Who Accepts Bitcoin?
Who accepts bitcoin? This is a question that people need to know if they are thinking about using the digital crypto-currency in the future. As bitcoins become more and more popular, companies all around the world are beginning to ease up to the idea of accepting bitcoins as a means to accept and send payment transactions as well as to use as an investment tool. With the continuously unpredictable changes in the value of bitcoins, businesses can either benefit from them being worth a lot or really be hurt by a drastic drop in their worth. This fact is why there are countries all around the world that aren’t sure about whether or not they should allow bitcoin to be legal or not.
There are only two countries in the world that actually have laws in place that make using bitcoin illegal and those countries are Iceland and Vietnam. Other than that, it is either completely allowed, is in dispute, or it isn’t specifically discussed so the legality is unknown. If you are thinking about using bitcoins then you have to know what countries accept bitcoin.
There are quite a few countries that allow their residents to use bitcoin but the big countries include the United States, Canada, Germany, Australia, Spain, Italy, Ireland, South Africa, and those are just a handful.
Bitcoin is actually in dispute in eight countries. Mexico, Colombia, Jordan, all of Russia, India, Kazakhstan, China, and Thailand are all deciding whether or not they will allow businesses to accept or provide bitcoin services.
Some significant countries that don’t specify whether bitcoin is or is not allowed are places like most of the Caribbean, a large portion of the Middle East, just about all of Africa (except for South Africa), North Korea, Chile, Venezuela, Honduras, and plenty more. As the popularity of bitcoin continues to skyrocket, these countries will likely become more definitive on their stance on allowing bitcoin as a form of currency in their country.
There are a ton of different businesses that accept bitcoin and a ton more prepared to do the same. The popularity of bitcoin transactions is growing rapidly and we could see it become a worldwide option sooner rather than later. It’s not just the big companies either, smaller businesses are keeping up with the times and making sure they don’t miss out on bitcoin. QR codes are what have really made the transition pretty easy as all customers have to do is use their smartphone and enter their bitcoin wallet application (if that is your preferred method of bitcoin wallet). From there you just scan the two and your transaction is complete. The simplicity involved could see a lot more businesses who don’t accept bitcoin become more open to allowing its use. Some examples of how broad the spectrum is as far as companies that accept bitcoin are concerned include big fortune 500 companies like Home Depot, Microsoft, and Dish Network, as well as smaller businesses like local pizza shops, dating apps like OK Cupid, and gift card sites like Gyft.
There are several reasons as to why bitcoin isn’t accepted everywhere but there isn’t always a definitive answer to that question. There are a lot of concerns over the volatility of the currency and how unpredictable it can be if you are looking to use it as an investment tool. Not to mention the risk involved if you are using an online bitcoin wallet and the fact that if there is a transaction mistake, there really isn’t any way to fix it. All of these things have caused concern as to whether or not bitcoin is legitimate.
As far as the volatile nature of bitcoin is concerned, it really depends on how you look at it but the up and down nature of bitcoins worth can be a good thing or a bad thing. Those who look at it as a good thing see it as a stock market type of situation. You can buy bitcoins for one price on one day and sell them off for a higher price when you see that they have gone up, so you are essentially trading your money for more money if you time it right. Keeping up with the market and understanding it can be very beneficial. Those who see it as a bad thing see the opposite end of that fact and worry that the exchange rate will drop significantly, as it is known to do at times, and you could end up taking a big loss.
Another big time reason why places aren’t sold on bitcoin is because, on the off chance that something goes wrong or your wallet address is mixed up with a different address, there is no way to void or change the mistake. For example, if for some reason you are being transferred a certain amount of XBT’s (bitcoins) and your address is confused for somebody else’s, then your money is given to them with no possible chance of you getting it back. The lack of security in that sense is concerning.
Before jumping right into the investment side in this bitcoin review, you first must know why you should invest in bitcoins. Bitcoin has had its ups and downs over the years but that doesn’t take away from the fact that it is one of the most followed currencies ever. There have been scandals, exchange collapses, and a bevy of other issues but bitcoin has overcome all of their troubles and continues to grow, as does its popularity. The demand for XBT’s, or bitcoins, is always going to be there in a sense because there is only a certain amount of them to go around. The cap on a number of bitcoins that can be circulated is 21 million, it cannot exceed that amount. Currently, there are a little over 15 million available and miners gradually add more as time goes on. They make sure to keep a steady pace of the amount made available to raise the demand. This is an interesting dynamic as paper money can always be printed, it can’t run out but that is a problem in itself because overproduction can lower its value. Bitcoins do not run into that issue. In fact, once the cap has been hit, bitcoins will have the opposite problem as the value will go up due to supply and demand.
We want you to know it’s also important to understand that if you are contemplating investing in bitcoin, make sure you are doing it because you have educated yourself on the process and know what you are doing. Do not just strictly base your investment plans on the market value of bitcoins to a U.S. dollar and hope to strike gold, because that is unlikely if you don’t know what you are doing. Usually, when gambling you try not to bet any amount of money that you are not ok with losing, well, the same mindset can be said for investing in bitcoin.
While spending your bitcoins immediately has become the popular thing to do, users should know that investing in bitcoins is a good idea as well. Because of its volatility, the price per bitcoin can go up and down and if you invest into bitcoin and have a good amount sitting in your wallet, you can payout big once the price of bitcoins have risen. Just like any investment, it’s all about timing and understanding your market.
As for where you can invest in bitcoins, you can choose to buy bitcoins, and follow its value closely, you can use a computerized trade processor called “Bitcoin Bots”, and you can even try the mining process and generate them like that. Other than that investing bitcoins is all about what you prefer and the trust you have in the bitcoin wallet you are using. As long as you are safe, you can enjoy your investment with no worries. Paper bitcoin wallets and hardware bitcoin wallets are the most secure options but again, it is all personal preference.