Investing in cryptocurrency is becoming more popular with every passing day. As the original cryptocurrency, Bitcoin is understandably more in demand than many (if not all) others. When it first launched in 2010, a single Bitcoin was worth less than $0.10… but now it is equivalent in value to tens of thousands of US dollars.
The trouble is, it can be difficult to know where you can actually spend Bitcoin. For starters, the jury is out on whether it even constitutes a currency at all, while mainstream retailers are still wary of accepting it as legal tender. However, there is a growing trend towards giving Bitcoin the green light, meaning savvy spenders can find plenty of places to put their cryptocurrency. If you’re struggling to find a home for your Bitcoin, here are a handful of suggestions.
Visit Bitcoin-friendly stores
Although most brick-and-mortar stores are likely to turn their nose up at Bitcoin (and to be fair to them, it is a virtual currency), it’s increasingly common for online retailers and payment processors to accept it. In the last year alone, some major brands from the world of digital commerce have come round to the idea.
For example, tech giants Microsoft were one of the first household names to adopt the currency, while online travel agency Expedia were also one of the first to sign up. Since then, motor and technology company Tesla and payment processing platform PayPal have announced they too will welcome Bitcoin carriers to their sites.
Place a bet at an online casino
The online gambling industry is going from strength to strength and the anonymity, affordability and rapid pace of transactions which cryptocurrencies offer make them a perfect fit for the sector. Nowadays, players can participate in Bitcoin games at a growing list of casinos, revolutionising the online experience.
Not only are the deposits of funds managed with lightning precision, but there’s no need to submit bank details or verify ID, thus guaranteeing anonymity and privacy for gamblers. Plus, the ultra-tight security surrounding Bitcoin means that theft or fraud is all but impossible for keen casino players.
Find a loophole
Even if your favourite retailer doesn’t accept Bitcoin, there are ways around the dilemma. The most straightforward of these is to link your Bitcoin wallet to your credit or debit card, meaning you can go about your daily spending business without any interruption to your normal routine. However, the number of banks and credit card companies which currently offer such a service is fairly low at the present time, though it’s likely to lengthen in the future.
Another alternative method of getting around the problem is to purchase a gift card for the site you wish to patronise. Through using this kind of third-party service, you can obtain credit for high street stores such as Macy’s and Walmart, restaurant and fast food outlets like Domino’s and Dunkin Donuts or even online retailers like Amazon and app stores like Google Play. With more and more options at your fingertips, you’re sure to find a way to use Bitcoin to purchase the product you want with just a little bit of ingenuity.