BITCOIN RULING THE WORLD
A fintech veteran and cryptocurrency expert, Schatt's goal is to convert the next 900 million users into a cryptocurrency. To do so, Schatt believes education is the key, and shares his details on the most talked about cryptocurrency topics. Here he discusses what users can actually buy with Bitcoin.
Bitcoin is the undisputed king in the world of cryptocurrency. From market capitalization to media coverage, it is the most common and most talked about crypto market. Sure, there are many other cryptocurrencies and platforms, but when it comes to the regular and emerging market, most people have heard at least about Bitcoin. Most of the cable news discussions are about the benefits of an investment or anonymous transaction, but in your heart, Bitcoin is money, it is just digital.
So, what exactly can you buy with Bitcoin? Probably a lot more than you see. No longer a niche currency, Bitcoin can be used to buy everything from residences to resorts. And many companies are starting to offer Bitcoin as a payment method.
What exactly is Bitcoin?
Bitcoin is a type of currency built on blockchain technology. It uses cryptography (the crypto component in cryptocurrency) to protect and validate peer-to-peer network operations. Unlike dollars or euros, Bitcoin exists separately from any government or financial institution.
Part of the blockchain is similar to a public logger that is stored on thousands of computers worldwide. All computers — called nodes — contribute to the security of transactions, making them more secure and transparent. This allows for faster and cheaper transactions than traditional methods.
Where can it be used?
Bitcoin, of course, can be used in many digital trades to resolve transactions. The most common use of trading is for investment. However, Bitcoin is also now moving us to personal use. These are just a few examples of what Bitcoin can buy.
From hotel stays to flights, Bitcoin can be used to pay for that long trip or weekend trip. On flights, CheapAir takes cryptocurrency off its website.
One of the largest online retailers of home goods is now accepting Bitcoin. Overstock.com allows you to use your Bitcoin to purchase directly on the site. Overstock has been the first recipient of Bitcoin since 2014 when it first accepted the token.
This may seem absurd, but video games have easily embraced Bitcoin. Digital currencies and the digital world go hand in hand, and forums like Microsoft and Coinmall, Zygna, and Big Fish Games, allow you to pay for that video game with Bitcoin. There are rumors that PlayStation will begin approving Bitcoin transactions.
Do you have Bitcoin set? How about buying a Lamborghini? Car dealers are increasingly adding a Bitcoin payment to their offer which is perhaps the most visible in Tesla. But do not worry. Not all supercars, companies like Subaru also add Bitcoin options to their sites.
Twitch, a live streaming website and content creator center, accepts Bitcoin with donations. AT&T, Reddit and WordPress allow the use of Bitcoin.
Leading good makers have just started accepting Bitcoin for payment. Rolex, Patek Philippe, and Franck Muller can be purchased with Bitcoin in various markets.
Some grocery stores such as Whole Foods accept Bitcoin as payment. Fast food restaurants like Burger King and Shake Shack have offered Bitcoin as a reward promotion. From cheap food to pantry, Bitcoin is increasingly being integrated into the food market.
Workarounds and Marketplace
Probably the least important thing on this list is Amazon. Although they are the parent company of Twitch and Whole Foods, they have been reluctant to add Bitcoin as payment for a number of reasons. However, there are workarounds. Gift cards like Gyft and BitPay allow you to pay with their Bitcoin gift cards that you can use on Amazon. A special payment app called Bakkt can translate Bitcoins to Starbucks Cards that you can use to buy coffee. Even if the seller or service provider does not directly accept Bitcoin, there are steps you can take to modify your Bitcoin to buy what you want.
Places that accept Bitcoin vary and range from travel to luxury cars to video games. As more users use Bitcoin and traders are more comfortable making money in currency, they expect even more direct future purchasing options with fewer solutions, faster payment times, and even better security.