- 21 Apr 2022
- Reading time
- 4 minutes
Bitcoin has become the number one digital currency in the world. Operating free of central banks, this secure, innovative cryptocurrency has long attracted investors, who buy the coins for trading. Yet, until recently, that’s all it was: Investment. But now we see a spike in companies accepting Bitcoin as payment, paving the way for exciting new opportunities.
1. Play Games in an Online Crypto Casino
Online casinos are convenient and fun. Rather than having to spend money on transport, food, and drink, it enables gamblers to play casino games from home. While this used to be paid for with traditional payment forms, today we see more and more crypto casinos popping up where players can gamble with Bitcoin. You can find reviews for the best bitcoin casinos here.
2. Enjoy Fantasy Sports Leagues
A fantasy sports league is great entertainment. Rather than being out there on the pitch yourself, you select and manage your own virtual sports team and play in leagues against other players. You buy the best players, put together a strategy, and aim to win the big cash prize. If you choose a crypto league, the only difference is that everything is paid for with Bitcoin or another cryptocurrency.
3. Purchase Video Games
If you love video games and would like to buy a couple of new ones, then you have several options. Both Microsoft and X-box allow you to top up your account by using digital currency - and many other options are available if you choose to convert your Bitcoins into a gift card. Use it in shops like PlayStation Store or Nintendo eShop and select new, thrilling games.
4. Watch a Movie on the Big Screen
AMC Entertainment was one of the latest entertainment companies to accept payment with Bitcoin. This means you can catch the latest movie and pay for it online with cryptocurrencies like Ethereum and Bitcoin, which is handy if you have a bit of digital money to spare.
5. Support Your Favorite Sports Team
More and more sports teams have discovered the perks of cryptocurrency, meaning you might be able to buy tickets to matches, food, drinks, and memorabilia from your favorite team online. You could even turn it into a bit of a vacation by traveling to a nice spot where you can combine sporty entertainment with sightseeing.
6. Get Your Hands on a Nice Tesla
If you have more than just a few bitcoins in your wallet and are eager to purchase a physical investment, then you’ll be pleased to hear that Tesla accepts bitcoin payment for their electric vehicle. While not cheap, Tesla is known for its clean energy and smooth designs, a popular choice for young and old alike.
Why Are Cryptocurrencies Becoming More Popular as a Payment Option?
Cryptocurrencies have rushed the markets of the world, and they are being used by more and more businesses every day. One might be tempted to ask: “why?”. And in reality, the answer is quite simple. Cryptocurrencies, while being digital, comes close to one of the benefits that cold cash possesses: It’s near anonymous. Transactions with Bitcoin will not make you fully anonymous, but Bitcoin transactions are very hard to trace.
In a time where our privacy seems to be invaded and exploited by corporations left and right all across the globe, this is a great step in a direction that hides the data of our transactions so that we avoid them being exploited for commercial and marketing purposes without our consent. This danger to our personal privacy seems almost inescapable in this digital age, but cryptocurrencies like Bitcoin help to mitigate those risks.
Will we see wider adoption of cryptocurrencies in the future for this reason? It seems almost certain due to the pace the development progresses at the moment. The banks are not too happy about it, so there is a struggle on that front. Other than that, the possibilities look favorable for now.
Are There Any Regulations You Should Be Aware of when Transacting with Bitcoin?
If you are curious about possible regulations you need to be aware of while transacting with Bitcoin, then we can offer a short answer to this question. Cryptocurrency regulations around the world generally treat Bitcoins as property and not as a currency. This means that when you buy something with them most regulators would consider that as you are selling the Bitcoin, not transacting it. And that means you need to pay capital gains tax off of it.
However, in most places, you can reduce the taxable amount to $0 if you wait for around a year. This of course depends on the amount of Bitcoin you’ve purchased. If you make enough money by trading Bitcoin, you will be liable to pay taxes even after waiting one year. The rate will be reduced from normal still, but not entirely removed.
If your country considers Bitcoin to be a currency and not property, then you have nothing to worry about and can transact with them freely as you please. Always keep updated on the rules and regulations regarding cryptocurrencies in your country of residence before transacting.
Thanks to the high utility and relative anonymity that cryptocurrencies such as Bitcoin bring to the table, many activities can now be paid for using them. This is especially true in the entertainment industries and online shopping relating to digital goods and services.
But also in more traditional businesses are cryptocurrencies finding a way to integrate themselves with the transaction structure. The future looks bright for Bitcoin, so now is the best time to get your hands on some and enjoy the benefits.