Bitcoin users may spend the cryptocurrency in a variety of ways, including online purchases, bill payments, and contributions.
The value of a single unit of Bitcoin has soared from under $10,000 to over $53,000 since the start of the Covid-19 outbreak, as eager investors from all over the globe hurry to get in on the cryptocurrency market frenzy.
The fact that Bitcoin is a limited currency and a hedge against inflation is part of the appeal of using it as a digital asset.
A crucial issue must be solved before Bitcoin can be used as a currency: can people use Bitcoin to purchase for common items?
Yes, it is correct. Several businesses have announced new and enhanced payment mechanisms for selling cryptocurrency-based items.
Overstock, an American online shop, was one of the first major online retailers to accept direct Bitcoin payments in 2014. Others began to follow suit a few years later.
Last October, PayPal entered the cryptocurrency market, allowing consumers to purchase, trade, and keep Bitcoin and other virtual money via the company’s online wallets.
Tesla, which made news earlier this month when it revealed a $1.5 billion investment in Bitcoin, has stated that it will begin taking Bitcoin as a means of payment for its goods in the near future.
These bitcoin transactions, however, would be “subject to existing rules and initially on a restricted basis,” according to the business.
Despite the fact that many establishments do not accept Bitcoin payments directly, there are alternative methods to spend it.
BitcoinWide is a handy tracker. It maintains a directory of businesses who take Bitcoin and updates it on a regular basis.
Companies like Coinbase and BitPay are now used by many ordinary investors to purchase Bitcoin. They function as exchanges, facilitating transactions between buyers and sellers.
Here are a few places where Bitcoin may be used to buy products or services.
Gift Certificates for Online Purchases
People can buy things via third-party sites, even if retail giants like Amazon and BestBuy don’t accept it yet.
Customers may purchase gift cards from Walmart, Apple, Uber, Adidas, and Amazon with Bitcoin on eGifter, for example.
Purse, a third-party payment provider, may be used to make Amazon purchases. It works by enabling customers to choose which Amazon goods they wish to purchase. They then copy the URL and send it to Purse, which completes the transaction using gift cards obtained from bitcoin users.
Bill Payments, Video Games
Video games may also be purchased using Bitcoin wallets. It has been approved by Microsoft as “a payment method for buying applications, games, and other digital content from the Windows, Windows Phone, Xbox Games, Xbox Music, and Xbox Video Stores.”
In 2019, AT&T made history by becoming the first major US cell company to accept bitcoin payments. BitPay, a renowned Bitcoin payment service provider, is used by the American telecommunications behemoth to make online bill payments.
Hotel Reservations, Airline Tickets, and Food Delivery
In recent years, a rising number of hotels all around the globe have begun to accept Bitcoin as a form of payment.
In addition, certain apps in the Apple and Android stores allow users to purchase plane tickets by converting Bitcoin to fiat currency.
Norwegian Air, the biggest airline in Scandinavia and Europe’s third-largest budget carrier, is said to be considering approving this method of ticket payment.
Bitcoin may also be used to order meals at some KFC, Burger King, Pizza Hut, and Subway locations.
Bitcoin may be used for more than just buying services; it can also be used to make charitable gifts.
The Wikimedia Foundation, which runs sites such as Wikipedia, the world’s biggest open-source encyclopedia, takes Bitcoin payments through BitPay and converts them to US dollars.