The news about cryptocurrencies is not leaving front pages lately. The reason is simple: raging exchange fluctuations. However, Bitcoin was not created only for economic and other newspapers. The thing is you really can use them in purchasing stuff and services. Annually more and more companies are ready to receive payment in cryptocurrency.
There are two types of retailers:
- those whom you can pay only with Bitcoin
- and those whom you can pay only for some products with digital money.
After upgrades in Bitcoin protocol such as Lightning Network and Segwit should make even the process of cryptocurrency transaction with a recent upgrade in standards of security.
However, in the end, the choice of purchasing stuff with specific cryptocurrency or real money will depend on the agreement between client and vendor. Apart from that, both parties should take into consideration such factors as transaction costs, privacy, and duration of the process.
Some experts are sure that some cryptocurrencies show themselves better with small buyings. In comparison with Bitcoin Litecoin and Dash have bigger amounts of transactions per second. The quicker becomes the process the lower becomes fees for transacting in the network for participants. However, with such an advantage comes a negative side. Security of Litecoin and Dash is not as checked and high-integrated as Bitcoin’s. If you plan to pay $10 for some card with cryptocurrency choose LTC or Dash. However, if your purchase costs much more it would be better to wait some more time for extra security check than the risk it all for a small deal.
Overstock.com is the pioneer of cryptocurrencies payments for their products. This website mostly has for sale of household goods and started to accept cryptocurrency on pair with other currencies as recently as January 2014. Over recent years they added Litecoin, Dash, Monero, Ether and Bitcoin cash as additional payment options.
In the history of Bitcoin, there have been few cases of selling out real estate for bitcoin and other digital currencies around the world. Somehow owners of terraced apartments in Grimsby or of mega-villa in Moscow decided to exchange them to the digital currency instead of real ones.
The opposite situation had a founding member of TechCrunch, Michael Arrington. He purchased real estate with the help of Ethereum blockchain. The whole process went without legal arbitration. Mr. Arrington paid for his new house with Ethereum’s currency, Ether. This gives us a certain picture of how future deals with real estate and digital currency will look like without overpriced mediators.
Previously Bitcoin was considered to be an anonymous digital currency, however formal on-and-off ramps prove that this cryptocurrency can be traced in a network. It is not difficult to identify the owner of wallets using some simple detective technics. Therefore for illegal actins or transactions, some people started to use other digital coins. The users of darknet favored such currency as Monero. Usually, those who use it neglect specific transaction data. This makes all actions untraceable. Monero is mainly used for drug dealing and for a bypass of international sanctions against uncontrolled countries like North Korea.
Digital currencies are now being widely used around online casinos. Usually among them are Ethereum, Dash, Bitcoin, Bitcoin Cash, Monero, DOGE, Dash, etc. However, as it was noticed many such casinos give preference to Bitcoin and give bonuses for newcomers. If you want to check cryptocurrency casinos before entering them you can look reviews through at NoDeposit365.
Surprisingly traveling sphere also adopted a possibility to pay with digital money for some aspects of it. Expedia Group started to receive payments for hotel booking as far back as 2014. In the future, they plan to broaden the possibility to pay with cryptocurrencies. Hotels.com and Gyft.com adopted ideas of trendsetters Expedia. The list on the Hotels.com website numbers 150,000 hotels which you can book using your coins.
Next were some airlines. Amongst them are CheapAir.com, AirBaltic, and Destinia.com.
As we can see the best cryptocurrency for purchase will mostly depend on specific factors.
In years ahead we might see a completely different picture maybe even with a new digital currency which will be more sophisticated and practical.