16.09.2021 Academy By George Gus

How to pay with bitcoin and where to spend it

How to pay with bitcoin and where can you spend it

Buying and selling cryptocurrencies is becoming more and more mainstream year after year. The list of international companies, which accept bitcoin as a form of payment, is slowly growing. Many businesses restrict the use of bitcoin due to price volatility, environmental concerns, and regulatory ambiguity. However, the developing community of cryptocurrencies has addressed these problems and proposed and implemented solutions. Therefore, it is anticipated to see more influential firms embracing bitcoin and other cryptocurrencies in the future.

How to pay with bitcoin 

First, you must have a digital wallet that has a bitcoin balance. There are two ways to fund your wallet with bitcoin. The easiest and most comfortable and reliable way to buy bitcoin is through a reputable centralized crypto exchange such as Coinbase and Binance, among others. It is as simple as registering on their exchange platforms and topping your account with your favorite cryptocurrency by exchanging it for fiat money through a debit and credit card. However, there are certain things to keep in mind about centralized exchanges before you register.

  • They are not necessarily secure as they have been hacked before
  • They control your wallet, so you need to trust them with your funds
  • Most of them require identity verification, so you need to submit identification documents.

The other route or alternative to centralized exchanges is more complex and daunting for beginners. However, with a bit of research and practice, you can start using decentralized wallets and exchanges. In this case, you are solely responsible for your wallet, its funds, and its security. You should consider investing in hardware or a cold wallet that stores your private keys offline to enhance security.

The key advantage of using decentralized exchanges and wallets is that your identity remains anonymous. However, you cannot buy bitcoin with your national currency on decentralized exchanges. In this case, you may want to use a centralized exchange and then transfer funds from the wallet on the exchange to a decentralized wallet. If you want to trade cryptocurrencies, connect your decentralized wallet to a decentralized exchange of your choice, such as PancakeSwap or Uniswap. For more information read:

If the seller accepts bitcoin as payment, you can pay him directly from your wallet by simply pasting his wallet address into the appropriate field in your wallet and hit send. The seller will receive the funds within seconds.

Advantages of paying with bitcoins

Users can remain anonymous as they don’t have to provide any personal information for anyone. They also enjoy fast and highly secured transactions with low fees. Additionally, Bitcoin provides users the flexibility and mobility to pay anywhere and anytime as long as they have access to a phone with an internet connection.

Advantages of accepting bitcoin as a form of payment

Companies can have exposure to the ever-growing crypto market. They can cater to, attract and target new groups of people who are passionate about cryptocurrencies. The number of crypto users is growing. Businesses that adopt the technology early earn the support and respect of the crypto community. Other benefits of adopting the technology by firms include avoiding high transaction fees associated with banks and credit cards. Bitcoin is simple to set up and use, and no equipment is required other than a smartphone, saving additional expenses on hardware and unnecessary labor fees.

Major companies that accept bitcoin

Today, many local and international companies around the world accept cryptocurrencies as payment for goods and services. There are very few such places in Eastern Europe, but many in Europe, the United States, and Latin America. Even major global companies have started accepting digital money, and there are 15 of them:

  • Microsoft
  • PayPal
  • Exceeding the limit
  • All Products
  • Etsy
  • Starbucks
  • Nevegg
  • Home Depot
  • Optimistic
  • Simply
  • Overstock 
  • Travala 
  • Domino’s Pizza
  • Shopify
  • Cheapair

If you are willing to search hard enough, you can spend bitcoins anywhere. Even if not directly with the seller, then through a third party such as egifiter.com. Although some of these methods are a bit unconventional, they help make bitcoin more spendable.

Major companies stopped accepting bitcoin 

Tesla was one of the companies accepting bitcoin in 2019. However, in April of 2020, the founder of Tesla, Elon Musk, announced that his company no longer accepts bitcoin as payment, citing environmental concerns due to bitcoin’s high power consumption. Tesla was not the only major company to stop accepting bitcoin. Dell, Expedia, and Fiverr also follow suit. Keep in mind that some countries, such as China, Algeria, and Indonesia, banned bitcoin and other cryptocurrencies.

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