Crypto currency increasingly popular: how to pay with Bitcoin

In some countries, cryptocurrency is used to pay for the most common services. Cryptocurrencies can be used to pay the bill in a cafe or to buy goods in an online store. This cryptocurrency overview is about what and where to buy bitcoins and how to exchange them for real money.

How to spend bitcoins

Despite the skepticism of banks in some large countries, Bitcoin has not lost popularity in Germany. After a decade, there are many companies around the world that accept digital currencies as a means of payment, including:

– Restaurants

– Bars

– World-famous brand stores

– Fast food chains

– Taxis and public transport

– Luxury homes and real estate agents

Where to pay with Bitcoins in Europe

The global fast food chain Burger King also supports the development of new technologies. Recently, the chain’s restaurants in the Netherlands are accepting payments in Bitcoin, and universities are also trying to keep up with the times. At universities in Germany, Cyprus, the USA, Switzerland and other countries can now pay for education with Bitcoin. One of the first was the Swiss University of Lucerne, which began exchanging cryptocurrency and accepting tuition fees for its art and science school in 2017. The well-known Swiss company BitcoinSuisse AG was the operator of such payments.

By the way: One of the most luxurious hotels in our neighboring country, the Dolder Grand in Zurich, has been accepting Bitcoins for one year, as well as the car dealership Kessel in Zug.

How to pay for goods and services with Bitcoins

To find out if the desired service supports the use of cryptocurrencies, simply ask a seller for it. You can pay with cryptocurrencies in different ways:

– the QR code with a smartphone installed in the desired cryptocurrency

– Scan money to a specific wallet

– Pay with third-party payment systems that accept digital money

There are also gift cards from purse.io and gyft.com, which also make it possible to pay with cryptocurrencies – for example on Amazon. These services offer access to a virtually unlimited market for goods. But there are also specialized websites for finding companies that accept cryptocurrencies and exchange BNB to Bitcoin.

Reasons that make it difficult to accept cryptocurrencies as a means of payment

Bitcoin is trying to become the universal means of payment worldwide by competing with fiat money. However, there are some obstacles along the way. There are a number of reasons that make it difficult to accept cryptocurrencies as a means of payment. Two of them are the speed of transaction processing and the high fees. It was too slow transactions that brought the business of online payment company Stripe – one of the first large infrastructure networks to allow its customers to pay with Bitcoins in 2014 – to a standstill. According to Stripe, the average transaction processing time for mid-2018 was one hour, and sometimes payments were delayed by days. When the transaction was confirmed, the Bitcoin price had already deviated greatly from the values at the time of payment, so users could no longer buy goods for the first cryptocurrency.

However, there are prerequisites to change the situation: the developers of the new payment platforms are confident that crypto payments made in BTC, ETH or other cryptocurrencies can be converted into the local currency of the trader virtually immediately. In the last two years, transaction costs for payments with Bitcoins have dropped drastically. The average bitcoin transaction fee peaked at $54.90 in 2017 and has already fallen a hundred times to $0.53 per transaction in 2019.

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