The cryptocurrency is a digital asset, it is not stored anywhere and has no physical implementation. But still, you can use it as a means of payment if someone is ready to accept bitcoin. Many countries do still not determine the status of crypto-assets on the legislative level, so it should be also taken into consideration if you do not want to trade or invest, but only buy goods for crypto coins. In the article, we tell you about what is crypto-asset, what you can buy with bitcoin, how to exchange money on bit4you and how different states treat crypto from the legislative point of view.
The cryptocurrency is a digital payment system that is comparable to money and has a rate published on world exchanges. It is created and transmitted using cryptographic methods, mainly based on blockchain technology. Crypto coins are circulated initially in electronic form, it can be mined with the help of complex mathematical calculations. Besides, you can get cryptocurrency with the help of the bit4you crypto exchange platform, stock exchange, or just be involved in mining. Each method has its advantages, but let’s imagine that you already have a particular amount of bitcoin and want to spend it on the real product. Payment for goods and services with an electronic bank account is a common procedure, and in general, nothing would change from the fact that you will pay with a digital coin. Paypal opened the possibility for its 24 million merchants to accept payments in crypto.
First of all, keep in mind that not every country supports crypto as a means of payment at the legislative level. Thus, you should get to know if bitcoin payments are possible in your country. For instance, Japan already considers bitcoin as an official currency that you can use everywhere in the country and buy goods with it. There are also such platforms as Amazon, Microsoft Xbox Live, or eBay that accept bitcoin or other crypto-assets as payment. The history of bitcoin as a payment currency began with the purchase of food. In 2010, programmer Laszlo Heinitz bought two Papa John’s pizzas for 10,000 BTC. At that time, the total value of bitcoin was about $ 25. Nowadays its price is more than $ 190 million.
Nowadays, many brands are ready to accept bitcoin payments. You can pay with bitcoin, ether, or even bitcoin cash for food and drinks in Starbucks and Whole Foods Market. In this way, cryptocurrency payments are instantly converted to local currencies at the exchange rate for sellers. Also, you can pay with bitcoin for clothes or other goods in online shopping. Bitcoin real estate sales have increased over the past few years due to the interest and popularity of cryptocurrency. Some travel companies have also begun accepting Bitcoin payments for flights and hotel reservations. For several years, Expedia was the first travel company to accept cryptocurrency. However, the support for Bitcoin added in 2014 was soon removed due to extreme market volatility.
However, paying in bitcoins for a cup of coffee is too expensive today as transaction costs rates tend to grow. It is much easier to convert cryptocurrencies into real money. You can exchange, trade, sell and buy bitcoin or any crypto you want on the bit4you platform without limits. Using Demo mode you can test different trading and investment strategies without risks of losing your money, as your Demo wallet contains $100 000 of virtual money. There is a wide range of crypto available on the platform, so you are free to choose any of them and buy anything you want with cryptocurrency.
Valentina BEREZA, Team bit4you