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Bitcoin is the King of Cryptocurrency. But What Can You Actually Buy with It?SAN MATEO, Calif., March 30, 2022 /PRNewswire/ -- Dan Schatt is the CEO of Earnity, the world's first community-based crypto platform and marketplace. Earnity was created to take the complexity out of crypto, making it more accessible and secure to manage. Earnity combines a social media community with a cryptocurrency and decentralized finance (DeFi) marketplace to give users a place to earn, learn and collect crypto assets. The platform connects creators, educators and other enthusiasts to share knowledge and grow audiences - and is now available in the App Store. A fintech veteran and cryptocurrency expert, Schatt's mission is to convert the next 900 million users to cryptocurrency. To do so, Schatt believes that education is key, and he's sharing his insights on the most talked about cryptocurrency topics. Here he is discussing what users can actually buy with Bitcoin. Bitcoin is the undisputed king of the cryptocurrency world. From market capitalization to media mentions, it's the most familiar and most talked about crypto on the market. To be sure, there are numerous other cryptocurrencies and platforms, but when it comes to the general and beginner market, most people have at least heard of Bitcoin. Most cable news chatter revolves around investment returns or anonymous transactions, but at the heart of it, Bitcoin is a currency, just a digital one. So, what exactly can you buy with Bitcoin? Probably a lot more than you realize. No longer a niche currency, Bitcoin can be used to purchase everything from travel accommodations to real estate. And more companies are starting to offer Bitcoin as a form of payment. What exactly is Bitcoin? Bitcoin is a decentralized currency built on blockchain technology. It uses cryptography (the crypto part in cryptocurrency) to secure and verify transactions over a peer-to-peer network. Unlike dollars or euros, Bitcoin exists separately of any government or financial institution. The blockchain part is similar to a public ledger that is stored on thousands of computers worldwide. All of the computers—called nodes—contribute to he verification of the transactions, making it secure and transparent. This allows for faster and cheaper transactions than traditional methods. Where can it be used? Bitcoin, of course, can be used in many digital transactions to settle transactions. The most common is the use of exchanges for investing. However, Bitcoin is also now moving to in-person usage. These are just a few examples of what Bitcoin can buy.
Workarounds and the Marketplace Perhaps mostly notably absent from this list is Amazon. Even though they are the parent company of Twitch and Whole Foods, they have been resistant to adding Bitcoin as payment for several reasons. However, there are workarounds. Gift card hubs like Gyft and BitPay let you pay for their gift cards with Bitcoin to use on Amazon. A special payment app called Bakkt can translate Bitcoins to Starbucks Cards that you can use to buy coffee. Even if a retailer or service provider doesn't directly accept Bitcoin, there are some steps you can take to still convert your Bitcoin to buy what you want. The places accepting Bitcoin are diverse and range from travel to luxury cars to video games. As more users adopt Bitcoin and retailers become more comfortable transacting with the currency, expect even more direct options for purchase in the future with fewer workarounds, faster settlement times, and even better security. About Earnity
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