What Can You Buy with Bitcoin?

Education Jun 30, 2020

In recent years, the cryptocurrency market became bigger and more influential. The variety of digital coins and tokens has been continually growing as well as the number of investors and traders willing to purchase them. The journey to get started can appear to be quite challenging at times. But once you've selected the best cryptocurrency wallet  and figured out how to buy Bitcoin, you are set. With the most popular cryptocurrency securely stored in your Bitcoin wallet, it is time to think how you are going to use your new acquired cryptocurrencies.

Where to spend Bitcoin in 2020?

The cryptocurrency community has always believed that Bitcoin is the future of money and one day it would become a viable alternative to traditional payment systems. Currently, BTC (abbreviation of Bitcoin) is still more popular as a short- and long-term investment rather than a payment solution. At the same time, businesses are actively embracing various non-cash means of payment and, consequently, become more open towards Bitcoin.

Services and e-commerce

It always depends on a particular company whether to accept Bitcoin as payment method or not. In 2020, there is a growing number of companies in different sectors aiming to broaden their customer base by adding cryptocurrencies as a payment solution. E-commerce was one of the pioneers in terms of accepting Bitcoin for services. As a result, online stores like Bitplaza and Shopify became successful Bitcoin-centric marketplaces.

Video games

Being influenced by the rapid development of blockchain and cryptocurrencies, the gaming industry quickly got in on the action and started accepting Bitcoin for playing games. You can find BTC payment options when purchasing PlayStation and Xbox. Moreover, blockchain-based games allow users not only to pay with Bitcoin, but also to earn Bitcoin (as well as other crypto) for playing them. Some believe that blockchain is the future of the gaming industry which brings it to a whole new level. Indeed, this innovative technology has the potential to completely reshape the industry, create a parallel gaming universe with its own economy as well as make video games more engaging.

Charity

Either because your crypto investments have doubled due to Bitcoin entering a new bull market or because cryptocurrency donations are tax-deductible in your jurisdiction, you might consider using Bitcoin for charity. In 2014, Safello became one of the first platforms to launch Bitcoin donation pages with charity organizations Livebuild, Shifo and the Lifeboat Foundation.

Frank Schuil, co-founder and CEO of Safello about Bitcoin fundraising:
"The donation pages of Livebuild, Shifo and the Lifeboat Foundation show the power of Bitcoin in a very tangible way. Real-time incoming donations from people all around the world uniting to complete a funding goal to support these causes. It's an incredible thing to watch."

The other popular websites that accept BTC donations include non-profit organizations like Wikipedia, Wikimedia Foundations, and many others. The number of verified charities is constantly growing and you can check a full list here.

Gift cards

You can also use your BTC to purchase presents, such as gift cards and digital vouchers via eGifter or Gyft. The recipient will then be offered to use their present at one of a great variety of online stores and companies.

How to proceed?

If you are enterprising enough to use your Bitcoins as a payment solution, you might be wondering where to begin. The most important step is finding a secure and trustworthy platform, such as Safello, to buy Bitcoin. After BTC is safely stored in your hardware wallet, you can start looking for websites that accept Bitcoin as payment. It should be noted that some companies do not accept Bitcoin directly and require to install special browser extensions offered by a variety of cryptocurrency payment platforms. Other companies, like PlayStation, offer users to purchase gift cards or vouchers for Bitcoin and then use them on their official website. Thus, consider all details and pitfalls before deciding to spend your digital coins. Otherwise, the number of companies accepting Bitcoin is constantly growing...e-commerce, traveling, gaming, food, sports, home, charity...the sky is the limit!

Olena Burutina

Writer for Safello

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