For bitcoin, it’s been a turbulent week. The digital currency exceeded $12,000 on Tuesday, hit $15,000 by early Wednesday, then surged past $19,000 on Thursday before sliding and settling at $16,000 in the early afternoon, after losing 20% of its value last week.
It’s volatile, according to financial analysts. Jim Cramer of CNBC and Tony Robbins, a self-made billionaire, both likened investing in it to gambling in Vegas. Buying the currency, according to billionaire Mark Cuban, would be like “throwing a Hail Mary.”
But, if you’re willing to take the risk and invest some money, where can you spend bitcoin?
Many locations, but not all of them.
Bitcoin is accepted by over 100,000 retailers globally. Microsoft, Expedia, and Newegg, an online electronics company, are just a few examples.
Because bitcoin is a digital money, physical shops are less likely to accept it as a payment option. However, as CoinDesk points out, certain businesses, such as REEDS Jewelers, which has over 60 retail outlets in the eastern United States, are starting to do so.
The Golden Gates Hotel & Casino in Las Vegas allows bitcoin payments in their rooms and restaurants, but not for betting on the casino floor.
Many large stores, like Walmart and Amazon, have yet to accept bitcoin as a form of payment, but the mobile gift card software Gyft provides a workaround. You may purchase a gift card with bitcoin and then use it to shop at any of the 200+ stores that they deal with, like Nike, Target, and Starbucks.
You may also convert cryptocurrencies into USD or Euros for a charge using a service like Shakepay. Mason Borda, the CEO of TokenSoft, a cryptocurrency security startup, detailed how he utilized the service to pre-order a Tesla Model 3 using bitcoin in a Medium article last year.
So, although many merchants have yet to accept cryptocurrencies as a payment option, there are methods to make it work.
Plus, it’s been speculated that Amazon is about to modify its policy and start taking bitcoin, which might push its value even higher, according to analysts.