Since cryptocurrency became popular in the market, more and more establishments, companies, retailers, fast-food chains, and big tech firms now recognize bitcoin as a form of payment.
Although Bitcoin has earned popularity even among well-known people, having critics and skeptics is inevitable. American businessman and philanthropist Warren Buffet is one of the famous people who criticize Bitcoin for its volatility and considers it as a “risky’ and worthless” investment. But still, more companies are not discouraged with such warnings, and still choose to accept bitcoin as one of their payment options.
Elon Musk, CEO and co-founder of Tesla, also began to recognize bitcoin as payment for any model of their cars. Also, CEO and founder of Twitter, Jack Dorsey teamed up with the American rapper, Jay-Z in investing 500 bitcoin to develop the currency in Africa and India. Since Tesla’s acknowledgment of bitcoin, hundreds of notable companies and businesses now accept cryptocurrency as payment for goods and services.
In just a span of five years, long-term Bitcoin investors have seen how much the value of the cryptocurrency surged at its highest point, which gives them more buying power. In this digital world, purchasing any goods you want, whether it’s a car or new furniture, can be as easy as one click away.
If you are one of the bitcoin investors, traders, miners or simply own a digital wallet, here are some ways to spend your bitcoin. Discover what you can and cannot purchase with bitcoin.
Before we talk about spending your Bitcoin, it is also essential to know how to store it. Just like the process of depositing money to a regular bank, any cryptocurrency like Bitcoin can be stored by buying it with your regular money and storing it in your bank account or wallet. Spending can also be done digitally through bank transfers. The good news is that some known digital wallet like Paypal now accepts Bitcoin payments and transactions.
Bitcoin payments can’t be accepted directly unless converted to actual currency. You must have a digital or Bitcoin wallet in order to secure all your payments. A bitcoin wallet is a type of software or application that allows you to manage all your transactions. Cryptocurrency wallet grants you access anytime and anywhere. By just using your smartphone, you can transfer and spend your bitcoins at the comfort of your own home.
Some stores like Amazon don’t accept Bitcoin as payment. However, you can still purchase Amazon gift certificates or vouchers through a Bitcoin debit card. You can avail a debit card through companies like Coinbase and Bitpay, and there is no need to convert your bitcoins to local currency. For faster payment and transactions, you can also use QR codes via smartphone. This can be done by simply downloading the QR code app, scanning the code, and it will automatically pre-fill the receiver’s information and the amount of payment.
Converting your cryptocurrency to gift cards can also be a good option if your preferred store does not accept Bitcoin as payment. Several online services and applications allow you to purchase gift cards using bitcoins.
When you want to travel, bitcoin is widely recognized as payment all over the world. You can book flights, cruises and find a nice hotel without any issues. The currency will never be a problem since bitcoin is decentralized and accepted anywhere you go. You can also buy food since there are several restaurants and cafes that accept bitcoin. Also, donating can never be so easy. Some foundations and non-profitable institutions now accept bitcoin. What’s good about it is that crypto maintains your anonymity if you want to remain anonymous.
Sometimes, if you are new to Bitcoin, things can be complicated. Since cryptocurrency is different from your local currency, the process can sometimes be confusing. For example, Tesla is known to have extensive Q and A detailing upon using bitcoin payment. First, you must know how much is the Bitcoin equivalent of the car that you want to purchase. The exact amount should be entered in order for your purchase to push through.
Despite some issues with Bitcoin, it is still widely used and is gaining more popularity as years go by. Payment and transactions can never be so convenient with this cryptocurrency. There might be a possibility that more and more companies will continue to accept Bitcoin as a valid mode of payment.