People can buy all sorts of weird things with the help of cryptocurrencies – porn, garden furniture and at-home testing kits for Covid-19.
Over the past year, the worth of one Bitcoin has increased from fewer than $10,000 to over $30,000. Firms like Square and IBM are utilizing blockchain, the currency-founded tech, to create and work on virtual payment methods.
But what can you really purchase with the digital gold?
A lot, actually. But it’s not that simple each time.
The digital gold is not the most effective currency. You can buy stuff from Amazon with BTC coins, utilizing a service named Purse. You select the thing you wish to purchase, then copy the URL and returns to Purse, which will then process the transfer, with the help of gift cards it has gotten from people who want the crypto.
Purse warrants its clients that they will get a 5% discount off Amazon’s prices and also gives the possibility of negotiating in order to receive a 15 percent discount.
I attempted to get KN95 masks for 42.99 dollars, using the capital I had in my Bitcoin wallet, but the overall price came out as 47.47 when I attempted to make the purchase. This was with the discount of 8% that I’ve wanted to pay.
Thus Purse’s client service should’ve gotten in touch with me in order to provide tech assistance. I contacted them and got an automated response that I will wait around 2 hours for an answer.
So all in all, this is quite a process that’s so much longer than just clicking once on Amazon.
In 2014, Overstock turned into one of the pioneering large e-sellers that accepted Bitcoin payments. It then also developed various entrepreneurships connected to distributed ledgers.
Their CEO recently said that Bitcoin isn’t such a large source of the firm’s revenue.
For the initial 3 quarters of last year, their website had revenue of nearly two billion/ A median of 30-50k dollars stemmed from cryptos. The CEO explained that women are their demographic and they’re not the ones who lean that much towards Bitcoin. Men are the demographic buying more this way.
Bitcoin mostly turned into an option for payments due to the political and philosophical leanings of the CEO and the founder, Patrick Byrne.
When it comes to returns, the varying price of Bitcoin posed some problems for Overstock. Even though the firm says that it makes it clear at checkout that the refund will match the dollar price of the item, instead of the quantity of the spent BTC, people still didn’t like this, confused or not.
Another pioneering branch in adopting cryptos has been the porn industry and sex work.
Some of the entities accepting virtual coins are Chaturbate and Mindgeek.
So there are some overlapping situations amid porn and cryptos – Bitcoin offers the anonymity that lots of porn watchers want.
So there are no names connected to the Bitcoin you hold. Rather, you get a private key that lets you create a password only you know.
Records are kept via a blockchain which are maintained by volunteers handling lots of servers. They readjust in real time as transfers take place amid various holders of BTC.
The volunteers do not handle disagreements over goods, so you can’t reverse a transaction like you can with credit cards.
Lots of people, when it comes to porn, try to avoid cashing out for it. The absence of leadership surrounding Bitcoin made it enticing for some purchasing and selling contraband.
I’ve managed to connect through a secure messenger account with a user who described how does dealing and buying drugs work through the dark-net market the Silk Road, which ceased to exist in 2013.
After he would pay for the drugs, the user would get those goods shipped in a stuffed animal and to a post office box. But this is far from the only usage BTC has, especially since adoption has increased.
Lots of retail investors purchase Bitcoin these days via firms like Coinbase, and exchange that handles trades amid those purchasing and selling.
The once-anonymous codes are no more. A growing number of retailers are setting up payment systems for Bitcoin.
Microsoft, AT&T and Home Depot are some of the names jumping on the bandwagon. In addition, applications in Apple and Android stores make it a reality for cryptocurrency-aficionados to cash out for airline tickets by transferring Bitcoin to fiat currencies.
Recently, news about an NYC doctor made rounds. Alexander Goldberg said he will start accepting the digital gold as payment for the 500 dollar fees he incurs for those patients who want at-home Covid testing. Who’s also profiting from this? Other cryptocurrencies, of course.
Ethereum is the second most popular digital currency. Lots of retail names are letting clients utilize Ethereum or Bitcoin. Craigslist even allows crypto transfers amid individual sellers.
Mastercard also made news when they announced they will release a cryptocurrency-based credit card along with Bitpay that can be utilized at over 3000 merchants globally. And at the end of 2020, PayPal said it will allow US clients to purchase, sell or buy cryptos on its platform. Soon, clients will be able to make payments with those cryptos.
Dan Schulman, the CEO and president of the financial service company, believes this move will offer cryptocurrencies incremental functionality and offer freedom to users, especially those who are not eligible for credit.
Interestingly, he isn’t that ready to utilize BTC himself. Why would he though, seeing how the price skyrocketed to over 30k for now and still shows room for growth?
Tyler and Cameron Winklevoss were a couple of people who, a few years ago, converted thousand of BC coins to dollars in order to pay for their out-of-space trip with Virgin Galactic. This, in retrospective, cost them millions.
Thankfully for them, they have loads of more Bitcoins. One of their firms, Gemini, wants to introduce a rewards-based credit card where you get rewarded not in cash, but in BTC. Tyler said once that Bitcoin is not for spending, just investing. Maybe we should listen to him.