For those far from the crypto tech space, the term Bitcoin may sound uncanny and mysterious. Some think of BTC as the next ‘wonder of the world’, while other skeptics choose to stay out of this ‘weird virtual currency’ (how they often address Bitcoin). To be fair, both versions are not entirely correct. BTC is one of the most outstanding creations of the modern geniuses, though it will be an exaggeration to call it a miracle or the world’s greatest wonder.
In parallel, the skeptics’ position is also misleading because cryptocurrency is not inferior to the usual money by its relevance. Moreover, well-informed circles admit that crypto’s pros beat traditional coin in many respects. Microsoft co-founder Bill Gates also says that crypto will outshine physical currency within the next decade. Multiple controversial theories surround Bitcoin, though most of them come due to a lack of understanding of how BTC operates in real.
BTC for beginners
Customers can’t evaluate all the BTC gains and how they can spend crypto nowadays without understanding the simple basics of the crypto tech operation. In simple words, Bitcoin is a kind of digitized currency stored on the virtual encoded cloud. This currency reserves in virtual wallets and can be transferred from one node to another (from seller to buyer) via the innovational decentralized peer-to-peer network (blockchain).
For making a crypto transaction, BTC holders need a unique key or digital signature. The paramount advantage of the crypto money over classic coin operations is their lightning speed and large-scale anonymousness. According to the 2020 statistics, the number of BTC wallets has reached 47M globally and keeps scaling up every quarter.
The crypto breakthrough happened two years ago, when the first-ever ‘big’ purchase with BTC occurred. Any guesses what that was? Luxury car, diamonds, or maybe an exotic island? None of these! It was an ordinary pizza. The lucky buyer was Laszlo Hanyecz, who spent 10,000 BTC for two pizzas (very delicious, as he further said). In 2020, crypto purchases are no longer something unreachable, mysterious, and affordable solely for millionaires. Casual customers can use crypto in many diverse ways and, more importantly, 100% legally.
Five legal ways to spend BTC in 2020
If you are a lucky owner of Bitcoins, here are some tips for spending your crypto legally in 2020:
1. Shopping
Crypto for shopping is becoming mainstream worldwide. When humans stopped thinking of crypto as of some mysterious thing, they evaluated the pros of virtual currency in everyday life. Crypto is not a physical coin or a plastic card that we can put in a pocket and go shopping. Still, crypto purchases are no longer the fiction for an average human. There is a plurality of stuff and services affordable for crypto buyout.
- Food and stuff: If Hanyecz could buy a pizza for BTC two years ago, you also can do it in 2020. And not only pizza! Multiple companies currently accept BTC similar to ‘old-schooled’ coins and cards. Customers can use BTC to purchase food (from stores and restaurants), electronics, jewelry, precious metals, real estate, companies’ stocks, and a plethora of other stuff.
- Gift cards: Gift cards tend to become a No.1 useful gift to present to friends, colleagues, and family. Global companies that are giants in their industries have integrated crypto solutions as a part of their gift cards campaign. Such leaders as Apple, Amazon, Nike, and many others currently offer consumers the gift vouchers for crypto.
- Internet, TV, and other services: A growing share of service providers tends to adjust their offerings by crypto integration. In some areas (like in the United States), more companies allow consumers to pay for the services via BTC wallets. Customers admit that it is more time-saving and effortless to pay for TV, Internet, and utility bills with crypto, than to bother themselves with banking transactions.
2. Tuition
It sounds like every student’s dream to pay tuition fees with BTC. The benefits of crypto deals say it all: lower service charges and no dull routine with banks and credit companies. When considering this option for the tuition fee, potential students can do research to check what educational institutions are crypto-friendly. Cyprus and Switzerland are frontrunners in the niche. Meanwhile, there is not a myriad of crypto-loyal institutions yet, but experts forecast the scale growth within the upcoming years. Besides, not only can students take advantage of the brand-new fee model, professors and faculty staff may also move to the BTC-remuneration.
3. Traveling
The tourism sector has indeed blossomed due to the crypto tech progress. Traveling became an integral part of human routine with so many picturesque places, and breathtaking sightseeing people can visit in 2020. The only thing that irritates 90% of us is pre-travel planning: tickets, accommodation, transfers, and millions of other boring stuff to do ahead of the vacation. The crypto revolution makes this annoying process much easier and pleasurable. A predominant part of global airline companies accepts BTC in 2020. The industry giants allow passengers to book tickets with crypto without standing in sky-long lines in the airports.
A similar thing is with hotels and car renting companies. When you consider accommodation options on such popular platforms as booking.com or Tripadvisor, you can monitor the variants with BTC-friendly solutions. If you need to rent or book a car immediately as you are out of time to catch your flight on schedule, you can address Expedia and find the companies with BTC integration. Crypto evolution opens unlimited horizons to the tourism niche and casual travelers, in particular. Smart traveling with crypto has boundless prospects for customers in 2020. We never know at what moment we’ll need immediate cash during a trip. With the BTC wallet in a pocket, humans should not fret over such stuff.
4. Gambling activities
Modern tech has penetrated in all spheres of human activities, and gambling is one of the trailblazers. Contemporary users may spend eternity playing in casinos, mastering their skills and intuition in Poker rooms, and wagering on sports events. The iGaming niche is at the peak of its rise in 2020, and this sector will keep expanding its horizons within the ongoing decade. Leading sportsbooks tend to move with the progress rather than witness it from the bench. Eminent gambling providers and betting operators allow punters to enjoy games and wagers with crypto.
According to WorldBookmakers, the amount of BTC-friendly sportsbook companies has grown twice within the previous year. Their experts analyzed the current gambling market and concluded that the lion’s share of reputable operators has already merged crypto solutions to their channels, making the punters’ experience more delightful. Current gamblers can use the virtual coin on their beloved platforms 100% legally without fear of being trapped by cyber police. Crypto has an unbeaten advantage in this regard as customers can say farewell to irksome routine with banks and plastic cards instead of focusing on their favourite occupation.
5. Charities
Individual profit and richness can’t make humans complete if they focus on their personal well-being only. If you desire to share your wealth with people in need, that’s what makes you a worthy individual. In 2020, there is an ocean of opportunities to help charities and social organizations using crypto tech. People who care about others can make BTC donations to support multiple shelters, charities, and help orphans and refugees. Crypto appears more efficient here as do-gooders know precisely where their coin goes. While local authorities and third parties may grab their piece of pie from people’s donations via draconian taxes, BTC- transfers are more safe and fair in this matter.
How to pay with BTC in offline stores
Modern humans can’t picture their day-by-day routine without the Internet and online services. Still, brick-and-mortar stores are not going anywhere (at least, this century). Land-based companies and offline stores realize the significance of modern tech trends for the prosperous business run. In 2020, the share of offline stores tolerant to crypto keeps rising exponentially. And yes, we indeed can pay with BTC in brick-and-mortar shops!
As you can’t just take Bitcoin and put it in your wallet like a classic coin, BTC’s fastest option for offline shopping is via the app. You can install the BTC app on your phone within two minutes and use it as a virtual wallet to purchase food, clothes, and other stuff in stores.
Another option is to use BTC QR-codes. Many modern land-based shops allow customers to scan the code at the register to complete a transaction. Finally, as the progress moves upward, BTC owners can now use crypto cards to make purchases in the stores, pay in the restaurants, and even buy coffee at Starbucks. There is nothing complicated about crypto cards as they operate by a similar principle as good old credit cards.
Crypto-friendly companies in 2020
More and more international companies adjust their business models to crypto solutions in 2020. As a rule, customers can effortlessly check whether a company is crypto-friendly at its official website or by monitoring it on the Internet. The global giants, who were the pioneers in integrating BTC innovations, are:
- Wikipedia
- Microsoft
- Whole Foods
- Starbucks
- Amazon
- Overstock
- Expedia
Benefits of paying with BTC
Humanity can currently eyewitness a boom of the crypto peer-to-peer innovations in all spheres of the global industry. People who ‘taste’ crypto solutions firsthand refuse to get back to old-schooled fin transactions. The good old coin is no longer a No.1 priority for casual customers. Economists and fin pundits give several proven benefits of paying with BTC:
- Speed: BTC transfers are immediate due to unique data recording and processing software that requires milliseconds to send crypto from one digitalized node to another within the web.
- Security: When we pay for goods with BTC, we don’t need to unveil our personal details to unrelated parties, like banking institutions.
- Flexibility: Due to its digitized nature, crypto is more flexible and accessible than traditional coin. Wallet owners need only a digital key to send BTC to the recipient via the app or desktop.
- Fees: The winning benefit of BTC is the not-so-sharp fee rate, while banks and credit card companies aren't shy about taking their clients’ last penny.
How to earn on Bitcoins
For those who may not know – you can indeed earn a pretty penny on BTC. Experts suggest investing your crypto and making BTC work for you, but not vice versa. BTC trading is the proven way to make a profit on crypto. Have you heard about the iconic Wall Street stock exchange? Crypto trading operates by a shared principle (though not so harsh as at Wall Street). BTC owners wait for the most bountiful offers to sell their crypto and get a dozen times more than they initially spent.
No doubt, BTC trading requires a profound background and particular skills. Experienced traders advise not to depend on a lucky star, but instead do an in-depth analysis before stepping to this market. Owners, who don’t want to dig into this real trading stuff, may consider alternative methods. The most popular among casual customers is cashback. Some companies offer lavish cashback for clients who pay with BTC. Both sides win here. Companies may expand their loyal user-base, while customers receive generous cashback for their crypto purchases.
BTC myths: true or false?
Multiple controversial theories and unbelievable and bizarre myths surround Bitcoin since its appearance. It’s time to shed light on what is true or false.
BTC is a tool to launder money
False! Crypto is legal in most parts of the US, Australia, Canada, and 45 EU countries. It’s a common myth that BTC is used by criminal organizations and frauds to launder money. Many reputable global giants (including Microsoft) render crypto solutions to customers.
BTC can ‘die’ any moment
False! The modern world is so fast-changing that it’s hard to forecast anything, especially after the COVID pandemic in 2020 that almost crashed the global economy. Still, crypto has proved its stable position on the fin market even at the darkest period. Skeptics can’t say the same thing about banks that were harshly hit amid the quarantine.
BTC and blockchain is the same thing
False! When crypto first stepped in the fin arena, people mistakenly considered blockchain as a second name for BTC. In reality, blockchain tech operates like a bridge between digital nodes to deliver Bitcoins from sellers to buyers.
People can’t buy stuff with BTC
False! In this article, we gave enough proof that humans can pay for food, clothes, and services with BTC. They can arrange traveling, enjoy unlimited gambling activities, and even donate charities with crypto.
Summing up
With the progress run, it’s crucial not to stay afloat of the modern tech integrations. Nowadays, people are no longer afraid of changes. On the contrary, they are open to novelties and modernization. Our ancestors would never predict that people could ever fly to space. But we did!
While a few years ago, the majority could hardly imagine what crypto tech actually was, now 47M users worldwide use BTC wallets in their day-to-day routine. Innovations work to change human lives for the better. The Bitcoin example is perfect proof. Paying for pizza with BTC doesn’t sound like something extraordinary anymore. It’s better to be a part of the progress than to witness it from the sidelines.