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How and Where Should You Spend Your
Bitcoins
Through its development and initial release, early Bitcoin (BTC) adopters had mainly
used the digital currency as an investment tool—or at the very least as a way to
secure their capital.
However, if we take a look at what Bitcoin really is, we’ll find that much of the
community has yet to fully utilize Bitcoin. Let’s take a look at all the things that you
can use Bitcoin for and how you can take advantage of the latest developments on
the blockchain.
Why we can use Bitcoin for everyday transactions
In the past, it was understandable that businesses refrained from accepting
Bitcoin—the infrastructure just wasn’t there yet. The general problem that the
community had then was that transactions either took too long or cost too much to
process, both problems caused by the limited bandwidth available to the network.
This meant that for you to spend your BTC, you’d have to convert Bitcoin to cash at
your price.
That all changed with the implementation of the Lightning Network. The Lightning
Network is a whole new layer that sits atop Bitcoin’s original network, allowing users
to process transactions much faster and for a fraction of the cost of the previous
layer.
What this means is that micro-transactions (e.g. food expenses, travel,
transportation, etc.) are a much more practical option for everyone involved. This has
opened up the community to the possibility of actually utilizing BTC in their
everyday lives and has given businesses more reason to allow for BTC payments.
What you can buy with Bitcoin
Now that we’ve talked about what makes this possible, let’s take a look at all the
different things that you can buy with your BTC. This should give you an idea of what
you can do the next time you have a little extra Bitcoin in your wallet. After all this,
the next problem you might have is how to buy Bitcoin with credit card.
Food
As more consumers found themselves buying Bitcoin, fast food chains and
restaurants started considering accepting Bitcoin payments for their products. For
fast food, the following chains have announced that they’ll be accepting Bitcoin
payments:
● Taco Bell
● Little Ceasar’s
● Subway
● McDonald’s
Some establishments won’t outright support Bitcoin payments straight from the
customer though and will need a third-party app to process payments. For example,
Domino’s Pizza will need customers to pay their bills with Lightning Pizza, a third-
party payment solution dedicated to Domino's.
Automobiles
You might have heard of Elon Musk declaring that Tesla would be supporting
Bitcoin payments. It’s no surprise, especially when you consider how Musk has
supported the cryptocurrency movement over the years. Unfortunately, Tesla would
also announce in 2021 that Bitcoin payments would be suspended, for now, citing
concerns about the environment.
Tesla won’t be alone in this though, with BMW also allowing vehicle transfers to the
U.K. to be paid with Bitcoin, albeit with the use of a third-party service. More and
more car dealerships are adopting Bitcoin payments nowadays which looks to be a
good move on their part. With all the Bitcoin success stories it's only a matter of time
until Bitcoin holders decide to splurge on a new car.
Car enthusiasts aren’t limited to those two brands though. Bitcoin holders have the
opportunity to get their hands on a variety of luxury cars like Bentleys, Porsches, and
even classic Ford Mustangs with their BTC.
Technology
It should come as no surprise that consumer technology would be available for BTC
holders. Microsoft, hardware company NewEgg, and even AT&T would all jump on
the bandwagon and allow customers to pay for their products with BTC.
One of the earliest adopters in this industry is Overstock. As early as 2014 the
company would allow BTC payments for their goods. They would soon be followed
by the Japanese e-commerce company Rakuten and Shopify.
Other notable platforms in this segment would be Twitch, a strong proponent of
using Bitcoin for transactions, and PayPal. PayPal currently allows its users to buy,
sell, and store their Bitcoin in their accounts.
Events
Taking advantage of the situation, different teams and stadiums have already
announced their support of BTC payments. The NFL, or national football league for
those not in the U.S., has a few teams promoting Bitcoin payments. The Dallas
Mavericks even offer discounts for merchandise purchases paid with Bitcoin. In the
baseball world, the Oakland A’s stand out with their offer of a six-person suite for 1
BTC.
This isn’t restricted to sports though. In Manhattan, residents can now buy concert
and event tickets with BTC through Blockparty, a local company that processes
Bitcoin payments.
Bitcoin for your day-to-day expenses
All this is to say that Bitcoin has found its way into our day-to-day lives. No longer are
we restricted to holding and trading—Bitcoin can now be treated as a real-world
currency. The trick here is to keep yourself updated with the latest changes to the
blockchain. You wouldn’t want to be missing out on a few opportunities and
discounts, right?
Tags
cryptocurrency