What Can You Buy with Bitcoin?
The use of bitcoin was limited to a small group of enthusiasts in its early days. These days, the brainchild of Satoshi Nakamoto is being accepted by an increasing number of merchants and platforms. With the increased adoption of bitcoin transactions, you might want to find out what you can buy with this cryptocurrency. Check out our compilation of things you can purchase with bitcoin.
How To Make Purchases with Bitcoin
There are several methods of making purchases with bitcoin, but some businesses only accept it indirectly through gift cards, crypto debit cards, or through platforms like bitpay.
Crypto debit cards are preloaded with cryptocurrencies such as bitcoin. While you spend bitcoin, the retailer is credited with fiat money. Crypto debit cards usually partner with payment-processing companies like Visa and Mastercard. Another popular way to buy products and services with bitcoin is to purchase gift cards from platforms such as CoinCard and BitRefill, then use the gift card to make transactions on the corresponding platforms. BitPay is a popular Bitcoin service for people who buy things with cryptocurrency. The platform allows companies to accept Bitcoin payments with ease from customers.
What can you purchase with bitcoin?
1. Online Shopping
Bitcoin is widely accepted as a means of payment on many websites. A good example is CryptoExchange, an online luxury goods marketplace where you can swap bitcoin for exotic cars, watches, or even domain names.
The possibilities for buying with bitcoin are endless and limited only to the imagination. Some things you can buy online with Bitcoin are clothes and clothing accessories, valuables, electronics and gadgets, and home appliances.
Various car dealerships accept Bitcoin payments for their vehicles. The list includes a wide range of vehicles, from Subarus to Lamborghinis. The founder of Tesla, Elon Musk, who is an enthusiastic supporter of Bitcoin disclosed on his Twitter feed that the electric carmaker will accept bitcoin payments when 50% of bitcoins are mined with renewable energy. Several bitcoin marketplaces also list used or brand-new vehicles that can be purchased with bitcoins.
It might sound too good to be true, but your Bitcoin can literally take you around the world. CheapAir allows you to purchase flights directly using Bitcoin and other cryptocurrencies like Dogecoin, Shiba Inu, Litecoin, and, of course, Ethereum. Expedia and Hotels.com allow you to book hotels. Other companies, like Airbnb and Uber allow customers to use Bitcoin for their services.
Bitcoin and other cryptocurrencies allow you to take that dream vacation, but if you’re more ambitious, you can even use your bitcoin to fund a trip to space on Virgin Galactic, as promised by billionaire and bitcoin enthusiast, Sir Richard Branson.
4. Real Estate
Cryptocurrencies are the currency of the metaverse, but lands in the metaverse are not the only properties you can purchase with cryptocurrencies. Bitcoin is currently being exchanged for real estate properties by some websites like CryptoRealEstate.
Before the widespread adoption of bitcoin, many organizations and individuals accepted crypto donations. The American Red Cross and the American Cancer Society accept Bitcoin donations through Bitpay. Some social media influencers also accept Bitcoin donations.
The insurance industry is very cautious of adopting cryptocurrency as a means of payment, and that is understandable due to its highly volatile nature. But even so, some insurance companies accept bitcoin for insurance protection. However, life insurance is off-limits due to regulatory issues. Some insurance companies that accept Bitcoin payments are the Swiss insurance company AXA and the auto insurance company Metromile.
Buying with bitcoins has never been easier as more companies adopt the cryptocurrency. Make sure that you release your hard-earned bitcoins only on reliable platforms, or you risk being scammed. If you can’t find what you want on a trusted website, you can always use a reliable exchange to turn your crypto into cash.