How To Use Bitcoin

There have been many technological advances in the past century that have changed how we live our lives. Can you imagine a time before streaming networks, smartphones, or other modern devices? What about social media and the widespread use of cars and air travel?

Each of these inventions was novel in its own time. Today, there's another new technological phenomenon that's taking the world by storm: cryptocurrency (a form of digital currency). Today, let's learn all about Bitcoin and how you can use it to purchase commodities that enrich your life.

What Is Bitcoin?

First, it might be helpful to know what Bitcoin is. Can you buy individual Bitcoins? How do they represent value?

Bitcoins are a relatively new approach to currency known as cryptocurrency. Each Bitcoin is worth a dollar amount that fluctuates based on market demand. As a result, Bitcoins owned in 2010 are worth much more today based upon their rise in value. You can use Bitcoin payments for a variety of purchases (such as buying a new Tesla!), as they are now in wider circulation. 

How Does It Work? 

You might be wondering how Bitcoins work. Essentially, they come into existence through Bitcoin mining—a process in which people (miners) compete by solving complex computer equations to receive a reward of Bitcoins.

These equations go right back into what's known as Bitcoin’s blockchain. A blockchain is essentially a digital ledger that secures and records bitcoin transactions and purchases.

How To Buy Bitcoin 

What about you? How can you purchase Bitcoin and use it? The way to make this cryptocurrency a part of your daily life is to visit a marketplace platform that hosts cryptocurrency exchanges. Make an account with a username and password. You can do this from a computer or even a mobile device.

You can then buy new Bitcoin or sell it using various currencies. A secure folder known as a "digital wallet" (or hardware wallets) stores your Bitcoin assets. These Bitcoin wallets work on your phone or desktop computer to assist you in your internet purchases.   

How To Make the Most of Using Bitcoin 

Part of the appeal of cryptocurrency as a whole is the ability to buy things anonymously and forego the third-party banks and fees in making Bitcoin transactions. Sellers can also control their anonymity as they make exchanges and purchases. Let's look at a few other ways you can make the most of crypto coins and Bitcoins.

Build Your Crypto Portfolio 

One way to get into crypto is to begin building your portfolio. You can purchase Bitcoin and other cryptocurrencies on platforms like Coinbase, Kraken, and Gemini that host exchanges. 

When you get your wallet set up to hold your Bitcoin, you'll have a public key (Bitcoin wallet address or simply Bitcoin address) and a private key. These function as passwords that allow you to make transactions securely through a Bitcoin network. Some buyers prefer not to spend their crypto. These investors do so in hopes that the value will rise in the future.

Search for Merchants That Use Bitcoin 

You can use Bitcoins like cash or debit cards to purchase things you need. To make a purchase at a retailer that accepts Bitcoin (like Paypal), you'll use your Bitcoin wallet and enter an alphanumeric code or a QR code at checkout. If you need to deposit more coins into your bitcoin wallet, you can do so digitally or through a Bitcoin ATM.

Why It Can Be Challenging To Use Bitcoin 

Bitcoin is still relatively new to our world. With that novelty comes a string of difficulties that can make it feel challenging to use Bitcoin (such as volatility).

One of those challenges is that the price of Bitcoin is fluid. With fluidity comes uncertainty, which causes Bitcoin to be less predictable than cash for some people. On the other hand, the pros of using Bitcoin may outweigh the cons.

What Can You Buy With Bitcoin? 

Are you starting to see some of the advantages of cryptocurrency? While the world has not embraced crypto as a whole, many retailers accept cryptocurrency for their products, making it a currency that's gaining popularity. Let's look at a few things you can buy with Bitcoin.

Furniture and Home Goods 

Are you looking to refresh your entryway with a floor-length mirror? Perhaps you've been eyeing a dining table at an online retailer. You don't have to use cash or credit for these purchases anymore. Many furniture retailers accept Bitcoin as tender in this era of online shopping.

Cars 

Did you know you can also use Bitcoin to purchase a car? There's no need to rely on cash anymore when you buy from certain manufacturers. If you're interested in Teslas, you can now buy one with Bitcoin. 

Travel Accommodations 

Now and then, everyone needs a good excuse to get away and experience all that the world has to offer. When you're in need of a getaway, you can book airline miles through several major airlines using Bitcoins. Depending on your destination, you can use cryptocurrency at your destination, too. Several hotels now accept Bitcoin in exchange for stays. 

Jewelry 

Perhaps you have a fondness for fine jewelry. If you enjoy curating your selection to include dazzling jewels and premium diamonds for everyday wear, you'll be excited to know that you can now purchase jewelry with Bitcoin. Several retailers now offer this feature, making it easier than ever for you to buy the pieces you love with your choice of currency.

Five Pieces of Jewelry You Can Buy With Bitcoin 

Perhaps you've got some crypto that's burning in your digital wallet. When you want to use Bitcoin to purchase high-quality jewelry, you'll want to know which retailers offer the best pieces. Here are five timeless pieces of jewelry to buy with Bitcoin that are perfect for daily wear. 

1. A Solitaire Engagement Ring 

Have you and your partner recently discussed engagement? If so, you may be interested in purchasing an engagement ring with your Bitcoin balance. One perfect piece you can select for this occasion is a Solitaire Engagement Ring. 

At Noémie, our Solitaire Engagement Ring displays a singular round white diamond in the carat weight of your choice. Regardless of your carat selection, your solitaire stone will sit on a band of 18-karat white gold, yellow gold, or rose gold. This ring is the ideal choice for those who love classic styles. 

2. A Timeless Tennis Bracelet 

A tennis bracelet is an iconic piece of jewelry. This well-known bracelet used to be called a "diamond line bracelet" because its diamonds sit in white gold, rose gold, or black gold settings. 

This piece is iconic for how it received its name and how it complements many types of attire effortlessly. You can use Bitcoin to purchase this piece and enjoy it for years. 

3. A Delicate Diamond Necklace 

How's your necklace selection looking? Do you find that you need more classic diamond pieces within your jewelry box? If so, you may want to consider using your Bitcoin to purchase a delicate diamond necklace that goes with everything. 

One excellent choice is our Five Diamond Necklace. This dainty piece features round white diamonds in bezel settings spaced evenly across the width of the 18-k gold chain. 

4. The Perfect Pair of Diamond Hoop Earrings 

You may be more interested in buying a new pair of earrings with your bitcoin balance. If so, consider our Noémie Huggie Earrings. These minimal hoops feature the perfect amount of delicate white diamonds lining the front of each tiny hoop. These earrings hug your ears, making them a terrific selection to help you add subtle glamour to your apparel. 

5. A Diamond Eternity Band 

An eternity band is a versatile staple piece of jewelry. Our Noémie Diamond Eternity band is ideal for a wedding jewelry ensemble or everyday wear. Stack this piece with multiple rings, or you can enjoy how it looks next to a sparkling engagement ring. 

How Noémie Jewelry Offers Excellent Value 

When you're spending your Bitcoins on an item, you'll want to know whether that item is worth it. At Noémie, we take extra measures to ensure our pieces are of the best quality.

We only use excellent 18-karat gold and platinum for your rings, necklaces, earrings, and bracelets. When it comes to diamonds, you can revel in your Noémie piece's stones, knowing they hold a VS clarity and F/G color grade

We use thoughtful product assortment and own our own production house to cut out the middleman. All of this is to ensure you get incredible diamond jewelry at the most attractive, fair prices.

Purchase Your Favorite Jewelry With Crypto 

Learning how to use crypto can make it even more rewarding to purchase your favorite vacation or a new car. When it comes to buying fine jewelry, Bitcoin is a recent advancement that can help you make your ideal diamond necklace a reality. When you're searching for the best fine jewelry to buy with Bitcoin, Noémie is the retailer for you. 

Sources:

Diamonds Unearthed | Science | Smithsonian

GIA 4Cs Color D-to-Z | GIA

How Does Bitcoin Mining Work? What Is Crypto Mining? | Investopedia