Through its development and initial release, early Bitcoin (BTC) adopters had mainly used the digital currency as an investment tool—or at the very least as a way to secure their capital.
However, if we look at Bitcoin, we’ll find that much of the community has yet to utilize Bitcoin fully. Let’s take a look at all the things you can use Bitcoin for and how you can take advantage of the latest developments on the blockchain.
Why We Can Use Bitcoin for Everyday Transactions?
In the past, it was understandable that businesses refrained from accepting Bitcoin—the infrastructure just wasn’t there yet. The general problem that the community had then was that transactions either took too long or cost too much to process, both problems caused by the limited bandwidth available to the network. This meant that for you to spend your BTC, you’d have to convert Bitcoin to cash at your price.
That all changed with the implementation of the Lightning Network. The Lightning Network is a whole new layer that sits atop Bitcoin’s original network, allowing users to process transactions much faster and for a fraction of the cost of the previous layer.
This means that micro-transactions (e.g. food expenses, travel, transportation, etc.) are a much more practical option for everyone involved. This has opened up the community to the possibility of actually utilizing BTC in their everyday lives and has given businesses more reason to allow for BTC payments.
What You Can Buy With Bitcoin?
Now that we’ve talked about what makes this possible, let’s look at all the different things you can buy with your BTC. This should give you an idea of what you can do the next time you have a little extra Bitcoin in your wallet. After all this, the next problem you might have is how to buy Bitcoin with credit card.
Food
As more consumers bought Bitcoin, fast food chains and restaurants started considering accepting Bitcoin payments for their products. For fast food, the following chains have announced that they’ll be accepting Bitcoin payments:
- Taco Bell
- Little Ceasar’s
- Subway
- McDonald’s
Some establishments won’t outright support Bitcoin payments straight from the customer and will need a third-party app to process payments. For example, Domino’s Pizza will require customers to pay their bills with Lightning Pizza, a third-party payment solution dedicated to Domino’s.
Automobiles
You might have heard of Elon Musk declared that Tesla would be supporting Bitcoin payments. It’s no surprise, especially when you consider how Musk has supported the cryptocurrency movement. Unfortunately, Tesla would also announce in 2021 that Bitcoin payments would be suspended, for now, citing concerns about the environment.
Tesla won’t be alone in this, though, with BMW also allowing vehicle transfers to the U.K. to be paid with Bitcoin, albeit with a third-party service. More and more car dealerships are adopting Bitcoin payments nowadays look to be a good move. With all the Bitcoin success stories, it’s only time until Bitcoin holders decide to splurge on a new car.
Car enthusiasts aren’t limited to those two brands, though. Bitcoin holders have the opportunity to get their hands on a variety of luxury cars like Bentleys, Porsches, and even classic Ford Mustangs with their BTC.
Technology
It should be no surprise that consumer technology would be available for BTC holders. Microsoft, hardware company NewEgg, and even AT&T would all jump on the bandwagon and allow customers to pay for their products with BTC.
One of the earliest adopters in this industry is Overstock. As early as 2014, the company would allow BTC payments for their goods. They would soon be followed by the Japanese e-commerce company Rakuten and Shopify.
Other notable platforms in this segment would be Twitch, a strong proponent of using Bitcoin for transactions, and PayPal. PayPal currently allows its users to buy, sell, and store their Bitcoin in their accounts.
Events
Different teams and stadiums have already announced their support of BTC payments. The NFL, or national football league for those not in the U.S., has a few teams promoting Bitcoin payments. The Dallas Mavericks offer discounts for merchandise purchases paid with Bitcoin, and the Oakland A’s stand out with a six-person suite for 1 BTC.
This isn’t restricted to sports, though. In Manhattan, residents can now buy concert and event tickets with BTC through Blockparty, a local company that processes Bitcoin payments.
Bitcoin for Your Day-to-Day Expenses
Bitcoin has found its way into our day-to-day lives. No longer restricted to holding and trading—Bitcoin can now be treated as a real-world currency. The trick is to keep yourself updated with the latest changes to the blockchain.
