One thing that the general public are missing out on, is that Bitcoin is supposed to be a currency and not an asset. People that have been invested with Bitcoin for years, have become very wealthy. A new segment of first time Bitcoin investors are multiplying and an influx of new capital hits Coinbase and other crypto exchanges daily.
By investing in cryptocurrency, we should not forget that Bitcoin was built to be the next major currency and any currency is only useful if you can actually use it to buy things you want.
This is an important distinction to make and it is also important for investors in Bitcoin. If you are investing for the short term you don’t care about this.If you are in it for the long time then you know that Bitcoin has to be used as a currency for your investment to be sustainable.
Industries that are currently using Bitcoin and are accepting it as payment:
To the surprise of absolutely no one, e-commerce is the leading industry when it comes to taking Bitcoin is a payment. It is easy to see why the case would be so. Bitcoin is a digital cryptocurrency and e-commerce companies deal with digital all day long.
It is much more convenient for them to deal with the digital currency compared to a normal currency for which they have to deal with banks and many other intermediaries. With Bitcoins, they just take the payment into their wallet and the transaction is done without involving any third party in it.
You can buy most of the things you want through Bitcoin online. You can buy actual physical items, you can buy video games, you can buy movies, and much more. Eventually major retailers like Walmart and Amazon will start to accept Bitcoin – When that is, no one knows.
Things relating to privacy are being increasingly done using Bitcoin. Virtual private networks or “VPN” for short is a technology used by people who want to keep their identity secure over the internet. When you buy a VPN it masks your internet traffic.
Bitcoin was designed to operate without any central authority and in 2016, Russia operatives deployed Bitcoin as a way of influencing American elections through new digital media and Facebook Advertising.
However, if you buy a VPN software through your credit card, it can always be tracked back to you. That is why most VPN and other privacy related software can be bought through Bitcoin anonymously.
The hospitality industry has been a bit slow when it comes to accepting Bitcoin but they are beginning to accept in many different places in the world. It is very easy to see why the hospitality industry is open to the concept of Bitcoin. This is an industry which deals the most with tourists from other parts of the world, people who do not have the local currency.
The people who need to book a hotel room have to get the currency first converted and then they can pay the hotel. Bitcoin remove this need for an intermediary and allows the clients, no matter where they are from, to make payments easily.
CheapAir.com is an online travel website that offers customers a convenient way of booking trips and vacations. In the past CheapAir.c0m used Coinbase as their 3rd party “Bitcoin” facilitator but had their merchant account shut down by Coinbase.
In this July 2018 update, CheapAir.com CEO “Jeff Klee” states that they’ve been testing an open source Bitcoin payment processor, BTCPayServer, and in doing so have much more control of the ordering process that results in faster transactions. Hospitality is poised to be a major industry that continues to adopt Bitcoin as a form of payment.
This may surprise you, but there are a lot of restaurants that accept Bitcoin as payment. All over the world there are restaurants where you can pay with Bitcoin when you go out to eat. That’s not all, you can even order the delivery of many different restaurants through Bitcoin by paying online.
These are just some of the industries that are taking Bitcoin as payment. One of the biggest obstacles to taking Bitcoin as payment right now is that transactions are too expensive and take too much time to process. However, when this problem is solved, it will become very easy to transact and process Bitcoins and we will see the option to pay with Bitcoin pop up everywhere.