How Do We Spend Bitcoins?
Owning a Bitcoin is not that hard as it may sound. One can buy a bitcoin in exchange for traditional money from individuals, or there are even exchange platforms where the purchase can be made—all legal and legit. The Bitcoin ATM is another legit source to buy them. Though they are not available in every country as of now, it could be possible not so far in the future. The purchased bitcoins can be stored, maintained, and spent via a digital wallet.
Unlike traditional money, Bitcoin offers absolute anonymity while you spend them to purchase or sell any merchandise as it is decentralized as per https://cfd-formula.com. Even in the case of an international deal, this feature of security and concealed identity stays put. Also, since the blockchain technology helps to record the transactions, committing fraud is nearly impossible.
The past decade has seen a visible change in the way the worldwide consumer market functions. This includes the cryptocurrencies being accepted as a mode of payment. After the initial reluctance, the business world has okayed the arrival and inclusion of cryptocurrency.
The first-ever purchase using bitcoin was of two pizzas in Florida in the year 2010. The exchange was for 10,000 BTCs which was equivalent to 41 USD at that point. Since then, the industries, vendors, and businesses have changed their stance on accepting the cryptocurrency as the new norm. Many businesses, including the tech giant Microsoft, Reddit, Overstock.com, etc. now trade using Bitcoins.
Mentioned below are a few options to spend your bitcoins:
# Online Retailers: they are the number one option to spend our bitcoins on. The number of business owners who accept Bitcoins in exchange for products has significantly grown over the years. You can purchase a variety of choice of goods using BTCs. Overstock, Newegg, etc. offer to accept Bitcoins over a range of products.
# Buy Gift cards for your loved ones from the service providers like Bitrefill, eGifter, or Gyft. They have redeemable gift cards for Amazon, Playstore, Uber, and many more. This is the best option for someone who cannot decide on what to gift. Put those Bitcoins out there to get some amazing gift cards.
# Food and beverages: The beginning was with pizzas at Papa Johns. Now they have gift cards too. Germany, Poland, Portugal, Netherlands have services wherein you can order takeaway using BTCs. There are multitudes of local cafes and restaurants that accept Bitcoin as payment. Many of them are listed in google search too. Gift cards for Dunkin Donuts, Burger King Cheesecake Factory, are also available via Bitrefill. So If you are traveling, or in a different state or a country, use your bitcoins for these treats.
# For travel enthusiasts, service providers like Expedia help to book the stay. CheapAir provides flight bookings. Even Virgin Galactic by Richard Branson has joined the bandwagon of travel using Bitcoins – though it sounds futuristic, they offer space travel.
# Games and Entertainment: Microsoft Xbox stores and Windows Store facilitates one to purchase games, movies, apps in exchange for bitcoins.
# If you are a Reddit fan, and often visits the site, you can purchase Reddit Gold using BTCs and award them to your favorite post or accounts in Reddit.
# Donate/ Charity: This is optimal for the ones who want to lend a hand to the needy but wants to remain anonymous. “Save the Children” was the first charity to accept donations via cryptocurrencies. Even Wikipedia, Redcross, and Greenpeace accept Bitcoins. Anonymity is not the only attractive factor here. The encrypted but recorded nature of Bitcoins makes it possible to be tracked wherever it goes. Meaning, if you donate using Bitcoin, you can track where the money is used, unlike the traditional monetary options.
# Investments and Real estate: though not immensely popular and universal, buying/ selling or investing in real estate properties is possible using BTCs.
# There are online news portals, blogs, and websites where you can donate to help the budding bloggers and businesses.
Owning, collecting, and selling bitcoins are not the only thing one can do. Since it is a currency, one can do all things listed above and many more. The future might see the Bitcoin being accepted universally for more services.