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How To Spend Bitcoins

18:41 29/12/2017
How Can You Actually Spend Your Bitcoins

Although Bitcoin is gaining more and more popularity, there is still a problem to spend the BTC coins you own. It's hardly worth mentioning that this applies to all cryptocurrencies since they are not even close to the first cryptocurrency.

 

In fact, this problem is not new. The crypto community has always tried to implement convenient ways to spend coins on a regular basis. After all, what’s the point to own money that cannot be used?

 

Since the very beginning, Bitcoin has been considered as a sort of hobby for a group of enthusiasts united by the original idea. The only way people could use their BTC back then was exchanging them on bitcoin forums.

 

Things changed a bit in 2010, after a user purchased two pizzas for 10,000 BTC. This date  has even gone down in cryptocurrency history as Bitcoin Pizza Day. However, in that case one user promised to transfer ten thousand BTC to another, and the other user promised to deliver pizza to the first one. Apparently, this way to perform massive financial operations left much to be desired, so another, more reliable, method required.

 

The situation imrovped once ptocurrency exchanges appearedcry.

The situation imrovped once ptocurrency exchanges appearedcry. People have got an opportunity to trade their virtual coins for fiat money, and vice versa. The next important step was taken in 2014. Several respectable corporations, such as Microsoft, Dell, Overstock, started accepting BTC as payment for their products and services.

 

So what options do we have at the moment? Even though cryptocurrencies have not become a common means of payment yet, people can exchange them for fiat money, purchase goods, services and even pay bills.

 

For illustration, Monaco has recently started using plastic cards for cryptocurrency payments. They work as standard bank cards but allow users to add ethers, bitcoins and some other coins to their account. Once the payment is performed, the system automatically exchange cryptocurrency for fiat at a certain interbank exchange rate.

 

This example indicates that progress keeps moving forward, and step by step cryptocurrencies become a part of the modern financial system.

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