To say that bitcoin has gained momentum in the digital world would probably be an understatement. With over 17,473,354 bitcoins in existence today and a market value of $70,434,700,503, it’s safe to say that more people are now hooked on this digital currency started by a mysterious figure with the alias Satoshi Nakamoto in 2009.
Since then, bitcoin has increased in value causing many curious minds to want to get in on the action. Skeptics, however, are saying that using bitcoin is a dangerous game to play because it could just be a dangerous bubble that could burst anytime. Still, bitcoin’s popularity is increasing and experts are predicting that this trend will continue over the next few years.
But exactly are the uses of bitcoin and who uses it anyway?
A lot of assumptions have been made about bitcoin users. They could be nerds, idealists, oddballs, techies, and even criminals. But based on an analysis of Google Trends on who uses bitcoin, Yelowitz and Wilson identified four types of users: the computer programmers, the libertarians, the speculators and the criminals.
Computer programmers are part of the demographic for obvious reasons. They are the ones who have a deeper knowledge of coding and programming, and most of them are into mining or solving mathematical problems in blockchain technology that help increase the value of their bitcoin in return. Speculators, on the other hand, join in on the action because of volatility. They want to explore new ways to trade securities and the popularity of bitcoin are very lucrative to them.
Libertarians are easily attracted to the concept of bitcoin usage because it fits exactly with what they believe in, free will. While traditional currencies are controlled by banks and government institutions, digital currency doesn’t have any regulation, which takes away the hassles of paying or buying. Of course, there are the criminals who became associated with bitcoin through the infamous Silk Road marketplace. The Silk Road is also known as the Deep Web is that part of the internet that’s not indexed by search engines and where most dark trades take place because they offer anonymity to users. It is said that criminals love to trade, buy or use bitcoin here because of this perceived anonymity and exclusivity from the rest of the online world.
While bitcoin’s status as a legitimate currency is still under debate, a lot of retailers have already integrated bitcoin payment into their system. Here are some of the ways you can use the bitcoin you have:
If you want to see the world but don’t want to pay cash for it, you can book flights and hotels with bitcoin through CheapAir, Expedia and Surf Air. Now if your bitcoin stash is as big as your travel ambitions, you can always book for a trip to space through Virgin Galactic.
Although a fairly new concept, betting with bitcoins in 2019 is a trend that you should watch out for. If you have some bitcoins to spend and you want to have fun, why not put it on your favorite football team?
If you’re big on movies, games or apps, you’d be glad to know that Microsoft now accepts bitcoin as payment for downloads. Musicians like Imogen Heep and Bjork also take cryptocurrency in exchange for downloading their music.
If you’ve been aching to update the look of your home, you can buy anything from television sets to home furniture at Overstock.com using your bitcoin. Patrick Byrne, the company’s founder, is one of bitcoin’s most active proponents and has introduced bitcoin as a form of payment since 2014 and it accepts all major cryptocurrencies like Dah, Litecoin, Ethereum and Bitcoin Cash.
If you want to purchase items in stores that don’t accept bitcoin as a form of payment, you can always buy gift cards for thousands of companies on eGifter.com. The website sells gift cards for stores like Home Depot, JCPenny, Sephora, and Amazon.
Some schools, legal and accounting firms, and even a pizza joint in the United States now accept bitcoin as a currency, so there is definitely a lot that you can look forward to when it comes to this digital currency. So, if you’re still on the fence about stepping into the world of bitcoin, you might just want to give it a try this time.
If you are interested in even more business-related articles and information from us here at Bit Rebels then we have a lot to choose from.
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