Are you fascinated by cryptocurrency – but hesitant to buy because you’re unsure whether you’d even be able to use it? Then this article is for you. Since crypto has been around for a while now, more and more businesses and state governments are starting to accept it as more than merely a fad – and luckily for you, Florida is known for being one of the most crypto-friendly states in the country.
Read on down below to learn more about how you can use your cryptocurrency to pay for expenses and whether you have even more options to look forward to in the future – but also why you might want to think twice before investing all of your savings into crypto.
What Are Cryptocurrencies?
For those who are still new to the concept, let’s start with a brief run-through. It’s hard to say what the first “real” cryptocurrency was since computer scientists have been experimenting with crypto-like concepts since at least the 80s.
What is safe to say, though, is that DeFi’s role in modern economics has developed vastly since then: Today, cryptocurrencies are digital currencies that exist separately from the banking system on so-called ‘blockchains’ online. In order to buy crypto, you simply exchange some of your “ordinary” dollars (or ‘fiat currency’, as it’s called in the crypto world) in a process that’s very similar to most other online purchases.
When you make a crypto transaction, it’ll be added to a block, which then needs to be validated by other crypto buyers and processed before being added to the blockchain – after which the transaction has gone through. You then either let your crypto sit on your account until you want to sell or store it in a wallet. With cyberattacks becoming more and more common, we’d recommend choosing to store your crypto in a wallet – preferably a hardware wallet, if you’re willing to invest since this offline option is by far the most secure one.
Where in Florida Can You Pay with Crypto – and How?
Now, let’s get to what you’re here to find out: Where can you use your cryptocurrency to pay for goods in Florida? Well, the answer to this question isn’t as simple as you may think: It depends entirely on how you want to go about it. While some companies have found a way to let you pay directly with your crypto – e.g. by giving you a QR code to scan – others require you to go through third-party apps – like Purse.io, Bakkt or the Flexa payment system – to make the transaction.
Among the businesses currently accepting cryptocurrency payments in Florida are Microsoft, Starbucks, Amazon, Newegg, Tesla, AT&T – as well as Nordstrom, GameStop, Whole Foods, Home Depot and more through Flexa.
If that wasn’t enough, you’ll be glad to know that it’s very likely we’ll see further adaptations of crypto payment options in the future. Since Florida has received so much positive attention for being open to DeFi, state lawmakers have been eager to keep it going.
For instance, Gov. Ron DeSantis proposed a budget that would ease up on regulations of crypto payments in late 2021 – much of which later made it into the new cryptocurrency bill signed by the governor in May of last year. So, if you’re counting the days until you get to put your crypto to use to pay your bills, that day may come sooner than you previously thought.