THE price of Bitcoin has hit new highs this week, but where can you actually spend the cryptocurrency?
Tesla founder Elon Musk helped push the value of a single Bitcoin to beyond $48,000 (£34,680) this week after revealing that the car maker has invested $.15 billion in the virtual coin.
Follow our cyptocurrency live blog for the very latest news on Bitcoin, Dogecoin and market surges…
Bitcoins can be spent in thousands of locations but there are risks
Mr Musk has also said buyers will soon be able to purchase a Tesla using Bitcoin.
But this isn’t the only place where Bitcoins can be spent.
There are almost 20,000 locations across the world where you can use the virtual currency in real-life shops and pubs as well as online, according to cryptocurrency website Coinmap.
Before investing in any cryptocurrency, you should be aware of all the risks involved.
Their value is highly volatile and City watchdog the Financial Conduct Authority has warned investors should be prepared to lose all their money.
Investing in cryptocurrencies is not a guaranteed way to make money.
What can you buy with Bitcoin?
Tesla isn’t the first brand to accept Bitcoin as a form of payment but it is one of the most high-profile.
You can already purchase Xbox games from the Microsoft Store using the cryptocurrency in the US, but this is not currently available in the UK.
The Royal National Lifeboat association will let you make donations using the cryptocurrency.
You can also buy pints at the Pembury Tavern in east London, once it reopens after lockdown or a seat on Virgin Galactic’s commercial space flights.
Property companies such as Gravity Co-Living in London will even let tenants pay their rent with Bitcoin.
How to spend your Bitcoins
Crypto website Coinbase says paying with Bitcoin has its advantages as you don’t have to give as much personal information such as your name and address when buying online.
Instead, transactions are stored in a network called the blockchain.
The cryptocurrency can be spent anywhere so you could avoid forex fees on overseas purchases.
It can also be cheaper for retailers as they don’t have to pay fees to VISA or Mastercard to accept card payments through chip and pin readers.
Some shops will accept Bitcoin like any other currency.
They may display a sign on their website or shop window that says Bitcoin accepted here.