- Cryptocurrencies, including Bitcoin, have witnessed a surge in demand during the pandemic as people slowly move away from cash usage.
- Bitcoin is getting more widely accepted by businesses when it comes to making payments.
- Cryptocurrency users can spend bitcoin if they own BTCs, a Bitcoin Wallet, or a QR code of Bitcoin address for sending and receiving the cryptocurrency.
Ever since cryptocurrencies are getting recognised by more and more people, the price of bitcoin has drastically gone up. The high price caused an even higher demand, which resulted in more stores and companies accepting bitcoin as a way of payment.
Did you read: Bitcoin for Beginners: 5 things you need to know
Some bitcoin holders decide to hold on to bitcoin, hoping the investment will bring them more capital or to have a diversified portfolio. Others, however, use bitcoin for making purchases or spend in general.
By using bitcoin as a way of paying transactions, the cryptocurrency may become a standardised way of paying for groceries or buying cars. However, many companies still do not accept bitcoin. For that to happen, bitcoin demand will need to reach an even higher level.
Until then, if you have a BTC currency, Bitcoin wallet, or a retailer that accepts bitcoin as a payment and a Bitcoin address or a QR code for BTCs, you should be ready to spend your bitcoins in selected places.
How to spend bitcoin?
There are two ways of how one can spend bitcoins:
- Bitcoin can be sent to a public address that was previously provided to the sender.
- Before finalising a transaction, bitcoin users can ask for a QR code, which can be scanned as a way of completing the payment.
As a digital asset itself, bitcoin is widely accepted online, especially within e-commerce businesses and retailers. Those stores can be easily found in specific search engines, which will show a logo ‘bitcoin accepted here’.
A free platform named Bitcoin Wide offers a service of showing businesses that accept bitcoin and other cryptocurrency payments.
On the bitcoin website, bitcoin users can find a webpage that shows what local business support bitcoin and cryptocurrency as cash.
Mooning Market is an online marketplace that, interestingly enough, accepts bitcoin transactions only, not even other cryptocurrencies.
The platform itself is very similar to eBay or Amazon. Mooning Market offers goods that can be purchased by BTC – cars, furniture, food, tech, audio, clothing, even real estate. Moreover, the Market has a feature for earning bitcoins.
The first purchase made on the site was for a pack of Tim Tams, famous Australian biscuits, which was paid 0.00048446 BTC by an American user.
Mooning Market is powered by the UK-based Online Blockchain PLC network, with Clem Chambers as the CEO of the company.
As a contrast to Mooning Market, PPC Project offers protection against fraudulent behaviour in monthly or annual subscriptions, in exchange for cryptocurrencies. The company specialised its business in putting an extra caution around clicking bots and similar on online media platforms.
PPC Project currently accepts bitcoin, Litecoin, Ethereum, Nano and BAT as payments, apart from traditional fiat currencies.
The business stated that acceptance for cryptocurrencies grew over time. However, PPC Project’s revenue consists of just under 10% of cryptocurrency transactions at this time, mostly using bitcoin.
PPC Project also offers conversion from crypto to fiat and vice versa.
Sunlight Media is a digital agency that provides digital marketing services, as well as other website developments.
It accepts Bitcoin, Litecoin, and Ethereum through a special cryptocurrency payment website.
The company is still new to the cryptocurrency market. However, it believes that crypto payments will only gain more popularity when the time goes by, mainly because blockchain technology offers the utmost privacy.
There are many other businesses within different industries (e-commerce, travel, retail, TV, and gaming, etc.) that accept bitcoin payments, and more are expected to follow the trend.
Also read: What is NYSE Bitcoin Index?
Where can I spend my bitcoin in Australia?
Several local businesses in the land down under accept bitcoin payments.
For example, luxurious real estates are now possible to purchase with this cryptocurrency, as real estate agencies are following the trend of digital assets. Bitcoin users even have a chance of exclusive listings just for them.
Retail and hospitality shops all around Australia are starting to accept bitcoin even more, with the Melbournian café, The Little Mule Café being one of the first to do so, as well as Metropolitan Hotel Sydney in NSW and similar.
However, it seems like luxurious businesses tend to be fonder of cryptocurrencies. Other companies might be more acceptable of using bitcoin within their businesses. But, in order to do so, general public and banks will have to agree with and accept bitcoins more often.