Bitcoin has evolved as a form of monetary value over the last decade, including advancements in the way it can process transactions. Bitcoin (BTC) is currently accepted as a payment mechanism by various establishments, both online and in-person.
But you might be asking yourself, “where can I use Bitcoins?”
Well, advocates of Bitcoin have put lots of hope in the cryptocurrency to become a feasible alternative to long-established centralized payment methods. BTC, on the other hand, is most often utilized as an investment right now. You could see it being similar to gold or equities.
Yet, it looks like the future of Bitcoin may be evolving beyond investments in the crypto. Let’s now look at how practical Bitcoin is and where you can spend it.
How To Use Bitcoin
We’ll begin by running through some basic advice on how you can spend Bitcoin.
You need to learn about some of the key components to owning Bitcoin units. Once you get accustomed to these components and how they work, you’ll be able to start spending with confidence.
You must first choose a wallet to hold your Bitcoin. You have to do this to make any purchases possible.
Your wallet is like a bank account for your cryptocurrency, which you may use to store, send, and receive funds. There are a plethora of free cryptocurrency wallets available on the internet, and they all operate on mobile and desktop platforms. Create an account with your personal information, and you’re ready to go.
After setting up a wallet, you can get some bitcoins. You may do this through one of the many bitcoin exchanges available. But, do your homework and find out what the bitcoin price is right now.
You can purchase Bitcoin units using a bank account or credit card. Enter your wallet address to the exchange operator, and they will complete the transaction for you in minutes.
We should also mention that there are now Bitcoins ATMs available! Check out Byte Federal to see what they are all about.
How To Spend Bitcoin
If an online business accepts Bitcoin payments, all you have to do is copy their Bitcoin address and enter it into a section on your wallet. Press “send” after putting the correct amount of bitcoins in your payment box. Ensure to put in the correct number that shows up in the payment box. The transaction should take only a few seconds to complete.
You’ll be pleased to learn that many online popular retailers welcome Bitcoin these days. So next up, we’ll run through some of the places where you can spend your Bitcoin.
Who Accepts Bitcoins?
We’ll now run through some of the more popular places where people tend to spend their Bitcoins. Since we’ve tried to encompass a balance of different firms, some of them may be relevant to your spending habits and others not.
Of course, there will be many more companies that accept Bitcoin as payment. Plus, there is a likeliness that new and established companies are adopting this form of payment every day.
In 2014, Microsoft was one of the first companies to accept Bitcoin as a form of payment. You can use Bitcoin to buy applications, games, and other media products on Xbox and Windows Phone platforms.
In 2014, most people didn’t know about Bitcoin. In that year, Mt. Gox, the world’s biggest Bitcoin exchange at the time, declared bankruptcy following a series of scams, hacks, and mishaps. These resulted in the loss of millions of dollars in the form of Bitcoins.
A New York City bar accepted Bitcoin that year, as did a few restaurants and ab services. But there were only two other large firms to speak of in that year which we will mention next.
The firm that pioneered contemporary digital payments accepted Bitcoin before Microsoft. Microsoft started taking Bitcoin in December, while PayPal began in September 2014.
Bitcoin was listed as XBT instead of BTC at the time. PayPal decided to entice companies to use its platform rather than consumers. This was since Bitcoin transaction costs were far cheaper than the profit-eroding 2 or 3 percent fee that firms paid to perform a credit card transaction.
Overstock was the first large firm to embrace Bitcoin in January 2014. This was way before Paypal and Microsoft saw value in the decision.
Overstock was the first major retailer to take on Bitcoin payments. And it is now one of the most dynamic e-commerce platforms that people are looking at closely.
A cryptocurrency storm hit in early 2019! When Flexa, a payments firm, partnered with Gemini, a digital currency business, the way we can pay changed.
The infrastructure created by the agreement enabled large merchants to integrate Flexa into any digital scanners they had in place. This means they could take phone payments via Apple Pay and other similar digital wallets.
The agreement also let Bitcoins convert to dollars, allowing for smooth purchases. Whole Foods came straight in to embrace this technology. Yet, although Amazon owns Whole Foods, it doesn’t itself accept Bitcoin for transactions.
Etsy does not have a mechanism for accepting Bitcoin as a means of payment on its whole platform. Yet, the individual sellers that populate it can take cryptocurrency in their stores if they want.
It is the seller’s responsibility to include another method of payment at their checkout. When purchasers select that option, they can message the seller with their preferred method of payment. Then, to finalize the transaction, the seller answers with their Bitcoin address.
Etsy offers a section on their forum about Bitcoin. This includes lessons on how to promote that you take Bitcoin and how to carry out successful transactions.
Starbucks declared in March 2020 that it was embracing the Bitcoin wave in a sense. Starbucks took a conservative approach before going headfirst into taking cryptocurrency as payment.
You won’t be able to pay for your Mochas and macchiatos with Bitcoin in-store at the cash register. But you can load Bitcoin to Starbucks’s app and pay that way. A program called Bakkt enabled the update by converting Bitcoin into dollars and making payments quick and viable.
Newegg is an electronics retailer that’s gone all-in with Bitcoin payments. Newegg does not need you to use a third-party service or app to convert cryptocurrency to cash.
If you’re shopping on a computer, you select “Pay With Bitcoin” and follow the on-screen instructions for the shipment. Newegg gives you a QR code if you make purchases with your phone. Newegg also provides cryptocurrency miner starter kits for those who want to harvest some Bitcoins.
Bitcoin Investment Tips
Now that we’ve run through some places where you can spend your Bitcoin let’s look at a few investment tips too.
After all, many people buy Bitcoin as an investment right now. So you should consider getting in on the action!
Be Cautious of Bitcoin Scammers
It’s not simple to tell the difference between honest cryptocurrency advice and scammers. Unfortunately, there are plenty of sharks ready to grab your money.
Pause for a moment from the buzz when you’re presented with loads of info about Bitcoin investing. Examine the proposal with a critical eye. What is the total number of users? What problem is it supposed to solve? Does it have any ties to the business world?
Manage Your Risk
Some persons who provide crypto trading advice may not be looking out for your economic interest. So don’t make similar mistakes and be stung.
Set boundaries on your investment amount in Bitcoin and any other specific digital currency. Don’t risk money you can’t afford to lose by trading with it.
Consider Long-term Investing
Prices fluctuate rapidly from day to day. Inexperienced traders can fall into the trap of panic selling when the value of Bitcoin drops.
Bitcoin isn’t going away anytime soon. Thus, investing in it long-term might provide the best outcome.
Look Into Automation Tools
Automating your Bitcoin purchases may help you get the most out of dollar-cost averaging. This is much like what traders do with shares and stocks.
It’s easy to set up automated purchases on many of the popular cryptocurrency platforms and exchanges. You can instruct the platform to buy a set quantity of Bitcoin every month, such as $100 worth.
But can also set a price level to buy at. If Bitcoin doesn’t hit that level, then the platform can withhold buying. The same goes for selling too.
Where Can I Use Bitcoins?
So you might have searched, “where can I use Bitcoins?” The answer is an ever-increasing number of places are adopting this digital currency. And we think it’s pretty revolutionary now that Byte Federal offers Bitcoin ATMs around the country!
So thanks for checking out this post; we hope it was helpful? If so, why not click through to our main blog page and find some more handy tips and advice?