How to spend bitcoin
Do you need a new computer? Maybe you want to buy books? Or you need some wine for the staff Christmas party? All of these things are possible with bitcoin via online purchases.
We’re going to assume you have a funded bitcoin wallet if you’re looking to spend online, so we won’t bore you with those details. Rather we’ll talk about the ever-expanding network of businesses which accept crypto-currency.
There are even reports of pizza shops and various restaurants around the world accepting bitcoin for purchases.
What businesses accept bitcoin?
While this is just a small selection of the online business which accept bitcoin, these are a few of our favourites or some of the bigger brands which have made the leap.
Microsoft: The software giant now accepts bitcoin payments for many of its digital services. This means users can credit their accounts, including Xbox services, with bitcoin and have it converted to their home currency.
Gyft: Gyft is an digital gift card platform accepting Bitcoin as one of it’s payment methods. Gyft allows you to buy gift cards from over 200 retailers including iTunes, Amazon, Target, Whole Foods, Home Depot and even Victoria’s Secret. Gyft also offer special incentive for bitcoin users.
Dell: The computer supplier accepts bitcoin through Coinbase and offers discounts to customers on some products who pay with the virtual currency. Is one of the largest businesses to pay with bitcoin.
TigerDirect An online trader of electronic goods which accepts bitcoin. Have a good range of products and a great reputation.
Bitcoin sportsbooks Plenty of people are now punting on sport and racing via bitcoin bookmakers. Check out our bitcoin sportsbook page for further information.
CheapAir.com An online flight booking service that claims to have done over USD $2 million in bitcoin transactions since they started accepting it.
HonestBrew.com: An online beer selling platform which specialises in the UK market of craft brews. Has a quirky range of products which are a pleasure to drink. Is extremely easy to use bitcoin as a payment method at HonestBrew.
BitcoinWine: We thought this one would be a joke. But we hear good reports from our boss in Arizona who says bitcoin wine is well worth making a purchase. Has an easy to use payment platform and a large variety of wines on offer.
Takeaway.com: A huge European food ordering website accepts bitcoin and has been heavily embraced by users.
Bitcoin Casinos: Many online casinos are now operated by bitcoin. Read our bitcoin casinos page for further information.
Why is bitcoin beneficial to shoppers?
Bitcoin is an anonymous peer to peer network which operates on the blockchain. There are minimal transaction fees when you pay with bitcoin and generally payments are processed within a few seconds.
There are the obvious benefits for those shopping for illegal (think Silk Road) products, while other people spending bitcoin might do so at sports betting websites or casinos because fiat currency version are banned.
Many countries have unclear laws on bitcoin so they circumvent current gambling laws, while the Silk Road users revel in the almost anonymity of virtual currency.
The obvious benefit of bitcoin is the lack of transaction fees, often when you make payments with credit cards online, or even in person there is is a transaction fee of a few dollars or Euros.
What is the future of spending bitcoins?
It’s interesting to note that while the price of bitcoin has dropped from its heady heights of over USD $20,000, the amount of transactions on a daily and annual basis have sky rocketed. This means bitcoin is being used more and more as a payment gateway.
While it’s impossible to be sure of where bitcoin will be in five or 10 years, the possibilities of what bitcoin could do in a retail sense seem endless.
On a larger scale, there is a growing belief that bitcoin’s value will be as a commodity, similar, in a sense to gold and silver.