Cryptocurrencies are the topic of the day. From Litecoin to Ethereum, blockchain-based digital currencies are redefining the finance world. But Bitcoin particularly stole the show when it reached an all-time high. Peaking at over $68,000, it sparked extra interest in what seems like a new digital gold rush. Cryptocurrency payment-
Many Bitcoin enthusiasts entered the race to diversify their savings. Indeed, Bitcoin investment appears as a store of value amidst growing concerns over an incoming financial crash. Bitcoin and Cryptocurrency payment thus compares more easily to gold than regular cash.
Other traders went in for the big win, expecting cryptocurrencies to boom. Yet Bitcoin’s volatility raises questions, too. And while many crypto-traders eagerly wait for the next crypto Bull Run, others want to spend their money while they have it.
Some countries already leaped and made Bitcoin a legal tender, such as El Salvador. But several private companies have also laid the groundwork for more mainstream crypto acceptance. So, here come the many ways you can spend your Bitcoin.
How to spend Bitcoin and Cryptocurrency payment?
The first step to spending Bitcoin is, of course, buying it. And the second step is safely storing your digital investment. Binance and Coinbase are the go-to platforms for buying and trading Bitcoin. But if you want to spend what you’ve earned, online portfolios won’t be enough.
That’s why you will need to get a digital wallet. The most popular software-based digital wallets are Metamask, as well as Coinbase Wallet. You can access both these platforms on your desktop. But they also work on mobile devices. Other options might then differ from country to country. In the US, for instance, PayPal launched its first crypto app. And the demand for Bitcoin payment is sprouting.
However, if you’re not too comfortable with digital-only, you can choose to purchase a physical crypto wallet in the shape of a USB device. Also, you might go the old-fashioned way and opt for a paper wallet. In which case, you just need to print a piece of paper. Then, you will show the corresponding QR code every time you’d like to receive Bitcoin or spend some.
Spending Bitcoin in online shops
Fast and easy to process, Bitcoin payments are making their way to the world of e-commerce. More and more online retailers are therefore allowing their customers to use Bitcoin, and sometimes other cryptocurrencies, such as:
- Sapna: one of the leading online stores in India, this all-you-can-find shop allows you to handle Bitcoin payment via the Unocoin exchange platform.
- Bitrefill: this platform allows you to turn your Bitcoin into gift vouchers. You can then use these gift cards in a variety of partner shops, ranging from Amazon to cosmetic brands like Nykaa.
- HighKart, etc.
Bitcoin payments in the online entertainment industry
Crypto payment is also revolutionizing the world of online entertainment. Twitch was one of the first big names to put its foot in the door. As early as 2019, the streaming platform allowed its content creators to receive cryptocurrency donations. And in July this year, it even doubled down on crypto. Donators were indeed offered a 10% discount for all crypto payments.
But online casinos also paved the way, as they developed crypto casinos. Bitcoin casinos offer the same experience as traditional online platforms, only for Bitcoin traders. On the plus side, the decentralized nature of Bitcoin means payments are strictly anonymous, regardless of any anti-gambling restrictions that might apply in the country. Besides, players can earn hefty crypto bonuses. And the amount of money at stake is the same no matter the location, since the value of the Bitcoin requires no conversion.
Bitcoin: what about shopping in physical stores?
Bitcoin is an all-digital currency. Yet, it doesn’t mean you cannot spend the content of your wallet offline. Several physical stores have already opened their doors to Bitcoin owners. In the US, Starbucks is now accepting Bitcoin payments. Major fast-food branches have followed suit in a few international locations, too. In El Salvador, for instance, McDonald’s and Pizza Hut are experimenting with Bitcoin payment.
Despite these endeavours, the number of stores where you can spend Bitcoin like cash is still low. Coinmap, a website that registers all cryptocurrency ATMs and merchants, put out an estimate of approximately 28,000 venues worldwide. But the tide is turning. So, physical Bitcoin shopping will undoubtedly increase in the future.