Cryptocurrency happens to be a digital asset that is created via computer networking software that enables secure ownership and trading. Among the long list of cryptocurrencies, Bitcoin is the most popular one. Since the emergence of Bitcoin in the year 2009, numerous other cryptocurrencies have come into existence, skyrocketing the crypto market.
Cryptocurrencies have become so popular now that the 24-hour trading volume of cryptocurrency on the famous platform Binance is reported to be 22.07 billion USD. Looking at this figure, you might also be tempted to invest in crypto, but there are some essential things that you need to know about investing in crypto and spending it.
So, let’s get the ball rolling.
How to Store and Spend Bitcoin
Once you purchase Bitcoins, it is essential that you store them safely so that you can protect them from theft and hacks. For that purpose, usually, people store their Bitcoins in crypto wallets. Crypto wallets happen to be online software, as well as physical devices that enable people to store the private keys to their cryptocurrencies securely.
Other than that, there are some exchanges that provide wallet services that simplify the process and allow you to store directly through the platform. However, it is essential that you know that not all brokers or exchanges automatically provide wallet services for you.
You might be surprised to know, but you can also use paper wallet services for your cryptocurrency. In case you don’t know what it means, this method will allow you to have a paper with two QR codes on it. The first QR code will allow you to receive cryptocurrency, while the second one will allow you to spend it. It’s as simple as that, and this is the closest that you can get to spend your Bitcoins as if they were actual cash.
Where to Spend Bitcoin Online
In today’s digitally revolutionized world, it is becoming easier than ever for Bitcoin holders to spend as they wish on several online platforms. This has aided in paving the way for greater adoption and practicality across the wider world of cryptocurrency.
Listed down below are some ways in which you can spend your Bitcoins online.
Gift Cards
Would you like to pay for your morning coffee in cryptocurrency? If your favorite e-commerce stores or food places have still not started to accept crypto as an active payment method, there is no need to worry. You can simply visit Coingate and purchase any gift card, even Starbucks, which can later be redeemed at the online store or even in person. Yes, this gift card will be purchased using your Bitcoin wallet, so you don’t need to worry about that as well.
Charity
With Bitcoins, the process to support charities becomes easier as well. While the majority of the charities claim to be non-profit, they still incur a number of hidden expenses. Since you’re not aware of that, you trust the organizations blindly, and you’re not aware where your money goes.
However, with Bitcoins, things can take a turn here as you will be able to track the Blockchain address that will help you to know where your money is being sent to. This will ensure that the funds are delivered to the intended recipient.
Some platforms allow you to set up charitable donations using their APIs. So, if you wish to do that, it would be quite possible.
Services and Intermediaries
You would be surprised to know that even a number of mobile carriers and internet service providers have also joined the Bitcoin revolution. AT&T – a popular US mobile service provider – happens to be one of the many providers on the list.
AT&T was reported to have a total of 153 million wireless subscribers back in the year 2018. However, in the year after that – 2019 – the provider became the first major mobile carrier to accept Bitcoins as an active payment method.
So, if you’re someone who lives in the United States and uses the services of AT&T, the good news for you here is that you can make your payments using your Bitcoin wallet. All that you would be required to do is to log in to their account on the app or online and choose BitPay as your payment method. Yes, it’s that simple.
Summing It Up
Undeniably, cryptocurrencies are becoming widely popular all across the globe among consumers, as well as companies. That being said, the list of services and goods listed above isn’t the end of it. As a matter of fact, the list of things that you can buy with Bitcoins continues to increase each day.
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