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It’s an exciting time in the world of cryptocurrency, as Bitcoin continues to skyrocket. As of the writing of this article, a single Bitcoin is valued at $22,414.02 AUD. Despite the enormous value of a bitcoin, it’s important to remember that Bitcoins are divisible down to 8 decimal places, making the purchase of Bitcoin Fractions a more viable entryway for newcomers to the cryptocurrency market.
What can I buy with Bitcoin?
Prior to the cryptocurrency boom, virtual currencies like Bitcoin had been primarily used in peer-to-peer transactions. But, as Bitcoin and other popular cryptocurrencies become mainstream, more businesses have begun accepting them in exchange them for goods and services.
- In 2013, the Old Fitzroy Hotel became the first bar in Australia to accept Bitcoins
- Online travel booking sites such as Expedia and CheapAir.com accept Bitcoins
- Heifer International and other charities have also begun accepting Bitcoins as donations
- You can purchase furniture and home décor with Bitcoin from Overstock.com
Bitcoin over the Holidays
If you have Bitcoin to spend over the holidays, you might consider purchasing gifts for your friends and family over the web for items such as:
- Artisan foods and crafts can be bought through peer-to-peer transactions, or through sites like Buyer’s Best Friend
- Exchange Bitcoin for gift cards through Gyft
- Use a SnapCard to purchase books directly from Amazon with Bitcoin
How do I obtain Bitcoins?
New Bitcoins are generated through a ‘mining’ process. This involves your computer being sent an equation to solve. The difficulty of the equation is what regulates the amount of Bitcoin mined at any one time, increasing and decreasing in difficulty. When the equation is solved it yields a 25 digit number that is then exchanged for a block of twenty-five Bitcoins.
Alternatively, you can purchase Bitcoins or Bitcoin Fractions outright from Bitcoin, or sites that exchange Bitcoins for local currency, such as Bitstamp. In total, there are only twenty-five million Bitcoins that can ever be mined, with only a fraction of them being uncovered as of this moment.
With Bitcoin and other cryptocurrencies becoming more mainstream, we have seen them become an acceptable form of payment for a variety of things. From beer at the Old Fitzroy to gifts for your loved ones, the range of things you can buy now is vast and increasing every day.