Bitcoin is the talk of the town right now, not just the tech industry. For those of you who don’t know what bitcoin is, here’s a little bitcoin wisdom; it’s a new currency created in 2009 but an alias, Satoshi Nakamoto. Bitcoin allows you to make transactions without a bank. Still wondering, “What are bitcoins?” I got you. There is a “bitcoin mining pool” which is where all the hype is. Bitcoin trading is essentially like the stock market. However, while determining how bitcoin works and how to earn bitcoins, I’m going to address the stores that accept bitcoin. Here is your rundown on how to pay with bitcoin and which stores accept bitcoin (I’m no Bitcoin expert but here’s what I think I’ve grasped so far).
Bitcoin: The Electronic Cash System
Bitcoin makes it so you can receive payment within seconds and minimal transaction feeds, i.e., bitcoin is pretty crucial to businesses. Bitcoins get stored in a digital wallet, which is either in the cloud or on a user’s computer; essentially, it’s a virtual bank account that allows you to send or receive bitcoins. Still with me? If not, think of Venmo – same premise but you don’t have to wait days for the transfer to be made.
Owning bitcoins sounds easy, right? In some retrospects they are. Each bitcoin transaction gets recorded in a public log, but the names of the buyers and sellers remains anonymous. So again, think of Venmo. Bitcoin anonymity is like Venmo in the sense your transactions can be hidden from the public. The difference is Bitcoin doesn’t allow the transition between the two participants to see their names – it’s only their wallet IDs. Luckily, more online stores are beginning to accept Bitcoin payment methods for their customers – several people believe it’s the future of PayPal.
Stores that Accept Bitcoin
Save the Children
Domino’s Pizza is registered under this bitcoin company.
These are just a few of the stores that accept bitcoin as a payment method. It will only be a matter of time before several companies accept bitcoin payment methods in 2018. Keep your eye out for who accepts bitcoins because this is a growing technological company that’s going places. Keep in mind, without the government backing the cash, like the stock market, the value fluctuates rapidly. However, it’s interesting to see major corporations have taken the risk with the bitcoin currency in tact.
What do YOU know about Bitcoin and stores that accept bitcoin?
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Hi, I'm Leah, a Los Angelino living in Boston! I'm a grad from Northeastern University with a Bachelors from the College of Arts, Media and Design. I'm obsessed with going on adventures, photography, writing, being a Taurus and finding hidden gem restaurants, musicians and places to travel. I live for tacos and you can't keep me away from a cute farm stand. I also live for Instagram ... oops!