Bitcoin was announced as a peer-to-peer payment platform when it was released but it didn’t find many users for a year. Fast forward to today, everybody wants to join its ecosystem but now it has become too valuable to easily acquire.
What is Bitcoin like as a payment system in 2021? Many stores and businesses began accepting it as a mode of payment while others use it as a store of value. This is an overview of its status as a form of money that is recognized around the world.
Bitcoin in gambling
Gambling websites are one of the first to accept Bitcoin as well as what made cryptocurrency popular to the public. Today, it’s now the opposite. Many online casinos pop up, offering Bitcoin slots because of how healthy the crypto ecosystem has become. Other than slot games, poker, roulette, and blackjack are just some of the many luck-based games that one can play with Bitcoin.
Some land casinos have considered converting their slot machines into Bitcoin-friendly terminals. It will allow customers to use BTC for buy-ins or deposit them into the slot machine’s wallet. The technology is still under development but Sircoma International Game Technology (IGT) already patented the idea.
Bitcoin for retail goods
Purchasing two Papa John’s pizzas for 10,000 BTC was one of the most popular stories for crypto purchases. At first, it was because it was a great sign that Bitcoin can be used to buy essentials like food and water. Today, it’s famous because 1 BTC is worth a fortune. Those two pizzas would cost ₦187 billion with today’s market rate.
There have been a few stores that accept BTC for retail goods since then such as Amazon, eBay, and some grocery stores in Europe. However, many of them had to stop their support for Bitcoin. The rate became too big and it’s possible for the blockchain fees to be more expensive than a cup of coffee.
Bitcoin is still accepted for grocery shopping or paying for meals in some places like Sao Paulo, Brazil. Some individuals began to live using Bitcoin for their daily expenses. With the currency’s rate, it’s more useful for commerce between companies. Litecoin and Cardano are more popular for smaller purchases.
Bitcoin for services
No company pays their employees entirely in Bitcoin but there are some that give cryptocurrency on top of a fiat salary. Using cryptocurrency as a salary is far from becoming the standard since many state laws still require fiat for all businesses.
An alternative to this is a transaction with a freelancer. The employee, in this case, may request cryptocurrency as a payment for services rendered. Another great example is bounties. Companies may crowdsource for specific services where they offer BTC as rewards.
Bitcoin in institutional trading
Given its rate, corporations are the most prominent users of Bitcoin. Thanks to its large conversion rate and decentralized platform, Bitcoin made it easy to transfer funds worth millions in United States dollars.
These people also have easier access to means to convert their assets into fiat so it’s easy to allocate their funds to different expenses, including wages. Bitcoin is more popular for paying properties, trading stocks, or funding projects. The Republic of El Salvador made it a legal tender and other countries consider following its example.
Conclusion of Bitcoin as money
Bitcoin is still far from becoming accepted worldwide but its current state is already a great state for its ecosystem. For now, some of its mainstream uses are Bitcoin slots and casino gaming and institutional trading. Its market is still in its infancy and experts can envision it maturing in the next five years.