"By 2022, people will routinely use Bitcoin in everyday transactions such as buying coffee at Starbucks". ~Tim Draper.
This post was inspired by a comment from a user who wanted to understand how to spend their cryptocurrencies like fiat or cash. The original comment and question is quoted below and the rest of this post will try to highlight how one can earn and spend cryptocurrencies like cash without having a thing to do with the bank.
""In standard currency your work is worth something (say $50/h) and all goods and services have a price (say $5 for a burger). In order to buy a burger, you have to work and get paid. The money to “play” comes at the end from a Central Bank (pretty much like the Monopoly game: the bank gives you money every time you do a cycle around the board -your work pay- and then you can buy anything as long as you have money). How does cryptocurrency eliminates the bank, how a regular Joe gets paid in cryptocurrency and how I buy a burger with it?""
The first transaction paid with cryptocurrency (bitcoin) happened about ten (10) years ago; may 2010 to be precise when one Laszlo Hanyecz (The ‘Bitcoin Pizza Guy) bought two pieces of Pappa John's Pizzas worth about $30 then with ten thousand bitcoins (10, 000) -yes you read it right; 10k bitcoins. At today's price, that's over eighty six million dollars ($86,000,000).
"It wasn't like bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool." ~Hanyecz
In as much as this post is not about analyzing or criticizing the wisdom behind that particular transaction; considered to be of the most expensive single order ever recorded yet, it's an eye opener to the fact that, the idea of buying and paying for every day necessities with crypto (bitcoin) is not new and didn't start today and more importantly there are hundreds and even thousands of stores and companies worldwide accepting bitcoin and some even accepts only cryptocurrencies.
So without wasting time, let's look closely into the two areas of concerns to my commenter above.
How and Where to Earn Cryptocurrencies Like Cash
"...how a regular Joe gets paid in cryptocurrency..."
This days there's no scarcity of ways and means of earning cryptocurrency. From performing simple tasks -such as using a (Brave) browser to reading and publishing great contents such as in Publish0x; performing freelance jobs on such platforms as: CryptoGrind, XBTFreelancer, Coinality, r/Jobs4Bitcoins, CryptoJobs, CoinTelegraph etc. These platforms pays 100% crypto for undertaking different kinds of jobs. You should definitely check them out to see how you can start earning today and research the may others available out there.
Getting paid in cryptocurrencies is a very normal and usual thing for workers and employees in the blockchain and cryptocurrency industry and freelancers on different work at home platforms. However, getting paid in cryptocurrency is not just for freelancers or workers in crypto based businesses alone. Conventional businesses, companies and multinationals have started paying their employees in bitcoin and other cryptocurrencies.
Top Employers That Pays In Crypto
- GMO Internet Group
In 2017, the GMO Internet Group, a leading Japanese based Internet Company officially announced that their employees ("partners") can receive part of their salaries in bitcoin. The move was in an attempt to "promote the spread and development of cryptocurrencies" -the Company said. When implemented this will see over 4,000 partners in Japan getting paid part of their salaries in bitcoin and there are plans to extend this offer to other group of over sixty (60) companies spread across 10 countries.
Spot.IM propose to offer employees the option to receive their salaries in bitcoin or a mixture of fiat and bitcoin. Spot.IM is an Isreali based Company that enables media companies take back the ownership of their audience and conversations without reliance on external social networks.
“We are doing this just out of curiosity to try out new things. Bitcoin as such fits our vision of the world quite well. It allows for open source development, competition and innovation in the field of payments and Internet commerce. Based on cryptography, it is secure and deterministic as we require for digital services,”
Danish based SC5 was among the first Companies to start paying employees in bitcoin way back in 2013.
Purse.io is an internet based company that connects individuals who wish to exchange their Amazon gift cards for your cryptocurrency with shoppers looking to buy items on Amazon with their cryptocurrencies. Check the How It Work section of their website for details
This is just a few list to give you a perspective of the kinds of Companies paying employees with cryptocurrency from as early as 2013. More so, Google, Facebook, Airbnb, Uber, and even the U.S. Navy have workers that use services as Bitwage to receive their salaries in Cryptocurrency.
BitWage is a platform that enable employers to pay their their employees in Bitcoin or other cryptocurrencies.
What is very interesting to note is that it's not just the regular internet companies that are using this services to pay employees in bitcoin. Big brands such as Facebok, Uber, Google, WHO etc are paying workers salaries in bitcoin and other cryptos through this service.
Click this image for the full statistics of total earnings of global employees through the Bitwage service so far.
Finally, here's what some big brands have to say about paying employees as enabled through services such as Bitwage's
Paying team members scattered around the globe has actually been easy with BitWage ~BBC
The best way for professionals to receive salaries from abroad ~InfoMoney
We can only see this list of places and companies paying salaries in bitcoin grow larger and larger in the nearest future as we inch closer to mainstream adoption of cryptocurrency this decade and in the years ahead.
Ok, so I understand where and how to earn crypto now. But how do I spend it just like cash without stress??
How and Where to Spend Cryptocurrencies Like Cash
This seem to be the easiest part. It's actually harder to earn more crypto than it is to spend. What I am trying to say is that there are probably many more places where you can spend your cryptocurrency than there are to make them.
When you talk about places you can spend bitcoin and actually use it to buy real life stuffs some people think it's only some small street corner shops whose owners are trying to make crypto "look relevant" and practical. Nothing can be far from the truth.
To clear such thinking I will start with the largest multinationals that accept bitcoin and other cryptos for all or part of their their services and products.
Microsoft started accepting Bitcoin way back in 2014. Due to the extremely high volatility as witnessed in 2017 and 2017 the computer giant temporarily suspended the acceptance of bitcoin for use in their Xbox Store. However the store has been reopened to accepting bitcoin for Xbox Store credits once more.
“Bitcoin is better than currency”. ~Bill Gates
Several Companies claim to accept bitcoin as a marketing tactics to be seen as trendy and modern but not Overstock. The Company is arguably leading the way in terms of places for shopping with your crypto; accepting multiple cryptocurrencies and not just bitcoin alone. Overstock doesn't just accept bitcoin, they're HODLers too! They are clearly in it for the long haul and not simply as a marketing ploy. You can shop for that special Valentine's gift on Overstock right now and enjoy up to 60% discount -ok now that's a great bargain you shouldn't miss.
"Bitcoin is a form of sound money" ~Patrick Byrne (Overstock CEO)
Namecheap is an established hosting company and domain registrars leading the way among hosting companies that accepts bitcoin.
Also in this category are Hostinger, Hostwinds, Bitcoin Web Hosting (accepts only cryptocurrencies), Shinjiru and many more I can't possibly list here -all hosting companies and domain registrars accepting bitcoin and other cryptocurrencies.
Newegg is a company that sells all sorts of computer hardware, electrocis apparels and accessories and they accept bitcoin. Featuring products from from sellers and manufacturers such as Dell, Lenovo, dyson, platinum, titan, bequiet etc, Newegg is a large electronics store with more products line than I can count -in fact you should check them out by clicking the image below.
For a more curated list please check this link and this(buybitcoinworldwide) and many other places on the internet -Google is your friend and map; and I am more than certain there are some already in your neighbourhood or country even as we speak with many more sprouting up every day.
This list is by no measure exhaustive of all the stores, busineses and companies accepting cryptocurrencies for goods and services. It is a good and practical place to begin searching for places where you can actually spend your crypto like there's no tomorrow.
Summary and Conclusion
Cryptocurrencies such as DASH, BNB, BCH, LTC and many others have made significant efforts in driving the move to make crypto spendable just like cash -onboarding thousands of merchants globally. Dash even enables crypto payments even when your phone is offline -for list of stores accepting Dash and other cryptos please visit this link
BCH also has a curated list of thousands of merchants globally accepting BCH and other cryptos for payment -find the comprehensive and constantly updated list here -Greenpages.cash
I am sure there are many stores, merchants and companies I must have skipped from the various lists identified in this post. Please share the ones you know and use with us in the comments below.