As bitcoin continues its rise to fame, a growing number of people are jumping on board the cryptocurrency bandwagon. In the beginning, just getting your hands on this innovative new asset was difficult. Only a single exchange was available for those looking to trade fiat currencies for bitcoin. Though a handful of others entered the mix, the fall of the industry’s major player discouraged newcomers for a while. Still, the cryptocurrency sector didn’t fold.
The Exchange Platform Took off
Eventually, the growing concept of cryptocurrency stopped reeling from the hacking of Mt. Gox. New exchanges did begin to enter the mix. Some have fallen by the wayside while others persevere. Options like Bitstamp, Kraken, Coinsquare, Coinbase and others have made a name for themselves in the industry. They’ve made bitcoin more readily available to the public and opened the doors for plenty of new developments to follow.
Facing Yet Another Hurdle
Although acquiring bitcoin is much simpler than it was in the beginning, what to do with the cryptocurrency from there remains a bit of a mystery. Aside from trading it in for other cryptocurrencies or exchanging it for cash and other assets, not a lot of options are available at this point. This hasn’t discouraged people from buying into the growing field, but it does leave room for disappointment.
Why Is Spending Bitcoin So Difficult?
Financial institutions remain leery of cryptocurrencies. Governments are attempting to place regulations on them and bring them into the centralized realm. Since they’re having little success in these efforts, they’re placing restrictions on banks in regard to accepting this type of payment. These roadblocks are passed along to businesses and vendors, making profiting from bitcoin acceptance difficult.
Having said all that, spending bitcoin isn’t impossible. A few businesses have stepped outside the box to offer customers this rising payment option. At present, Microsoft, Overstock, Newegg and Expedia are among the companies currently accepting bitcoin, and new ones are continually being added to the list. With a platform known as Purse.io, you can even buy a wide range of items off Amazon using bitcoin. Click here for more information on businesses currently open to bitcoin payments.