How to Pay with Crypto?

Paying with crypto might sound a bit sci-fi, but it’s not too complicated once you know the steps. For many Aussies, using crypto for payments is becoming more real every day: buying online, paying for services, playing online pokies and even grabbing a coffee if the café accepts it. This guide from Joe Fortune will walk you through how to do it, plus tips, what to watch out for, and a fun crypto-history fact at the end.

Set up a Crypto Wallet

Before you can send crypto, you need somewhere to keep it, you’ve guessed correctly… a wallet. Think of it like your digital bank account or your purse.

There are a few kinds of wallets:

• Hardware Wallets (Cold Storage): USB-like devices or card-style gadgets that store your crypto offline. These tend to be more secure, especially for people who hold larger amounts.
• Hosted / Exchange Wallets: These are with services such as CoinSpot, Crypto.com, or Binance. They hold the crypto for you and are easy to understand, especially if you’re just starting out.
• Mobile or Web Wallets: These are Apps on your phone or browser. More control than exchange wallets, but you will need to ensure you look after your keys!

When setting up, you’ll usually:

1. Choose the type of wallet that suits you for e.g, easy vs more secure.
2. Create a private key or seed phrase, this is like your master password. If you lose it, you lose access and likely lose your crypto.
3. Make sure you have backups – it is best written down and stored somewhere safe.
4. If using a hardware wallet, install any required software and connect to it.

Buy Crypto

Once your wallet is ready, you need crypto in it and here’s how:

• Use one of the trusted Australian exchanges such as CoinSpot, Swyftx, or Crypto.com to buy crypto with Australian dollars. These exchanges often let you deposit with bank transfer or PayID.
• After purchasing, you’ll have the crypto in your exchange wallet. If you want, you can move it to your personal wallet (hardware or mobile) for more control.
• Be aware of fees. Buying, sending, converting—each step can cost something. Sometimes small, sometimes more if you’re dealing with large amounts or using certain networks.

Find Retailers that Accept Crypto

Knowing where you can spend crypto is just as important as having it. If you’re going to use crypto to pay, it helps to know who will take it.

Businesses that accept crypto in 2025 in Australia

Crypto adoption is growing in Australia. Some cafés, online retailers, local service providers, and even stadiums are experimenting or fully accepting crypto. Here are some examples:

• Local shops like gift stores, furniture makers, barbers/hairdressers sometimes accept Bitcoin or Ethereum.
• Some local cafés and restaurants are crypto-friendly.
• Brisbane, Melbourne, Sydney and Perth businesses have been reported to accept crypto.
• Also, Adelaide Oval had a trial where food and drink could be paid for with crypto during an AFL match.

If you’re keen to pay with crypto, it’s best to call ahead or check the business’s website or social media to make sure they accept it.

The Steps to Paying with Crypto

Here’s a general flow of how you make a payment using crypto:

1. Obtain the recipient’s public wallet address. This is like the IBAN or account number in traditional bank transfers. The recipient (person, business, or vendor) gives you a wallet address or shows a QR code you can scan.
2. Access your wallet. Open your wallet (could be an app, exchange, or hardware wallet) so you’re ready to initiate the payment.
3. Enter the details.
   • Paste in or scan the correct wallet address.
   • Select which cryptocurrency you’ll use (Bitcoin, Ethereum, etc.).
   • Configure or accept transaction fees (these pay for the network to confirm your transaction). Fees can vary depending on how busy the network is.
4. Send and wait for confirmations. Once you hit send, the transaction gets broadcast to the blockchain. You’ll usually need a few confirmations (blocks added after yours) before the payment is considered settled. Be aware that depending on which crypto is used, this could take minutes or a bit longer.
5. Check everything afterwards. Make sure the recipient confirms they got your payment. Double-check amounts, fees, and that you used the correct currency and address.

Crypto FAQs

Do I need to pay large fees?

No, not always. It depends on the crypto you use and how busy the network is. For example, for some coins gas fees or transaction fees go up when many transactions are happening. Using less busy crypto or choosing slower fee options can reduce cost.

Can I lose my money?

Yes, if you mess up the address, lose your private key or seed phrase, or send to the wrong chain. Crypto transactions are mostly irreversible. You should always double check!

Do I need a special device?

Not for small payments. A phone or computer wallet works. For larger amounts, a hardware wallet adds security and is recommended.

What about taxes?

In Australia, crypto transactions (buying, selling, maybe paying with crypto) may have tax implications. Capital gains tax often applies when you sell your crypto for a profit. Always check what the ATO (Australian Tax Office) requires.

Is paying with crypto safe?

Generally, yes, if you follow good practices (secure wallet, correct addresses, reputable software or hardware). But as is the way of the world, scams and hacks do exist, so caution is needed.

Did you know 10,000 Bitcoin was paid for Pizza?

Here’s a piece of crypto folklore, back in May 2010, a tech programmer called Laszlo Hanyecz made what is known as the first real-world purchase using Bitcoin. He paid 10,000 BTC for two pizzas…. Gulp! Back then, that amount of Bitcoin was worth about $50 AUD, today, those same bitcoins would be worth many millions!

This event is now celebrated as Bitcoin Pizza Day and is often used to show how early adopters made small purchases when crypto value was tiny and how much it could’ve changed if you held onto it. It’s a brutal reminder that when everyone else is seeing something as just a joke, sometimes it just might be the start of something big!

Bottom Notes & Tips for Aussies

• If you plan to pay with crypto regularly, it’s a smart move to set up a dedicated spending wallet. This should be separate from your main investment wallet and only hold the amount you plan to use for purchases. That way, even if something goes wrong like a hack, mistake, or accidental payment you’re not putting your entire crypto balance at risk.

• Always double check wallet addresses before sending crypto. Crypto transfers are permanent. If you accidentally send coins to the wrong wallet address, there’s usually no way to get them back. Unlike bank transfers, there’s no central authority or customer support who can reverse it. Scammers have also been known to use similar-looking addresses to trick people. So always take a moment to verify especially if you’re copying and pasting or scanning a QR code. A few seconds of caution can save you from losing money.

• Be very aware of crypto’s price volatility when using it for payments. The value of most cryptocurrencies can go up or down quickly even within minutes. If you send Bitcoin or Ethereum to someone, the value could change between when you send it and when they receive or convert it. That might mean overpaying or underpaying without intending to. If you’re buying something like a product or service where the price is fixed in dollars, make sure you’re clear about how much crypto is needed at the time of payment.

• Consider using stablecoins like USDT (Tether) or USDC for payments to avoid price swings. These are cryptocurrencies that are designed to stay pegged to the value of a traditional currency like the US dollar. Using stablecoins can make transactions more predictable, especially when paying for goods or services priced in fiat (like AUD or USD). You won’t have to worry about your crypto dropping in value moments after you send it, which makes them a handy tool for everyday spending or international transfers. Just be sure the merchant accepts them and that you’re using a trusted stablecoin.

Final Thoughts

Using crypto to pay and play online casinos is becoming more frequent and common in Australia every year. With more businesses accepting it, better wallet options, and growing awareness, it’s not just for the techies of this world anymore. But it’s also a place you need to move carefully, understand what you’re doing, and treat it with respect as it’s powerful, but not without its potential downsides.