Bitcoin Investing


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Spend Bitcoin

Where Can You Spend Bitcoin?

An Official Guide To Where You Can Spend Your Hard-Earned Bitcoins

People are thinking and writing about bitcoin less frequently as a currency these days, and more as a commodity. It’s true that with a value now consistently in the thousands of dollars, bitcoin can be somewhat unwieldy as an everyday currency. Its most interesting potential may now be as a long-term investment. Despite this evolution in thinking, however, bitcoin is still a functional digital currency, and there are opportunities to spend it if you know where to look.

For simple everyday purchases, and for in-person retail opportunities, you can actually run a search and find out how to buy just about anything you might want or need via cryptocurrency. This can be a useful tool, or even just a fun exercise if you happen to harbor an interest in bitcoin’s development and usefulness. For the purposes of this article, however, we’ll be looking a tad more broadly, not at specific stores or websites but at some of the larger industries and areas in which you can spend bitcoin.

Gift & Spending Cards

One of the most interesting options that have emerged as a consistent means of spending bitcoin is buying gift cards and cash cards (which are effectively debit cards). Sites like eGifter and Paxful allow people to purchase gift cards to any number of stores that don’t accept bitcoin directly, and there are various ways to secure a sort of spending card that effectively translates your bitcoin back into ordinary currency when you wish to spend it. This is perhaps not the most progressive avenue for bitcoin spending in that it doesn’t necessarily further bitcoin’s spread to new merchants, websites, etc. However, it’s a very convenient way for people with bitcoin holdings to put their cryptocurrency to use, and it can also eliminate the step of plugging in regular credit card information online, which a lot of bitcoin users are looking to avoid.

Travel Booking

The idea of spending bitcoin to book travel is a little bit in flux because some major sites (like Expedia) have been sort of in and out on bitcoin. However, there is still a nice list of travel agencies that accept bitcoin, which makes it fairly easy for those who are interested to organize and pay for travel via cryptocurrency. It’s nice to have universal costs associated with travel booking given the otherwise complex issue of exchange rates, and some also simply appreciate having the ability to use a secure digital currency when dealing with what can often be fairly hefty prices involved with travel. To date, this has been one of the most consistent ways to spend bitcoin online.

Online Gaming & Betting

What we’re talking about here is effectively online casinos and sportsbooks. Already, there are several casino gaming platforms across the internet that have welcomed bitcoin and other cryptocurrencies as new payment methods. In other cases, new online casinos have been built from scratch to support cryptocurrency payments, and in some cases even to introduce new games revolving around bitcoin. The betting side of casino culture is less closely tied to bitcoin for the time being but is certainly a natural next step. And this seems particularly worthwhile to mention giving the massive, impending expansion of online betting as a global business. Sports betting has been made legal in the U.S., and with states now working to implement it, some analyses suggest the U.S. could have the world’s biggest market by 2023. By that time, should betting platforms and more casinos be accepting bitcoin, this could be the single biggest avenue for spending cryptocurrency.

Mainstream Retail

To suggest bitcoin can be spent on mainstream retail is somewhat vague, but not inaccurate. While we’re still waiting on the granddaddy of all online retailers, Amazon, to incorporate cryptocurrency (and it’s a possibility), there are plenty of very busy product selling sites that have welcomed bitcoin. Shopify, Newegg, and Overstock are among the bigger names, and in some cases you can also find more specialty retail locations that are also taking bitcoin. The point here is not to guide you to specific sites however, but rather to remind you that if you’re looking to buy a given product online and you’d like to use bitcoin, it’s worthwhile to do a little bit of searching around to see if there’s a particular store that can suit your needs.

Cover Graphic for Why Bitcoin Is Valuable And Will Be Part Of Your Future

Why Bitcoin Is Valuable And Will Be Part Of Your Future

Is Bitcoin A Once In A Lifetime Opportunity?

With the recent success of cryptocurrency, more and more people are looking for ways to start investing. And for a good reason too. As crypto and Bitcoin, in particular, begins to prove its power, there is a higher possibility that someday traditional currency will be replaced entirely.

And the fact that Bitcoin had gone from around $1000 to $15000 in one year alone shows how much faith people have in crypto.

As such, it is essential for newcomers to do research and start investing early on because it will definitely be part of your future.

The following are a few reasons why crypto will become more and more popular. Make sure you learn how you can start investing before its too late.

Privacy and Security

Unlike traditional currency, crypto is completely decentralized similar to gold. This means that it is not controlled by a single person or government, but is instead regulated by the market.

Some of the best cryptocurrencies such as Bitcoin ensure that the value of Bitcoin is determined by the people; this makes cryptocurrencies like Bitcoin, Ripple, and Litecoin so popular.

Also, cryptocurrency is almost impossible to counterfeit, meaning that the value of cryptocurrency is not negatively impacted by fake currency in the market.  

Transactions are also extremely secure and anonymous, meaning you can buy and sell things without worrying that someone is watching you. These transactions can take anywhere from a couple of seconds to a few minutes.

How to Start Investing in Bitcoin and Litecoin

More traditional cryptocurrencies such as Bitcoin and Litecoin can be traded on any of the major cryptocurrency trading platforms. Coinbase and GDAX are the most popular crypto trading platforms, however.

Though both platforms are run by the same entity, they are quite different from each other.

Coinbase is perfect for beginners as the interface is extremely easy to understand. Through Coinbase you can purchase four major cryptocurrencies, view charts regarding their price trends, and create “wallets” that allow you to store and send cryptocurrencies.

GDAX, on the other hand, is a bit more complicated regarding usability but offers much more in-depth information. GDAX also has lower fees associated with selling and buying cryptocurrencies. So if you’re someone who is familiar with trading, GDAX is probably the better site for you.

How to Start Investing in Other Cryptocurrencies

Though Bitcoin was the first cryptocurrency to be started all the way in 2009, there have been many alternative cryptocurrencies that have been made. People have created alternative coins, such as Ripple and Skycoin to correct issues with Bitcoin.

Skycoin, touted as a top cryptocurrency to invest in, offers faster transactions speeds, is even more secure than Bitcoin, offers greater privacy, and is one of the emerging coins that are predicted to succeed in 2018. On top of this, Skycoin and other altcoins have a lower price point than Bitcoin, making them great investments to get in on early.

These altcoins cannot be traded on Coinbase but can be bought and sold on other crypto trading platforms. Right now, Cryptopia is one of the most popular trading platforms for these alternative cryptocurrencies. If you are in the United Arab Emirates, which is a cryptocurrency-friendly jurisdiction, this guide on buying bitcoins in Dubai will come in handy.

Other Ways of Getting Cryptocurrency

If you’ve heard about cryptocurrency, you probably heard about “mining.” This is a method for people to get “free” cryptocurrency in exchange for the time and energy they put into verifying cryptocurrency transactions.

The way this works is that each transaction of a cryptocurrency like Bitcoin has a virtual record. This record of a single transaction is called a block. Blocks are then added to a chain of past transaction to create a blockchain.

To verify all of this transaction, users solve complex algorithms by using mining rigs. Usually, mining rigs take a lot of energy and verifying transactions takes a lot of time. Because of this, individuals that successfully verify a transaction are awarded a certain number of Bitcoins.

The problem with this method is that only a massive group of people working together with expensive equipment can properly mine cryptocurrency.

This method is therefore difficult for the average, everyday trader. So for you, it’s best to buy and sell crypto on any of the significant cryptocurrency trading platforms.

Final Thoughts

Cryptocurrency is definitely the future. More and more people want a decentralized form of currency that is anonymous, safe, and fast.

And with the increasing price of cryptocurrencies like Bitcoin, many more people are starting to believe in the power that crypto will have on our financial future. Technology companies like USI-Tech, Genesis Mining, and BitConnect are already enabling everyday crypto investors the unique ability to get started with Bitcoin through simple software.

So should you start investing? Of course. But always be reasonable with how much money you’re willing to put in. Though crypto is exciting, the price can change very quickly. Investing in crypto, therefore, requires a bit of patience, knowledge, and strong will.

Additionally, if you want to learn about investing your 401k or retirement plan into a cryptocurrency portfolio that can grow immensely over the next 10-20 years then read our free Bitcoin IRA guide or start a crypto account.