More and more companies around the world are accepting digital money. Bitcoin is already possible to pay on Amazon and eBay, pay taxes, pay for public transport, and that’s not all.
Four years ago, in 2015, the total volume of transactions in the Bitcoin network exceeded the American payment system Western Union. Since then, there have been significantly more large companies that accept digital money through special services or directly:
- AirBaltic – airline;
- Amazon, eBay – consumer goods;
- Dell is a PC manufacturing company;
- Etsy is a peer-to-peer e-commerce platform;
- PayPal – electronic payment system;
- Reddit – social portal;
- Time is a popular American magazine;
- WordPress – content management system.
Digital money is used to pay for travel, shopping in online games, freelance services, to finance start-ups and blockchain projects (ICO).
The growth of the market of goods and services for cryptocurrency
Every day there are new organizations that introduce payment in digital currencies. These are restaurants, bars, shops of world famous brands, fast food chains, taxis, and public transport, auto dealerships and real estate agencies.
As a rule, a cryptocurrency payment occurs in several ways:
- QR code, which is enough to scan a smartphone with an installed system in the required cryptocurrency;
- transfer to the specified wallet;
- payment using third-party payment systems that accept digital money.
To find out if the service supports the use of cryptocurrency, just ask the seller or consultant. There are also gift cards from purse.io and gyft.com. They make it possible to pay for goods cryptocurrency, for example, on Amazon. Thanks to these services, access to a virtually unlimited market of goods.
The network also has specialized sites for finding companies that accept cryptocurrencies. The largest search service is spendbitcoins.com – in its database of more than 100 thousand customers. Usebitcoins.info is a similar portal with enhanced functionality. Coinmap.org – a world map with marks of places where it is possible to pay with digital money. Coinatmradar.com – search for Bitcoin ATMs.
Popular ways to spend cryptocurrency in different countries
Japan was a pioneer in using digital currencies as a means of payment. Recently in the country with the help of Bitcoin, you can pay for almost any product or service. Organizations around the world are also gradually introducing cryptocurrency payments for goods and services.
For example, the BitcoinCoffee chain has opened in the Czech Republic. The only bitcoin is accepted for payment from cryptocurrency. Unlike this coffee shop, PizzaForCoins pizza delivery accepts over 50 different coins.
Supports the development of new technologies and a worldwide network of fast food restaurants Burger King. Recently, in the Netherlands, restaurants of this fast food accept payments in bitcoins.
KFC accepts DASH cryptocurrency in Venezuela. Global brands followed suits, such as PapaJohn`s Pizzeria, Subway fast-food chain, and Traki hotels. Restaurants and food delivery services are among the first to introduce cryptocurrency payments.
Universities are also trying to keep up with the times. Now you can pay for tuition with Bitcoin in educational institutions in Germany, Cyprus, USA, Switzerland and in other countries. One of the first was the Swiss University of Lucerne, which began accepting cryptocurrency for studying at an art and science school in 2017. The operator of such payments was the famous Swiss company BitcoinSuisse AG.
In the famous New York plastic surgery clinic Body Sculpt, you can not only pay for the full range of services using Bitcoin but also get a discount for it. If you are not local, then to visit this place you can buy a ticket, and also for the cryptocurrency.
An unusual purchase will be the purchase of a coffin and the whole range of funeral services for cryptocurrency in the US state of Minnesota. CTF & CH, located in Saint-Paul, accepts Bitcoin for its products and services and offers an additional discount.
Charity and cryptocurrency
The main reason for the decline in the number of charitable foundations is corruption. Patrons refuse to finance the funds, explaining that the funds are spent for other purposes and it is almost impossible to follow them.
The introduction of cryptocurrency in the global economy will reduce the abuse in the field of charity, and the blockchain technology – easy to track financially. The World Food Program International Foundation has already successfully applied digital currencies and blockchain technology in its distribution of aid to hungry people on Earth.
Cryptocurrencies in high inflation countries
In some countries of South America, there were economic shocks that caused the depreciation of national currencies and, as a result, hyperinflation. These states depend on the export of goods that are purchased for US dollars and euros. To reduce the impact of currency appreciation, the governments of these countries decided to use cryptocurrency as a means of payment.
The swiftly depreciating national currency of Venezuela, the Bolivar, provokes an increase in demand for various cryptocurrencies among the population. The most common in this country is Dash. More than 3,000 companies use this altcoin as a means of payment.
Venezuela also released the world’s first national cryptocurrency Petro. With its help, the government plans to receive funds for exported oil bypassing US sanctions. In addition to oil trade, the Venezuelan government proposes to use this coin within the framework of the Bolivarian Alliance of Peoples, which includes a dozen countries in Latin America. Ordinary entrepreneurs and residents of this country use digital currencies to circumvent the restrictions in the economy.
If government plans to use cryptocurrency pass with varying success, then for the population the use of cryptocurrency is a way out of a difficult economic situation.
Argentina is the leader in retail Bitcoin. The reason is the same as in Venezuela – many years of hyperinflation. There is the fastest growing Bitcoin ATM market in the world. According to forecasts, the number of such devices in the country by the end of 2019 will exceed 2000, and their implementation, according to the government, will allow overcoming the negative effects of hyperinflation.
After the ban on using bank cards to pay for a taxi in the Argentine Uber, this system began to accept bitcoins. Also, thanks to the Alto Viaje service and the Latin American Bitex exchange, it became possible to replenish the SUBE card, which is used to pay for public transport.
For Latin America, a special cryptocurrency ApperCoin was developed. For payments using it, it is enough to install a special application on a smartphone. A distinctive feature is the lack of commission and high speed of transactions (10 seconds on average). Some retailers offer discounts of up to 40% when using this cryptocurrency.
At the end of November 2018 in the US state of Ohio, the opportunity to pay taxes cryptocurrency. After that, some states are interested in the possibility of introducing the same option. This indicates the transition of cryptocurrency in the section of recognized means of payment at the state level.
All of these ways to spend digital money is a small fraction of what is available on the world market. Their potential is huge and depends only on the imagination of users and developers. Probably, soon cryptocurrencies will be able to compete with the largest payment operators, such as MasterCard and VISA.