If you haven’t heard of Bitcoin, you are not alone. Bitcoin is a virtual currency that is independent of and free from the control of any government or central authority. This peer-to-peer digital currency is here to stay, so you really should learn a little about it.
In this holiday season, what can I buy gifts with Bitcoin?
You may ask, what can I buy with Bitcoin? Can I use it to shop this Christmas season? Yes, you can buy things with it; however, the selection is bit limited at this point.
Because of its untraceable nature, Bitcoin traditionally have been used in more shady industries, like porn, pills and casinos. Although Bitcoin is breaking out of these industries and becoming increasingly acceptable, don’t expect Bloomingdales or Walmart to accept Bitcoin yet.
When will it become mainstream?
If you are a regular citizen with a regular non-techie job, the likelihood is that you will not encounter the cryptocurrency in everyday life right now. Let’s face it; the whole concept of a currency that is not backed by any government is difficult to understand. The people who understand it are geeky. Granted, you don’t need to comprehend a currency before you can use it. After all, what’s the percentage of people who know how the United States Federal Reserve works? However, Bitcoin is still at its infancy. It has not crossed the chasm to be mainstream yet. And it has a HUGE chasm to cross.
Moreover, the value of Bitcoin fluctuates drastically. Last year in November, one Bitcoin was only worth $12, and today it is worth over $560. And that is after a hike to $710 last week. You see, because of the tremendous up and downs, it’s really difficult for retails to set prices on their goods. Therefore, unless the retailers are extremely agile, they are not going to adopt the currency unless it stabilizes more.
Things Bitcoin can buy
But there is stuff that you can use Bitcoin to buy today. They are items from very small companies or from individuals. People have bought Porsches, Hong Kong apartments, Alpaca socks, geeky t-shirts, goats and soccer team jerseys with it. I know; it’s really random. The most useful one now is gyft, where you can use Bitcoin to buy gift cards from amazon, Banana Republic, CVS, Marriott, Game Stop, Groupon, Sears, Nike, Sephora and more.
And there is a new site called Bitcoin Black Friday. On November 29th, it will notify users of hundreds of merchants selling everything from web hosting to organic beer will offer special deals to anyone paying in Bitcoin. I am very curious about what wonderful things will be available.