Many people only think of bitcoins as an investment and a stock to trade but rarely see it as a form of payment. As a decentralized currency, bitcoin was created to help you perform financial transactions without getting banks or other institutions. This means apart from storing up the coins; it is also useful in payment for your regular goods and services. Read on to find the common ways people spend their bitcoins.
Being a digital currency stored online, it is generally more suitable for transactions on websites than physical stories. As a matter of fact, you will find many more platforms to use bitcoin online than offline. Many large firms today have accepted blockchain and have set up their online platforms to receive payments via bitcoins.
If you’re new to this, you might still be wondering what companies accept bitcoins and what products you can buy. No need to worry! In this article, we will share eight common ways people spend their bitcoins.
Food purchase and delivery
People spend their bitcoins on online food companies. Many online food companies are now receiving payments in bitcoins. Whole Foods is an example of a firm that accepts bitcoins. It uses the Spend app on its platforms to accept payment for its products in cryptocurrency. Another example is Redditors that also accept bitcoins for food delivery service providers like Magic and Foodler.
Some services do not just accept bitcoins as another form of payment but are based on cryptocurrency purchases. For instance, Pizzaforcoins, a firm based in California, allows you to buy pizza from many top Pizza Chains. All you need to do is visit the platform and enter your location. The platform will show you different pizza places close to you. You select and make your order, and your request will be sent to the store you chose.
Video games and Movies
Many of the big players in the video gaming industry are already accepting cryptocurrency. Platforms like the Windows Store and Microsoft’s Xbox store now allow you to buy games, movies, and other products and make payments in bitcoins. You can fund your Microsoft account with bitcoin and choose it as the payment method whenever you’re about to check out. A disadvantage, however, is that you will not be able to withdraw the bitcoins you deposit on your Microsoft account.
You can also purchase products from other smaller gaming developers on platforms like Coinmall, Zynga, and BitPlaza. These sites allow you to make your payments in cryptocurrency.
Online Casinos
If you’re an online casino player that loves to remain anonymous, bitcoin casinos are perfect for you. This is especially great for people who stay in countries where casino gaming is frowned upon. In such countries, it may be difficult to deposit money and withdraw with the regular banking system. But with the use of bitcoins, payments are made easily and funds cannot be traced.
Casinos that accept cryptocurrency usually offer special bonuses to players who fund their accounts through coins. Also, payments through coins are usually processed instantly. This eliminates the long waiting periods players have to endure through some other regular methods.
Bitcoin casinos function like every other regular online casino. They feature the same games and similar offers.
Shopping
Due to the increasing popularity of digital currencies, people spend their bitcoins in many online stores,, as they have added cryptocurrency to their payment methods. Esty, a global e-commerce firm, allows sellers to activate bitcoin as an option for taking payments from buyers. Also, Blockonomics makes it possible for online website operators using wordpress to integrate bitcoin payments on their stores.
Furthermore, platforms like Bitrefill, Gyft, and BitPlaza allow you to buy many things like gift cards, personal accessories, and groceries using coins. Similarly, Reed Jewelers, a popular American jewelry firm, has stores in more than thirteen states with a strong online presence. Reed Jewelers accepts coins as a payment currency both online and in physical stores.
Another popular firm in the shopping sector is Overstock. It not only accepts bitcoins but the company’s CEO has also revealed enthusiasm to work with blockchain-based firms.
Other services
Apart from personal items and groceries, there are many other things you can spend your bitcoins on. For instance, Dish, a popular Satellite TV and internet provider began to accept payment in coins in 2014. It allows subscribing via bitcoins on their website.
A firm called bitcoin Real Estate also lets you buy and sell properties with coins. You can list your property on the global platform and also buy with coins.
If you want to purchase gold from companies like JM Bullion and APMEX, you can make payments in bitcoins on their websites. News platforms like Chicago Sun-times and Bloomberg are also taking coins as payment for subscriptions to their services. Similarly, educational platforms like Treehouse accept cryptocurrencies from users.
Other sectors using bitcoins include charities, travel, hotel booking, dating sites, and many more. There’s almost no sector that doesn’t accept bitcoin as a form of payment today. All you need to do is confirm if a particular company allows it and enjoy fast payments.
