on retailers, businesses and service providers using it as a means of payment for goods or services.
Read more: Experts: Here's what to keep in mind if you're looking to get into Bitcoin now
Where can you spend your cryptocurrency? Yahoo Money has grouped US merchants and businesses that are happy to accept it as tender and third party vendors who can convert your crypto into cash or cash equivalents, making the hassle of spending your bitcoin at a Starbucks.
How to convert cryptocurrencies into gift cards
Spending digital currency in a physical store, restaurant, or hotel requires a workaround. (Photo: Getty)
Spending digital currency in a physical store, restaurant, or hotel requires a workaround.
Platforms such as Bitrefill, Coingate, eGifter and Gyft allow gift cards to be purchased from a variety of large retailers such as Amazon, Delta Airlines, IHOP, Target and The Home Depot using Bitcoin in US dollar amounts, usually at a discount.
Where can you spend your bitcoin?
Illustrative image of two commemorative bitcoins seen in front of the Tesla car logo. On Saturday February 27, 2021 in Dublin, Ireland. (Photo by Artur Widak / NurPhoto via Getty Images)
AT&T is the first major US wireless operator to accept cryptocurrency as a payment method.
With Cheapair.com, customers can book and pay for flights and hotels with Bitcoin.
The Dallas Mavericks NBA team are early adopters of cryptocurrency payments and have been accepting Bitcoin as payment for playing cards and merchandise through the team's website for nearly two years. The franchise recently added Dogecoin as a payment option for fans.
The Miami Dolphins NFL team announced Litecoin as the franchise's official cryptocurrency. Fans at home games can pay with Litecoin and Bitcoin when purchasing tickets for the team's 50/50 raffle.
The online electronics retailer Newegg recently announced that it would accept Dogecoin in addition to Bitcoin.
US retailer Overstock has partnered with Coinbase to enable Bitcoin payments for online orders.
Select products in Tesla's portfolio of electric vehicles and solar modules can be purchased with Bitcoin.
Richard Branson, the billionaire entrepreneur behind Virgin Mobile, Virgin Airlines and Virgin Galactic, announced to CNBC in 2013 that Virgin Galactic will accept Bitcoin as a means of payment for space travel.
Bitcoin and Ether can be used to donate to The Wikimedia Foundation, Inc., the non-profit organization that hosts Wikipedia.
Use of cryptocurrency wallets
A bitcoin wallet (virtual currency) with QR codes and a coin can be seen in an illustration image taken on May 27, 2015. (REUTERS / Benoit Tessier / Illustration / File Photo)
A fully digital currency still needs its own wallet, and several companies like Exodus, Mycelium and Electrum have digital wallets with intuitive interfaces that allow users to buy, sell and trade their cryptocurrencies.
Certain apps like Bakkt offer users the ability to spend their crypto on things other than more crypto and convert their assets into Starbucks card money or hotel and flight reservations through Choice Hotels.
How is cryptocurrency taxed?
Buying with cryptocurrency appears to be the harbinger of the future, but it can also have tax implications. In the eyes of the IRS, virtual currencies are classified as property rather than currency.
Read more: Bitcoin and Cryptocurrency Tax 2021: Tips and Guides
According to the IRS, you will recognize a capital gain or loss if you exchange a cryptocurrency held as an investment for other property - including goods or other crypto - or use it to pay for a service.
Whether it is a short-term or long-term profit depends on how long you have held the cryptocurrency. If you've held it for a year or less, you will have short-term capital gain or loss. If you've held it for more than a year, you will have long-term capital gain or loss.
The Yahoo Money sister site Cashay has a weekly newsletter.
Stephanie is a reporter for Yahoo Money and Cashay, a new personal finance website. Follow her on Twitter @SJAsymkos.
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