Using Bitcoin And Cryptocurrencies For Real Money Intro
When Bitcoin was launched more than a decade ago, it promised a payment revolution; the possibility of transferring money without needing a bank as an intermediary. Bitcoin meant, among many things, that millions of unbanked individuals across the globe (people who are not able to access traditional banking services) can stop over-reliance on cash.
A lot has happened since then; more cryptocurrencies have been established, such as Ethereum, Lite coin, Bitcoin Cash, Dogecoin, and Tether, among others. Although different factors such as volatility have been hampering the adoption of cryptos, Bitcoin and other cryptocurrencies are currently being used in almost every country across the globe for several purposes.
The easiest way to make a purchase using Bitcoin or any other cryptocurrency is to use a crypto credit card. The crypto credit cards are preloaded with the cryptocurrency of your choice, and when you spend crypto, the retailer will receive fiat money as payment. The crypto credit cards have partnered with payment processing giants such as Visa and MasterCard to ensure that cryptos transactions occur seamlessly. Recently, more and more companies have adopted the idea of integrating Bitcoin into their operation.
List of 5 ideas for Bitcoin usage
Although the overall number of institutions accepting Bitcoin has been growing constantly over the years, large transactions involving Bitcoin are rare. Even so, it is possible to make transactions and buy a wide variety of products using Bitcoin. Here are some of the ways you can use Bitcoin.
Car dealerships: One of the areas you can use Bitcoin is to purchase a car. Currently, a significant number of car dealers are accepting payments using Bitcoin. The list span a range of luxury dealers such as Lamborghinis to more utilitarian vehicles like Subaru. The electric carmaker Tesla has become one of the biggest names to join the list of car dealers that allow customers to purchase a car using Bitcoin. Based on his Twitter feed, Elon Musk, the founder of Tesla, is a crypto enthusiast.
Technology and e-commerce products: Many companies that primarily deal with tech products accept Bitcoin on their websites. Among these companies include AT&T, Microsoft, and Newegg, among others. In 2014, Overstock, an e-commerce site selling a wide range of merchandise, was among the first platforms to allow customers to pay using Bitcoin. Since then, many other sites, small and big, have begun to accept Bitcoin; a good example is Shopify and the Japanese e-commerce giant Rakuten.
Online casinos. Another idea for Bitcoin real money usage is making payments at an online casino. The popularity of cryptocurrencies has been embraced in the online gambling market, and currently, a good number of online casinos across the globe are allowing gamblers to make deposits and withdrawals using Bitcoin. The number is constantly growing and there is a possibility that, soon, almost all online casinos will be accepting Bitcoin transactions. Some popular Bitcoin online casinos include Yoju casino, king billy casino, and lucky days Casino, among others.
New media: Typically, cryptocurrency media outlets accept Bitcoin for subscriptions or other services. Chicago Sun-Times was the first major publication to accept Bitcoin back in 2014. As of now, many publications are accepting Bitcoin.
Insurance: Another way of spending Bitcoin is to buy insurance. For most parts of the world, the insurance industry has embraced cryptocurrency. For instance, in 2021, the popular Swiss insurer AXA announced that it had begun to accept Bitcoin as a payment mode for all lines of insurance apart from life insurance.
What Is The Best Time To Spend Bitcoin
Investing in Bitcoin when its price is low and waiting for it to surge in the future is a smart Bitcoin investing strategy. However, it is not easy to know when Bitcoin will surge. Therefore, if you are thinking of investing in Bitcoin, there is no perfect time to do so. Nonetheless, if you have a long-time gain strategy, buying Bitcoin during a dip and holding it until its value increase is the best option to explore. Precisely, the “Buy low, sell high” is one of the most popular and viable market truths you can practice when dealing with Bitcoin; spend it when its value is high compared to fiat currency.
Bottom Line
The number of goods and services that you can buy using Bitcoin, as well as other cryptocurrencies, grows daily. This is primarily because, as time goes by, more people and vendors are getting more comfortable with virtual money. Insurance, cars, consumer staples, and event tickets are some things you can buy using Bitcoin or other cryptocurrencies. You can also make online casino deposits and withdrawals using cryptos. If you want to purchase items with cryptos, all you need to do is get crypto cards that are available from all major crypto exchanges and dealers.
