Since the financial crisis of 2008, people have been trying to develop an alternative channel to fiat currency for financial transactions.
We can observe significant developments in this field due to the resulting global economic recession.
In 2009, a system of exchange powered by blockchain technology was introduced, and the currency was dubbed as ‘Bitcoin.’
For the first couple of years of Bitcoin’s existence, most people could not comprehend virtual currency used for their daily transactions.
However, due to Bitcoin’s undeniable advantages and similar cryptocurrencies offered over their fiat counterparts, the exchange medium began to grow in popularity and value.
This came to a head in 2017, when Bitcoin reached its highest recorded price of $19,783.06.
Nowadays, everyone knows how valuable owning a Bitcoin is, but most are not aware of how you can use this currency to make transactions easily.
If you own a Bitcoin, it can be tempting to hold on to it and hope for another appreciation in value.
However, in this article, we will explore the different ways you can use Bitcoin to make secure and traceable financial transactions from anywhere.
The number of places that accept Bitcoin has grown exponentially over the past few years. You can currently choose from a wide selection of functions, such as online shopping, travel accommodation, movie rentals, gift cards, and much more.
How to Obtain Bitcoin
If you don’t own a Bitcoin, you can choose to obtain it from several different channels.
The traditional mining method for Bitcoin is inefficient, mainly now. The coin’s popularity has also increased competition on its framework and the amount of computing power required to successfully mine a Bitcoin.
As an alternative, you can visit a reliable cryptocurrency exchange platform such as NeuronEx.
The peer-to-peer exchange platform will enable you to easily purchase your desired amount of Bitcoin, and you can make use of their extensive list of services to further enhance your cryptocurrency experience.
For example, when you purchase a Bitcoin, you’re going to need a secure place to store it.
NeuronEx provides you with the Neuron Wallet. This wallet will keep your digital assets safe, and you can access it from anywhere to make payments in Bitcoin or any other cryptocurrency of your choice.
Does Starbucks Accept Bitcoin?
Starbucks is one of the most recognizable brands in the world.
The coffee house is known for its beverages and food items and is a part of the daily routine for many people.
If you’ve ever been to a Starbucks, you’ll know how long the lines are. You’ll probably spend the majority of your time just waiting to place your order.
Fortunately, in a move that signals the steady adoption of alternative payment methods, Starbucks now allows its users to pay for their morning coffee with Bitcoin.
All you have to do is connect your Bitcoin wallet to their mobile app, and you can easily place your order from your phone without any hassle.
Does Subway Accept Bitcoin?
Another brand known worldwide; Subway is a sandwich shop whose outlets can be found almost anywhere.
The brand prides itself on serving customers from all walks of life with delicious and reasonably-priced sandwiches.
To make their product even more accessible, Subway introduced an option to purchase items from its shop via Bitcoin in 2013.
The process is relatively seamless, and you can enjoy your subs without worrying about carrying around any physical currency.
The amount is automatically subtracted from your virtual wallet.
This is a significant step in the acceptance of Bitcoin as a widespread payment method.
Do Any Banks Accept Bitcoins?
Buying a sub and a cup of coffee is one thing. Still, the real test for Bitcoin as a viable alternative to fiat currency depends on its acceptance from banks and other financial institutions.
Typically, most banks are apprehensive of dealings in Bitcoin. This is due to the high volatility of the Bitcoin market, as price fluctuations are the norm.
For the vast majority of banks, you can’t purchase Bitcoin using a credit card.
However, over time, more banks are opening their doors to the world of cryptocurrency. Some institutions like Goldman Sachs in the U.S. and Royal Bank of Canada have started integrating Bitcoin into their services.
Other countries, such as Japan, are also working to develop a payment system for cryptocurrency transactions.
Places that Accept Bitcoin
Now that you know a little bit about the state of Bitcoin acceptance in the world today let’s take a look at some important companies and industries that have already adapted to the wave of the future and integrated Bitcoin payments into their business model.
You will be pleasantly surprised at the sheer amount of options you have to spend your Bitcoin on.
Tesla has also begun to embrace Bitcoin in recent years. In 2013, reports came from an individual based in Florida who bought a Tesla S from a Lamborghini dealer in Newport Beach.
This was the first time that Bitcoin was used to buy a luxurious vehicle. The car had a valuation of $103,000, approximately equivalent to 91.4 Bitcoin on the day of sale.
This was an unusual situation since Tesla does not use any retail outlets, and their vehicles are mainly sold online in direct purchases between the business and the client.
Suppose it’s your fantasy of owning a brand-new BMW. In that case, it’s now possible to purchase your beloved car using Bitcoin cryptocurrency with so many dealers who embrace it now these are local UK-based car dealerships who provide customers with such lucrative purchasing choices.
Many consumers of Bitcoin prefer to invest their cryptocurrency in expensive products and objects. With those goods and services already available in the automotive sector, they are more likely to purchase cars with digital currencies in the future.
BMW has taken a significant step on the correct path to assist a broader range of consumers looking to purchase expensive vehicles by implementing Bitcoin as a payment form.
The cryptocurrency platform PizzaForCoins has made blockchain purchases simpler for some of the top pizza takeaways, including Domino’s Pizza.
Customers will quickly put their orders on the firm’s platform, select from a wide variety of pizzas, and then pay by cryptocurrencies.
Bitcoin has become extremely common in Russia, and the country’s government is expected to allow the usage of cryptocurrencies in the future formally.
As a result of this, a Burger King branch in Russia has begun to favor Bitcoin blockchain as a payment mode.
In 2013, CheapAir.com was among the first internet travel companies to collect Bitcoin payments. They also announced that they would now support Litecoin, BCH, and Dash as payment methods.
This will encourage travelers to make payments using these cryptocurrencies when booking flights and accommodation.
The Spanish travel company, Destinia.com, is one of the latest actors that has recently begun taking Bitcoin for transactions.
The company also introduced a new transaction alternative to BitPay, one of the popular cryptocurrency payment processing platforms.
At present, Destinia.com provides a wide variety of catalogs and more than 190,000 hotels open to buyers.
The Latvian airline airBaltic was one of the first major airlines to welcome Bitcoin as payment from its passengers, providing over 60 locations in Europe, the Middle East, and Russia.
Japan’s budget carrier, Peach Aviation, began taking Bitcoin at the end of 2017 for all its discounted rate flights through northern Asia.
Abitsky.com, which provides flights around continental Europe, also allows purchases through Bitcoin.
LOT Polish Airlines also recognizes Bitcoin for payment, which can register for travel to and from over 60 locations.
Universities are embracing Bitcoin across the globe at a steady rate. In reality, a few colleges have begun to educate students about blockchain technologies and cryptocurrencies.
The University of Cumbria is among the first institutions globally to embrace digital currencies, which require some of the tuition to be charged via Bitcoin.
ESMT Berlin is one of the first German institutions to provide higher education in exchange for Bitcoin as a payment method; this applies to higher education and professional schooling courses.
King’s College in New York City is one of the first U.S. colleges to allow Bitcoin transactions for school fees, which will help reduce 2-3 percent of the credit cards’ processing fees.
The University of Nicosia is one of the world’s leading approved universities to recognize Bitcoin as a payment choice. Their thinking in regards to this adoption is to boost the quality of their services.
Overstock is an American online shopping marketplace based in the state of Utah. The business has collaborated with Coinbase to allow Bitcoin payments on the website.
This rendered Overstock the most significant online store where you can purchase Bitcoin products. In the year in which they approved this payment form, Bitcoin transactions contributed to nearly 1% of their sales.
Etsy is an online store where users can sell and purchase exclusive merchandise. It’s also a spot where you can find traders who embrace Bitcoin.
Etsy vendors may configure their transaction preferences to enable another type of payment method. They will then give them a Bitcoin wallet, and the consumer will be allowed to send the invoice.
And it doesn’t just have to be a digital currency wallet only. Vendors may also connect other crypto wallets.
Rakuten, the Japanese retail chain, has revealed that it would welcome Bitcoin payments from international markets via its Bitnet payment service.
Rakuten is one of the biggest retail channels that have entered the group of other top stores in embracing cryptocurrency as a means of payment from their consume.
AT&T is the biggest U.S. mobile network supplier with a capacity of 153 million cellular subscribers in 2018.
In 2019, AT&T was the first telecommunications network to accept Bitcoin.
AT&T is the largest U.S. telecom service provider with a total of 153 million cellular customers in 2018. In 2019, AT&T became the first telecom network to embrace bitcoin.
Consumers will have the ability to use BitPay as a payment option when signing in to their web profiles or smartphones.
The Wikimedia Foundation is a non-profit and voluntary organization in the United States. It is best known for maintaining Wikipedia, the world’s biggest encyclopedia.
The fundamental goal of this organization is to make free educational material freely accessible. Donations are approved via credit/debit card, eWallet, or Internet banking.
You may donate via BitPay to help their cause. All Bitcoin contributions will be refunded in Bitcoin. Refunds are determined by the amount of U.S. dollars you gave at the moment of the contribution.
The Water Project is a non-profit organization devoted to ensuring clean access to healthy and safe water supply in sub-Saharan Africa. They are one of the first non-profits to receive Bitcoin contributions in the last four years.
People who want to render donations will do so using other coins in the market, such as Bitcoin Cash, Ethereum, and LiteCoin. The Water Project also tells participants how their contributions have been spent and how much cryptocurrency is being allocated.
The Internet Archive offers easy access to a host of information. It is a library of content that preserves tons of programs, films, documents, websites, and everything else you can discover on the Internet.
The Internet Archive supports contributions in Bitcoin and other transaction methods on its website.
As a vast and established non-profit organization, the Red Cross is heavily engaged in various social causes programs, including blood drives and emergency relief.
They enable supporters to make donations using Bitcoin through their BitPay page, accessed through their website.
Save the Children is a non-profit organization providing children’s services throughout the United States, Middle East, Africa, the Caribbean, Eurasia, Asia, and Latin America.
They welcome contributions by credit card, PayPal, and cryptocurrencies such as Bitcoin.
Video Game Platforms
One of the most popular mediums of entertainment is video games, with it has recently overtaken movies as the most profitable entertainment industry in the world.
Physical discs have long limited sales of video games. With the advancement of technology, leading video game console makers such as Microsoft and Sony have made their games available to purchase online through their online storefronts.
Microsoft also experimented with its virtual currency called Microsoft Points, but it proved too much of a hassle for consumers. However, they have since taken steps to integrate Bitcoin payments into their Xbox brand.
Xbox games, additional content, and Xbox live services can now be bought digitally using Bitcoin, as Microsoft now enables individuals to purchase their online media using this process.
Zynga, a mobile gaming powerhouse, was one of the first gaming platforms to embrace Bitcoin as a payment method to buy tokens for featured games such as Farmville, Castleville, and Chefville.
Not to be outshined by its competitor, Sony’s PlayStation Network also offers users the ability to buy games, services, and other purchases using Bitcoin.
Big Fish, a casual gaming business headquartered in the U.S., supports Bitcoin payments using Coinbase and allows gamers to make in-app transactions using this tool.
Green Man Gaming began taking Bitcoin purchases in 2017 and allowing users to sell back digital game rights if bought from the Playfire website.
Bitcoin has come a long way from its 2009 origins, and it is slowly starting to fulfill its potential as a viable and widely accepted means of conducting financial transactions.
There is a bevy of options for you to make Bitcoin purchases right now, as we have seen in the information mentioned above. This will only increase as we move further towards the online space to conduct our businesses.
Experts predict that the prevailing coronavirus pandemic situation, which has resulted in a boost for online businesses, could pave the way for Bitcoin and other cryptocurrencies to take center stage in the coming years.
This is because Bitcoin has numerous advantages over our current online payment methods like credit cards.
These include better security encryption, lower transaction fees, more flexibility, and the ability to trade securities and commodities from one person to the next without an intermediary getting involved.
To get started with this revolutionary new payment method, visit a trusted cryptocurrency exchange platform such as NeuronEx.
This is a peer-to-peer trading platform, which means you will be interacting directly with other individuals for your crypto sales or purchases.
If you need a place to store your digital assets, you can explore the wide selection of services that the platform provides, including a digital wallet, to keep your coins.
The time is now to invest in and adopt cryptocurrency as a medium of exchange, and the wide selection of available options shows that you won’t regret your decision. Good luck!