Many people imagine a black market full of shady dealings, off-the-record sales, and illicit products when we talk about buying stuff with bitcoin or millionaires looking for luxury boats and private jets. In actuality, there is a vast list of things that may currently be purchased using bitcoin. The list of things and activities you can buy with “digital money” continues to expand by the day, with more than one-third of small companies in the United States already accepting cryptocurrencies as a way of paying.
Bitcoin’s features as a payment option, particularly the simplicity of cross-border payments, secrecy, and progressive and irreversible transactions, have been welcomed by companies across many sectors, from huge corporations like Microsoft and AT&T to tiny businesses like your regional farmer’s market booth.
When it was first introduced in 2009, bitcoin was intended to be a daily transactional currency that could purchase everything from a cup of coffee to a computer or even an apartment. However, shortly after its launch, the cryptocurrency’s direction shifted, and it swiftly became a conduit for illicit activity. If you’re not a criminal, what can you purchase with bitcoin? The list is longer than you might expect, and it’s growing every day. Bitcoin’s retail and consumer acceptability has matched its tumultuous ride in crypto markets throughout the years.
Following its meteoric rise in value in 2017, many shops stated that they would start accepting it in their stores only to reverse their decision later. However, in recent years, an increasing number of businesses have become interested in incorporating bitcoin into their business.
This is due to two factors: the first is technological advancements in cryptocurrency. The Lightning Network is being hailed as a way to scale the number of transactions in the cryptocurrency network while also making them simpler and more efficient. The second point to consider is that bitcoin is no longer restricted to a niche of the financial services business. Coinbase’s market listing, pricing records, and positive references by government and policymakers demonstrate the platform’s potential.
Customers may now access and use various platforms thanks to technological advancements. Digital currencies and digital portfolios result from a massive investigation that has enabled every transaction to be completed with ease and comfort. Bitcoin is digital money that has evolved into a broad and versatile payment method for various things, as indicated above. Without needing to pay out your bitcoins, it’s now easier than ever to put them to good use. If you’re looking for a means to spend some of the excess cash in your wallets, you may either find a store that accepts it or put your tokens towards gift vouchers. If you’re buying locally or online, there are various methods to spend the pennies. Without a doubt, if you are attentive to bitcoin, you will like the transaction over a digital platform.
While the number of organizations accepting bitcoin increases every day, significant bitcoin transactions are still uncommon. Few real estate transactions involving cryptocurrencies, for example, have been reported. Despite this, bitcoin may be used to purchase a wide range of things from ecommerce websites. With time, many countries are giving a green signal to bitcoin which means more and more business giants are going to incorporate cryptocurrencies into their operations. For example, El Salvador accepted Bitcoin at a national level. The following are among the most popular categories. Here is the list of items that can be purchased through bitcoin:
Cars
Some automobiles vehicle dealerships already take bitcoin as a form of payment. The list covers a wide spectrum of vehicles, from luxury merchants selling Lamborghinis (a popular choice among bitcoiners) to more practical retailers selling Subarus. Tesla, the electric automaker, became the most well-known and latest addition to the list of firms that allow you to buy automobiles using bitcoin. According to his Twitter feed, Tesla CEO Elon Musk is a crypto file that has stated that he favours bitcoin. Although Tesla hit the headlines in May 2021 when business founder Elon Musk revealed that the company would no longer receive the payment option, the used automobile market has always been bitcoin-friendly.
BitCars is a digital dealership that provides luxury vehicles of various kinds, including Teslas, with advertising priced in Bitcoin. You may buy a Lamborghini Huracan from BitCars for 12.432 BTC if you ever feel the urge for speed.
Ecommerce and Technology Items
On various websites, a few enterprises that primarily sell computer products accept bitcoin. Newegg, AT&T, and Microsoft are some of them. Microsoft only takes bitcoin in its online marketplace; it does not accept bitcoin on its Xbox gaming console. It also doesn’t accept adverts on its site that promote cryptocurrencies or cryptocurrency-related products.
Overstock, an ecommerce site that sells a wide range of products, was among the first to accept payments, and its owner, Patrick Byrne, was an early supporter. Many more large and small websites allow you to buy things with bitcoin. Shopify and Rakuten, a Japanese ecommerce behemoth, are two examples. Bitcoin is also accepted at Home Depot.
Amazon, probably the world’s largest online retailer, and eBay are noteworthy holdouts so far. Amazon stated in 2014 that it has no plans to deal with bitcoin. This resistance is puzzling, given that the firm’s platforms, such as Twitch, allow and even promote the usage of bitcoin.
Following the rise in bitcoin values in 2017, eBay considered allowing cryptocurrency use. It’s even spent a lot of money on enormous banner ads at cryptocurrency events. However, the San Jose, California-based corporation has yet to clarify whether it will accept cryptocurrency transactions. Customers may now purchase, sell, and keep cryptocurrencies in their PayPal accounts, originally an eBay subsidiary.
Expensive Watches and Jewellery
Bitcoin is now accepted to pay by several luxury goods manufacturers and shops. BitDials, an online luxury merchant, accepts bitcoin in exchange for Rolex, Patek Philippe, and other high-end timepieces. Franck Muller, a luxury watchmaker, even created a watch adorned with gold and diamonds that included a QR code from the bitcoin blockchain network. Other jewellery businesses have joined with payment providers to allow customers to make crypto-based transactions in their stores.
News Organizations
The media organizations are huge markets in today’s industries that can pay off in a greater lead. For memberships or other offerings, all cryptocurrency media sources accept bitcoin. In 2014, the Chicago Sun-Times became the first major media in the United States to accept payments on its platform. Time Inc., a magazine publisher, began taking cryptocurrencies for digital memberships the same year. Bloomberg News, a national newspaper that has been a pioneer in covering cryptocurrencies, now takes bitcoin.
Insurance
The insurance sector has developed a cautious approach to bitcoin adoption for the major part. However, things are starting to shift. Whole life insurance is still prohibited. Insurance companies have begun to accept bitcoin as payment for other items in their holdings. For example, Swiss insurer AXA stated in April 2021 that it has begun taking bitcoin to pay for all of its insurance products except life insurance (due to regulatory issues). 5 Premier Flag Insurance, a New England-based company that sells home and car insurance plans, now takes bitcoin for insurance premiums.
Property
Since the first bitcoin property transaction in 2017, buying real estate using bitcoin and other cryptocurrencies has gone from novelty to the norm. In June, a Miami penthouse was sold for $22.5 million in cryptocurrency, making it the largest transaction yet made with the digital currency. Bitcoin is now accepted by several international real estate companies, including Caliber & Partners, Bithome, Mercado Libre.
WeWork, a prominent workplace and property investment company in the United States, now takes bitcoin as a form of payment via BitPay. Coinbase, a cryptocurrency exchange, first used the service.
Sports Competitions
While purchasing game-day tickets using bitcoin is not yet widespread in all stadiums across the United States, several teams have begun to pave the road for its adoption. The Dallas Mavericks of the NBA, owned by blockchain investor and businessman Mark Cuban, have teamed up with BitPay to take bitcoin and other cryptocurrencies. They even give you a discount on products if you buy with bitcoin.
The Oakland Athletics of Major League Baseball stated before the current season that they would be selling season tickets for luxury apartments for 1 BTC, or its currency equivalent. More than simply, sporting events are benefiting from the technology. With Bitcoin, tickets to shows and other large events in arenas can also be purchased.
Paintings
Following the non-fungible token explosion that has seeped into the world of fine art, elevated auctions have begun to accept cryptocurrencies as a payment mechanism. A Banksy piece worth between $2.82 million and $4.1 million was recently posted for purchase in bitcoin and ether by Hong Kong’s renowned Phillips auction house. The number of galleries in the United States that take bitcoin as a form of payment is also growing, with a concentration on the East and West coasts at the moment.
Maecenas is a bitcoin-based platform that allows you to invest in additional shares of well-known artwork. It sold a 31.5 percent part in Andy Warhol’s painting 14 Small Electrical Chairs for $1.7 million at auction in 2019.
Travel
Bitcoin may be used to plan flights and accommodation worldwide as the travel sector reopens. Booking.com and Expedia have teamed with CheapAir and Travels to allow customers to make payments with digital currencies. A week at the Beverly Hills Hotel in Los Angeles costs 0.33 BTC, or $10,430. Some restaurants even allow travelers to reserve stays using bitcoin directly through BitPay. At the same time, most still need a third-party provider to pay in bitcoin entirely, which can result in additional fees.
Private Jets
Crypto-savvy travellers with a larger budget may now fly private due to organizations like BitLux and flyExclusive, which have recently begun taking bitcoin for private plane chartering. A flight from Paris to Hong Kong is only around $100,000.
Web-Based Services
It is reasonable that online services would be the first to embrace digital currency. A private network can be purchased with bitcoin from a range of companies. ProtonVPN, Cyberghost, and NordVPN are three of the most famous. Cloud storage can also be purchased using bitcoin from firms such as MEGA and Sync.
Look no farther than Coin.host or Server Room if you want to host a website using bitcoin. Hosting providers are available for as little as $121.5 per month or 0.0038 BTC.
Charity
Several charities have started to accept bitcoin as a method of payment. The American Red Cross, the American Cancer Society, and UNICEF are among those platforms and are smaller organizations giving their services to this noble cause. Charityvest also enables you to contribute to any charity via bitcoin, even if the organization does not accept cryptocurrencies natively. Charityvest Funds received $8.1 million in 2020, helping over 2,100 nonprofits.
Bitcoin Purchases via PayPal
PayPal launched “Checkout with Crypto” in May, allowing customers to make bitcoin purchases from millions of businesses. The service converts bitcoin acquired via PayPal’s conversion to US dollars for the business. PayPal was said to be purchasing approximately 70% of all newly produced bitcoin at one point to fund the operation. Customers cannot transmit money from their wallets to their PayPal accounts. However, the service is handy for people who use PayPal to buy and trade bitcoin and other digital currencies.
Using Bitcoin to Purchase Video Games
To buy a video game in the past, you had to go to a retail store. However, nowadays, the majority of gamers shop online. Video games, like digital currencies, are evolving into digital possessions. As a result, it’s only natural that an increasing number of top game-selling sites accept Bitcoin. Xbox, pay for game, add-ons, and Xbox Live memberships with Bitcoin Humble Bundle are digital retailers that donate a portion of their profits to charitable organizations. Big Fish Games is a Seattle, Washington-based casual gaming startup.
Furniture
Are you looking for some new furniture? Overstock is willing to accept your Bitcoin. Add the items to the cart and select “Pay with Bitcoin” at the checkout. Of course, there’s a cost. Only Overstock.com gift cards, in-store credit, Club O points, and discounts can be combined with bitcoins. Consider Fancy.com if you’re seeking high-end furniture. Through the use of Bitcoin, you can purchase the furniture of your choice.
Tickets of Events
Bitcoin’s technology excels in digital payments. It’s no wonder, then, that there are numerous options for purchasing event tickets online. The Oakland Athletics is selling a six-person suite for one bitcoin.
The Dallas Mavericks not only accept bitcoin payments, but they also give you a discount on items if you do so. The Miami Dolphins accept both Bitcoin and Litecoin. Residents of Manhattan can purchase concert tickets with bitcoins through a local startup called Blockparty. Some extensions make it simple to take Bitcoin payments from guests if you’re presenting an event. Big Tickets and other such services make transactions easier and less stressful for you.
Crypto Debit Cards
A cryptocurrency debit card is the simplest way to transact with cryptocurrencies like bitcoin. These cards, accessible from major cryptocurrency exchanges and other sources, also allow users to withdraw money from ATMs that accept them. Many are members of major networks like Mastercard and Visa.
Bitcoin debit cards function similarly to ordinary prepaid debit cards, and only they are filled with bitcoin or other cryptocurrencies of your choice rather than cash. When using them at a store, funds are deducted from your card in cryptocurrency and given to the seller in fiat currency, such as dollars. You can refill the card when your value falls below a certain amount. Even though the number of businesses accepting bitcoin is growing by the day, large bitcoin transactions are still unusual. There have been few documented real estate deals involving cryptocurrency, for example. Notwithstanding this, bitcoin can be used to buy various items from ecommerce platforms.
Conclusion
The technology has made many platforms that are accessible and user-friendly for the customers. Digital currencies, Digital portfolios are the giant exploration that has made every transaction process with ease and comfort. Bitcoin is the digital currency, and now it has been made a vast and versatile payment mode to purchase different products, as mentioned above.
It’s now easier than ever before to put your bitcoins to good use without having to cash them out. You could either choose a merchant that takes it or put your tokens towards gift vouchers if you’re searching for a way to use some of the extra money in your wallets. There are many ways of spending the coins if you’re buying locally or online. Being undoubtful, it’s up to you if you are considerate to bitcoin you will rejoice the transaction through a digital platform. The world is heading towards a technological era and new innovations are attracting people to change their standard of living, modes of transactions, modes of purchasing, etc. This technological enhancement has made many of the steps and phases easy and accessible.