Cryptocurrencies like bitcoin are virtual or digital currencies that perform on decentralized networks that operate on blockchain technology. Governments have no authority or influence on the value of cryptocurrencies. The system in which cryptocurrencies work makes it secure for online payments. Bitcoins are not subject to inflation, and each cryptocurrency that was released has a decent amount.
While oversight and governance are needed to support and develop fiat currencies, this does not apply to cryptocurrencies since they’re digital in nature and the transactions are kept in precise, decentralized records. Here are 6 things to know as it relates to how and where to use Bitcoin.
-
Crypto Debit Card
A crypto debit card is the best way to make purchases using any cryptocurrency, including Bitcoin. While you pay with your Bitcoin, the retailer receives his payment in fiat money. Crypto debit cards are supplied with any type of cryptocurrency. It is linked to other payment procedures, such as Visa and Mastercard, which ensures that the transactions are indefectible, in other words tangible.
-
E-Commerce and Technology Products
Among the products that accept purchases through bitcoin are several technology companies including Microsoft. Purchases are only allowed through their online stores and it’s usually announced on their websites. Other e-commerce platforms that offer a wide variety of commodities, such as Shopify and Overstock also accept bitcoin.
-
Media Outlets
News media are among the companies that started accepting bitcoin for their online services and subscriptions. Chicago Sun-Times was the first publication to accept bitcoin payments back in 2014. In the same year, magazine publisher Time Inc. also accepted bitcoin, and later in 2019, they announced their partnership with Crypto.com.
-
Luxury Goods
Some of the well-known retailers of luxury watches and jewelry have also accepted payments with bitcoin. High-end online stores, like Bitidials that sell Patek Philippe and Rolex watches, allow shopping with bitcoin and other cryptocurrencies. But that’s not all. Frank Muller manufactured his first edition of a luxury watch with a bitcoin QR code engraved with gold and diamonds. This is the very thing which made other jewelry stores begin accepting payments with cryptocurrencies.
-
Cars Traders
After Elon Musk, the founder of the famous electric car Tesla and who is also known as one of the great supporters of cryptocurrencies announced his acceptance of bitcoin payments other car dealers followed. The list ranges from those who sell luxury cars like Lamborghini to others who sell more modest and practical models.
-
Insurance Companies
In an attempt to change people’s perspectives about insurance companies and out of a need to invest in better technologies to facilitate their services and the way they operate, some insurance companies were the first to accept bitcoin as a means of payment for their insurance services. However, it is not yet applicable for life insurance for regulatory reasons.
The revolution in technology and online services paved the way for many businesses, including those dealing in luxury goods and services, to accept bitcoin as well as other cryptocurrencies as a legitimate form of payment. People nowadays are more acquainted and comfortable with the use of digital applications and services and therefore virtual money. What was barely understood in the not so distant past has now become quite commonplace today.
