Cryptocurrency is most often considered as a means of investment, but it is used as a transfer of value. Users can send it to each other, and while the options are more limited than spending fiat currency, or traditional currency, it is possible to pay for goods and services. The number of companies accepting Bitcoin and other cryptos as payment continues to increase.
Big names such as Microsoft and NewEgg already accept cryptocurrency payments, and as long as people keep spending, more organizations are likely to join the fray.
Although the cryptocurrency is still considered to be in its infancy, and the market is described as an immature investment market, Bitcoin has been around since 2009 and thousands of new coins and tokens have been launched since then. Some of these new coins have made early investors shell out large sums of money, yet they are extremely volatile and carry a high degree of risk.
To compensate early investors for this risk, presale tokens offer incentives to buyers. Some of the best cryptocurrency presale initiatives produce additional coins, while airdrops mean that randomly selected buyers receive Bitcoin or other coins as bonuses. Cryptocurrency writer Kane Pepi points to NEO as a shining example of the positive potential offered to early investors: in the presale, it was available for $0.032 before hitting a peak price of nearly $200. Hitting both the low and the high would have allowed investors a return of over 600,000% in three years.
If you want to invest in cryptocurrencies but don’t know where to start, exchange-traded funds have been launched this year, allowing investors to buy without even having to have a crypto wallet or an exchange account. The SEC gave the green light to Bitcoin funds in January, and after giving the same go-ahead to Ethereum funds in May, the first ETH ETFs are also available for purchase.
For those who prefer something a little lighter, blockchain gaming has become popular and has no geographic boundaries, making it a viable option for Vermonters. Some games, known as play-to-earn, even reward the player for leveling up or playing the game by giving them cryptocurrency. In addition to RPG and even Tamagotchi-style games, many online casinos now also accept Bitcoin, Ethereum, and Dogecoin. Deposits and withdrawals are anonymous, and some offshore casinos do not require identity verification for players using cryptocurrencies.
Some big companies have started accepting Bitcoin. Microsoft allows users to pay with Bitcoin in its various online stores. You can also buy products from sites like New Egg, and there are several specialized sites created specifically for cryptocurrency users. You can also now shop at Tesla’s online store using Dogecoin, although you can only buy merchandise and not an actual Tesla car, yet.
Another increasingly popular option is the use of Bitpay. Bitpay is a payment gateway. It comes with a Mastercard, but instead of being funded using traditional fiat currency, the Bitpay card allows its holders to spend their Bitcoin. Instead of looking for companies that accept Bitcoin as a native payment option, Bitpay holders can pay using crypto anywhere that accepts Mastercard payments.
This means that holders can drink in bars, eat in restaurants, buy local products and pay for local services or attend local events. The gateway itself converts the money before the recipient receives it, meaning merchants don’t even know when a customer pays with Bitcoin into dollars.
Bitcoin is still an emerging technology but is gaining greater acceptance. It is reported that some 15,000 companies worldwide accept Bitcoin payments and that number continues to grow.
Services like Bitpay allow existing crypto holders to spend their coins while some companies realize the benefits of crypto payments. Merchants face lower fees and shorter transaction times compared to accepting traditional card payments, so even if it takes some extra effort to set up as a cryptocurrency merchant, it can really be worth it in the long run.
#spend #crypto #Vermont #Brave #Coin