Most of us have heard about Bitcoin, and how many people have made a tidy profit on Bitcoin. If you were lucky enough to profit from Bitcoin then how would you spend your money when you have made it?
What is bitcoin?
Most of us know Bitcoin as a cryptocurrency, which is a digital currency. For example instead of paying in Pounds or Dollars, you pay in Bitcoin.
Like currency, the value of Bitcoin can change. You can find trustworthy sites for bitcoin users here, including some UK bitcoin casinos.
How to spend Bitcoin
Paying with bitcoin is similar to sending an email – instead of sending a message you are sending money.
You don't have to give out too much personal information when paying with bitcoin. You just need your name, and if you are buying physical goods you need your address, or just your email address for digital goods. If you are donating bitcoin you don't need to provide any info!
Instead of entering your credit card number, the payment information could be a link to sign in to your coin wallet, a QR code or a bitcoin address. The process of paying may differ slightly depending on the type of bitcoin wallet you're using.
Important things to consider about Bitcoin
There are lots of important things to remember about Bitcoin.
- Bitcoin is volatile, and the value can fluctuate quite a lot.
- Bitcoin is unregulated, meaning that there is no guarantee of protection if a payment is made in error (unlike, for example, Paypal).
- Bitcoin transactions are secure. They are encrypted within a Blockchain which is impossible to hack.
There are lots of other things to consider about Bitcoin, however let's jump into the juicy stuff – what can you actually buy with Bitcoin?
Buy gift cards with Bitcoin
Gift cards are a great way to spend your bitcoin profits. You can choose a wide variety of stores and pay for your gift cards in bitcoin, making it a smooth process.
This frees up your bitcoin for you to spend wherever you want.
Be careful with gift cards though, as if the store goes into administration then they will no longer accept gift cards and you won't be able to spend the value of the gift card and the money will be wasted.
Go on a Lush spending spree
When you think about bitcoin you don't automatically think of Lush, do you? After all, the products from Lush are hand made, 100% vegetarian and Lush also promote ethical buying.
With popular ranges including bath bombs, bubble bars, perfumes, solid soap, soap bars, hair care, fresh face masks, body care, skin care and so much more, many of us love Lush.
Did you know that if you shop online at Lush you can pay using Bitcoin? Since July 2017 they have accepted cryptocurrency online (however you can't use it in store).
Donate to Wikipedia
I am sure we have all used Wikipedia in the past, whether it was to write an essay for school or university, or to look up the plot to a movie we find boring and want to know whether to stick with.
Wikipedia is independent and relies on donations to keep running. That's why you won't find any adverts or affiliate links on Wikipedia.
Wikipedia accept Bitcoin donations, so if you have ever benefited from Wikipedia then it would be great to donate some of your Bitcoin tot hem.
Buy video games and entertainment
Big names like CeX, Dell, Microsoft and Steam all accept Bitcoin to pay for your purchases.
CeX sell everything entertainment wise including:
- Games for all consoles
And much more!
Travel with your Bitcoin profit
One of the things I love to spend my money on is holidays, especially to Orlando. Whether you need spending money for Orlando or any other trip, or you want to pay for your flights, accommodation and added luxuries, there are many places that now accept Bitcoin.
Big name travel website Expedia accept Bitcoin, and you can use them to pay for flights, hotels, car hire and more.
Online gambling with bitcoin
Did you know that many online bookmakers and gambling website accept Bitcoin to fund your account?
Some bookmakers and casinos even offer you a bonus for paying with Bitcoin.
Be sure to read the terms and conditions carefully to ensure you get any new customer bonuses when paying for online gambling with Bitcoin.