Bitcoin is the latest digital commerce innovation that’s creating a new sense of access, transparency, and fairness in today’s financial systems. This innovative digital currency operates on volunteer computer systems and is under no bank or governmental control.
Are you new to this field of cryptocurrency? If you are, then this article is for you. Find out more here on who accepts bitcoin as payment and whether it’s right for you.
What Is Bitcoin?
Bitcoin was the first worldwide unit of cryptocurrency. Bitcoins are nothing more than open-source software.
This software allows members of a network to buy services or products from each other. These network members are called bitcoin miners.
Miners will create digital monetary units and verify their transactions on encrypted general ledgers known as a “blockchain.” Bitcoin mining exchanges protected units anonymously amongst network members.
Where Can You Use Bitcoin?
Bitcoin use is growing in a number of countries. Over 80 percent of the world’s bitcoin mining takes place in China.
Bitcoin is also gaining acceptance in Japan, the United Kingdom, and Australia as well. You can find more info here on how bitcoin works.
Bitcoin is a commodity in Canada. Any income generated by bitcoin there is classified as “business income.”
Bitcoin is classified as a Money Service Business (MSB) in the US. A Money Service Business is the legal term that describes any financial institution or bank that sends funds.
Who Accepts Bitcoin as Payment?
There are a number of conventional and unconventional ways to use bitcoin. This list of purchasing options gets bigger every day. Some examples of these items include:
Travel
Expedia, an online travel reservation agency, will allow a traveler to pay for their hotel reservation with bitcoin. Another online travel agency, Cheapair.com, began accepting bitcoin as payment for flight reservations in 2013.
Consumer Goods/Housewares
The online retailer Newegg.com accepts bitcoin for beauty care products, sporting goods, and consumer electronics. The manufacturer of electric vehicles, Tesla, Inc. also honors bitcoin purchases as well.
Online retailer Overstock.com accepts bitcoin for everything from jewelry to bed and bath décor. They began accepting bitcoin as payment as early as 2014.
Digital Services
You can use bitcoins for Microsoft products such as games, movies, and apps from Xbox and Windows. Dish Network, the satellite television provider, started accepting bitcoin payments as early as 2014. Zynga, the computer game creator, will accept bitcoin for any of their in-app purchases.
Professional Services
Web designers, life coaches, and accounts may accept bitcoin for their time and services. OKCupid.com, an online dating service accepts bitcoin. The online marketplace for professional services Fiverr.com accepts Bitcoin as well.
Charitable Giving
Bitcoin is also an easy and effective way to promote digital philanthropy. For example, the International Save the Children Fund uses bitcoin technology that allows a donor to keep track of their donation. Donors can easily track to make sure their dollars reach their intended recipient.
What Are Your Next Steps?
Are you ready for bitcoin? If so, then create a bitcoin address.
Your address is also known as your “bitcoin wallet.” These wallets store the passkeys you’ll need to sign for any cryptocurrency transactions.
You can also check out our website to find other helpful advice on using bitcoin as payment as well as who accepts bitcoin as payment as well. Do some research ahead of time to make all of your financial transactions run smoothly.