With more people now owning cryptocurrency (especially Bitcoin), it is important to be able to understand how this online currency can be used and what the implications are for those who intend to invest in the crypto market.
The easiest way to purchase or use Bitcoin online is to use a crypto debit card; such cards are preloaded with your crypto and as you spend the crypto the retailer or seller is given government-issued currency or fiat money to complete the purchase. This article explains the top five ways in which people are now spending their Bitcoin.
In the online casino
Online casinos have become one of the main uses of Bitcoin and cryptocurrency. Places such as mBitcasino now offer a safe and secure means to access the very same casino games that could only be played using your credit card or longwinded transfer processes that weren’t as safe as using Bitcoin.
To donate to or support charitable causes
One of the biggest growth areas for the use of Bitcoin has been the charity sector. They have simply made it easier for people who have Bitcoin to donate to them (due to the big payment firms such as Visa and Mastercard becoming involved) and it has caught on with the wealthy who have Bitcoin to spend, making it one of the top ways in which people now spend their cryptocurrency.
From some of the most expensive Lamborghinis in the world, to more utilitarian vehicles, to the electric Teslas, a large number of high-end executive and luxury car dealerships now openly accept and do business using Bitcoin. It is a trend that is likely to keep spreading and more car dealerships will arguably follow suit to allow Bitcoin to be used to purchase most new cars out there.
Tech and e-commerce
Companies that specialize or focus on the e-commerce sector, and especially the top tech firms, have begun to accept Bitcoin on their websites. E-commerce sites such as Overstock, who sell a wide array of products, were one of the first to embrace the Bitcoin and now there are a number of others following suit. Microsoft, Rakuten, and Shopify are some of these, to mention but a few who now also accept and deal in Bitcoin.
Expensive jewelry and watches
Luxury goods makers, with specific regard to jewelry and watches, have realized that their target market is generally those who also deal in Bitcoin and other cryptocurrencies, and as such many have begun to accept Bitcoin as a form of payment. The idea is to make it easier for people to spend their Bitcoin, but also to encourage those who have Bitcoin to think outside the box when it comes to using this money.
Bitcoin is become more widespread than was ever expected. It is also one of the simplest and most convenient ways for those who own them to make on online purchases, and generally high value ones at that. However, the fact that you can split the Bitcoin to incredibly small amounts is likely to see more people using Bitcoin for smaller and cheaper purchases as well.