Here’s how and where you can use bitcoin
The price of bitcoin topped $28,000 for the first time over the weekend as interest soars higher and higher. But bitcoin is about more than just a store of value. You can use it to buy things, deposit at online casinos and receive payment for goods and services.
Making bitcoin deposits at online casinos
Before you can gamble using bitcoin at an online casino, you’ll have to deposit your bitcoin into the casino’s platform. To do this, sign up at the casino of your choice on its website and then go to the cashier and choose bitcoin as the payment method.
You’ll need to see which digital wallets the online casino accepts and make sure that you use one of those wallets. Then you’ll have to buy bitcoin to put in the wallet so you can deposit it into the online casino. You can purchase bitcoin through an exchange like Coinbase or even through services like PayPal.
To deposit bitcoin into the online casino, you will have to enter your wallet address, so the casino knows where to look for the cryptocurrency. Then choose the amount you want to deposit.
Buying things with bitcoin
If you don’t want to gamble with it but want to use bitcoin as a form of payment, you will still need a digital wallet. Bitcoin.org has a tool that will help you choose the best wallet for your needs. Some examples of bitcoin wallets include Bitcoin Wallet, BitPay and Electrum.
Trying to find retailers that accept bitcoin as a form of payment can be a bit difficult, but tools like Spendabit can help you browse millions of products available for purchase using the cryptocurrency. You can use a service like BitcoinWide.com to find retailers or individuals who accept cryptocurrencies as a payment method.
Some examples of big companies that accept bitcoin are Microsoft, Burger King, AT&T, Starbucks, Pizza Hut, KFC and Subway. You can also use Coinmap to locate local businesses like restaurants and cafes that accept the cryptocurrency.
Accepting bitcoin as a form of payment
Given that the bitcoin price has been soaring, it may be beneficial to accept the cryptocurrency as a form of payment. You could find that the bitcoin you received for payment on goods or services yesterday is much more valuable today, although the reverse could happen as well.
One of the easiest ways to accept bitcoin as a form of payment is using a dedicated app that generates a QR code for customers to scan with their digital wallet. This will transfer the bitcoin to your wallet, and you can then sell it for fiat currency.