Although it was only ten years ago that Bitcoin was created by Satoshi Nakamoto and an estimated less than one percent of the global population actually holds Bitcoin at present, despite the cries of critics both within and beyond the crypto space, Bitcoin does have some surprisingly diverse use cases.  First of all, Bitcoin for many has been been both the window and the door into the world of blockchain and cryptocurrencies.  It is through randomized tales via outlier family and friends followed by mass media news attention following every pump and every dump that has recently made Bitcoin a household name.  Although many people may not even know what it is that Bitcoin does or why it is so important, the majority of people have heard of it.  For those that decided to explore the power of blockchain and crytpocurrency further, it is almost guaranteed that the first coin purchased was Bitcoin – even if only to transfer that straight away for ‘the next big thing’ such as was the case in the last bull run.  So, first and foremost, Bitcoin is the go to coin for many investors when it comes to getting into crypto in the first place.

As knowing where and how to get Bitcoins is half the battle, let’s take a moment to answer some common questions revolving around How to Get Bitcoins?

What is the minimum amount of Bitcoin that can be bought? Bitcoin is divided into smaller units known as Satoshi’s.  1 Bitcoin is equal to 100 million Satoshi’s.  In other words, 1 Satoshi is worth 0.00000001 BTC or Bitcoin.  Technically then, the smallest amount of Bitcoin you could buy is 0.00000001; however, there are trading fees on exchanges and transfer costs to use the network and move that Bitcoin (0.0004 BTC), meaning that realistically speaking buying 0.00000001 BTC is really not very logical.  In addition, many exchanges have a minimum buy level, and although not that expensive in fiat terms, still more than 0.00000001 BTC.  Coinbase for example has a 2.00 USD or 2.00 Euro minimum buy limit working out to somewhere between 0.00020186 and 0.00022242 BTC excluding trading fees and making transfer (0.0004 BTC) impossible.  Likely proper DCA where one buys a small amount each week or month over time is best for those looking to ease into it, and those that are buying Bitcoin can likely afford to go a little higher than the minimum in most cases.

Can Bitcoin be bought with cash?  Although maybe not the most convenient way to buy Bitcoin in this digital age we live in, it is possible for those with the desire to buy Bitcoin with straight up cash.  The best ways to do this are of course to buy Bitcoin with local currency from someone you know and trust.  For those without that option, peer-to-peer exchanges such as Paxful or LocalBitcoins can match buyers and sellers in close physical proximity enabling a meeting and direct cash purchase and transfer of Bitcoin.  In addition, depending upon where you happen to be as mentioned in my previous post Bitcoin Machine Near Me?!?, there may in fact be the possibility to use cash and buy buy Bitcoin with an ATM.  Finally, for those interested in purchasing Bitcoin with US dollars, be sure to also check out Best Options to Buy Bitcoin with USD.

Is is possible to buy Bitcoin from funds in my bank account?  Yes it is.  Transferring funds from a bank account to an exchange is likely one of the most common ways to buy Bitcoin.  As different countries, banking institutions, and exchanges have differing rules and regulations which services are available vary by region, however, for the most part once you find what works personally for you, it’s pretty standard procedure.  For those interested in learning more, head on over to Buy Bitcoin with Bank Account Deposits and Transfers for more information on some of the best options available and tips to get you on your way.

Can you purchase Bitcoin with debit or credit card?  Yes, you can.  It seems at this point that the majority of exchanges offering the ability to purchase Bitcoin with credit card also support debit card payments for Bitcoin.  As I have covered these options quite extensively in my previous post Buy Bitcoin with Debit Card: The Basics, please refer directly there to learn more about the specifics of going about it on the current exchanges that support such payment options.

Can Bitcoin be bought with PayPal?  Yes, it is possible to buy Bitcoin with PayPal on select centralized and peer-to-peer networks such as Paxful and LocalBitcoins as well as a few other exchanges such as eToro, Plus500, VirWoX, and Wirex.  Please refer directly to my previous post on the subject Buy Bitcoin with PayPal: An Overview for more specifics on the platforms and the process involved if your interested in understanding more.

Image source

What can be done with Bitcoin?

Historically speaking, Bitcoin is a phenomenal store of value.  Looking back over the last couple years one could, and there are those that often do, quote the stats that Bitcoin has lost 50% of it’s value since the peak of the 2017 bull run.  Although this is very true, in comparison to many other projects that rode the coat tails of Bitcoins explosive price value on to all time highs of their own, coincidentally many of which are down upwards of 80-90%, for those in crypto over the course of the last couple years Bitcoin has represented the best store of value.  In fact, taking the relative price of US dollars at present, it could be stated that in the entire history of Bitcoin’s existence there have only been around 60-90 days where having bought Bitcoin would put you at a loss compared to many of the major global world currencies.  Further that into regions such as Venezuela, Argentina, and other countries where local fiat has taken a beating due to hyper inflation in recent times, and it should be really clear to recognize the store of value actuality of holding Bitcoin to mitigate what would represent a greater loss even for those that were unfortunate enough to buy at the Bitcoin all time high.  Of course no one knows for sure what will happen in the future, but compared to almost all other asset classes throughout history, from it’s inception to the present Bitcoin has represented an phenomenal store of value thus far and I expect this to only increase over time in comparison especially to the modern state of the declining purchasing power of centralized fiat currencies and hedge against other traditional investment assets.

Beyond using Bitcoin as a store of value and investment hedge or entry and purchasing currency for other crypto assets, Bitcoin can also be used for making money or increasing Bitcoin holdings with trading a variety of other crypto assets, purchasing goods and services online and in brick and mortar shops, and even funding or paying for purchases in tandem with gift certificates or prepaid debit and credit cards.

Bitcoin Exchanges

Major centralized exchanges commonly have more Bitcoin alt coin and stable coin pairings than anything else.  Depending upon which exchange you choose to use will determine the number of tradable assets that can be acquired with Bitcoin.  

What can actually be bought with Bitcoin in the flesh?

As I detailed in my previous post Buying Things with Bitcoin, there are actually many things that can be bought both in brick and mortar shops with Bitcoin.  A good place to start for those asking where can you buy with Bitcoin in the real world shops around them is with coinmap.org.  Although the functionality of the map is limited at present, it does give a great overview of what shops in the local vicinity accept Bitcoin as payment as well as a rundown on shops providing service for those wishing to use a Bitcoin ATM.  Of course this and other sites popping up have a way to go, it sure makes it far easier than having to go trudging around town with an eye to every window in an effort to spot that Bitcoin accepted here sign just so you can grab a slice of pizza or a birthday gift for mom.

What can you spend Bitcoin on online?

There are some pretty major retail outlet stores that will take Bitcoin as a form of payment online.  One of the first, Overstock has a large selection of goods revolving around common everyday and household items including furniture, electronics, jewelry, and apparel.  Shopify and Etsy e-commerce platforms now offer the ability for retailers and vendors to be paid in Bitcoin, and although not all have migrated to include this payment method, there are a good number that have.  Other large companies that accept online Bitcoin payments for a substantial amount of their products are Newegg electronic retail giant and Bitplaza Global Shopping Center which offers a variety of household, personal care, and even everyday goods such as select food and beverage products.

What forms of entertainment can you spend Bitcoin on online?

As noted in the CoinTelegraph article What to Buy with Bitcoins, there are plenty of options for spending Bitcoin online for leisure and entertainment purposes.

Video Games: Back in the day, you had to visit a physical store to purchase a video game. These days, most gamers shop online. Video games are becoming a digital possession, much like digital currencies themselves. So it is only natural that more and more leading game-selling platforms are accepting Bitcoins.

• • Xbox — pay for games, add-ons and Xbox Live subscription.
  • PlayStation Network — pay for games, add-ons and PS Network subscription.
  • Humble Bundle — indie games website.
  • Big Fish Games — casual gaming company based in Seattle, Washington.
  • Green Man Gaming — games, game keys and digital games.
  • Zynga — mobile and online games.

Travel: There are a lot of competing travel-related services and most of them offer very similar toolkits. Offering alternative ways of payment is a great way to attract new customers. Here are some services where you can book your dream holiday and pay for it with your Bitcoins:

• • Expedia — one of the world’s largest online travel booking agencies currently accepts BTC payments for hotel bookings, but is planning to introduce Bitcoin payment option for flights, activities and so on.
  • AirBaltic — the first airline ever to accept Bitcoin payment for a variety of flights.
  • Webjet — a travel booking website offering flights, hotels, cruises, car hire and so on.
  • CheapAir — online travel booking website where you can pay for flights, car rentals, railway tickets and so on.
  • Bitcoin Travel — a travel booking website with one of the most comprehensive lists of businesses that use Bitcoin.
  • Travel For Coins — a travel booking website that allows users to make their travel arrangements and pay for them with Bitcoins.
  • Virgin Galactic — Richard Branson’s company, the world’s first commercial space line accepts Bitcoins.

In addition to that directly cited above, the article also notes that paying for the OKCupid dating site, paying for VPN and other services from Dish Network, ExpressVPN, and PureVPN, paying for online newspaper subscriptions from Bloomberg, Chicago Sun-Times, etc., and even learning new skills and further educating yourself via the interactive online educational specialist site Treehouse .

What can be purchased with Bitcoin gift cards?

For shops that don’t accept Bitcoin and other crypto payments directly, a variety of companies have popped up in tandem with a plethora of mainstream shops offering the option of trading in Bitcoin for specialized gift cards.

Using eGifter to purchase gift cards with Bitcoin, Ethereum, Litecoin, Dash, and more, shoppers have “over 250 nationally known brands including categories such as food, clothing, accessories, gaming, entertainment, and merchandise of just about every kind.  The selection of shops allowing you to use these gift cards is actually mind boggling and includes some of the largest brands and shops in the world” (How To Buy Ethereum Decentralized).  Those using this service can choose between purchasing gift cards for individual shops or utilizing the eGifter Choice Card allowing for purchases at hundreds of shops.  Check out the official list on the eGifter website for specifics on exactly what gift cards you can buy with Bitcoin, Ethereum and other supported cryptocurrencies as well as all the shops and franchises that accept payments in these gift cards.

“Gyft.com is another great option for those wishing to indirectly pay for goods and services in Bitcoin.  With over 200 stores and shops registered including but not limited to Department stores, Entertainment, Electronics, & Gaming shops, Health & Beauty, Home Goods, Restaurants & Beverages, Sports & Outdoors, Travel, Fashion and Fashion Accessories, and Men’s, Woman’s, Children’s, & Babies Apparel, it’s a great option to compliment the expanding the use cases of Bitcoin purchases in commerce.”

Bitrefill offers “users in over 170 countries to buy gift cards and top up prepaid mobile phones with Bitcoin, Litecoin, Ethereum, Dash, and Dogecoin.”  With a “star studded cast of partnerships with over restaurants and shops easily searchable by country and region as well as on the go access through their Android and iOS apps” (Buying Things with Bitcoin).

Coincurve is the answer for those wondering what can be bought with Bitcoin in Canada? In similar fashion to those noted above, coincurve allows the purchase eGift Cards with Bitcoin and Bitcoin Cash that can be used in Canadian shops and on Canadian services.  In the future the company plans to open their service up to other locations internationally.

Can you shop on Amazon with Bitcoin?

Although at present Amazon and many other supported e-commerce online stores that use Bitcoin payment methods don’t actually touch the Bitcoin themselves, both Purse and Moon plugin browser extensions enable shoppers to utilize their services to shop indirectly with Bitcoin payments.

“Purse.io allows users to purchase Amazon items at discounted prices — provided they pay in Bitcoin, that is.  Purse allows users to select a discount from a sliding scale depending on how fast they want their items… from five percent to 33 percent… Once you have selected the discount you want, Purse will match you with an appropriate Earner… [that] will purchase your item using Amazon gift cards in exchange for a buyer’s Bitcoins. This process is also managed within Purse’s ecosystem, but these orders are fulfilled by third parties that aren’t directly associated with Purse… Earners are under no obligation to accept any of the offers [and] The site warns that a discount that is set too high might mean that the offer won’t be accepted [but]… buyers can always edit and resubmit their orders with lower discounts to make it easier to find an Earner. In general, Purse says that it sees average discount rates of 15 to 18 percent and suggests that as a good place to start… [Purse] charge[s] a fee for using the name your discount feature… range[ing] from 1.9 percent to 4.7 percent for the higher options… offset[ing] the discounts a bit.” The catch-22 of this is that users are required to pay in Bitcoin and cannot pay in cash. (source)

The Moon browser extension available for Chrome, Brave, and Opera also enables users to shop on Amazon.com via Lightning network or from a Coinbase account using Bitcoin, Litecoin, Ethereum, and Bitcoin Cash.  Although at present the Moon browser extension is only available for shopping on Amazon, future integrations include a number of well known sites such as Dominoes, Target, EBay, Etsy, and AliExpress.

Paxful peer-to-peer marketplace

Paxful allows users from almost any country worldwide to utilize over 300 various payment methods to both buy and sell Bitcoin.  It is actually quite unbelievable what options are available for Bitcoin buy and sell pairings, both common and obscure.  Although common players such as PayPal and AliPay are present, the real draw here in sheer possibilities alone seems to be the exchange of Bitcoin for gift cards such as Amazon, AMC Theaters, Adidas, AdvCash, AT&T, AirBNB, AirTm, Apple Store, ApplePay, Applebees’s Restaurant, AstroPay – and those are just the gift cards for A, imagine what the rest of the alphabet holds.  Joking aside, if you can think of a shop that has a gift card, there is a really good chance that someone on Paxful has it.

What can be bought with Bitcoin debit and credit cards?

As I mentioned in my previous post Which Bitcoin Debit Card Is Right For You?, Bitcoin or cryptocurrency debit or credit cards have the benefit of being usable anywhere a traditional credit or debit card is accepted.  For more information on some of the better debit card options available such as CryptoPay, BitPay, TenX, Wirex, Coinbase,  Crypto.com’s MCO Crypto Visa cards and what setup and usage entail to get you started, please head on over to Which Bitcoin Debit Card Is Right For You? for a general overview or directly to the official sites linked above for a more complete breakdown of each.  Depending upon where you reside, other options worth looking into not covered in my initial review include Blockcard, Nexo, UQUID, PolisPay, and Bitnovo’s Bitsa prepaid Bitcoin and crypto debit and credit cards.

What can you do with one Bitcoin?

Although the numbers may be a little off due to the rapid price fluctuations of Bitcoin, this Investopia article entitled ‘8 Things you can buy with 1 Bitcoin‘ was actually quite fun and interesting at the same time.  According to June 19, 2019 Bitcoin and fiat prices, one Bitcoin would get you one ounce of gold, 5 SPYs, 67.9 Ethereum, 77,431 hours of Netflix, a flight across the world, 3 to 6 ounces of weed, 4 hoverboards, and a heck of a lot of pizza. Of course location and region will greatly vary, but essentially depending upon where you may happen to be 1 Bitcoin has some pretty good buying potential.  If it were me and I had 1 Bitcoin to spend, I think I’d be looking for some quiet beach from property on some remote shore of a tropical oasis.  Likely not the convenience factor that most would desire, but there was a reason I learned I learned all that I learned about self sufficiency and growing my own naturally compatible food forest aside a handcrafted bungalow in the sun.  For me it is the future time and not the mass fabricated possessions that I’m hoping my time on crypto will yield; but to each their own as the adage goes.

What can be done with Bitcoin Cash, Ethereum, and the other major cryptocurrencies?

Despite Bitcoin being the big daddy of all cryptos, many of the products, services, and payment methods above are not exclusive to Bitcoin.  Of course beyond the obvious ability to accumulate and trade, the majority of the other above payment services in fact will offer multiple crypto options allowing their users to choose which crypto they want to spend.  For the most part, other cryptocurrencies that are supported are those that have been around for a while such options as Bitcoin Cash, Ethereum, Litecoin, Zcash, Monero, Ripple XRP, Dogecoin, and Dash.  That is not to say that all vendors will accept any or all of these, but rather that the option does exist for those who wish to explore it further.  In some cases the options are minimal while in others they stretch far beyond what would be expected allowing for the purchase of gift cards and other services with well over 100 cryptocurrency options.

What is the deal with all those other Bitcoin coins?

Over the years Bitcoin has forked a few times creating other Bitcoins such as Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, BitcoinHD, and even Bitcoin SV from a second tier fork of Bitcoin Cash.  Personally I am not such a big fan of these other Bitcoins, and beyond Bitcoin Cash I have never really delved into the details other than a quick glance.  That said, it is possible to buy all of these with Bitcoin on various exchanges, so for those interested simply check out the lists on CoinMarketCap.

• Bitcoin Cash Markets (BCH or BCHABC)
• Bitcoin Gold Markets (BTG)
• Bitcoin Diamond Markets (BCD)
• BitcoinHD Markets (BHD)
• BitcoinSV Markets (BSV)

What do you personally buy with Bitcoin?

And now for the disclaimer of truth or personalized caveat if you will.  It seems to me that there are two main camps when it comes to Bitcoin and it’s usability.  On the one side there are those that believe that Bitcoin needs to be used to become mass adopted and mainstream.  On the other hand there are those that think that as Bitcoin in potentially the best store of value that the world has ever seen, and use is not necessary.  I’m torn depending upon the mood that you catch me in, but what I can say is that for the most part I tend not to use my Bitcoin to buy that much.  Right or wrong, it’s a personal choice we all must make.  For me, I guess I am an attributer to the tenants of Gresham’s Law.  For those that don’t know, Gresham’s Law in theory states “that any circulating currency consisting of both “good” and “bad” money (both forms required to be accepted at equal value under legal tender law) quickly becomes dominated by the “bad” money. This is because people spending money will hand over the “bad” coins rather than the “good” ones, keeping the “good” ones for themselves. Legal tender laws act as a form of price control. In such a case, the intrinsically less valuable money is preferred in exchange, because people prefer to save the intrinsically more valuable money” (Everipedia).  Of course, as with anything there is always an opposing viewpoint, which in this case happens to be Thiers’ law.

In the end I guess, it is up to every individual on what the value of Bitcoin holds for them personally.  For some the value is inherent as a store of value, hedge against the current financial crisis whether real or perceived, or simply the autonomy in managing completely one’s own assets.  For others the value of Bitcoin will be factored in only in tandem with real world use cases and the ability to spend it as easily on the things in life which at present cash and cards still dominate.  One things is for sure though – as the value of Bitcoin continues to rise and awareness seeps more and more into the mindset of mainstream society, those with it will spend their days wondering 'what can be purchased with Bitcoin to improve my life', while those without will be constantly reminded that it is here to stay and just maybe a faster and easier route to do what they already do to question 'what can Bitcoin be spent on that I am already going to be buying anyway?’  For my part in this, I assure you that should you decide to spend the Bitcoin you either have or don’t have now that is a choice that you will have to make all on your very own.  It is not the intent of this piece of this piece to tell you that you should be spending Bitcoin on anything mentioned above, but rather simply to inform about the present state of affairs in general when it comes to questions you may have regarding what can be bought with Bitcoin.

Jimmy D

Cover Image Source: CoinTelegraph’s What to Buy with Bitcoins

**Please note: Although I have to the best of my ability done my due diligence in researching this piece, I am not a financial advisor and assume no responsibility for any losses incurred on the readers part for any investments or products supported obtained from this post.  Please understand that it is the readers responsibility to look after and maintain their own finances and perform all due diligence on their own part for their personal and financial well being and safety and not rely on myself or others in this space to keep them safe. In addition, although I have done my best to only include what appear to be legitimate sources and projects, due to the sheer volume and scope of projects in this post, unfortunately I have not personally had either the time or the resources available to verify the validity of all the projects mentioned, so please do be sure the do your due diligence before embarking on using or sending money to any of the above projects or companies.

Interested in some of my other pieces on Bitcoin, Blockchain, and Cryptocurrencies?  If so, be sure to check out How to Get Bitcoins, Where to Trade Cryptocurrency, Best Places for Trading Bitcoin and Cryptocurrencies, How to Trade Bitcoin: A Not So Brief Nor Overtly Technical Overview, Ledger Nano S Cryptocurrency Hardware Wallet, How to Purchase Ripple XRP, How To Buy NEO, How to Buy Ethereum Decentralized and So Much More, Bitcoin Machine Near Me?!?, Should I Invest in Bitcoin?!? Past & Probable Future Conversations with Myself, Jimmy D’s Answers to Bitcoin FAQ’s Especially For You: What Can Be Done With Bitcoin?!?,  How To Pay With Bitcoin, How to Send Bitcoin: The Basics, The Importance of Learning How to Create Bitcoin Wallet Private and Public Keys, Buy Bitcoin with Debit Card: The Basics, BTC Numericalized: How Many Bitcoins Are There?, Buy Bitcoin with PayPal: An Overview, Best Options to Buy Bitcoin with USD, and Buy Bitcoin with Bank Account Deposits and Transfers.

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