While some political and corporate leaders have been eager to invest in and adopt cryptocurrencies, others are entirely hostile. Turkish President Tayyip Erdogan recently declared outright war on the Bitcoin network. President Erdoğan: "We Are At War" President Erdoğan expressed his opposition to Bitcoin in a meeting with Turkish students this Saturday. The event comes after one of them asked if the country's central bank would adopt cryptocurrencies. Erdogan responded with total rejection: "We have absolutely no intention of embracing cryptocurrencies. On the…
Well, yes, cryptocurrencies have been making headlines everywhere, all over the world. People are making fortunes off the new trend, and there doesn’t seem to be a shortage as more cryptocurrencies are coming into the market.
But are cryptocurrencies actually being used for what they mean – “currencies”?
To be a currency, an instrument should function as a legal tender. Meaning that if I have bitcoin, I must be able to use that bitcoin to pay for my restaurant bill or buy a car. If cryptocurrencies are only used as investment tools to make money, they shouldn’t really be called cryptocurrencies.
There are several advantages to using cryptocurrencies. Cryptocurrencies are borderless, transparent, and instant. With cryptocurrencies, anyone can buy and transact anything from anywhere in the world.
And that’s why we have compiled a list of some of the best platforms online where one can actually use their crypto.
Platforms accepting Crypto
OverStock – The First Major Adopter
Overstock was the first major online retailer to start accepting bitcoin. Patrick Byrne, the CEO, has long been a huge supporter of cryptocurrency and blockchain technology. He is routinely asked to speak at blockchain conferences around the world in favor of the trend. Today, Overstock accepts more than just Bitcoin; the company also accepts ETH, BCH, LTC, XMR, and DASH. To pay with bitcoin, one has to choose the item, select bitcoin on the payment screen, and make the payment.
Microsoft Online Store
Shocking the world in 2014 was Microsoft when they announced that they would accept Bitcoin for purchases on their online store. You can use Bitcoin to fund your Microsoft account, which can then be used for purchase. This reflects the thoughts of founder Bill Gates, who is an avid supporter of technology.
Microsoft has always been known for experimentation, and this is not less. Users can use Bitcoin and other cryptos to purchase Microsoft Office tools, buy games from the Xbox online store, and hundreds of other products.
Purse.io – Buying from Amazon with Crypto
Purse.io was launched with the goal of “making crypto useful.” Today, Purse is an online marketplace that allows anyone to get an Amazon discount of up to 33% off anything by naming their own discount and paying with cryptocurrency. Amazon does not officially accept bitcoin payments, but one can buy anything from Amazon indirectly through Purse.io.
Just buy an Amazon gift card through Purse.io and then start shopping on Amazon. You can also sell Amazon gift cards for bitcoin through purse.io. Users can even ask others to buy their amazon wish list in exchange for crypto.
OpenBazzar – Blockchain’s Answer to Amazon
OpenBazzar is one of the first P2P online market places built on a blockchain. A P2P market is where the buyers are directly connected with the sellers, with no intermediary to profit. OpenBazzar is sort of like the Blockchain’s Amazon. Even in 2020, there aren’t many users of OpenBazzar as it is tedious and involves downloading a separate application to use. But the P2P market place, along with crypto support, attracts many enthusiasts.
Expedia – Travel with Crypto
Expedia is one of the world’s largest travel websites. The company offers an extensive selection of hotels, flights, rental cars, travel packages, and more. In 2017, Expedia became the first major travel website to accept bitcoin, thanks to a partnership with Coinbase. Today, Expedia accepts bitcoin in exchange for flights, hotels, car rentals, and packages.
Crypto Donations – Give Back to the World
Although not main-stream, Crypto donations are the most revolutionary change that bitcoin brought. Traditionally, accepting and giving donations was known to be a tedious and time taking process. For instance, if I wish to help out people from Africa, it will be tough for me to do so. I would have to exchange my native currency for the currency accepted, go through several intermediaries, and end up wasting a lot of time completing formalities. With Bitcoin, there was now a mechanism to send money to anyone around the world at any time. This made accepting donations even faster.
One of the first mainstream adopters of cryptocurrency donations was Wikipedia, Inc. In 2013, Wikipedia started accepting donations in Bitcoin and had seen a tremendous rise in people willing to donate money. Other major Institutions that accept crypto donations are UNESCO, Greenpeace, and The Red Cross Society.