Where Can You Shop With Cryptocurrency?

It’s utterly impossible to deny Bitcoin’s role as a major financial entity in the world. But as is the case with any form of currency, the value only goes as far as your ability to spend it, which leads many in Oxfordshire to wonder where they can shop with cryptocurrency.

The UK is a pillar of centuries-old tradition, with many celebrations featured in our What’s On section, but it’s one that also fully embraces new technology, and that includes a favourable space for a new digital economy.

The good news is that there’s no shortage of options! Below, we’ve compiled a list of local companies that accept Bitcoin and other cryptocurrencies as an alternative form of payment.

Is Cryptocurrency Legal In The UK?

The short answer is yes! However, there’s a little bit of nuance to work out.

Currently, the United Kingdom does not recognise cryptocurrency as a currency, instead classifying them under their own unique category of “crypto asset.” That said, the nation is still open to crypto businesses, allowing residents to trade, invest, explore betting options at MyStake, and make purchases with Bitcoin and others.

What Can You Buy With Crypto In Oxford?

What can’t you buy with cryptocurrency?

More and more businesses in Oxford, and the world in general, are starting to accept cryptocurrency as it continues to gain traction. Like with any currency, crypto can be used to purchase goods and services from across a huge range of industries - both directly and indirectly.

Many companies in the UK both online and offline directly accept cryptocurrency payments, and you’ll see they’re not limited to any one sector. Here is a breakdown of just a few of the shops that Oxford residents can spend their Bitcoin on:

Some larger British retailers indirectly accept cryptocurrency, too. For instance, you might choose to use the crypto exchanges to buy gift cards, and then you can shop online and at local UK stores, including:

• All Bar One
• ASOS
• Costa Coffee
• Currys PC World
• H.Samuel
• John Lewis & Partners
• Marks & Spencer
• National Express
• Pizza Express
• Primark
• Sainsburys
• Tesco
• Wagamama

Bitcoin As A Payment Method

So why would you want to shop with crypto in the first place? The benefits and risks of cryptocurrency are manifold, and which one outweighs the other depends on your comfort with the rising technology.

Initially, the coin was traded on the internet, but then everyday companies like TigerDirect and Overstock started accepting it for payment around 2014 - that’s when it really began to take off.

Because of the way it’s designed, cryptocurrency offers quite a number of advantages, including decentralisation and support for peer-to-peer transactions. Likewise, there is a hard limit to how many Bitcoins can ever be minted, so the 21 million maximum number of coins are not subject to inflation, either.

But of course, paying with cryptocurrency is not without its potential drawbacks, either. Its high volatility alone makes it a risky venture on a day to day scale, so shoppers need to plan ahead in case the value of their coins drop. Likewise, some countries have bans or other regulations on cryptocurrency-based purchases, so it’s best to stick to British companies in this goal.

Can Bitcoin Be Converted To Cash?

If you want to spend money at a shop that doesn’t allow cryptocurrency purchases, you have three options ahead of you to convert the coins to cash instead:

• Withdraw fiat currency from a Bitcoin ATM - The UK has a number of Bitcoin ATMs that will allow you to directly convert coins from your BTC wallet and withdraw the equivalent in fiat currency.
• Withdraw from a standard ATM with a crypto card - If you have a crypto card, especially from Bitcoin, you can also take that to a standard ATM and withdraw cash like you normally would, withdrawing the amount from your BTC wallet. Of course, there is usually a low limit to how much you can take out in a given day.
• Sell your Bitcoin for cash on the exchange - Finally, there’s always the option of taking the usual route of selling your Bitcoin on the exchange you purchased them from, transferring the sale to your bank account, and then cashing out from an ATM as normal.

All that to say, if your goal is to spend money using cryptocurrency as the source of funds, there are several convenient ways to do just that.