If the cryptocurrency has been on everyone’s lips for some time, we are now interested in what you can actually buy with this virtual currency. Here is a practical guide.
Earnity is the world’s first community-based crypto marketplace, created to make crypto-currency less complex, more accessible and more secure to manage. The platform connects creators, educators and other enthusiasts to share knowledge and develop a responsive audience.
An expert in crypto-currency and fintech, Earnity CEO Dan Schatt is on a mission to convert the 900 million users to crypto-currency. To do this, he believes education is key and shares his thoughts on various topics regarding this “new” currency.
Bitcoin, what is it ?
Bitcoin is the undisputed king of the crypto-currency world. Even if other crypto-currencies exist, it is the best known and most popular in the world. Based on blockchain technology, it uses cryptography to secure and verify transactions on a peer-to-peer network. Unlike traditional currency, bitcoin exists independently of any government or financial institution.
The blockchain part is similar to a public ledger stored on thousands of computers around the world. All the computers, called nodes, contribute to the verification of transactions, making them secure and transparent. This allows for faster and cheaper transactions than with traditional methods.
The popularisation of bitcoin
Bitcoin can of course be used in many digital transactions to settle transactions. The most common is the use of exchanges to invest, but that is not all.
More and more sectors and groups are accepting crypto-currencies as a regular currency. The travel world is quite open about it with bitcoins accepted for hotel stays or flights, like CheapAir which accepts crypto-currencies on its site. Household goods can be purchased on Overstock.com, one of the largest online retailers of household goods and an early adopter of bitcoin (in 2014). More logically, video games have readily embraced bitcoin, currencies and digital worlds go hand in hand and platforms like Microsoft or Big Fish Games allow you to pay for video games in bitcoin.
Car dealerships, meanwhile, are increasingly embracing bitcoin payments, such as Tesla or Subaru. Luxury goods manufacturers are also playing the game, such as Rolex, Patek Philippe and Franck Muller, which allow people to buy in bitcoins on various marketplaces.
Surprisingly absent from the list, Amazon does not yet allow payment in bitcoin. Despite this, there are ways around paying in bitcoin through gift cards that can be used on the marketplace for example. However, as bitcoin is becoming more and more accepted and respected as a traditional currency, we can expect more direct purchasing options in the future with fewer bypasses, faster payment times and even better security.
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Featured photo : © kotryna-zukauskaite
