Where can you use bitcoin? | The Guardian Nigeria News

Are you looking for places where you can use Bitcoin? If so, here is a list of online and offline businesses that accept Bitcoin payments.

You may have heard that Satoshi Nakamoto created Bitcoin as an alternative currency. This means that Bitcoin’s primary purpose is to operate as an electronic currency, allowing users to pay for products and services. Lack of trust and decentralization are the core features that Bitcoin loves for individuals and organizations.

Bitcoin does not depend on a central authority, such as a government or a bank, to function. Instead, a decentralized system that includes a computer network makes it work on the blockchain. The Bitcoin network confirms and validates transactions to prevent double spending and fraud, among other potential issues.

Also, this virtual currency uses cryptography and a public digital ledger to create a tamper-proof database of all transactions. Essentially, no entity can manipulate the bitcoin ledger or change the transaction details once miners verify its authenticity. But, Bitcoin has not achieved its primary goal of serving as an alternative currency.

Some individuals argue that Bitcoin is unusable as a currency due to its volatile nature. Alternatively, people can trade or speculate on platforms like BitIQ. These platforms, also known as cryptocurrency exchanges, allow individuals to sign up and trade bitcoin using fiat money. You can sign up with such a platform, load your account with paper money and then buy bitcoins at a lower price to sell them later once their value increases.

However, the acceptance of Bitcoin payments is gradually increasing, and people can use Bitcoin in many places.

Facts about using Bitcoin

Currently, the number of places or merchants accepting Bitcoin payments has increased significantly compared to the past years. At first, some individuals and institutions believed that Bitcoin was a black market currency. Some individuals have argued that only criminals can use Bitcoin.

However, this perception has changed, and more merchants are taking Bitcoin payments. Therefore, individuals and organizations can use Bitcoin for other purchases as an alternative to third-party payments or credit cards.

Also, many companies allow individuals to transfer fiat money to Bitcoin and vice versa. You can get bitcoins quickly with your fiat money or sell your digital currencies to get cash. Many people use these companies to get bitcoins for international and online payments. Bitcoin transactions are almost instant and cheap due to the payment channels of the Lightning Network.

Best places to use bitcoin

Individuals and organizations can use Bitcoin in many places both online and offline, regardless of investing or trading Bitcoin. For example, you can pay for products and services online and offline using this virtual currency. You can get a crypto wallet address or QR code to scan and complete a Bitcoin payment in most places.

Use Bitcoin online

Bitcoin has gradually become the preferred payment method for online shoppers and merchants. Here are some of the online retailers that allow customers to pay with Bitcoin.

namechip

Microsoft

jam

Shopify

New

Some online stores do not accept direct Bitcoin payments. Instead, they allow service providers to take Bitcoin payments.

Use Bitcoin Offline

Some offline retailers accept Bitcoin payments. For example, restaurants and other retail stores allow customers to pay with Bitcoin at their physical locations. Here are some offline places where you can pay with Bitcoin.

Starbucks

all foods

jamstop

Baskin Robbins

cage + barrel

Bitcoin users have several options when using Bitcoin to pay for services and items every day. More companies and merchants have changed their perception of Bitcoin and are now accepting it as a direct payment method or via payment processors. Thus, this changing perception is accelerating the use and adoption of Bitcoin worldwide. And this trend may undoubtedly continue as more merchants and businesses look for ways to reduce transaction costs and improve efficiency, which Bitcoin facilitates.

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