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What Can You Buy With Bitcoin? – From Virtual Currency to Real-World Goods
Bitcoin is a decentralized digital currency that was created in 2009. It operates on a global peer-to-peer network and is not controlled by any government or central authority. Over the years, Bitcoin has grown in popularity and adoption as both a store of value and a payment method. Companies all over the world are looking forward to adding abilities to accept crypto payments with KUNA Pay, for instance. To see how much your Bitcoin is worth in Canadian dollars, you can easily convert btc to cad using various online tools. But what can you actually purchase with Bitcoin today? While it may not be accepted everywhere just yet, there are many things you can buy with Bitcoin, ranging from everyday consumer purchases to high-value assets and investments.
Everyday Things You Can Buy With Bitcoin
Online Shopping
Many major online retailers and marketplaces now accept Bitcoin as a payment method, which allows buying with crypto. On e-commerce platforms like Overstock, Newegg, and Shopify, you can use Bitcoin to purchase everything from electronics and clothes to home goods, jewelry, and gift cards. There are also niche online stores tailored specifically to the cryptocurrency community where you can use your Bitcoin. Overall, when shopping online, Bitcoin gives consumers more options for purchasing without needing credit cards or fiat currency.
Food Delivery
If you want to order food for delivery and pay with Bitcoin, services like PizzaforCoins and Takeaway make this possible. It can be convenient to get food delivered without needing cash or going through the hassle of converting your Bitcoin to fiat. More restaurants and food delivery apps are starting to integrate Bitcoin payments as well, so you have the ability to buy with Bitcoins.
Gift Cards
Popular gift card sites like eGifter and Gyft allow customers to purchase gift cards for a wide variety of retailers directly using Bitcoin. This gives consumers more flexibility in where they can spend their Bitcoin by indirectly shopping at stores that don’t yet accept cryptocurrency. You can quickly buy gift cards for many major retailers like Amazon, Walmart, and Home Depot with Bitcoin.
Bill Payments
You can use buy with Bitcoins for your bills for services like cable, internet, utilities, cell phone service, and more. Companies like BitPay and Coinbase Commerce partner with firms to enable bill pay by Bitcoin. This can help you avoid transaction fees and optimize how you spend your Bitcoin.
Transportation
Some transportation providers are beginning to integrate Bitcoin as well. CheapAir and Destinia accept Bitcoin payments for flights and hotels. There are even metro systems and toll roads in certain cities that let commuters pay with Bitcoin, like the MTA in New York.
Larger Purchases
Real Estate
There are many ways how to buy things with Bitcoin, and purchasing real estate is one of those. Bitcoin can even be used to purchase real estate in some scenarios. Platforms like BitMainTown facilitate Bitcoin real estate transactions. Though not widely adopted yet, paying in Bitcoin allows buying property faster, more privately, and without bank delays compared to traditional real estate financing.
Cars
Major auto manufacturers like Tesla, Lamborghini, and BMW accept Bitcoin directly for car purchases. Additionally, some smaller, independent used car dealerships also accept cryptocurrency for payment. Paying in Bitcoin provides an alternative financing option outside of traditional auto loans.
Luxury Goods
For purchasing luxury goods, many high-end retailers, jewelry dealers, and watchmakers provide the ability to buy with cryptocurrency. Bitcoin is preferred by some holders for making large, anonymous purchases at luxury retailers. Since Bitcoin does not require personal information, large crypto transactions are less likely to be flagged as suspicious compared to cash deals.
Travel
In the travel industry, Bitcoin is also becoming a more viable payment method. Leading travel booking sites like Expedia, CheapAir, Destinia, and TravelbyBit integrate Bitcoin payments. You can book flights, hotels, rental cars, cruises, and other travel using Bitcoin. This can be especially useful when traveling on short notice, when credit cards may put holds on large purchases.
High-Value Assets You Can Buy With Cryptocurrency
Precious Metals
Precious metal retailers like JM Bullion, APMEX, and LibertyX permit using crypto to buy things like gold, silver, platinum, and other metals. Converting Bitcoin into precious metals allows diversifying into alternative asset classes outside of crypto. You can take delivery of metals purchased with Bitcoin without needing to link bank accounts or go through credit checks.
Artwork
To purchase high-value artwork and collectibles, Bitcoin is accepted at major auction houses and galleries for fine art purchases. For high-profile or anonymous collectors, paying in Bitcoin provides privacy benefits and discretion. Large multi-million dollar paintings and sculptures can be transacted instantly with Bitcoin without traditional financing.
Real Estate Investments
In addition to buying with crypto real estate for personal use, Bitcoin can enable quick purchases of investment properties like rental homes, commercial real estate, and fractionalized property shares. Platforms provide access to institutional real estate deals using Bitcoin. In certain cases, buying real estate with Bitcoin may have tax advantages compared to cash purchases.
Large Purchases
For truly big-ticket items outside the traditional banking system, Bitcoin makes transactions possible without financing. These could include things like yachts, aircraft, or other high-value goods. Some luxury companies now also allow people to spend Bitcoin for expensive services like private jet charters, making purchases faster and more convenient.
Conclusion
As Bitcoin continues to gain legitimacy and adoption, the variety of goods and services that can be purchased with it is substantially growing. From everyday spending to high-value assets, Bitcoin enables purchases both small and large. As more companies integrate Bitcoin payments, expect the scope of purchasable items with Bitcoin to expand even further. Bitcoin provides flexibility, privacy, and convenience for buying goods without credit cards or bank account restrictions. While Bitcoin may not replace fiat currency completely, its digital advantages make it a useful payment method, especially for large online purchases and cross-border transactions that allow buying with crypto.
Frequently Asked Questions About Purchasing With Bitcoin
Bitcoin can be practical for daily spending, depending on the merchant. Large online retailers that accept Bitcoin often have streamlined integrations that make the variety of things you can buy with Bitcoin wider. However, Bitcoin payments are not yet ubiquitous at local brick-and-mortar stores. As more merchants adopt Bitcoin payments, retail usage for daily spending will likely become more common.
Paying with Bitcoin can provide more privacy compared to credit cards or bank transfers since no personal information is required to send Bitcoin. All that is needed is the recipient’s public wallet address. However, Bitcoin transactions are recorded permanently on the blockchain, though wallet owners remain anonymous. So, Bitcoin provides pseudo-anonymity but not complete privacy.
There are a few key reasons to consider purchasing with Bitcoin. Bitcoin allows buying goods without sharing personal financial information like with a credit card. It avoids the possibility of payments being denied or held for fraud review when using a card. Bitcoin enables quick payments and faster checkout without bank delays. And paying directly with Bitcoin means not missing out on any price gains if converting back to fiat.
Bitcoin’s volatile price swings do carry risks when paying directly in Bitcoin. The value of Bitcoin can change quickly in the time between a purchase and when the merchant receives the payment. Merchants often use payment processors to mitigate this exchange rate risk. In some cases, making smaller everyday purchases with Bitcoin may be less risky than high-value purchases.
Paying with Bitcoin can be very advantageous for buying goods and services abroad. International credit card transactions often incur extra fees and exchange rate markups. Banks also frequently charge hefty fees for international wire transfers. Bitcoin enables quick, low-cost, cross-border payments without intermediaries. This gives consumers more access to foreign goods.
Indicators show that adoption is growing, and there are more and more things you can buy with Bitcoin, such as major companies adding support for Bitcoin transactions, more merchants signing up for crypto payment processing services, and increased consumer interest and discussions about spending Bitcoin. According to payment processors, Bitcoin payment volume is growing year-over-year as more businesses accept it.
