Don’t Hold Your Bitcoin Solely For Trading – Learn How To Spend It
The start of 2023 set the stage for some exciting developments in the world of crypto and blockchain, and without a doubt, at the center of all events is Bitcoin. By being the first ever launched digital currency, it has set a precedent for the other cryptos and is about to achieve greatness in 2023 and beyond.
There might be several crypto projects in the sector, but the entire market moves as a whole following Bitcoin. At the start of 2023, the popularity of Bitcoin is off the charts, and it’s reflected in its increasing price. Thanks to its fast, secure, and decentralized nature, it has recovered from the crypto winter faster than other digital currencies. At this point, not only individual investors but also organizations take advantage of Bitcoin.
1 What is Bitcoin?
Bitcoin is the first digital currency in the market, created to act as a form of payment and alternative money outside an entity’s or individual’s control, therefore removing the need for an intermediary to involve in transactions. Blockchain miners are rewarded in Bitcoin for the work they do verifying transactions. Traders can purchase it on several exchanges and use it to pay for services and goods online and offline. Bitcoin goes through a halving process every 210,000 blocks, which usually impacts its price because the fewer coins are introduced in circulation, the more aware investors are of its scarcity.
Dramatic price fluctuations over the years have marked the history of Bitcoin, as several factors impact the market’s dynamics (investor sentiment, regulatory development, economic conditions, etc.).
2 What can you buy using Bitcoin?
We use traditional money to purchase services and products in our daily lives. But the introduction of digital currencies has allowed us to use Bitcoin and other similar cryptocurrencies to pay for various things.
This article presents a list of services and products you can buy with Bitcoin.
Are you looking for a new personal or company car? If you have Bitcoin in your wallet, you could buy one using it. While not all automakers accept crypto payments, many have integrated Bitcoin among their payment methods.
One thing to remember is that Tesla doesn’t accept Bitcoin even if Elon Musk supports digital currencies. He has considered the introduction of Bitcoin as a payment method several times but has yet to decide whether to add it to the options because it consumes too much energy when minting new coins. For now, Tesla accepts only Dogecoin.
Your morning coffee
Don’t be surprised to find out that you can start your day by spending Bitcoin to purchase a cup of coffee or any other beverage you like to drink in the morning. Starbucks announced in 2021 that it had started a partnership with a digital wallet that allows it to accept Bitcoin as a payment method. If you want to use Bitcoin to pay for your Starbucks products, install the wallet in the Starbucks app, and you can use it at any location.
Do you want to change your phone to a new one? Do you need a new laptop or computer? If you decide that it’s time to spend some of the Bitcoin in your wallet, you’d be delighted to find out that you can use it to buy new tech items.
One of the most well-known tech providers accepting Bitcoin payments is Newegg. It’s important to note that it accepts several other digital currencies, so if you have a diversified portfolio and want to use an altcoin to buy tech items, you’ll most likely be able to do it if you choose Newegg. Keep in mind that the tech company doesn’t offer refunds for the items purchased using digital currencies.
Several other tech providers allow digital currency payments, so have a look at the market and pick the one that brings the best advantages.
Suppose you’re planning your next trip and want to use some of your Bitcoin savings to fund it; the good news is that you can buy airline tickets with digital currencies. Flight Centre, Cryptoturismo, and Airbaltic are among the companies that allow crypto payments for tickets. You can also pay for private charter flights for companies like Cielo Aviation, Simply Jet, or Fast Private Jet with Bitcoin.
You can also use cryptocurrencies to purchase a Delta Airlines gift card for your loved one and allow them to choose the destination of their flight.
Heading out for the weekly grocery haul? Use your Bitcoin to pay for bread, milk, shampoo, or whatever you might add to your cart. If you want to offer your loved ones gift cards to their favorite grocery stores, you can purchase them via online payment processing apps.
Depending on your location, some grocery stores might accept cryptocurrency payments, but make sure to ask before adding everything to the cart because some of them might change their policies overnight due to the increased volatility of digital currencies.
Do you like playing online games and having a crypto wallet with Bitcoin? Merge the two of them and purchase your favorite games, upgrades, or gaming equipment using cryptocurrencies. Vendors like Xbox, PlayStation, or Steam allow crypto payments for their products. Several other dedicated websites also accept digital currencies, so you could search online for a provider that delivers products in your region.
We mentioned earlier that you could purchase products and services with Bitcoin. You can pay your monthly subscriptions with digital currency for streaming services, cloud storage, or VPN providers. While some service providers accept Bitcoin payments directly, for others, you’ll need to use a gift card conduit.
Not many fashion brands currently accept digital currency payments, but you can select from a few. Pacsun, Etsy, and Norstrom Rack are among the most well-known. Other clothing companies work with Bitcoin payment processors to enable purchases, so you must check the list of companies before trying to pay with Bitcoin.
Spending Bitcoin is becoming easier
Digital currencies have entered the mainstream, and Bitcoin and other popular coins have become widely accepted as payment methods.