Are there any benefits in paying for purchases with cryptocurrency?

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Answers from analysts of Golden Island

It would be fair to say there are pros and cons of paying with cryptocurrency. Now you can buy almost anything for cryptocurrency, from pizza to real estate and expensive cars. For example, not so long ago Knox Group — one of the largest corporations in the UAE — has launched a housing commercial project with units available for sale for cryptocurrency. Magnum Real Estate, a company from New York, which sells real estate in Manhattan, also accepts cryptocurrency.

In Russia, unfortunately, there is only a handful of companies that accept cryptocurrency. That’s because cryptocurrencies have not been recognized yet, and also they are not subject to taxation. Switzerland and England are relatively loyal to cryptocurrency. And Japan has recognized cryptocurrencies as an official means of payment. Russia still pursues a more aggressive policy.

On the one hand, Bitcoin is a working anonymous means of payment, on the other hand, Bitcoin is not yet ready for mass implementation, since the speed of processing transactions in the network is still low (compared to VISA).

The big pros of paying with cryptocurrency are anonymity and the absence of an intermediary between the seller and the buyer (that is, no third parties who could block your transfer if they think your transfer is “suspicious”). The biggest downside is probably the absence of any legislative basis regulating this means of payment. And, of course, volatility.

It’s up to you to decide whether that’s a good thing or a bad thing, because Bitcoin price is constantly changing.

By the way, it is worth noting that in Russia alone, the number of organizations supporting BTC increased tenfold in 2017–2018. Imagine what’s going on in the rest of the world, especially in the USA, where Bitcoins was gaining momentum before Russia even learned about the existence of Bitcoin.

Some useful resources:

Spendabit. This is a search engine, which provides access to millions of goods sold for cryptocurrencies. The system finds the trading platforms in the network, so you only need to enter the correct request. The system indexes all stores, regardless of their size;

OpenBazaar. This is a decentralized e-commerce platform, which executes all settlements exclusively in Bitcoins. There are no fees. You need to download the application to use this platform;

Purse.io. This is a platform for people who have gift cards to buy goods for Bitcoins. For example, you can sell an Amazon gift card here. You need to do the following: select a product and pay for it with cryptocurrency. So if you have an extra gift card, this is a place for you.

Coinmap. A reliable map showing the location of stores that accept digital coins for payment. The service is easy to use. To find the right store, simply zoom out on the map.

Stay in touch with the current trends of the crypto market together with Golden Island analysts. Type “I want to earn with you!” in the Telegram channel @gitsupport , join the club and discover the world of new opportunities with Golden Island.

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