How To Spend Bitcoin
Good morninh and welcome to Exciting World Cryptos where I create content for you to help you with Bitcoin, Cryptocurrency, economics and anything else.
Today I like to talk something on Bitcoin and ways you can spend Bitcoin as to use to purchase goods and services.
Now you may be thinking if Bitcoin is a secure way to using for purchases of good and services. Well a good mindset is you are supporting the network and paving the way for more adoption if you do this method. When you make any type of transaction with Bitcoin you provide more support to the nodes which increases the security of the system with more use.
When bitcoin first came around all you could do was send it as a peer to peer to someone else. Not many platforms to send it to at the time. Now there are many platforms and places to send Bitcoin.
I am going to go over a few ways to spend your Bitcoin.
1: Friends - Family
A good way to get more attention to Bitcoin is send it to friends and family. This is good way to show others the concept and get people interested. Just make sure the other side knows about the importance of wallets and how keys work. This is good way to create conversation about Bitcoin
2. Charity Donations
There are now many charities that will accept Cryptocurrency. Organizations such as Red Cross, Unicef and other ones as well. This, in turn, motivated several big organizations to structure an easy way to donate crypto for a broad number of causes. Websites like Binance.charity and GiveCrypto are some of the most popular options when looking to donate Bitcoin and other cryptocurrencies.
3. Retailers With BTC
Now you can find many stores around that will accept BTC. This is a major improvement in this space in the last few years. Two different methods this can happen.
- The merchant wishes to receive Bitcoin for their product/service, and thus allows their customers to send BTC to their wallet address.
The other method is the merchant wishes to receive fiat currency but implements a payment gateway, allowing customers to pay using cryptocurrency. The coins will then automatically convert into FIAT currency, which the merchant receives in their bank account.
4 . BTC for Gold
You can actually exchange your Bitcoin for precious metals. Precious metals have been used for over 1000 years. In which you can create variety in your portfolio. Precious metals could be a good option to look at.
5. Travel
There are now several travel platforms out there that let you spend BTC for airline tickets and hotels. Such as Expedia and CheapoAir as well. This is good option to support the network and move forward on this aspect.
6. Gambling
There are now a few gambling platforms that accept Bitcoin. At time of this video these are four platforms that could work. Check them out yourself. Here is a short list of trustworthy gambling platforms:
See what makes your preference and see how they all work.
7. Gift Cards.
Now there are several gift card services that accept BTC as payment. In fact these are good way to actually make direct purchases using cryptocurrency. Some of these platforms are
For sure check them out and see how the procedures are.
Make a Purchase
Here are some simple steps to take when using Bitcoin to purchase goods and services.
Step 1- Have Bitcoin in your wallet. Which can be done by setting one up like Exodus. Check out my video about wallets for this one for sure.
Step 2 - Decide on how to want to spend your crypto. More less decide on the type of good or service you are demanding at this time. Check out the platform and make your selection.
Step 3 - Make Actual Purchase Select crypto as your payment method, put all in your cart and accept the transaction and check out. Now you have made a crypto transaction
Conclusion
Bitcoin was created to be a store of value and to be used to purchase goods and services. There are so many ways now to move your Bitcoin around. In this video we looked at these methods. Such as
Friend and Family
Charities
Merchants
Travel
Gambling
Gift Cards
Now you have so many options on this. Just shows so much potential in Bitcoin.
It is your turn now. Let me know what methods you have used to move your Bitcoin around. Do you see much potential in using Bitcoin in these matters. If you have used these methods. Tell me your experience.
Anyways, thank you for your time. and thanks for watching.
Look forward to seeing you in the next segment. Bye for now.
Wonderful article! Keep up good work.
I love that they are starting to adopt the use of bitcoin or other cryptos for payment in certain places. I hope it can become worldwide, would make tings so much easier and less time consuming when it comes to paying for things in, say Bitcoin, instead of trying to convert your fiat money over. The precious metals sites taking bitcoin for payment is awesome in my opinion and one I plan to use soon.