*Back in January, TransferWise CEO Taavet Hinrikus claimed that Bitcoin was officially and irrevocably dead. Comparing the digital currency’s’ popularity to the gold rush, he claimed that ‘real people’ didn’t use it at all and implied that it was a fleeting fad.
There was a time when we couldn’t go a day without seeing Bitcoin mentioned in the media, be it due to it’s price fluctuations or success stories. In November 2013, Bitcoin prices peaked at $1216.73 and remained reasonably costly until eventually falling to just below $200 in early 2015.
Due to the steady decline in Bitcoin’s worth, it’s no surprise that someone like CEO Hinrikus would pronounce the cryptocurrency dead. However, numerous pundits around the USA are now claiming that 2016 is the year when Bitcoin finally gets back on track.
Earlier this month, Bitcoin celebrated a notable success as the prices rose by almost 10% and surpassed $600 on Sunday 4th September. More importantly, it appears that people are beginning to use Bitcoin again, with almost 16 million Bitcoins currently in circulation. Nobody can say for sure whether Bitcoin will remain popular, but while prices continue to rise we thought we’d share four of the most popular uses for the crptocurrency just in case you decide to invest or have some stored away.
Online Casinos
One popular destination for many Bitcoin users is online casinos where you can make fast transactions and wager as many coins as you want. If you’re a more experienced Bitcoin user, you can even track all of the bets you’ve placed through the block chain.
Most major operators offer Bitcoin as an alternative to more traditional currencies, though there are now numerous online casinos that deal solely in Bitcoin. To ease the learning curve for new users, these brands often partner with sites like BitcoinPokies, who aim to teach you everything you need to know about betting with Bitcoin.
Online Shopping
In December 2014, Microsoft added Bitcoin to their list of payment options on their Windows platforms and X Box gaming consoles. This allows US based patrons to exchange Bitcoin for money in their accounts so they can purchase games, videos, apps and more.
As Bitcoin grew in popularity, other merchants like Dell, Overstock, Cheap Air and TigerDirect began to accept Bitcoin as a form of payment. Now, you can buy gift cards for major retailers including Walmart, Amazon, Target and Nike from a number of companies like Gyft that trade Bitcoin for credit.
Restaurants & Hotels
These days, even travel companies are allowing Bitcoin on board. Last year, Expedia teamed up with Coinbase to add Bitcoin to their list of accepted payment methods, making it the most famous travel company to accept the digital currency.
As for bars and restaurants, there aren’t very many that recognize Bitcoin as payment right now. However, Bitcoin.travel has a comprehensive list of all accommodation, attractions, bars and restaurants in the world that do. So, if you’re interested in swapping your Bitcoins for a beer, just look up your local pub and check to see if they are accepted.
Charity
According to the Financial Times, Bitcoin has the potential to change the way charities operate as it reduces transaction costs and ensures that the donator’s money does straight to the cause. Due to this there are already plenty of foundations that accept Bitcoin including the Human Rights Foundation, FreeSnowden, Save the Children and The Water Project.
There’s even a site centered entirely on connecting donators with Bitcoin charities aptly named Bitcoin For Charity. There you’ll find the twelve most reliable charities that accept Bitcoin imbursement.
With Bitcoin’s worth steadily climbing each day, we hope that the digital money can once again reclaim it’s spot as the most diverse currency on Earth. If it does, we’re sure that even more establishments will begin to accept it and the dream of cyber cryptocurrency will finally be realized.
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