How can I spend bitcoin?
The emergence of bitcoin in 2009 led to a new round of “evolution” in the global financial industry. The first real purchase paid for with bitcoin was in May 2010. An American named Laszlo bought a pizza for 10,000 crypto coins. At that rate, it was about $40-50. At that time, few believed that it would be possible to buy almost any product and service for bitcoins. Now everybody knows the answer to the question “how can I spend bitcoin?”
Since then, cryptocurrency has ceased to be something exotic and incomprehensible. The list of what you can buy with bitcoins and other coins is expanding every year. In addition, more and more trading platforms worldwide provide buyers with the opportunity to pay with cryptocurrency. In this article, we will cover the main ones.
How can I spend bitcoin?
Major online stores that accept virtual currency are located primarily in the United States. Large platforms allow you to purchase goods from the best online stores like Amazon, Dell, eBay, Nike, Uber, Adidas. Even Microsoft offers to purchase games and computer programs for bitcoins, while Apple offers phones, smartphones, gadgets and other electronics.
The cryptocurrency has spread in the United States, moved to the countries of the European Union and is already conquering states on other continents. However, the fate of the “coins” develops in different ways. Some European countries actively support the financial direction, others try to limit bitcoin turnover, and some states prohibit currency on their territory.
In the developed countries of Europe, America and Asia, there are many ways to use cryptocurrency:
- Purchasing products on the Internet;
- Repayment of utility bills, taxes, fines, etc.;
- Making purchases of goods and services;
- Exchange for other financial assets.
You can even buy real estate and cars for cryptocurrency. There are practically no restrictions. The US experience has shown that bitcoin can compete with controlled crypto money. Its main advantages are decentralization and lack of control. Bitcoin exists on its own and is not issued by any company.
The broadest area with cryptocurrency turnover is snack chains and fast food outlets. Almost all global representatives of this industry offer buyers to order their products online and pay for them with virtual “coins”.
In some countries, bitcoins can also buy luxury goods: an expensive car, a villa on the coast, a penthouse in a prestigious area, a yacht, precious stones, jewelry, etc. The amount of such purchases is estimated at thousands of virtual coins.
You can buy a variety of products with bitcoins in online or offline stores. The list of categories is extensive and includes:
- Commercial and residential real estate.
- Vehicles (cars, motorcycles, boats, etc.).
- Household appliances and electronics.
- Clothes, shoes and accessories (bags, wallets, backpacks, etc.).
- Jewellery, watches and other valuables.
- Food, everyday products (toothpaste, shampoo, deodorant, etc.).
There are practically no restrictions on the choice. The main thing is to find a store where cryptocurrency payment is available.
What about services?
Gift certificates are a good surprise for a loved one or a relative and an opportunity to spend bitcoins. Even if the marketplace does not work with cryptocurrency, intermediary sites sell store gift certificates. Some of these sites accept virtual money.
You can use cryptocurrency to pay for the services of a travel company: book a hotel room, pay for a flight, etc. Large companies often do not work with virtual currency, but this is done by small private enterprises offering vacations abroad.
You can use crypto coins to pay for the delivery of groceries from cafes and restaurants, pizzerias and fast food outlets. In addition, some taxi companies, gyms and fitness clubs, and other companies, including charitable foundations, accept cryptocurrency.
How to pay with bitcoins?
Bitcoins are used to pay online. The buyer of the product or service can transfer the currency directly or through an intermediary. In the second case, a third-party registered on a specialized website acts as an intermediary. Buy makes an order to buy online. The intermediary makes a transaction for him using his money and then exchanges the goods with the buyer for virtual currency. Thus, the store receives money, the buyer receives the goods, and the intermediary receives bitcoins.
What should I have?
To pay for goods in virtual currency, the buyer must have a special wallet address. Funds are transferred from it. The trading platform should have the same wallet. The store may ask for some information about the customer. Most often, this is the e-mail address to which you receive a letter with instructions on the process of purchasing a product or confirmation of the operation via phone.
To find out where cryptocurrencies are accepted, you should go to the website of the marketplaces. There should be a special icon in the form of an orange circle with the image of a currency symbol. In addition, there may be an inscription “We accept!” It means that in the store, you can pay for goods with virtual coins.
In addition, there are Internet maps that show the points where virtual currency is accepted. This function is built into Google, and you need to enter the corresponding query in the search bar.
Bitcoin is always popular. Therefore, marketplaces often use the bitcoin payment function as an advertisement. Such sites “temporarily” do not accept the cryptocurrency, or the function is valid only for a limited number of unwanted goods and services. Many trading platforms accept bitcoin only for the first purchase or in the first months of operation, then abandoning this function.
Therefore, pay only where it has existed for a long time. It is necessary to carry out a deal only on trusted resources. Before sending money, it is worth checking and rechecking the recipient’s details. If there is even one mistake, the funds will go to the wrong place, and it will be impossible to return them. Be careful and spend your bitcoins wisely! After all, there is a lot to buy and you know the answer to the question “how can I spend bitcoin?”.