How Businesses Accepting Bitcoin Make Your Crypto-Nomad Life Easier

More and more companies around the world, regardless of their size or industry, are embracing the cryptocurrency trend. In doing so, they streamline their payments and gain new customers —people like you who want to explore the world using Bitcoin. 

At the moment, there are a bit over 15,000 businesses worldwide accepting Bitcoin payments. This number may not seem much, but when you think that for most of them, accepting Bitcoin was a mere opportunity ten years ago and not reality, then the future looks full of possibility for the average crypto nomad.

Every time you use Bitcoin to pay for something, you are voting for crypto-friendly businesses and helping the crypto community grow, so it’s worth learning how you can get by using this payment method.  

If you want to book flights, support your favorite charity, or shop online with Bitcoin, there are a few things you need to know about businesses accepting Bitcoin before you part ways with a fraction of your dearest crypto. Let’s see what they are!

What Are the Benefits of Paying With Bitcoin

With businesses accepting Bitcoin on the rise, it makes sense for you to use this coin to pay for your crypto nomad lifestyle. Especially as a traveler, these are the main reasons why you’d prefer to pay with Bitcoin over credit cards or cash: 

• Protecting your privacy —Bitcoin transactions are not anonymous. They are, in fact, traceable and transparent, so you need to take some steps to protect your privacy.  However, unlike using credit cards, sending Bitcoin to a merchant doesn't require personal information, only an alphanumeric address. So businesses you buy from won’t have access to information such as birthdate, full name, or address 

• Minimizing risk of fraud —Bitcoin transactions provide a higher level of encryption than traditional ones. Due to cryptographic signatures, other people can’t access and spend your money. What's more, when you pay with Bitcoin, no personal details are required, so there's no credit card number for hackers to access. 

• Eliminating currency exchanges —since Bitcoin holds the same value wherever you go, the hassle of having to exchange money or being left with unspent foreign currency becomes a thing of the past

• Reducing the risk of losing money or theft —since you don’t keep any paper money or credit cards with you, there’s less chance that you’ll lose it while you travel

• Enjoying fast payments across borders —to send Bitcoin, you don't have to wait a number of working days for your transaction to be processed, like with banks. Plus, the Bitcoin sent is not limited to a particular amount, as it can be the case with fiat currencies

Depending on your travel plans, you may need to take your credit card with you. Some countries may have very few businesses accepting Bitcoin, if any. 

What Companies Accept Bitcoin Payments?

As covered in the previous blog post, the travel industry has been the most open to accepting bitcoin payments. However, there are so many things you can purchase with your favorite coin apart from flights or hotels. 

Did you know that you can buy pretty much everything from software, fine art, jewelry, exam preparation tests, groceries, or even buffalo horn glasses made in Zurich? For sure, the options are still limited, but it shows that businesses are growing more enthusiastic about accepting Bitcoin. 

When it comes to accepting Bitcoin payments, big companies such as AT&T, Microsoft, Overstock, PayPal, or Rakuten are the trailblazers. However, smaller businesses are following suit in becoming more crypto-friendly as well. There are even websites where you can use your Bitcoins and then rate the service. You can help the community of fellow crypto users to provide and receive better products and services. How cool is that? 

Probably the ones who benefit most from accepting Bitcoin payments are online merchants. Platforms such as Shopify or Etsy have taken the opportunity to partner with Bitpay, Coinbase, AlfaCoins, or BitcoinPay and accept crypto payments from shoppers anywhere in the world.

How You Can Pay With Bitcoin

Step 1. Get Your Bitcoin Wallet

To pay with Bitcoin for goods and services, you first need to have a Bitcoin wallet. Choosing one should only take a few minutes, and depending on your operating system and your goals, you can go for: 

• Mobile wallets
• Desktop wallets
• Hardware wallets

For example, if you prefer to shop online, you should go for a desktop wallet. But if you want to make everyday payments, then an app on your phone or a hardware wallet will work better for you. 

Step 2. Buy Your Bitcoin

Once you get your wallet, you need to have some Bitcoin on it. To do this, simply: 

• Go to one of the many available exchange services
• Find the best price for your coin
• Buy your Bitcoin by providing your wallet address 

This transaction is completed in a matter of minutes. 

Step 3. Send Bitcoin

After you have decided what you want to purchase, the precise procedure on how to send Bitcoin depends on the type of wallet you use. So you can either pay by:

• Scanning the QR code of the recipient from your Bitcoin wallet mobile app 
• Copying the recipient’s address and pasting it in the designated field on your wallet
• Signing in to your Coinbase account and following the steps

As you can see, the process is pretty straightforward, takes little time, and you don’t need to give away your personal information, like with traditional methods of payment. 

Before You Start Shopping

It’s exciting to browse news from the Bitcoin world and see new businesses around the world jumping on the crypto bandwagon every day. Knowing your options for paying with Bitcoin wherever you go makes your travels a lot more enjoyable, for sure. 

However, if you want to make the most out of your crypto nomad lifestyle, take the time to educate yourself on how to stay at the top of your game. You can do this by joining our Simple Wealth Elite program. With this ongoing mentorship, you'll learn how to go full-time crypto while putting in the minimum effective dose of effort. 

Sounds lush? I’ll see you in the course for more Bitcoin insights and strategies.