Over the last couple of years, many folks have been lured to the cryptocurrency space expecting to hold or trade their way to riches. Despite the 2018 downtrend in markets, those who bought in pre-summer 2017 are likely still looking at some healthy profits.
Bitcoin wasn’t just created for speculation though. The clue is in the name – digital currency. That said, the process of turning some of your gains into usable money can be arduous. You first must bring your funds out of cold storage, get them to a Bitcoin exchange that allows fiat withdrawals, register your bank details, and wait for the withdrawal. It’s all a bit convoluted. Fortunately, you often don’t have to worry about any of that (or the harsh withdrawal and exchange fees that usually accompany it).
Just about any purchase you could possibly make can already be completed entirely using Bitcoin. From web services to outdoor gear, online entertainment to real estate, the future is already here. Hell, you can even buy that famous cup of coffee that many Bitcoin protesters are always banging on about. Let’s look at some of the options in more detail.
There are loads of ways to spend your Bitcoin in a strictly online capacity. Any firm that supports credit or debit card transactions can technically accept the digital currency. It’s actually a lot simpler than making a legacy systems payment too. Just scan a QR code or copy a string of digits into your wallet and hit send. You don’t have to worry about personal data being stolen by hackers from the site either!
Here are some of the main online retailers accepting Bitcoin as a payment for goods and services:
- Overstock.com – this online retailer sells mostly homewares, along with toys, sporting goods, jewellery, clothes, and gadgets. Their prices are pretty good too!
- Shopify stores – merchants operating their own stores on e-commerce platform Shopify can opt to accept Bitcoin if they choose so. You’ll find an eclectic bunch of goods offered for the virtual currency there.
- Subscription services – some massive names accept Bitcoin to pay for the subscriptions they offer. These include Microsoft, 4Chan, Reddit, Bloomberg, WordPress.com, NameCheap, and Chicago Sun-Times.
- Travel services – when booking your next flight or hotel, check out some of these options to spend your Bitcoin in getting you from A to B. You can even get somewhere to rest up when you arrive: Expedia, airBaltic, AirTreks, and CheapAir.com. If you really want to splash the cash on the most exotic trip possible, head over to Virgin Galactic and check out their Bitcoin offerings.
Real-world purchases with Bitcoin are a little trickier than their online counterparts, for now. That’s because when you want to have a quick bite to eat or even to pay for a home in person, you’re limited by your geographical location. Since many retailers haven’t begun to accept Bitcoin yet, finding one might be more trouble than it’s worth!
- Real-estate – if you did really well from Bitcoin’s meteoric rise over the last five years, you could buy property with the virtual currency. All budgets are catered for too. There was the famous example of the massive Moscow mansion selling for Bitcoin. Meanwhile, at the other end of the spectrum, a man from Grimsby, UK, offered to sell his modest, terrace house for crypto last year. The US has also joined the trend, and if you are looking to buy a lake house in the state of Minnesota, you can pay for it with Bitcoin at some real estate agencies.
- Bars, restaurants, and coffee shops – this one is a little bit location-dependent. However, if you live or are visiting one of the destinations on the growing list of Bitcoin-friendly cities, you’ll have loads of options to spend your gains. Berlin, Reykjavik, and Ljubljana are amongst the top spots for live Bitcoin purchases. The likes of KFC Canada have even had cryptocurrency promotions in the past. However, these were for a limited period only.
- Entertainment – if you’re out in Vegas at a loose end, you can even pay for a spot of late-night activities using Bitcoin in the flesh. A strip club in Las Vegas has seen the advantages of a pseudonymous payment system early, and some of their exotic dancers come adorned with QR codes, so you can tip them directly using Bitcoin.
- Charity – the Twin Cities, which are Minneapolis and Saint Paul, have long embraced cryptocurrencies with Bitcoin ATMs popping up regularly across the area. But, it’s not the only space the community is seeking to disrupt. Recently, Minnesota’s charity organizations have started accepting Bitcoin donations. The relevant authorities believe this will not only contribute to the public good, but also help boost mass adoption of cryptocurrencies.
Mixing the Virtual and the Physical
Finally, if the store you wanted to shop at doesn’t directly accept Bitcoin, that doesn’t mean you can’t use it. Several gift card services have sprung up in the last couple of years. You pay for the card in Bitcoin (or another supported cryptocurrency) and you receive the voucher to your email. You can then use the code from the card online or print the voucher off and take it down to the store to do your shopping in an old-school style.
The following services are more than happy to sell you a gift card in exchange for some Bitcoin: GiftOff, eGifter, and Gyft. These vendors offer gift cards for some massive companies including but certainly not limited to:
- Pizza Express
- Dunkin’ Donuts
It’s even possible to use a peer-to-peer marketplace and sell your Bitcoin to someone directly in exchange for a gift voucher. You’ll be amazed at the price increase you can charge too. We’ve seen a trader offering Bitmain vouchers in exchange for Bitcoin with a 75% markup!
The list of places you can spend your Bitcoin continues to grow each week. With options to suit just about every taste, it can be quite difficult not to abandon your strategy and just blow a hefty chunk on a two-man kayak canoe, those Nike sneakers you’ve been pining after, or even a luxury apartment.
EDITORS NOTE: The featured image is by Pixabay.