Hardly anyone can ignore cryptocurrencies at the moment. We reveal what virtual money is good for and what you can invest it in.
The first Bitcoin and Cryptocurrency millionaires are now there. No wonder, the virtual currencies are currently booming. Nevertheless, the question arises as to the point of having a huge amount of virtual money and what it can be spent on at all.
Cryptocurrencies work with blockchain technology
Bitcoins and cryptocurrencies are principally unregulated digital currencies that are mainly used to buy certain goods and services from certain companies that accept them as a means of payment. Cryptocurrencies work with what is known as blockchain technology . This is a decentralized technology distributed over many computers that manages and records transactions and (allegedly) offers more security. Elon Musk has its own cryptocurrency
Tesla boss Elon Musk now even has his own cryptocurrency. Personalities like Vitali Buterin (founders of Ethereum) or Cameron and Tyler Winklevoss – the twins who brought Mark Zuckerberg to court – have become millionaires through Bitcoins and other crypto currencies.
The first bitcoin transaction was made for a pizza
On May 22, 2010, a man named Laszlo Hanyecz made the first real Bitcoin transaction . He bought two pizzas from Papa Johns in Jacksonville, Florida for around 10,000 BTC. Less than a week after that purchase, the price of a Bitcoin rose 1,000 percent – from $ 0.008 to $ 0.08. It has been eleven years since that first purchase. There are now many online shops that accept Bitcoins and other crypto currencies as a means of payment. (Also Interesting : Crypto Art, what it is and why Elon Musk is also keeping an eye on it)
A Tesla can be paid for with Bitcoins
At Tesla , you can now pay with digital currency, for example, as Elon Musk tweeted on March 21, 2021. This option is only available in the US for the time being. The announcement came weeks after the auto company invested $ 1.5 billion in the cryptocurrency . Agencies like BitCars and AutoCoinCards also accept Bitcoins in exchange for luxury cars like Lamborghini, Porsche or Bugatti. (Also Read : Tesla landlords are now accepting Bitcoin payments)
Bitcoin and cryptocurrencies: you can pay for that with them
In addition to the automotive sector, you can use cryptocurrencies to invest in VPN or web services, gold, art or video games, for example , and donate to charitable purposes. Even vacations can be booked in this form via portals such Travala. In general, almost everything that you can pay with PayPal also works with Bitcoin and Co.
Cryptocurrencies have even arrived in the real estate sector. In 2017, the first $ 480,000 home in Essex was bought with bitcoins. The payment option has not yet become standard in this area. However, companies like Bithome – a Swiss company with offices in Europe, Asia and the United States – already accept virtual currency as a means of payment.
You can now also shop with Bitcoins in online shops such as Bitgera . However, you won’t find many popular brands there. In addition, much of what is offered there bears a Bitcoin logo. The e-commerce platform Lanieri, which offers tailor-made clothing such as suits, shirts and pants from Italy, is also already accepting the cryptocurrency.
Pizza Hut also announced in November 2020 that it has partnered with Cryptobuyer to accept Bitcoin, Ethereum and other cryptocurrencies as payment for its pizzas in Venezuela. The restaurant chain is not alone in this: Even with Lieferando in Germany and the Lightning Network, which delivers Domino’s pizzas, payments with the virtual currency are possible.