Although its acceptance and availability are increasing, most people still buy and use cryptocurrency online. You can buy cryptocurrency from major exchanges using credit card or bank transfer payments. Read the step-by-step guide here to learn how to get your own cryptocurrency. According to crypto writer Teresa Maria, buying Bitcoin doesn’t require any previous experience or technical know-how. Once you have some crypto in your digital wallet, here’s how you can use it in Helsinki.

Slower Physical Uptake

Physical stores and businesses have been somewhat slower at accepting digital currencies, however. As such, even though thousands of businesses now accept cryptos, it is still a challenge to find physical companies that directly accept them.

A lot of this reluctance stems from the fact that crypto prices are highly volatile, although payment gateways are now available that will instantly convert crypto to fiat, avoiding any of the price fluctuations that can be experienced.

Helsinki’s Bitcoin ATMs

Despite its status as a technology city, Helsinki ranks poorly for Bitcoin adoption, compared to other cities in Europe. There are a handful of Bitcoin ATMs in the city. Bitcoin ATMs are connected to crypto wallets and exchanges, rather than bank accounts and traditional banking systems.

Users can deposit cash at the ATM, which is then converted using the crypto exchange it is connected to, and the resulting crypto is deposited to the user’s crypto wallet. They also enable users to sell their crypto and withdraw the resulting fiat currency in cash for spending.

There are Bitcoin ATMs, or BTMs, at Finnvape, Helsinki West Harbour, Dixi Tikkurila, and, conveniently, at the Itis shopping mall.

Bitcoin Venues

Card and app payments remain the dominant payment method in Helsinki. But, as well as being able to exchange and withdraw funds from a small number of ATMs, there are a few known vendors that will accept cryptocurrency.

Faro is a restaurant and bar located in Finland’s capital, and they will accept payment by cryptocurrency. This is perhaps because the city’s Bitcoin meetup takes place in the bar every month. Taudo Baari and Time Bar also take cryptocurrency payments, and so does the Osuva shooting range.  

Bitcoin Cards

Another option for crypto holders is to use a Bitcoin debit card. Depending on the card used, and the preferred method of transfer, the user can either sell their Bitcoin and load the card with fiat currency or link the card to a Bitcoin wallet.

When consumers make a payment with a linked card, Bitcoin is automatically sold to fund the payment, and the resulting fiat currency is paid into the merchant’s account. The merchant does not have to accept or come into contact with cryptocurrency at all.

Depending on whether the card is a Visa or Mastercard, the user will be able to use these cards in stores and venues that accept the respective card types.

Payment Gateways

Cryptocurrency acceptance is on the increase, thanks partially to payment gateways offered to merchants. These payment gateways enable merchants to take payment using fiat currency, as normal. They also accept cryptocurrency payments, and when the consumer makes a payment using the crypto of their choice, it is converted to fiat before it is transferred to the merchant’s account.  

Spending Crypto Online

And online opportunities to spend Bitcoin also continue to increase. Popular payment gateways have started accepting payment by cryptocurrency, again enabling merchants to take crypto payments without having to deal with wild price fluctuations.

Crypto For Merchants

Although volatility puts a lot of merchants off accepting cryptocurrencies, there are some benefits. The fees associated with cryptocurrency are typically much lower than those with credit card payments. Transactions are also completed much quicker, which means the merchant receives more of the money and it is available in their crypto wallet virtually straight away.

However, this does then mean that the merchant has to exchange the funds themselves before they can access their funds.

Conclusion

Companies like Microsoft now accept Bitcoin payments for some purchases. Even Starbucks allows users to top up their Starbucks card using crypto, via the Bakkt payment platform.

Options for crypto enthusiasts are increasing. However, it is still difficult to physically go into stores or other businesses and make payments using Bitcoin or other currencies. Arguably the easiest way to spend crypto in stores is to exchange the currency to fiat and then withdraw it, via a Bitcoin ATM.