Back in 2013, a bitcoin enthusiast named Laszlo Hanyecz created a message-board post offering 10,000 BTC – which then was worth around $25 – to anyone who would deliver two pizzas to his Jacksonville, Florida, home. As the legend goes, those two pizzas, which another bitcoin early-adopter bought from a local Papa John’s, marked the first successful purchase of non-virtual goods using bitcoin. Thankfully it’s a lot easier to use bitcoin these days!
- It’s simple: Transactions using BTC aren’t that different from those using a credit or debit card, but instead of being asked to enter card info, you’ll simply be entering the payment amount and the vendor’s public key (similar to an email address) via a wallet app. (When transacting in person using smartphones or tablets, often a QR code will pop up to simplify the process – when you scan the code, your wallet app will automatically enter the pertinent information.)
- It’s private: One of the benefits of paying with bitcoin is that doing so limits the amount of personal information you need to provide. The only time you need to share your name and address is if you’re purchasing physical goods that need to be shipped.
- It’s flexible: As to what you should do with your bitcoin, that depends completely on your personal interests. Here are some ideas:
- You can sell it for cash using an exchange or a Bitcoin ATM.
- You can spend it online or in brick-and-mortar retailers as you would any other currency by using a Bitcoin debit card.
- You can hold on to some or all of it as part of your investment and savings strategy.
- You might choose to that is close to your heart (check out).
- And if you have a serious budget and unfulfilled astronaut dreams? Richard Branson’s Virgin Galactic happily accepts BTC in exchange for the opportunity to blast off on one of its forthcoming space-tourism missions.