Dr: Evil: I demand the sum… OF 1 MILLION BITCOINS!
If there was a remake of that Austin Powers 1960’s movie, bitcoin has the value that Dr. Evil and his Mini-Me would desire as ransom money, as it can be transferred to him immediately using a payment service. Then, he can go under the veil of the internet to make anonymous exchanges so he can use another payment service to work around, making it into banknotes so he can get more than one million dollars!
Most popular cryptocurrency
The acceptance of bitcoin made this virtual cash more valuable than any other form of money. Bitcoin is the most popular cryptocurrency in the world. It exists only virtually but can be exchanged to become a state-backed currency like the US dollar.
The value is volatile
The value of one bitcoin is much higher than any currency, ranging from a low of $3,000 to a high of $19,000. This value might even go higher as time goes by, as the cryptocurrency world exchanges revolve around bitcoin. Another factor that would increase the amount of bitcoin is that it can be used for a payment transaction. The exchange rate of the bitcoin is volatile, meaning that it may be high one day then become lower, fast.
Accepting bitcoin as payment
As of the moment, it is rare for merchants to accept bitcoin as a payment method. A few companies that do accept this leading cryptocurrency as payment include Newegg, Expedia, and Microsoft. There is a work-around way to pay for stores like Amazon, Walmart, Target, Starbucks, and Nike. You can shop online at Gyft and use bitcoin to obtain a gift card for these stores.
Using a payment service
For other merchants that do accept payments, it is not all e-wallets that store bitcoins that may be used. Note that you need to use a payment service app to be able to use this cryptocurrency for sending and receiving. The payment services that store, send, and receive bitcoins include SpectroCoin, Blockchain.info, CoinGate, Coinbase Commerce, BitPay, and CoinPayments. There is also a payment service called Shakepay that, for a fee, can convert your bitcoin into Euro or USD.
Other ways to use bitcoin as payment
To be able to use a payment method for bitcoin, for specific stores and retailers, you still need to work around it. There are other ways that you can make your bitcoin no longer virtual. You can exchange it into a state-backed currency like the US dollar. Then, send it to one of the online payment services, which may, in turn, send it to your bank account. If your bank account is linked to again a payment service app, you can transact but via state-backed currency.
The lack of acceptance of bitcoin as a payment method is due to its volatility. However, it is the very nature of it being volatile that makes it popular in the cryptocurrency exchanges as most people in this virtual cash world love to trade. When you have a bit of the bitcoin, you have a bit of the dream, yet it is not possible to use it to spend at many stores, so you have to convert it. Storing bitcoin might add to its value, however, take note that there are other cryptocurrencies that are on the rise, which other people might prefer.