A lot of potential Bitcoin buyers rethought their decisions as the cryptocurrency market continues to move in a bear market. Any seasoned investor will tell you, though, that the long-term value of Bitcoin far outweighs its price in the short term.
How to spend your Bitcoin
Spending bitcoins is just as viable option as investing in Bitcoin. In 2023, Bitcoin can be used for a wide variety of purchases or donations. Let’s take a look at the top five ways that Bitcoin can be used in 2023 besides trading and investing.
1. Pick n Pay
The Pick n Pay supermarket chain, one of South Africa’s largest retailers, has started accepting Bitcoin. Seven months after launching a pilot program in just 10 stores, the retailer has since rolled it out to an additional 38 locations. That is some impressive growth despite the raging bear market.
Pick n Pay has stated its intention to offer the payment method at all of its stores in the coming months. It’s worth noting that the business has nearly 2,000 locations, all of which could accept Bitcoin if the company chooses to continue with Bitcoin adoption.
— Documenting Bitcoin 📄 (@DocumentingBTC) November 2, 2022
2. Online casinos
This is not a typical choice, but in 2023, if you’re a regular at online gambling sites, you’ll never be short on ways to spend your Bitcoin. Online gambling with cryptocurrencies has grown in popularity on many of the most popular sites in recent years. When using Bitcoin or another cryptocurrency at an online casino, withdrawals might also be processed much more quickly.
Although not everyone enjoys it, online casinos are another place where people can choose to spend their bitcoins. When using Bitcoin or other cryptocurrencies, you may be eligible for attractive bonuses and cashback deals, depending on the site you use. Some of the casinos accepting crypto are Cloudbet, Bitcasino, Bets.io, Metaspins, etc.
Overstock is an online shop featuring a vast selection of home goods, apparel, and other products. It is well-known for its low prices because it deals in “dead stock,” or unsold items from other businesses. There is widespread recognition of Overstock as an early Bitcoin adopter. It actually started accepting Bitcoin payments all the way back in 2014!
It’s still one of the best places to spend Bitcoin in 2023. Overstock now accepts Bitcoin payments through Coinbase. It’s a great place to go if you want to use Bitcoin to buy something commonplace. Just point to Overstock the next time someone says that Bitcoin can’t be used to buy anything real.
4. Gift cards
Bitcoin can also be used to purchase e-gift cards. You can give someone the money you put on a gift card and let them spend it however they like. Gift cards for popular retailers like Amazon and Zalando are all acceptable forms of payment for Bitcoin.
A Bitcoin gift card is a great way to spend your cryptocurrency because the recipient can use it to buy anything on the market. Next time you find yourself stuck for gift ideas, you now know where you can put your Bitcoin. Some of the platforms that accept Bitcoin for gift cards are OpenDime, eGifter, Bitrefill, and many others.
Do you want to make the world a better place? You can do so by donating your Bitcoin. The latest charity called “Running Bitcoin,” which uses funds for amyotrophic lateral sclerosis (ALS) research, accepts Bitcoin as a form of donation.
Bitcoin donations to the Wikimedia Foundation have been made possible as well. The official note claims that the donations will be used to maintain the foundation’s free educational resources for all.
When the Russian-Ukrainian war was all over the news, millions of dollars worth of Bitcoin were donated to Ukraine as well. These are just a few examples. There are many more ways you can donate Bitcoin for a good cause.
Although we only listed five ways to spend Bitcoin, there are countless others. The amount of people or merchants willing to accept crypto as a form of payment grows over time. For instance, Peter Saddington even bought a Lamborghini with bitcoins. Seems like there’s no stopping Bitcoin.