Businesses that accept cryptocurrency in 2020
Cryptocurrencies are virtual assets that reside on the blockchain. They are similar to the fiat currencies like USD, EUR and GBP except for the fact they only exist virtually. Over the past few years, cryptocurrencies like bitcoin, Etheruem and Monero have gained a lot of traction among businesses.
The main reason behind this is that they cannot be shut down by any government since they are decentralized in nature. There is no helpline number or emergency number which you can call in case you want to reverse a transaction or delete a transaction.
Everything in cryptocurrencies is handled by blockchain’s ledger that maintains balances of all crypto addresses.
Here are few businesses that accept cryptocurrency in addition to fiat currency like USD and Euro.
Gaming
Virtual currencies have always been a part of games. However, these currencies are not decentralized and don’t carry real world value. This is where cryptocurrencies come into play.
By incorporating cryptocurrencies into games, one can prevent cheating since there is no centralized server to hack and steal the coins. Also, cryptocurrencies are backed by real world value. For instance, you can easily convert 1 Bitcoin to $7000 by selling it on Coinbase, Binance, CEX.io or any crypto-to-fiat crypto exchange.
Online casinos
Cryptocurrencies do not care about countries’ boundaries so they can be used as universal currency on an online casino and betting websites. For example, eth.casino and 10cric let you play casino using Etheruem cryptocurrency. No need to convert your local currency – just load your etheruem into their wallet and start playing. You can read 10cric review to know more about it.
It is also extremely easy to cash out your earnings by selling your Bitcoin or Etheruem on Coinbase. Another alternative is simply converting your cryptocurrency to DAI or stable coins like PAX, USDT (United States Dollar Tether), USDC (USD Coin) and BUSD (Binance USD).
These stable coins are pegged to dollar. So 1 PAX = 1 dollar and 1 BUSD = 1 dollar.
Online Shopping on Amazon
While Amazon does not natively accept cryptocurrencies, there are several workarounds on how to shop on Amazon using cryptocurrencies. One such service is Purse.io that allows users to buy anything on Amazon using Bitcoin (BTC) or Bitcoin Cash (BCH).
Infact, you can get upto 33 percent discount by shopping on Amazon using Purse.io. Here is how it works – you select items you want to buy on Amazon and add them to a wishlist. Interested users can buy items for you and in return, they get bitcoin or bitcoin cash.
Another alternate to Amazon is Newegg.com that has great support for bitcoin and other cryptocurrencies. Just select items you wish to buy and checkout with any popular cryptocurrency.
Food and Restaurants
Dash coin and Bitcoin Cash team have partnered with many restaurants around the globe to accept Dash and Bitcoin Cash. These cryptocurrencies are extremely popular in Thailand and Australia where almost every restaurant accepts crypto. Some owners even give discounts since cryptos are expected to up in price in coming years.
Overstock.com also lets users spend their bitcoin to find house hold items and kitchen appliances.