Episode Highlights:
- 00:19 – How To Use/Spend Bitcoin
- 00:51 – Why Some People Are Afraid To Buy Bitcoin
- 03:01 – What Is Bit Pay?
- 03:46 – Exploring Bit Pay
- 05:01 – The Bitpay Credit Card Andit’s Uses
- 08:32 – What Bitpay Card Looks Like
- 09:00 – How To Activate Bitpay Card
- 12:15 – How To Add Funds To Bitpay Card
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Transcription:
Hey guys it’s Dan from cryptocamacho.com. Welcome again to my youtube channel where every day I try to break down something new about Bitcoin about cryptocurrency or other altcoins.
00:19 How To Use/Spend Bitcoin
Each day each week I’ll deliver something new to you guys, I will talk about a new tool, a new resource, I’ll talk about the market and how to trade Bitcoin or trade other cryptocurrencies.
And today I wanted to talk about something pretty interesting to me, it’s becoming more and more important to me as I start to accumulate more bitcoins as I start to trade more bitcoins, I become more and more interested in how I actually can spend my bitcoins. Like what can I actually do with Bitcoin, once I have it? I want to accumulate as much Bitcoin as I can but I also don’t want to just leave my Bitcoin in an account or in a wallet just kind of sitting there.
00:51 Why Some People Are Afraid To Buy Bitcoin
At some point I may want to actually do something with my Bitcoin, whether that means spending my Bitcoin to buy something fancy like a new car, like a new computer whatever it may be or if I want to use my Bitcoin to invest in something else. I want there to be a way that I can spend my Bitcoin to make my Bitcoin and other cryptocurrencies more liquid.
I hear often many people don’t want to get into cryptocurrency or buy a Bitcoin because they’re afraid that it’s not liquid and what that means is that it’s very difficult today to actually get money dollars fiat currency from Bitcoin. You can do it in a variety of ways through coinbase which I’ve mentioned before. You could do it through other exchanges by setting up your bank account, connecting your bank account directly to an exchange, or to a wallet like a coin base.
But there’s now starting to be other ways and other methods where you can spend your Bitcoin to buy things like every day normal things you could buy groceries, you could buy a computer, you could buy a car, you buy whatever you want with Bitcoin. But that’s often one of the complaints that I get from people around cryptocurrency is that it’s not liquid.
It’s very hard to get or to convert that cryptocurrency back into fiat currency and so today I want to talk about something that’s making that much easier. And tools and products like this is are starting to pop up all over the place. But what I’ve found is there’s one tool that I’ve looked at among all others or one product I should say, among all others and it looks like it’s the best in class.
Today I haven’t actually used it yet and in this video I want to actually show you my process my journey for going through and evaluating a new product related to crypto currencies. And each month I made it weekly but now each month I’m going to do a different experiment. I’m going to get one tool or one service, one resource related to cryptocurrency or related to Bitcoin in some way, and throughout that month or week if I decide to make it a week I will be testing and using that tool or that product or that service.
I’ll let you know how it goes I’ll be reviewing it here on my YouTube channel and on my Steamet blog and on my website and I’ll be letting you know how it goes, how it works right and today I wanted to take a look at a product called bit pay.
03:01 What Is Bit Pay?
So bit pay, what is bit pay? Bit pay is a very interesting concept to me it’s a way that you can actually take your Bitcoin from your own personal wallet, store it on a bit pay wallet and then in turn be able to spend that Bitcoin via a credit card. As you see here on the screen as a credit card at any store that you’d like. Any retailer, go to Walmart, go to Taco Bell, and go to whatever store you may want to go to.
If you’re outside of the US you may not know what Taco Bell is or Walmart is, but it allows you to convert your Bitcoin into fiat currency on the fly and spend it at traditional retailers or online or anywhere you want really. And so I’m going to be testing this out I’m going to be experimenting with bitpay over the next month maybe a couple of weeks and I’ll let you know how it goes.
03:46 Exploring Bit Pay
Today I really just wanted to kind of explore the site, I wanted to sign up for bitpay I wanted to show you what that process looks like, and then go from there. So with that said, what I did is, I went to bitpay.com. You can probably see that up here in the URL bitpay.com is where you’ll check this out. And you can see turn Bitcoin into dollars and spend, anywhere the bit pay card lets you load dollars anywhere using a Bitcoin wallet. Get instant withdrawals from Visa, compatible ATMs, and spend any visa merchants.
So anywhere that you could spend visa, anywhere you can use your visa credit card, you should be able to use your bitpay credit card and effectively spend your Bitcoin for Bitcoin and convert it into fiat currency aka dollars on the fly with something you want to buy. So bitpay does do a few other things if I scroll up here you’ll notice that bitpay allows you to accept Bitcoin as a business if you’re a business owner then you want to accept Bitcoin for your business pay also allows you to do that.
If you want to store your Bitcoin in a secured wallet, bitpay also has a product for that, the bitpay wallet and or if you want to spend your Bitcoin anywhere you could use the bitpay credit card and that’s what I’m going to be focusing on today is the Bitpay credit card.
05:01 The Bitpay Credit Card And It’s Uses
And how you actually use that and sign up for that, so let’s first scroll to the top here and let’s first sign up right actually let’s click start now, and to sign up so let’s get started with bitpay.
And I want to go to a bit pay card account get a bit pay card account and turn your Bitcoin into dollars. That’s what I want to check that, Click on, sign up and I will then go to fill up my credentials probably take a moment here to load. Let’s give it just a second and we’ll go from there and add in our credentials. Okay now that the window has loaded here, let me go ahead and enter my information on a different account in cryptocamacho but that’s okay, alright put in my email address then I continue okay guys, so I’ve gotten to this point where it’s now asking me if I have a Bitcoin wallet, I do have a Bitcoin wallet so I am going to go ahead and choose yes I have a wallet, but let’s take a quick look at this it says you’ll need 995 and Bitcoin to pay the order fee for the bit pay card.
So in order to get the bit paid credit card you’ll need to pay about $10 u.s. in Bitcoin to actually get the credit card so that’s fine just want to give you a heads up on that so I’m going to go forward and say yes I do have a wallet. And oh what’s this out of stock notice, thanks for your interest the bitpay card is selling fast and we’re currently out of stock if you order now it may take an additional two weeks for your order to arrive. That’s okay it just means it’ll take a little bit longer for the card to arrive but let’s go forward with it anyway, continue.
And okay so now we have to apply for the card so what we do to apply for the card is we add all of our information, our shipping information, first thing, last thing address so forth and so on we’ll add our identification number and in this case it’s a social security number and so for folks outside of the US you will want to look and see if BIt pay works for you. I’m not sure if it does I’ll look here at the end of the video, but you want to enter all your information here and then your account information, your email address and your phone number and then you want to agree to the terms then you will go to the pay using bitcoin step where you’ll actually pay$ 9.95 in bitcoin to-bit pay to get your card. And then you’ll go to the completion step over here so I’ve actually already gone through these steps and I’ve ordered my bit pay card and so I’m not going to necessarily go through this again.
But I wanted to show you that it’s a very very simple three-step process to order your bit pay card right so once you’ve done that, then you essentially sit back and you wait for your bit pay card to arrive in the mail and while you’re waiting, go ahead and keep trading, keep trying to accumulate those bitcoins because when your card arrives you’ll be able to spend that anywhere you’d like.
Okay so now that you’ve gone through the 3 steps to actually apply for a bit pay card you’ve paid your $10 in Bitcoin to order the card, I’m going to go ahead and go back to the home page and you see it right here where it says card, you want to click on card and you’ll see kind of all the information about the bitpay credit card.
You’ll see how it works if you’d like, you could go and see how it works I’ll take you down here so the first step is ordering the big pay card then waiting in the mail once you get it in the mail, you’ll then need to activate the card and this is a step that I have not done yet but I do want to show you.
08:32 What Bitpay Card Looks Like
Real quick what the bitpay card looks like, so if you can see right here this is what I got in the mail when I ordered my bitpay card. It’s basically just a piece of paper like any other credit card and attached is my bitpay credit card. On the back some fancy marketing material like you see with anything even do more with your Bitcoin blah blahblah but essentially this is what I want. I want this card to be able to activate so I wanted to show you that.
09:00 How To Activate Bitpay Card
Now really quickly I did get my bitpay card in the mail just a few days ago, haven’t activated it yet, wanted activated on this video to show you exactly how it happens. So we’re at step two to activate the bitpay card and then we’ll go through steps three and four. So let’s go back up to the top here and let’s say activate card because I already have a bit pay card so let’s go and activate it okay. And let’s go ahead and put in my card number here and this may take a sec and then put in my CVV number which is located on the back of the card just like any other credit card, okay and then the expiration date so the expiration date on this alright now I’ve got all the information in here let’s go ahead and click Next to activate this card.
Let’s see what happens, check my email okay let me go do that. I’m going to go jump over to Gmail here, real quick and activate this card. So you guys can all see how it works, all right and let me go ahead jump in here and go back to Gmail I may cut this out in the video but just trying to get here. So you guys can kind of see what I’m doing, alright so here is the email that I get when I activate my card.
Thanks for activating your bit pay card click below to create your login credentials for your card holder account, all right so I’m going to click finish registration and I’m going to keep going through this process to activate my bitpay credit card. Alright now it’s asking me for my password so I’m going to go ahead and do that all and I’m going to create my account.
And it should be done here in just a moment seems like it might be taking a minute let’s see what’s going on here. Okay it looks like it’s going through, okay done so now I can log into my account. Let’s see if it works, so essentially I’ve activated my card and let’s go see how that looks. Okay and well login looks like it’s thinking for a second here all right boom I have successfully created a bit pay account I have activated my bit pay card. Now I have to go and add funds to my card itself but first, before we do that let’s go ahead and explore just a moment here.
So it shows my account balance and I’m guessing this is the amount of Bitcoin that I have available on the card if I go up here we can add a second card if you wanted a second card, but we’re not going to go through that today. And it looks like you can look at activity settings so forth and so on but the first thing we need to do is add funds.
12:15 How To Add Funds To Bitpay Card
So let’s click on add funds and let’s just say we’re going to add looks like $20, 20 US dollars continue and let’s see what happens here when I try to add funds to my bitpay card, all right so now I’m gonna have to open this up in my wallet and I will do that shortly here.
12:39
But I’m gonna close this out okay so we have successfully activated our bitpay credit card, I ordered this in the mail just through the method that I showed you just a moment ago, I then open it up, I activated the card, I created a bit pay account now I’m at the point where I need to add funds to my bit pay card.
I’ll be doing this in part two of this video so come back and enjoy and I’m going to go ahead and set up add some funds to a wallet that Iwant to use for bitpay and after I do that I’ll come back I’ll create another video and I’ll show you how to add funds to bitpay card and then we’ll have some fun well they’ll actually spend the money on the bitpay card that I’ve activated.
If you have any questions about this, if you’d like a further deep dive into this process and how to get a bit a card go ahead and visit CryptoCamacho.com/ bit pay.
And there’s a lot more information there for you to follow for you to learn how to use a bit pay the credit card so anyway again thanks for tuning in to CryptoCamacho I’ll be back soon with another video on part 2 on how to add funds to my bitpay card thanks guys.
