Diving deep into the details of Bitcoin will create an unbelievable tale about how you can create money. For some, it may seem like fiction, but let me tell you it’s the best version of currency available today. Now is the time to wrap your head around how to use Bitcoins as well as pay through Bitcoins.
While you use bitcoins, various questions pop up in your mind. Let’s get them all cleared with this step by step guide to paying and using Bitcoins.
Who Accepts Bitcoins?
There has always been a misconception that Bitcoin is a commodity and not a currency. Basically, this is because most of us have no idea about the companies or businesses that accept bitcoin as payment for buying products or for the services rendered.
Did anytime a question like “What are the stores that accept Bitcoin?” pop up in your mind! If so, then you’re in the right place:-)
Top Companies & Websites Accepting Bitcoins
Retail Company Overstock:
At present, Overstock is one of the leading retail company in the field of shopping and cryptocurrencies. The company not only accepts bitcoins but also various other cryptocurrencies. Overstock accepts Bitcoins as well as owns few bitcoins. Such vendors make the best contribution to the bitcoin community!
The world’s leading tech-giant Microsoft placed its faith in Bitcoin, long back in the year 2014. However, it is not possible to buy anything directly from Microsoft using Bitcoins, but you can deposit a relevant amount of Bitcoins in your account. Later on, you can easily use this amount for purchasing games, Xbox apps, movies, etc.. Suppose, if you’re a gamer or avid movie fan, this is a reliable service to use.
If you’re a gadget junkie, this company is meant for you!! The electronic retail giant, Newegg accepts Bitcoin. Newegg has chosen BitPay as its payment processing partner for cryptocurrencies.
There are chances that PayPal may not let you easily buy Bitcoin with it, but it definitely accepts Bitcoin to be added. Thus, by transferring your Bitcoin funds to PayPal and then using it to buy any product of your choice, you can put your cryptocurrency to good use.
This site is meant for travel freaks and crypto heads. Expedia allows you to use your Bitcoins for making travel bookings. This site is managing Bitcoin payments since 2014. The site has also partnered with Coinbase Exchange for payment processing.
Basically, Shopify is an e-commerce platform which allows the merchants to set up their own online shops for selling their products to Etsy or eBay. In the month of November 2013, nearly 75,000+ Shopify merchants got an option to start accepting bitcoin payments through BitPay.
Almost all of us use the insanely popular online encyclopedia which is Wikipedia. Do you know even this company accepts payments via Bitcoins? Suppose if you’re willing to contribute funds to Wikipedia and you are the one who owns Bitcoins in your wallets then you can go ahead to use them.
eGifter is a popular gift card website in the world. The company also has a mobile app which allows its customers to purchase gift cards from various other companies like Amazon, JCPenny, Sephora, Home Depo, Kohls and much more. eGifter uses Coinbase as their Bitcoin partner, hence making their Bitcoin payment method easier.
Dish Network is one of the popular Satellite television and Internet Service provider who accepted its first Bitcoin payment in August 2014. This network is the first subscription-based TV provider to adopt any kind of cryptocurrencies. The dish network is in partnership with Coinbase for making bitcoin transactions.
One of the American fine jeweller, Reeds has brick-and-mortar locations in 13 states along with national online presence. All of these locations accept bitcoin. Basically, the purchases include fine jewelry, watches and loose diamonds. If you’re willing to purchase loose diamonds of worth $25,000, then free delivery via armored transport is also available.
How To Use Bitcoins To Purchase Items?
After analyzing a few companies and sites that accept Bitcoins, the next thing which strikes your mind is what can you buy using these Bitcoins!!
Although bitcoin is more about long-term investing, it is far easier to purchase goods online. As some of the sites are specially developed for accommodating bitcoin. For instance, there is a website that is entirely devoted to getting you pizza with bitcoin. You can also purchase gift cards with bitcoins.
Whether you purchase something or use bitcoin to add funds to your account, the process is much similar for using it. All you need to do is click “pay with bitcoin,” then give your wallet information, further confirm your information, and finally place the order.
Basically, all this process is carried through companies like ShapeShift, which allows digital cryptocurrency trading. There are desktop sites as well who provide wallet address to send bitcoins to. For example, Intuit has developed a system called PayByCoin which helps more businesses to accept bitcoin payments.
It is always better to make orders in timely fashion. This is because of the severe volatility of bitcoin. Also there are few bitcoin merchants who will give you a 10-minute window to complete your purchase. After all this, the price may update depending on the new exchange rate.
Accepting Bitcoin As A Payment Option
At present there are a huge number of ways in which businesses can accept bitcoin. Buts it is always the best if you opt for the simplest, keeping your accounting as simple as possible. One of the simplest way to accept bitcoin is through Payment processors.
You can also start accepting bitcoin by yourself through Blockchain.info account or through Multibit. As you will be completely exposed to bitcoin’s volatility, it is better to accept Bitcoins via Payment Processors.
Basically, there are two major ways to accept Bitcoins:
- Firstly, accepting Bitcoins through exchanges like Coinbase and BitPay.
- Secondly, accepting them manually.
Accepting Bitcoins Through Coinbase
Coinbase is one of the largest cryptocurrency exchange platform in the world. If you register your business with this exchange, you can accept BTC payments on your site. Later when customers make Bitcoin payments, the currency goes directly into your Coinbase account. If you wish to convert your Bitcoins, then you can withdraw them into your local bank account. Also note that 1% of fee is chargeable.
Accepting Bitcoins Through BitPay
The operating mechanism for Bitpay is similar to that of Coinbase. The only difference is that BitPay mainly focuses on Bitcoin payment processing systems. BitPay is actually one of the preferred platforms as it offers various functionalities like allowing businesses to accept one-time payments, to set up subscriptions, and even receive donations.
Accepting Bitcoins Manually
Basically, Bitcoin does not rely on any third-party services. So you do not need to hire any payment services for your company. For doing this, you need to generate a Bitcoin address for each transaction made on the website. You also need to provide instructions as to how to much money the people should send. Furthermore, Bitcoin is transferred to your wallet, also you can confirm your transaction later.
How Is Bitcoin Different From Bitcoin Cash?
If you’re aware of Bitcoin now then definitely you might also have heard about Bitcoin Cash. But, do you know they both are completely different! Let me give you detailed view about the two…
Bitcoin Cash emerged as an answer to the year-long debate among the Bitcoin community regarding the best way to scale Bitcoin to its users. The most simple solution adopted by Bitcoin Cash, was to increase the Max Blocksize Limit parameter of the Bitcoin codebase. Bitcoin’s block size limits at one megabyte, whereas Bitcoin Cash has increased the limit to 8MB. Hence, allowing for around two million transactions to be processed per day.
There is very little difference between the two on the frontend when using these currencies. When given an equal hashrate, BCH protocol allows more transactions per second which translates them to faster payments and lower fees.
When you look back at Bitcoin’s humble origins, all it reveals is how far the cryptocurrency world has spread. Any time you wish to invest in Bitcoin always do a proper research along with prudently evaluating your options for acquiring it. Eventually, this will allow you to make optimal choice for joining a growing community of users, businesses, investors, and developers.