Uses of Bitcoins- Where Can You Use This Popular Cryptocurrency?

Bitcoins were launched first in the year 2009, and it was billed as an alternative to fiat currency in the years to come. It was supposed to be a medium for carrying out everyday transactions and for the purchase of everything such as for paying apartment rents, buying a computer, paying for a cup of coffee etc.

Today, you can use Bitcoin to legitimately pay for a wide range of services and products and the usage of this cryptocurrency might be wider than you think. The use of Bitcoins is increasingly becoming popular day by day. Read more to find out about some of the practical uses of Bitcoin. If you are planning to trade bitcoins, you might consider knowing the several ways Bitcoin Affected The Transport Sector.

1. Payment for car purchase

You can use Bitcoins in car dealerships. This cryptocurrency has already begun to be accepted as a valid form of payment by some car dealers out there. The list includes a wide variety of vehicles and even luxury vehicle dealers selling top vehicles like Lamborghinis are accepting Bitcoins for payment purposes.

Elon Musk, the founder of Tesla, loves cryptocurrencies and going by his Twitter feed, he is a big supporter of Bitcoin.

Elon Musk made a tweet in March 2021 where he stated that Bitcoin would be accepted as a mode of payment by Tesla. Some months later, however, he had tweeted that Bitcoin payment was being suspended by his company for environmental concerns.

Today, Tesla – the electric vehicle manufacturer, has become the largest and most recent major company to join the list of Bitcoin supporters. You can purchase a Tesla vehicle with Bitcoin today. 

2. Purchasing E-Commerce products

Bitcoin is being accepted to pay on the websites of various companies that are mainly into the sales of tech and e-commerce products. Microsoft, AT&T, and Newegg are some of these companies.

At the moment, Bitcoin is being accepted by Microsoft only at its online store. The Xbox gaming platform of the tech giant does not still accept payment by Bitcoin.

The E-Commerce platform Overstock, which sells a wide range of merchandise, was among the first websites to accept payment by Bitcoin – as early as 2014. Many other websites of different sizes also let you buy products with the help of Bitcoin. Rakuten, the e-commerce giant of Japan, and Shopify, are two of the instances.

Amazon and eBay, two of the biggest online retailers at the moment, are also accepting Bitcoin payments. 

PayPal, which was a subsidiary of eBay at one time, now lets customers hold, sell and purchase cryptocurrencies like Bitcoin in their accounts.

3. Costly watch and jewelry purchase

Bitcoin has begun to be accepted as a valid form of payment by many luxury goods retailers and manufacturers. You can buy high end watches such as Patek Philippe, Rolex etc. from BitDials, the online luxury retailer, with the help of cryptocurrencies like Bitcoin.

Frank Muller, the manufacturer of luxury watches, has also come out with a watch interested in diamonds and gold and consisting of a QR code from the genesis block of Bitcoin. A few other jewelry stores have also established partnerships with payment processors, for facilitating cryptocurrency-based purchases, from their stores.

4. News media payment

Generally, many news media outlets are accepting Bitcoin for payments regarding various services and subscriptions. Back in 2014, the Chicago Sun-Times was the first major mainstream news outlet to accept Bitcoin payment on its platform. Time Inc., the top magazine publisher, also started accepting cryptocurrency-based payments in the same year – for digital subscriptions. The magazine publisher also established a new cryptocurrency partnership in 2019 with Crypto.com.

5. Insurance payment

These days, the industry sectors have started to accept digital currencies as their preferred payment methods. However, the stupendous success of these virtual currencies has started to change things. Although you cannot still purchase life insurance with Bitcoins, premium payments can be made with the help of Bitcoin for other types of products in the portfolios of several insurance providers.

Final Words

So, these were some points you needed to know to get familiar with options to use Bitcoins as a payment method. 


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