Bitcoin has been dominating the world of cryptocurrency for the past few years. It is because of his high value as well as greater transaction. It is a digital currency, but people tend to stock it like gold and other metals due to its value.
There are many unique benefits of bitcoin. The first of them includes the tendency of more significant transactions. It not only provides access to a larger transaction but also ensures the security of the transaction. But there is a downfall that it can do a maximum of 7 transactions per second. Thousands of crypto transactions take place every second. This property causes congestion and the crowdedness of the transactions.
This is the main reason why the transaction rate of bitcoin is so high. It is due to the crowdedness. In 2017 the transaction fees rose so much that many business companies stopped accepting BTC as a payment method.
To relieve the customers from this headache, bitcoin introduced another scaling solution called lightning network. This network allowed the users to do the transactions through other channels with a very reasonable transaction fee. The lightning method was not that user-friendly. To use that method, the users were required to crate and deposit into their lightning channels. Moreover, they needed to keep their channels open throughout the whole process of the transaction.
Significance Of Lightning Network
This network enables a user to make a tiny transaction as well. Generally, bitcoin deals with a more significant transaction with a high fee, but the lightning network undoubtfully created a channel of relief for the users. The lightning network is said to deal with the timing issue as well. Usually, for a transaction, the user has to wait for 10 minutes, which becomes irritating for him and the other people standing in the line.
How to spend your BTC
To spend the BTC or to buy something from it, the first step is to look for the shops or companies that accept BTC as a payment method. Once you get familiar with the payment method of different stores, you can make up your mind about where and how to spend your bitcoin. So for this purpose, let’s see
Online Stores Accepting Bitcoins
The online stores that accept bitcoins as a method of payment are
- Shopify: it is an e-commerce platform that makes its users able to run their stores online.
- Home Depot: one of the most extensive home improvement chains in unites states of America
- Microsoft: it is the world’s biggest software company. To meet the modern demands, it is also accepting bitcoin as a payment method.
Services Providers Accepting Bitcoin
- Reddit accepts the payment method of bitcoin. Users can purchase the premium features through bitcoins.
- Word Press is the platform that enables one to create their websites etc. the word press also accepts bitcoin as the payment.
One can use bitcoin to buy or enable himself to the premium versions of games. Those games may include
- Big fish game
- Humble Bumble
The restaurants like burger king and subway accept bitcoin as a payment method.
Nonprofit organizations like WikiLeaks and Wikipedia foundations accept and donate via the bitcoin currency.
Lavish ways to spend bitcoin
- One can buy cars using bitcoins in the bit car market (a market that uses bitcoins as the currency for payment).
- The user can buy luxury watches in the prestige time watch store
So this is how you can spend your bitcoin.