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Cryptocurrency As A Mode Of Payment

Cryptocurrency As A Mode Of Payment

Bitcoin has been more widely accepted as a medium of exchange and has undergone modifications to speed up the execution of transactions during the last decade. Brick-and-mortar and virtual businesses are starting to welcome Bitcoin (BTC) as a form of payment.

Retailers and consumers alike have embraced Bitcoin during its tumultuous ride on the cryptocurrency markets. Several businesses said they would start taking it as its value skyrocketed in 2017, only to change their minds later. However, more and more businesses have warmed up to the concept of accepting bitcoin as payment.

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Although Bitcoin’s transaction costs are greater than those of many other cryptocurrencies, Bitcoin’s exceptional security makes it a good option for bigger purchases. The Bitcoin community had high hopes for cryptocurrency for a long time, believing it would one day replace the need for the widespread use of centralized payment systems. The primary usage of Bitcoin (BTC) is as a long-term investment, much like gold or equities.

Why Crypto payments options are now the best way forward

What Products Can You Buy With Cryptocurrency?

Although the number of businesses that take bitcoin continues to expand, significant bitcoin transactions are still unusual. In the realm of real estate, for instance, Cryptocurrency has been used in just a handful of transactions. But, cryptocurrency can be used to purchase a large variety of items from online retailers.

1. Gems and Costly Timepieces

Several high-end manufacturers and merchants already accept bitcoin as payment. BitDials, an online watch shop, accepts bitcoin and other cryptocurrencies in exchange for high-end timepieces from brands like Rolex and Patek Philippe. Franck Muller, a renowned Swiss watchmaker, even made a piece with a bitcoin genesis block QR code embedded in gold and diamonds. Some jewellery shops have formed relationships with payment gateways to accept cryptocurrency as payment.

2. Video games

In the past, buying a video game required physically going to a shop. Most gamers, though, do their purchasing online now. Like digital currencies, video games are increasingly becoming a digital property. Hence, it is not surprising that the most prominent marketplaces for selling video games are starting to embrace Bitcoin.

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  • Microsoft: You may now buy games, DLC, and Xbox Live Gold using Bitcoin.
  • Humble Bundle is a charity-focused online retailer.
  • Big Fish Games is a Seattle-based casual games developer and publisher.

3. Travel Agencies

Several businesses provide travel-related services, and many of them provide features that are identical to one another. Offering many payment options might help you win over new consumers. The following are some examples of places you can use Bitcoin to book your ideal trip and pay for it.

Expedia, a prominent online travel booking site, has started accepting Bitcoin (BTC) for online reservations, and it will soon accept it for flights. For the first time, passengers may pay for their flights using Bitcoin on AirBaltic.

AirBaltic is the world’s first airline to accept Bitcoin as payment for a wide range of flight options.

4. Restaurants

Burger King, KFC Canada, Subway, Pizza Hut, and many other restaurants now accept cryptocurrency as payment. KFC Canada has agreed to temporarily accept Bitcoin in return for a “Bitcoin Bucket” for a certain period. The consumer paid using BitPay, and the firm sent the bucket directly to their house.

Advantages of using Crypto payment methods

Online Stores That Accept Cryptocurrency

Some major retailers of electronic goods have begun to accept bitcoin as payment. These are as follows:

  • Overstock, a marketplace for a broad variety of products sold online, was one of the first to support cryptocurrency in 2014; the company’s founder, Patrick Byrne, was an early advocate. You can use bitcoin to buy something from a wide variety of different sites, both large and small. 
  • Shopify and Rakuten, a massive Japanese online retailer, are two examples. Shopify is an online retail platform that, like Etsy and eBay, lets customers set up their own virtual storefronts.
  • Home Depot is the most well-known and widely-used home improvement retailer in the USA.
  • Newegg is a technology superstore that has begun taking Bitcoin as payment for the majority of its products.
  • One of the biggest companies in the world, Microsoft, now lets customers finance their accounts using Bitcoin.

How Can You Purchase Anything With Bitcoin?

You cannot buy anything directly with cryptocurrency. However, there are a few methods that facilitate buying products with Bitcoin. Let’s take a look at them.

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Crypto Debit Card

A Crypto debit card is the most practical and hassle-free method to make transactions using bitcoin or other cryptocurrencies. Major cryptocurrency exchanges and other providers provide these cards, which may be used to withdraw cash from ATMs that accept the cryptocurrency. A significant fraction of them is affiliated with the main networks (e.g., Mastercard, Visa).

Bitcoin debit cards are similar to traditional prepaid debit cards, only they may be filled with bitcoin or another cryptocurrency instead of cash. Cryptocurrency is deducted from your card and converted into fiat cash before being paid to the retailer. In case your card’s balance ever goes too low, you may simply top it up.

Gift Cards

Even while many large online stores still don’t accept Bitcoin, you may still use digital money to make purchases there. With gift cards, you can purchase stuff using Bitcoin.

In fact, a significant proportion of all Bitcoin transactions are used to buy gift cards. Buying goods online or in-store from both large corporations and mom-and-pop operations that accept bitcoin is made easy using gift cards.

PayPal

The PayPal platform allows users to trade in and store digital currencies like Bitcoin. Upon logging in, choose the “crypto” option from the menu bar. You can trade cryptocurrencies via Bitcoin Loophole using your regular PayPal account and financing methods. Third, PayPal’s Venmo includes a similar procedure for exchanging cryptocurrency.

Final Words

As more and more businesses accept cryptocurrency payments and consumers get used to using them, the selection of products and services that can be purchased with bitcoin and other cryptocurrencies expands every day. Consumer staples, luxury timepieces, and event tickets are just some of the things that cryptocurrency holders want to spend their money on. The first step in making purchases using cryptocurrency is to get a debit card. The cards, which can be obtained through major cryptocurrency exchanges and other providers, allow cardholders to withdraw cash from ATMs that accept that currency.

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