When Bitcoin first appeared on the scene and those famous Bitcoin pizzas were purchased, crypto pioneers like Laszlo Hanyecz were trying to give us a glimpse of a new tomorrow when we would all have set aside our dollars, pounds, and euros in favor of digital currency.
We all know that the subsequent decade didn’t go quite as predicted, and the pizza buying stunt is a large part of the reason why.
Yet today, the volatility that saw the crypto spent on those pizzas rise in value to almost $4 billion has evened out. Millions own crypto assets as investments or trade them on the daily markets.
Crypto has become part of our mainstream lives, and now it could make sense to use Bitcoin for actual spending – at least, under certain circumstances. Let’s take a look at where and how people are spending crypto in 2022.
Accessing your cryptocurrency
For digital currency, you need a digital wallet. Five years ago, that was a concept that sent many people into a mental blur, but over the past couple of years, in particular, we’ve become more accustomed to making digital transactions.
A digital wallet is conceptually no different to your PayPal account. Coinbase is probably the best-known, although there are plenty of others too. Like PayPal, you can install the app on your phone to make your digital funds instantly accessible when you’re out and about.
Online shopping
In the main, however, you are unlikely to be spending your crypto in a traditional shop (although you might). Digital money is ideal for digital purchases, and a growing number of online retailers are ready and willing to accept crypto payments.
These include Microsoft, Overstock, and a good many Shopify stores, to name just a few.
Crypto casinos
Online casinos were among the early adopters of Bitcoin. Using crypto in your gambling account can be appealing for a number of reasons. This is especially the case in countries where online casino gaming is still frowned upon or has not been properly regulated.
The popularity of Bitstarz Casino Australia is a case in point.
The thing about online casinos in Australia is that in theory, they don’t exist. Licensed casino operators are not permitted to offer online gaming to the Australian market, and doing so would cost them their license.
All this creates is a situation where gamblers seek out offshore operators that are not licensed in Australia. There’s nothing to prevent them from playing there, but banks can be leery about facilitating such transactions.
Bitcoin is an ideal solution that is safe, instant and secure. It also gives you the opportunity to remain anonymous, without having to send card details to anyone.
More to come
Right now, there is a logical rationale for choosing crypto to make certain online transactions. But there is no hurry. Crypto is here to stay, and as the blockchain ecosystem evolves, more use cases will naturally evolve.
Right now, however, we’ll still stay clear of the pizza deliveries.