Lesson 7: How to Spend Bitcoin
In this lesson you will learn:
- Increasing number of merchants worldwide accept bitcoin as payment.
- How to find places that accept Bitcoin payments
- How to use Bitcoin debit cards as payment in any store that accepts bitcoin or debit cards
Where to Spend Bitcoin
Spending Bitcoin is similar to spending regular currencies. However, you need to find stores that accept Bitcoin. There are many of them! more than 100,000. As more countries adopt Bitcoin the number of stores accepting Bitcoins continues to increase. The best way to find bitcoin-friendly merchants is using specialised search engines that track merchants accepting bitcoin. One place for example is https://coinmap.org/ it offers a visual map to find Bitcoin-friendly stores and restaurants and services around the world. The site updates new stores regularly.
To make Bitcoin payments online or offline all you need is to download a Waller application to your desktop, tablet, or smartphone. Then during checkout, you will be given a code in text format or as a QR-code. This visual barcode represents the stores public key. You scan the QR-code with the scanner application in your mobile wallet and confirm the amount to be paid and then send the transaction to the blockchain and wait for confirmation. In case of online stores, you can copy and paste the public key address of the store into your electronic Wallet "Send to" field.
What Can You Buy with Bitcoin (BTC)?
You can purchase goods or services. You can also purchase cars or real-estate, and precious metals. Some places offer discounts to people paying with Bitcoins (BTC). For example https://purse.io/shop offers 15% discount on Amazon purchases made using BTC. The most rewarding way to use Bitcoin is to pay it forward. You can use Bitcoin to tip and author of an article with a click of a button. Coinbase provides API to integrate digital currencies payments. For example, you can tip Wikileaks and the Foundation for Economic Education https://fee.org/.
Credit Card Spending
There are ways to use your digital cash (BTC) to purchase items from merchants that do not accept Bitcoin. Use Bitcoin debit card. Use debit card to buy Bitcoin (BTC) or load Bitcoin (BTC) to your debit card balance. With Bitcoin debit cards you can buy anything with Bitcoin (BTC) at any store that accepts credit cards or debit cards. The merchants get paid with their own currency by the debit card or credit card company and the charge will be deducted from your Bitcoin Wallet balance. here places to choose from. Some cards cab only by issues to certain countries, while all cards have varying amounts of fees. Be sure to choose the best card for you. The two well-known choices in U.S. are BitPay and Shift cards.
Using Bitcoin : Best Practices
Heed from practical advice to be safe from being defrauded or lose your coins. Below are basic guidelines to keep you confident while online shopping. When you find a shopping website for first time, do a quick search for the stores name. Check several warning signs in the search results to know if a site is to be trusted:
- Never buy anything from site that doesn't use SSL (secure socket layer) security encryption. You will know if the site uses SSL because the URL for the site will start with HTTPS:// There will also be an encryption icon and padlock visible next to the URL in the address bar.
- Never provide your social security number or your birthday information to any shopping site. They do not need it.
- Never give out your bitcoin (BTC) Wallet login credentials or passphrase or Private Key(s) to shopping stores.
- Never give more information that absolutely needed.
- Avoid using the same bitcoin address more than once. Generate new address for each purchase or transaction.
Thank you for reading I hope this is hepful
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check out previous three posts here
- https://steemit.com/bitcoin/@husamia/bitcoin-basics-lesson-transactions-and-the-blockchain
- https://steemit.com/bitcoin/@husamia/lesson-bitcoin-wallet-is-very-precious
- https://steemit.com/bitcoin/@husamia/lesson-the-basics-of-cryptocurrencies-and-bitcoin
- https://steemit.com/bitcoin/@husamia/lesson-the-essential-of-bitcoin
- https://steemit.com/bitcoin/@husamia/lesson-bitcoin-value-laws
I know vaguely about bitcoin debit cards if You have more info on this I would love to know. THANKS.
find directory of Bitcoin cards from this search engine here https://www.bitcoin.com/bitcoin-card?utm_source=Bitcoin.com+Subscribers&utm_campaign=c99939dfa0-AUTOMATION__BTC101_Day_7&utm_medium=email&utm_term=0_ea978414cb-c99939dfa0-216387693&goal=0_ea978414cb-c99939dfa0-216387693&mc_cid=c99939dfa0&mc_eid=1d260a356d
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