Association Bitcoin Encryption has a lot of faith in cryptocurrencies to become a viable alternative to many payment systems on the market. However, buy with Bitcoin now is more commonly used as a long-term investment (a gold-like asset).
How and why did this happen? Upon closer inspection, Bitcoin was doomed from the start as a payment service, just as basic blockchain technology cannot be a measure of competition with large industries such as Visa, MasterCard, and PayPal.
The main problem is the number of transactions that the network can process. The maximum bitcoin maximum capacity is just over seven transactions per second (fps), while Visa can easily handle an average of 150 million transactions per day and can facilitate 24,000tps.
As more and more people started using bitcoins and making transactions, the network was disrupted. Along with the number of transactions, most importantly, the waiting time and transaction rates increased like a rocket.
According to Blockchain.info, the average waiting time in winter 2018 was extended to hours, reaching hundreds of hours and, in some cases, even thousands of hours. On January 23, the chart peaked at 11,453 minutes or about 20 days.
If such transactions exist, it is of no value to associate such an excessive waiting time with microscopic transactions at a very high cost. So miners easily avoided approving such transactions because it was a waste of time and resources.
Also, to speed up the transaction, users had to spend a lot of money for the extractors to approve their transactions. According to BitInfoCharts, from a perspective, during the winter, users had to pay an average of $ 55 to see their transaction done.
No one will use bitcoin for a $ 3 cup of coffee because they have to spend 15 times that amount and wait a few hours for the transaction to take place. But by pointing out that “we accept bitcoins,” bitcoins are still a good exchange of paper money for trade.
But for now, it looks like Bitcoin is out of its winter crisis. Waiting time has returned to 10 to 30 minutes, and transaction costs have dropped to one dollar.
The two diagrams mentioned above are exactly related to the price of bitcoin. As you all remember, buy with Bitcoin managed to reach more than 20,000 dollars this winter and drove everyone to the brink of insanity. Now that the price has dropped below $ 10,000, the public seems to have calmed down a bit, and as a result, the network has returned to normal service.
In addition, the LightCoin network, which announced its arrival to solve Bitcoin scalability problems, has now been actively tested and successfully. Once fully implemented, it is likely to make the association’s dream of bitcoin competing with Visa a reality.
But the damage was not over. As a result of the winter crisis, several high-profile retail service providers stopped accepting bitcoin as a form of payment. Here are some examples of the biggest companies for you:
- Dell: They were the largest company to support bitcoin but eliminated this option due to low demand.
- Steam: They accepted bitcoins to buy the game but stopped short of mentioning the high transaction costs and great volatility.
- Firer (Fiverr): This free-market stopped accepting bitcoins for the same reason that they stopped taking bitcoins – lack of enthusiasm
- Stripe: A payment processor for commerce recently ended its support for bitcoin due to slow process completion and high costs.
However, there are still services where you can spend your bitcoins:
Online
List of main online merchants
- Overstock: The world’s first major retailer to accept and fully support Bitcoin payments. You can buy everything from your laptop and TV here.
- Newegg: A large electronics retailer that accepts Bitcoin payments for most of its stock.
- Shopify: An e-commerce platform that allows users to build their online stores, such as Etsy and eBay.
- Etsy: Currently, more than 100 sellers accept bitcoin payments.
- Microsoft: One of the largest companies in the world that allows users to deposit money into their buy with Bitcoin accounts.
The biggest online retailers still do not accept buying with Bitcoin as a form of payment, but there is a way to buy products from them using only digital currency. Read the gift card section below.
List of collectors
- Where To Spend Bitcoins UK: One of the sections of stores, websites, and other places in the UK that accept bitcoins.
- Use bitcoins: A platform with approximately 5,000 listed businesses that accept bitcoins.
- Coinmap: A map of the businesses that accept bitcoins in the world.
- Spend a bit: A search engine that can find specific goods that are available for purchase with buy with Bitcoin.
Services
Accepting bitcoin as a payment option depends on a particular company’s decision. Therefore, there is no specific market in which bitcoin is fully accepted. Instead, companies with different services seek to expand their customer base by introducing digital currencies as a new payment option.
- Dish Network: An American satellite broadcaster service provider
- ExpressVPN: Safe, high-speed network breaker
- PureVPN: Safe, high-speed network filter breaker
- OkCupid: Online dating site
- WordPress: An online company that allows users to build their websites and blogs
- Reddit: You can purchase the full features of this app with buy with Bitcoin
- Namecheap: Domain registration
- Bloomberg, Chicago Sun-Times, etc.: Online newspaper subscription for Bitcoin
- SuicideGirls: A popular adult community that is currently accepting bitcoin sharing.
- Treehouse: An interactive training specialist who accepts bitcoins for various courses.
Video games
You had to go to physical stores to buy video games in the past. These days, most gamers shop online. Video games are becoming a digital asset, much like digital currencies themselves. So it is only natural that more and more platforms will accept bitcoins to sell their games.
- Xbox: Pay for games, additional tools, and Xbox Live sharing
- PlayStation Network: Pay for games, additional tools, and PS Network sharing
- Humble Bundle: Indy Games Website
- Big Fish Games: An unofficial game company based in Seattle, Washington
- Green Man Gaming: Games, Key Games, and Digital Games
- Zynga: Mobile and online games
Travel
There are many competitive travel services, and most offer similar tools. Offering alternative payment methods is a great way to attract new customers. Here are some services that can make your dream vacation come true, and you can pay for bitcoins:
- Expedia: One of the largest online travel agencies in the world is currently accepting bitcoin payments for hotel reservations but is also planning to introduce a buy with Bitcoinoption for flights, activities, and more.
- AirBaltic: The first and only airline to accept buy with Bitcoin payments for various flights.
- Webjet: A travel website that offers flights, hotels, cruises, car hire, etc.
- CheapAir: An online travel website where you can pay for flights, car rentals, train tickets, etc.
- Bitcoin Travel: A travel website with one of the most comprehensive listings of things that use Bitcoin.
- Travel For Coins: A travel website allows users to plan their trips and pay for bitcoins.
- Virgin Galactic: Richard Branson, the world’s first commercial airline, accepts bitcoin