With its inception in 2009, Bitcoin has only climbed the popularity ladder, and rather fast. It has not only taken over the way smart investments are made, but also spurred debates and discussions about how they can revolutionize global economies in the future. 11 years later, bitcoin has become a part of our daily existence, and from bitcoin ATMs to being the currency opted for shopping, you can literally do anything with bitcoin.
Unlike before, cryptocurrency has gained positive favour and fervor with the masses, and the cryptocurrency that has benefited most from this popularity is Bitcoin. Today, bitcoin shopping is rampant, not just prevalent. But, that makes us wonder when did it all start? The first product to be bought using Bitcoin, was a pizza! Yes, you heard us right. And, no we’re not kidding! A programmer bought a pizza worth $30 with 10,000 BTC in May 2018 and that’s where this crazy journey of bitcoin shopping started. But, that only makes one more intrigued, as to how does bitcoin shopping work in today’s glittering world of glamour and advanced technology.
From retailers to restaurants to online shopping portals, most all of them have been opening their doors to bitcoin. But how does bitcoin shopping work? Here’s how:
1. Get a virtual wallet
As Bitcoin is supposed to be an anonymous platform, you can sell and purchase things without having records or financial details being exchanged between two parties. But, in reality, most people trade through a bitcoin wallet. Numerous platforms are operating as bitcoin wallets, which let you buy and sell bitcoins. And, also make payments in terms of BTC for other goods. However, there’s no government guarantee these come with, so if any of these virtual wallets go under, there’s little chance for money back guarantee. Reliable providers like bitcoinlifestyle.com ensure your money while giving you the incredible chance of being one of the early investors of bitcoin.
2. Shop online
Even, companies like Amazon are accepting payments in term of BTC, so with each passing day, there’s one more retailer who starts accepting bitcoin payments, and well it is good news for you and me! From Shopify owners to Newegg, everyone’s coming around to Bitcoin in due time. So, when you pay with bitcoin, you are using it as a credit card to pay for your purchases. And, we assure you, it is as great as it sounds.
3. Use a Bitcoin ATM
If nothing works, you can always use a bitcoin ATM. It works in the exact same way as a normal ATM, for conversion of BTC to fiat currency, you need to pay the conversion rate. The only downside to bitcoin ATMs is that they have a high conversion rate, which is not so profitable. The comfort and convenience Bitcoin ATMs offer is unparalleled, and yes you can shop with these cards, as well!
4. There are websites like Venmo
You can sign up on Venmo using your email address, and send money to another person. Like Venmo, there are Bitcoin transfer virtual wallets like Coinbase, which transfer your BTC in terms of fiat currency and assume the responsibility of the BTC themselves, relying upon your login details.
5. Bitcoin POS
Mirroring how Coinbase works, numerous companies, especially retailers who are eager to let you do some good old shopping with Bitcoin, have taken to developing their Bitcoin Point of Sale (POS) systems. So, like credit cards, they take the responsibility of your transaction, assuming in good faith that you would pay back. They incur the temporary debt for ten minutes to sixty minutes, unless it is totally verified.
6. The future is now
Bitcoin POS would soon revolutionize the future, when they open up terminals in malls, public places and we’re not just making these assumptions. With QR codes and NFC secure wallets, the day when POS terminals are found in public places just like ATMs isn’t far away. For Bitcoin does not exist in real, it only exists as long as we believe in it. But so is the case with the fiat currency. So, for terminals to open, bitcoin would have to be accepted as a universal form of payment, and all sides of the purchase has to be guaranteed by the vendors. Bitcoin would make life, and shopping much easier, once implemented in all sides of the purchase.
Moreover, they would stand out as a way better alternative than debit cards or credit cards, when it comes to shopping. As a digital currency, it has immense potential, waiting to be unlocked. And, that can truly happen, when all countries start lifting prohibitions on bitcoin, and all retailers start accepting payments in term of BTC. Bitcoin has the potential to do away with the rich-poor gap, but that’s the conversation for another article and another day!