What is Cryptocurrency and its Pros and Cons
A decade ago, when bitcoins were created and crypto was a relatively new phenomenon for the world, there was not a lot of application of bitcoins in terms of buying stuff with it. However, over the last few years, seeing the potential in the crypto, several companies and organizations have started offering a bitcoin payment option to their customers, hence increasing the array of things people can purchase via their bitcoins. These things which people can purchase can vary from buying items through online retailers, making online donations to charity and many others discussed in the article below.
It should be known that ever since the emergence of the global pandemic, Covid-19, the value of BTC has surged tremendously, skyrocketing regularly, beating the previous highs. This is because of the constant increase in its demand due to the eager investors all around the world, interested in investing in bitcoins and joining the crypto community.
The leading crypto in the world, Bitcoin Up, has several features which attract investors towards it. One of them is the total limit on the coins. There is a total limit on the number of bitcoins that can be mined, hence the crypto acts as a fence against inflation and rises in price over the demand due to the movements in Supply and Demand seesaw.
for those who are not sure about whether crypto can also be used to purchase goods and services, besides trading and investment purposes, the answer is yes. Bitcoins can be used to buy goods and services all around the world, from merchants who actually accept them as a valid payment method.
In order to actually buy stuff through your bitcoins, the first step would be to actually find companies and merchants who actually accept bitcoin as a payment method. It should be known that many companies all around the world have new payment methods to sell their items for the digital currencies.
There are several areas where the crypto holders can purchase stuff by spending their bitcoins. In this article, we have presented the most common areas of purchase for our readers and how our readers can benefit by purchasing goods and services from these mentioned areas via their bitcoins. Here is a list of these areas:
1. Gift cards on the internet
It should be known that retail tycoons such as Amazon and BestBuy are yet to introduce crypto payment methods. However, there are intermediaries and third-parties who are offering the items and goods from these retail stores via bitcoin payments from customers. There are such third-party platforms which allow their customers to utilize their bitcoins to purchase gift cards from places such as Apple, Amazon, Nike and other major brands around the world.
There are third party payment services, which can be utilized in order to purchase stuff from the bigger retailers, through bitcoins, for example Amazon. What these platforms do is they enable their customers to purchase anything from these retail stores through their platform. These platforms offer gift cards to these customers based on what they require and then these customers can use these gift cards to buy stuff from the big retailers like Walmart.
2. Paying for Cellular bills and Buying Video Games
A good news for all those gamers out there. Yes, you can also buy video gaming consoles and games via their bitcoin holdings inside their wallets. One platform which allows its users and customers to purchase games and software programs is Microsoft, which accepts bitcoin payments against the purchases of its software and consoles.
AT&T also became the first significant US cellular company to approve virtual currency payments a couple of years ago back in 2019. This company allowed its customers to pay online for their cellular bills.
3. Hotels, airline tickets & food
Another distinctive area where crypto payments have become a thing is the hotel industry. More recently, a wide array of hotels and hotel chains have started offering bitcoins as a payment method for making reservations. This is especially favorable for travelers who have to deal with the hassle of converting their fiat into the ones where they are travelling. You can just carry your universal crypto around and pay at hotels using that crypto. The currency conversion would then be the hassle of the hotel and their bank, not yours.
Also, the airline industry has also become a part of this innovation, as they allow their customers to book their tickets online or via their apps using their crypto, mainly bitcoin. There are multiple airlines all around the world which are accepting bitcoins as payment methods, and while this number is currently low, it is expected that more airline companies are preparing to incorporate crypto payments and thus this number will rise with the passage of time.
Most importantly, the food industry has also been witnessed joining the crypto community. Famous fast-food chains have started accepting bitcoin payments, such as McDonalds, Pizza Hut and KFC etcetera.
One uncommon area of spending your bitcoins is for donations. Not a lot of people would have wondered, but many charity organizations around the world have been accepting bitcoins and other virtual currencies as well as modes of donations. These organizations accept bitcoins and then convert them into the equivalent local currencies, thereafter making funds available for donations and charities.