Where You Can Use Bitcoin
Science fiction once wrote about a world where individual currency would disappear and no one would rely on paper money and coins. The future is now as more people are enjoying the use of payment systems that don't require carrying any cash. Now, the next step in that transaction evolution is the move to digital currency, also known as cryptocurrency or Bitcoin.
Why Use Digital Currency?
While it is still not completely mainstream, now is the time to find out why and where you can use Bitcoin in order to enjoy some significant benefits, according to Coin Desk.
The first reason is the speed at which you can receive the digital currency. Unlike a check that can be held until the funds are verified or international wire transfers that also can take days, Bitcoin transactions can be instantaneous or maybe at the most ten minutes.
In explaining how Bitcoin is different, payments entrepreneur John Rampton said, "While your credit card transactions may be just as fast, they are much more expensive, including potential fees for using your debit card as well as throwing in a swipe fee. Bitcoin, on the other hand, has minimal fees and can even be free. I don't know about you, but I personally love when things are free."
Other valuable benefits include the inability of government agencies to take away Bitcoin because it is decentralized. You own that currency and no one can take it away. That means that there is also no chance that payment information, such as credit card numbers, CSV number, and expiration date, can be taken by fraudsters. Instead, Bitcoin transactions use a public key, which is your Bitcoin address, and a private key, which is kept secret. When you send a Bitcoin, the keys are combined as a signature to the transaction and have a mathematical function applied to them.
With this type of transaction comes a higher level of privacy so that others can't know what you have purchased. In explaining how this works, Chalmers Brown, CTO of Due, a global payments company, stated, "Blockchain is the registry that keeps track of all Bitcoin transactions but it only reveals where transactions came from and where they are sent, but no one knows the identity of the person that holds a specific Bitcoin address. This is unlike a bank account where identities can easily be revealed."
Where You Can Use Bitcoins
While it all sounds great, it doesn't mean anything if you can't actually use it many places. In the last couple years, however, that has drastically changed. Now, there are over 100,000 merchants around the world that will accept Bitcoin in their physical locations as well as online through their stores and marketplaces. And, it's not just small businesses that are looking to Bitcoin as a way to differentiate themselves because numerous large brands have been first adopters. For example, Microsoft, Dell, Newegg,TigerDirect and Overstock all accept Bitcoin on their online checkout pages. Other companies are now following suit, including CheapAir.com and Theatre Tickets Direct. To find where you can use Bitcoins, new databases are available that list companies. These database include Coinmap, UseBitcoins.info, and SpendBitcoins.com.
It is also possible to use Bitcoins to get discounts, including Purseio, a peer-to-per marketplace. Another option is to buy gift cards with Bitcoin for major retailers that may not yet accept this digital currency. Many of the gift card businesses do accept Bitcoins, so this is an ideal way to turn that digital currency into goods and services you can use.
Even physical stores are now starting to accept cryptocurrency as payment. Some of these retailers include Reeds Jewelers, sports teams like the Sacramento Kings, and others. Even Scotland is testing out the first Bitcoin ATM to see if this might be a good way to mainstream cryptocurrency.
Time to Get Started!
There are numerous exchanges where you can get started with Bitcoins. You can get a small amount and start testing this new bit of information out and see just how easy it is to buy goods and services online and in-person. The more people who start using Bitcoin, the faster digital currency can take hold to make the future into the present.
