You’ve probably seen Bitcoin start to creep up, online, as a payment method that retailers are accepting. But how widespread is this option and which merchants will accept Bitcoin? Also, what is Bitcoin exactly?
This article has got you covered. Find out what Bitcoin is, how to earn it, and how to trade it or cash it out, and where you can spend it online directly with merchants.
What is Bitcoin?
Bitcoin is the premiere of the digital currencies created in 2009. Despite being around for over a decade, bitcoin is recently becoming more popular as the bitcoin community grows and major companies start taking a solid interest in cryptocurrency payments as an alternative to more traditional payment types.
What Bitcoin is
- A decentralized digital currency.
- Easily sent from peer to peer without the use of a third party.
- Free from burdensome transaction fees.
What Bitcoin is not
- Legal tender in many parts of the world at this time.
- Associated with a government or central bank.
- A physical form of currency.
How Many People Mine Bitcoin?
There are an estimated 1 million Bitcoin miners working in pools but not as teams. In fact, the miners work as competitors in this system. Each miner must perform a variable action to add to the chain that forms a block to earn a portion of the value of the Bitcoin that has been mined.
For the past few years, China has been the Bitcoin leader with most miners working within the country. According to CNBC, the US beat China for the first time and is now the leading Bitcoin destination.
How Can I Earn Bitcoin?
There are many apps that will give you free Bitcoin for taking lessons, playing games, answering surveys, and performing other tasks. Here are some of the best apps that let you earn free bitcoin cash.
Coinbase allows you to sign up and get $5 in Bitcoin and an entry into sweepstakes with a grand prize of $250,000. Sign up using the Swagbucks and you’ll get a free $25 cash bonus. Coinbase also allows you to buy or sell crypto or create a digital wallet. Sign up for Coinbase now.
With BlockFi, you can get $250 cash back when you open an account and make a deposit. The BlockFi interest account is the first of its kind allowing users to earn nearly 9% interest per year. And you’ve heard of credit cards that give you cash back or airline miles for your purchase right? With Blockfi you can crypto back. Sign up for Blockfi now. You can get a free $35 bonus (cash back) for signing up, too.
Sometime in 2022 (hopefully earlier in the year than later), Swagbucks will start offering cryptocurrency rewards as a redemption method. This means you’ll be able to cash out your Swagbucks money for a gift card to buy crypto. For crypto lovers, this is great news. You’ll have the opportunity to earn free crypto for playing games, answering trivia, taking surveys, trying new products and services, and more.
Swagbucks has paid over $600 million in PayPal and free gift cards. Soon, cryptocurrency will join those reward options. Sign up for Swagbucks now.
Can I Turn Bitcoin Into Cash?
Yes, you can convert Bitcoin into cash in several ways. Until more stores start to accept crypto payments, these types of Bitcoin transactions will remain the most popular and lucrative ways of using this currency.
The Top Methods to Turn Your Bitcoin into Cash
- Bitcoin ATM and debit cards.
- Peer to Peer Bitcoin exchanges.
- Brokerage-based exchanges.
Each method has its pros and cons which can be very complex and confusing especially for someone who is new to the Bitcoin community.
Bitcoin ATMs and Debit Cards
With these methods, the Bitcoin is deposited and then withdrawn at a set rate based on the currency being used for the withdrawal.
Advantages of Using Bitcoin ATMs
- Exchange rates are stated clearly.
- Do not need to use a broker or third party to make exchanges.
- Maybe one of the fastest ways to enable these exchanges.
Disadvantages of Bitcoin ATM’s
- May have much higher fees than other options.
- May not be available to every trader.
Bitcoin Peer to Peer Exchanges
As the name implies, this type of exchange happens between two individuals with parameters agreed on through negotiations.
Advantages of Peer Exchanges for Bitcoin
- The Bitcoin owner determines the payment method option that will be used for the transaction.
- May be much faster than the other options.
- May have a better exchange rate especially in areas with higher Bitcoin demands.
Disadvantages of Peer Exchanges for Bitcoin
- There is a much higher risk of scams and frauds especially for novices.
- May be difficult to find the right pool of potential peers to exchange with.
Like a stockbroker trading traditional stocks, a Bitcoin broker facilitates cryptocurrency trading for a fee assessed per exchange. Bitcoins are deposited into the brokerage account and then can be exchanged for the currency of choice.
Advantages of Using Bitcoin Brokers
- May be considered to be the “safest” of the options.
- Removes some of the risk of fraudulent trades.
Disadvantages of using Bitcoin Brokers
- Fees can vary from broker to broker.
- By far the slowest of the options with trades taking as long as a week to be completed based on the country/currency being used.
Things to Keep in Mind When You Want to Withdraw or Spend Bitcoin
Before exchanging Bitcoin for cash, it is important to remember three things.
- You will be responsible for any taxes if you make a profit on the exchange
- There will be fees with any of these transactions. The amount of the fees can vary.
- The speed of the exchange is determined by a number of factors including the type of exchange, the demand of the Bitcoin, and others. Some exchanges can take up to a week to complete.
Does Amazon Accept Bitcoin Cash?
At this time Amazon does not accept Bitcoin directly but you can still use Bitcoin payment on the site.
You can either convert Bitcoin cash to your country’s current accepted currency through one of the methods outlined above or you can:
- Use a Bitcoin app or debit card such as this one from BitPay.
- Use your Bitcoins to fund Amazon Gift cards.
You can use Bitcoins to fund Amazon gift cards without a fee. The advantage is that after funding the gift card you will have an option to use it immediately with a “redeem now” button that will take you directly to the Amazon website.
Does Home Depot Accept Bitcoin?
Yes! Home Depot is one of the major companies that accepts bitcoin payments As one of the US’s largest home improvement stores, Home Depot started accepting bitcoin payments in 2019. Payments are made using Flexa.
Flexa is a global company. Flexa can process or accept bitcoin payment and other cryptocurrency types for a growing number of companies.
Does Venmo Accept Bitcoin?
You can buy, sell, and trade Bitcoin on Venmo. A new program was released in August 2021 that allows Venmo users to buy cryptocurrency as a payment method.
What Stores Take Bitcoin as Payment?
There are several stores that currently allow bitcoin purchases. Bitcoin donations can also be made on the Wikipedia website.
Here are some of the top stores where you can use bitcoin payments.
- Home Depot
- Whole Foods
- Burger King
You can also pay with Bitcoin at ExpressVPN, Name Cheap, Microsoft, and Twitch. Keep in mind that most stores currently require a third-party payment processor to use bitcoin.
By the end of the year, there will hardly be a major retailer that does not accept bitcoin payments.
Final Thoughts on Stores and Merchants that Take Bitcoin
The world of cryptocurrency is evolving from a complex online environment to a more widely accepted payment option. As more and more people start using bitcoin, especially at online shops, there will be more established stores that convert to accepting it as well.
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