Whenever you hear people talking about Bitcoin, it is seen more as an investment. But did you know that you can spend it too? Yes, this is also a currency, but in digital form. With its growing popularity, you will be able to spend Bitcoin buying and selling products and services from many businesses. While most of you treat it like a value in-store, which is similar to gold when compared to a traditional currency like Rupees, Dollars, Yen, and many others.
As there are predictions that the value of Bitcoin is going to be very high, people are not showing any interest in spending Bitcoin at the moment. But you are missing out on a very important point here. The price of Bitcoin will increase only when it gets wide accepted across the world. For this to happen, you need to start using it so that the business merchants will consider offering it as a mode of payment. This helps them understand that it is worth offering Bitcoin as a mode of payment.
Many companies across the world have seen the future of Bitcoin and started accepting it as a mode of payment. One of the most popular and first companies to do it is Telsa. It started accepting Bitcoin for its vehicles. It started in the year 2021. In the beginning, there were a few problems, but now it is accepting it without any issues. There are lots of sites that offer Bitcoin advice and Bitcoin News that you can utilize.
How to spend Bitcoin?
When it comes to spending Bitcoin, you have online exchanges. But you will need something more than just online exchanges. With your traditional money, you usually deposit them in the banks. You can either spend online, swipe your debit cards, withdraw the money and then spend the physical money as well. You will store the physical cash in your wallet. It is the same with Bitcoin, you will have to store them in a wallet, but in a digital wallet. There are hot wallets and cold wallets, and you need to pick one that meets your requirements. If you are having this kind of wallet, then it gets easy for you to spend Bitcoin for online transactions.
Where to spend Bitcoin?
Bitcoin can be spent both online and offline as well. It is getting easier for people to spend Bitcoin than ever before. Here are some of the online retailers that are allowing Bitcoin and also some other cryptocurrencies for their online transactions:
- Namecheap
- Overstock (OSTK)
- Newegg (NEGG)
- Microsoft (MSFT)
- Shopify (SHOP)
Many other service providers accept Bitcoin as a mode of payment. You can use it directly in some cases and indirectly in some cases. It can also be used for paying school fees for some universities and online education.
Did you know that you can even spend Bitcoin during offline shopping? Yes, there are a few options available at the stores near you, but the number is less when compared to the online options. Some of the stores that accept offline Bitcoin payment is:
- Starbucks
- Whole Foods
- Gamestop
- Baskin Robins
- Home Depot
- Crate + Barrel
You will soon see a lot more options for paying using Bitcoin. Many stores and companies are joining this queue and it will not take too long for many companies to join in. You can even check out online to know what are other stores that offer you services or products against Bitcoin payment. This can help you better in making the transactions and knowing where to spend Bitcoin exactly.
Tax is another important factor that you will have to keep in mind when you are buying or selling any products or services with the help of Bitcoin. When you make a profit, you need to pay capital gain tax and in case of loss, you will have a claim for capital loss. It can be a tricky thing to understand during the first few transactions that you make with the help of Bitcoin. But as you gain experience and more and more retails and stores start accepting Cryptocurrency as a payment option, then you will be able to get the actual idea about spending Bitcoin. While using Bitcoin you need to be extra careful.
Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect those of Geek Vibes Nation. This article is for educational purposes only.
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