Toward the end of 2017, thousands of stores were competing to be the most Bitcoin-friendly business. The rush quickly died down after Bitcoin’s value went down by more than 50% in early 2018. However, that does not mean the cryptocurrency has lost its value. You can do a variety of things with Bitcoins as discussed below.
- Buy Pizza at Local Restaurants
One of the very first products purchased using Bitcoins was pizza. In fact, there is no Bitcoin story famous as that of Laszlo Hanyecz, a developer who bought 2 pizzas with 10,000 Bitcoins.
Hanyecz posted an invitation for pizza chefs to sell him 2 large pizzas at his home in exchange for Bitcoins. A pizza chef responded to Hanyecz’s request and accepted the 10,000BTC for just 2 pizzas. Fast forward, 10,000 Bitcoins were valued at close to $200 million on December 21st, 2017.
Today, you can still purchase pizza or coffee with Bitcoins at any restaurant where cryptocurrencies are accepted. But with Bitcoin valued at more than $7,600 as at the time of writing, you don’t need 10,000 BTC to buy pizza. You can afford a quality pizza for a fraction of a Bitcoin.
- Shop Online
Not every online store stopped accepting Bitcoin following the market correction in January 2018. Some popular merchants like Overstock.com still accept Bitcoin. From KFC Cana to Microsoft, Bloomberg to MLS San Jose, there is no product or service you can’t purchase with Bitcoin.
Whether you love fashion products or you are a book nerd, there is an online store somewhere willing to accept Bitcoin. Using Bitcoin is also convenient, and you can complete the process from without leaving the comfort of your home.
- Pay for Travel
Richard Branson’s Virgin Galactic is one among many air travel companies that accept Bitcoin. Cheapair.com, on the other hand, allows you to book for airline tickets, rent a limousine to or from the airport among other services using Bitcoin.
If you love to travel and love Bitcoin, you can use some of your Bitcoins to pay for your air travel costs. Bitcoin’s value fluctuates anyway. Use some of the profits you make during an upward price movement to pay for services like air travel and you will still have Bitcoins in your wallets.
- Gamble at Casinos
So, you love gambling? There are more than 20 trusted casinos willing to accept Bitcoins. Some of the casinos, like MBIT Casino, have over 500 games and offer 100% bonus to new members. If you love playing the games offered at casinos, using Bitcoin as payment is somewhat better off than using cash.
With Bitcoin, you only invest an amount of money you would be willing to lose. Bitcoin also increases in value regularly, meaning that you could time and only gamble with profits. Learn more here and start winning by utilizing your coins.
If you are a risk taker, there are websites that let you gamble your Bitcoins for more. It’s highly risky and dangerous, but you could try out your luck by gambling small amounts. But hey! We do not encourage gambling at all. If you have to do it, think carefully about the consequences.
- Donate to the Needy
Some of the largest projects in the world were achieved through donations. Refugee camps in Africa and the Middle East are made using money from donations. When disasters happen, those affected tend to get support mostly from well-wishers like you.
Some foundations are making it easier for well-wishers to donate funds using Bitcoin. Here are some of them:
- United Way- the foundation does projects related to education, healthcare and helping improve the lives of people affected by various disasters
- The Wikimedia Foundation- if you have used Wikipedia before, you probably love it. Wikimedia accepts funds in Bitcoin to help maintain the Wikipedia resource center
- The Water Project- the foundation helps people get access to clean water in the Sahara Desert
- Give Directly- this organization allows people to donate using Bitcoin, ripple or ether and the funds are used to aid people who live in extreme poverty
- Trade Bitcoins
There are currently more than 500 cryptocurrency exchanges where you can buy Bitcoins using cash. With Bitcoins in a safe Bitcoin wallet, you can join an exchange where you can trade other cryptocurrencies using Bitcoins. You could also purchase Bitcoin and sell your funds after the crypto’s value rises.
More than $10 billion is spent trading cryptocurrencies every day. The key to making profits trading in the industry is to speculate prices so that you purchase coins when their value is low and sell when they are high.
- Lend Bitcoins for Profit
Not everyone knows how to trade Bitcoins profitably. However, some people do it on a daily basis as their source of livelihood. If you would love to make extra money by lending your coins to a professional trader, there are services that can facilitate the lending if Bitcoins. Pay keen attention to lending services, however, as there are little regulations related to Bitcoins.
- Pay for College Education
Nowadays, colleges and Universities around the world are realizing that young people are avid investors in Bitcoin. With more than 50% of Bitcoin investors being the youth, they have the means to pay for education using cryptocurrencies.
Some Universities in Brazil, Mexico, and the US now accept Bitcoin payments while the MIT Coop Store in Massachusetts allows students to purchase books using Bitcoins.
In Conclusion
Bitcoin is a currency like the US dollar. And while it’s not a legal tender in any country, it can be used to purchase almost anything. From clothes to food, travel expenses to online newspapers, anything that can be purchased using money can be purchased using Bitcoin.
So, how does it work? Like PayPal, there are services that act as Bitcoin payment gateways. The services help you select products to purchase, set the amount and make payments without making any errors whatsoever.
If you have some Bitcoin and you would love to spend them, simply look for a store that accepts crypto coins. You can use mobile apps to help you locate Bitcoin-accepting stores in your area.
Hi there! I’m Sethu, your go-to guy for all things tech, travel, internet, movies, and business tips. I love sharing insights and stories that make life more interesting. Let’s explore the world together, one article at a time!
