Without a doubt, buying Bitcoin is one of the best investments you can make — at least if you’ve become skeptical of fiat currencies.
Nevertheless, many skeptics dismiss buying Bitcoin as its price plummeted for much of the first half of 2022. This huge downfall has made some investors feel that Bitcoin’s best days are behind.
But Bitcoin isn’t just an asset for trading for fiat currencies. It’s an alternative to fiat currencies altogether. That’s why you should consider buying Bitcoin.
But you might wonder where can you use Bitcoin.
Here’s what you need to know about Bitcoin acceptance.
Many of us in the First world might scoff at the idea of Bitcoin or crypto in general. After all, the United States, the United Kingdom, and the Eurozone all use some of the strongest currencies available.
But how would you feel if you were in Venezuela? In much of the developing world, Bitcoin makes a difference to combat weaker fiat currencies.
Bitcoin acceptance is growing in much of the developing world, especially in Latin America and the Caribbean.
Thanks to cryptocurrency entrepreneurs such as Roger Ver, we’ve seen almost all businesses in countries such as Antigua and Barbuda and Saint Kitts and Nevis accept Bitcoin as payment.
For your next Caribbean vacation, you might even wish to consider using Bitcoin to book your hotel!
Next time you travel to a developing nation, consider asking who accepts Bitcoin. Even if the country doesn’t formally recognize Bitcoin, as El Salvador does, you might find many entrepreneurs who’ll prefer Bitcoin over their national currency!
At present, many major companies have opted for Bitcoin acceptance. These companies see Bitcoin as a great option for receiving payments.
Here are some of the companies that accept Bitcoin:
- Burger King
- AT & T
- Pizza Hut
- Norwegian Air
- The Internet Archive
These are just a few major companies that’ll accept your Bitcoin if you don’t have fiat on hand. As you can see, Bitcoin adoption is growing in a variety of different industries.
You can look up the details of a film on Wikipedia and then donate to it in Bitcoin. You can then watch the film at your local AMC theater and pay for your ticket with Bitcoin. Then you and your friends can eat and Pizza Hut and discuss the film — after you’ve paid in Bitcoin!
If you don’t have Bitcoin on hand often, you can look at this list of locations to find a Bitcoin ATM near you.
Even with increasing Bitcoin acceptance, many skeptics wonder if you can depend on it for most of your life. While this isn’t the case at present, there are ways to live off Bitcoin as much as possible.
One great example is The Bitcoin Family. This is a Dutch family who has depended on Bitcoin and crypto to finance their travels around the world.
How much you can live off Bitcoin depends on your jurisdiction. But let’s assume you live in an area without strong Bitcoin acceptance. Even in such contexts, there’s still a strong case to accumulate more Bitcoin.
For example, you can always swap your Bitcoin for fiat when you need it. If you hold your Bitcoin on an exchange you can switch it for fiat within a few seconds. The fiat currency gets credited to your bank account so you can pay with your debit card.
You can also move or travel between jurisdictions that are more favorable toward Bitcoin. For example, El Salvador’s Bitcoin Beach lets you pay for almost everything solely using Bitcoin.
For now, the internet remains the best place to make purchases via Bitcoin. Consider looking for brands that take Bitcoin as a form of payment for your normal internet purchases.
At present, Amazon doesn’t permit Bitcoin as a form of payment for its products and services. This led to the birth of Purse.io. This website lets you make purchases on Amazon by using your Bitcoin.
You’ll make payments to Purse via Bitcoin. Then, Purse makes the payment using fiat currency to Amazon. You’ll receive your order on your doorstep just as you normally do.
Bitcoin is a great currency for buying other hard assets for hedging against inflation. For example, many online bullion dealers will accept payments with Bitcoin.
This means you can buy gold and silver bullion using your Bitcoin. To protect yourself during a recession, you’ll now get to depend on your Bitcoin and your bullion.
There are also credit cards and debit cards that get tied to your Bitcoin wallet. You can use them to make purchases online in Bitcoin. Your Bitcoin gets converted to fiat and can get used to making most purchases online!
One can expect more online stores to accept Bitcoin as a form of payment. Many freelancers and digital entrepreneurs already accept Bitcoin as a form of payment for their services.
We’ll likely see greater adoption of Bitcoin for charities. For example, many people inside and outside Canada made donations via Bitcoin to the trucker’s protests.
This is a great way to help those in need if you can’t send via fiat. The Liberland Aid Foundation accepts payments in crypto along with fiat. They’ve used their funds and resources to help several causes.
These range from sending food to Haiti to improving education in Serbia. Much of this has come from donations via Bitcoin and crypto.
If you care about philanthropy, now’s the time to stack sats. Your Bitcoin can get used to improve someone’s life in the future.
One potential setback for Bitcoin and charity in the future is the seizure of funds. This is the case for the trucker’s protests in Canada. In such a case, you want to find ways to send your Bitcoin directly to those in need.
This brings us to the next section in our guide on how to stack sats so you can make Bitcoin purchases soon!
Sats refers to units of Bitcoin — whether in part or in whole. You want to stack sats by buying as much Bitcoin as you can.
At present, you’ll have to pay 5-figures to buy 1 whole Bitcoin. But the beauty of Bitcoin is that you can buy fractions of a Bitcoin and still use them for spending.
As mentioned previously, you can buy Bitcoin using any cryptocurrency ATM in your location. You’ll deposit cash in the ATM and it’ll dispense a paper wallet.
The paper wallet is a receipt that shows how much Bitcoin you’ve purchased. You’ll also see the details of the wallet’s private key and public key. This information is crucial for helping you protect and spend your Bitcoin.
Another way to stack sats is to trade using online web exchanges. You can also set up a web wallet where you can buy Bitcoin using your debit card or through a bank transfer.
Make sure you speak to your financial advisor about buying Bitcoin first. You’ll likely still have to depend on fiat currencies so in most cases you don’t want to put all your savings into Bitcoin.
You also have to decide how much Bitcoin you wish to spend. Many investors prefer to hold onto as much Bitcoin as possible. They don’t want to spend Bitcoin unless their fiat currency faces hyperinflation.
You also want to look at the reality of how much Bitcoin you can spend. If you live in an area without much Bitcoin acceptance, it’s better to keep most of your portfolio in fiat.
Even if you choose to stack lots of sats, consider saving as much of it as possible. It’s better to spend Bitcoin when there aren’t other options available.
A faster way to stack sats is to earn Bitcoin rather than buy it with your fiat currency.
For example, you can ask your employer or clients to pay you in Bitcoin. They can pay you in part or in whole, whatever your preference is.
If they can’t accommodate making payments in Bitcoin, some services will convert your fiat wages to sats. Your employer or clients will send money to this service directly.
The platform will then convert some or all your wages from fiat to Bitcoin. It’ll then transfer your Bitcoin to your crypto wallet.
While employers are likely to be slow with Bitcoin adoption, it’s going to continue to gain popularity among freelancers. If you earn part or whole of your freelance income online, consider sending your invoices with your Bitcoin QR code!
So what’s the best way to receive income or tips through Bitcoin?
The best way is to find an online QR code generator for your Bitcoin wallet. You’ll copy and paste your public key on the interface and it’ll generate a QR code with you.
This QR code, in most cases, will display the Bitcoin logo. This helps you distinguish it from other QR codes.
You can then share this QR code with your clients. If you send invoices, then you can post this QR code on the invoice.
Many online entrepreneurs will include this QR code on their landing pages. This makes it easy for your clients to pay you and for your fans to tip you.
You can also do this for your business or for a charity you support. You can create a Bitcoin QR code for any organization of your choice. This way, anyone can send Bitcoin directly to the business or charity.
One of the biggest issues that many newcomers to Bitcoin have is storing your Bitcoin. While Bitcoin is often more secure than your fiat currencies, you have to find a way to protect it.
This prevents it from getting lost or hacked. It also ensures that you’ll have more sats to spend or donate in the future.
The best way to protect your Bitcoin is through the paper wallet that you’ll receive from your cryptocurrency ATM. As long as you don’t lose this paper wallet or share it with someone, you won’t lose access to your Bitcoin.
However, you still want to take extra steps to store your Bitcoin for future spending:
You want to also invest in a hardware wallet. This is a physical device where you can store your Bitcoin. While this can get hacked, it’s still one of the best ways to protect your Bitcoin. Crypto hacking through hardware wallets is difficult and instances are rare.
A third option is through web exchanges. While many seasoned investors dismiss this option altogether, this is the best way to store Bitcoin for future spending.
You can use an online web exchange to hold your Bitcoin. You can send payments via Bitcoin through these web exchanges without needing any technical expertise.
This, however, is the riskiest way to store your Bitcoin. As a result, you want to ensure you choose a difficult password for your online account. Consider changing your password at least once every 30 days.
You can also take extra precautions to prevent your web wallet from getting hacked.
Never use a public computer to access your web wallet. You should also use a VPN while accessing your web wallet. This masks your activity and protects your IP address from potential hackers.
Where can you use Bitcoin? Now you know that Bitcoin acceptance is growing and you’ll soon be able to depend on it just as you depend on your fiat currency.
Bitcoin is making waves in the developing world and there are many great places to spend your sats. You can buy pupusas from a street vendor in El Salvador or stay in a luxury hotel in Saint Vincent and the Grenadines with your Bitcoin!
Many major companies are accepting Bitcoin as a form of payment. Many online retailers and online entrepreneurs are also accepting Bitcoin.
Now’s the time to start stacking sats! If you want even more information on Bitcoin, make sure you visit our website.
*See our Disclaimer for release information.