Most people buy Bitcoin primarily as an investment. However, if it really is burning a hole in your virtual pocket, there are an increasing number of places to spend your crypto cash.
Traditionally there is no getting around the fact that cryptocurrencies have been associated with the sale of drugs, and other illegal items, on sites such as Silk Road.
Today, however, there are substantially more entirely-legal sites that accept Bitcoin payment. From Microsoft – an early pioneer – to online stores such as Overstock, the range of items you can buy us considerable. In the UK alone, there are pubs and restaurants happy to accept Bitcoin, and you can lease cars and even buy luxury hammocks. Well over 500 British retailers have already embraced Bitcoin, and many more worldwide. In fact, the Japanese Bitcoin exchange Coincheck says 26,000 stores across Japan are now thought to be accepting Bitcoin.
You can also buy gift cards in Bitcoin for sites such as Amazon and Argos from Giftoff.
One word of caution: currently the transaction fee for Bitcoins is higher than most credit cards; meaning it’s not the ideal currency to buy a low value item such as a coffee or a pint!
Most buyers buy Bitcoin as an investment: one reason to buy Bitcoins is because only 21 million of them will ever be issued—and we are already at 16.3 million.
Bitcoin and its fellow crypto currencies are becoming more and more mainstream. America’s Commodity Future Trading Commission just gave the green light for firms to sell digital currency options and other derivatives. The exchange Ledger X is launching its digital currency trading service this month (October).