By Larry Wright
With the current rage in the popularity of Bitcoin, it will not be a shocking thing for anybody to have an urge to buy Bitcoin. And after you succeed in buying your first Bitcoin, you must be thrilled. After all, you now have the most valuable digital currency in your possession. But the next thing that will come to your mind is how you can spend this Bitcoin? What are the things that you can buy with that Bitcoin? What are you going to do with Bitcoin that you have in your account, in the form of Bitcoin? And that is the price of only one coin. With that much money in his possession, anyone would be eager to spend it.
When Bitcoin was first introduced in the market in 2009, its creators had the goal that coin holders could buy anything from it, from the tub of paint to the diamond jewelry or even property. But the Bitcoin’s path to success was not smooth. Quickly after its launch, Bitcoin became the center of attention for cybercriminals. The reason that it was a digital currency made it the subject of criminal activities. And unfortunately, that image stuck in the minds of the majority of people. Even today, when you think about spending Bitcoin, only illegal things come to our minds, like the suspicious deal and stolen goods. But the reality is quite different from it. You will be surprised to know that you can buy almost anything or any services from Bitcoin. And the list of goods you can buy with Bitcoin is getting lengthier day by day.
Moreover, now many countries accept Bitcoin and other cryptocurrencies as a type of payment, and the USA is one of them. More than 30% of small businesses in the USA alone will provide you with their services and products in exchange for Bitcoin.
Transaction processes of Bitcoin have the highest level of security measures as compared to other cryptocurrency transactions. And that makes it ideal for more significant transactions, which means that you can buy many expensive things from Bitcoin like cars, property, jewelry and organize costly events. Since the beginning of Bitcoin, when many people expected it to fail, there were also some people whose expectation was to become a substitute for many other payment systems in the whole world. But as for now, Bitcoin is mainly used for investments like gold, diamond or property.
A major con with the transactions of Bitcoin is about the network. The network that handles the transactions of Bitcoin can only process seven transactions in one second. In 2019, Visa had to operate almost 185 billion transactions. But the traffic on this network is much higher than that, as the popularity of Bitcoin is growing rapidly.
Just like any digital system have its delays, Bitcoin is one among them. But this is not as huge of a problem as many think, considering the fact several years after the launch of credit cards, the transactions with credit cards are not sorted out yet. Those are delayed even for days sometimes. With this fact in find, only hours delay of Bitcoin transactions should not bother anyone.
Traffic on any network can make it busy for new transactions. It can happen with mobile networks or with credit cards, as we discussed earlier. And with the increase in the demand for Bitcoin, many people are now making use of that “digital gold.” That makes the transaction system of Bitcoin busy with each day passing.
In 2017 as the result of these increased amount of transactions, the transaction fee for the Bitcoin transactions bloated unbelievably. That makes many people question the reliability of the Bitcoin network, and many major corporations stopped receiving Bitcoin as a payment option.
But now, after many years, the Bitcoin network has a solution for that problem which is known as Lightning Network. It makes use of state channels for transactions in almost no time with minimal transaction fees. After the completion of the transaction, the state of Bitcoin’s blockchain is updated.
Due to the non-customer-friendly nature of Lightning Network, many people are hesitant to adopt it. Before transactions, the customers have to make Lightning channels and deposit their funds into them. Moreover, until the transaction is complete, it is advised that customers keep the media open.
There are also some pros to using Lightning Network. It is ideal for small transactions like buying dinner etc. these small transactions remain the transaction fee of Bitcoin in check.
How to Buy anything from Bitcoin?
Among many ways to buy anything from Bitcoin, a crypto debit card is the most straightforward procedure. You can fill up these cards with not only Bitcoin but any cryptocurrency of your liking. And when you purchase anything using that card, your seller will receive its payment in the form of fiat money. Crypto debit cards are presented to you with the interaction of some major payment-processing networks like Visa and Master card. These notable names of payment-processing names should be enough to ensure the safety of your assets.
Online Shopping from Bitcoin
If you purchase something online with Bitcoin, it is more convenient for you because you don’t have to stand in a line in any store. And if you are paying through a QR code, the process can become a breeze for you. And with the current situation with the Coronavirus, most people prefer to shop online. With that being said, below are some online stores which will accept Bitcoin as a payment alternative.
- Home Depot
It is one of the world’s largest superstore chains for home goods, and it accepts Bitcoin as a payment alternative.
- Shopify
It is just like eBay and Etsy, an e-commerce platform designed for you to make your online store.
- Overstock
They are the largest online sellers of various goods, and they accept Bitcoin payments.
- Microsoft
Microsoft is the world’s most famous software company, and they support Bitcoin as an alternative to payment options.
- Newegg
Newegg is also an online store that accepts Bitcoin as a payment option.
Although some significant online corporations do not accept Bitcoin payments, you can purchase goods from them if you buy gift cards using Bitcoin.
As a matter of fact, the majority of options for Bitcoin transactions are actually through gift cards. Purchasing through gift cards is the most straightforward method of using cryptocurrency to buy goods from plenty of multinational companies and small businesses, either offline or online.
Service Providers that Welcome Bitcoin Payments
There is not a specified market that accepts Bitcoin payments. Some companies from a single market do accept crypto payments, and some don’t. Similarly, in the service provider sector, some corporations simply refuse any crypto-based transactions, and on the other hand, some are expanding their payment options. Some service providers that accept crypto-based payments are listed below.
- Reddit – allow you to purchase luxury features with Bitcoin
- WordPress – can be used for making websites and blogs
- Namecheap – online hosting company and domain supplier
- Vultr – an online hosting corporation
- ProtonMail – a secure back-to-back email supplier
- NordVPN – a VPN supplier from Malta
- ExpressVPN – a fast, exclusive and safe VPN service provider
- Dish Network – a USA non-stop satellite broadcast service supplier
- Twitch – an online streaming network
- AT&T – a mobile service supplier
Purchasing Video Games through Bitcoin
In recent times you can also buy video games online, unlike in the past when you have to go to the store to buy a video game. It must be very exciting for video games lovers, but the cherry on the top is that some significant video games companies accept Bitcoin.
- Xbox – you can use Bitcoin to purchase games, subscriptions and various accessories
- Big Fish Games – a Seattle based gaming company
- Humble Bundle – an online store that donates a considerable amount of its earnings to charities
Spending your Bitcoin in Restaurants and Superstores
While eating out, you don’t have to worry about paying bills in cash. We are not only talking about credit cards or debit cards, and if you have Bitcoin in your digital wallet, some prominent food chains can accept Bitcoin payment.
- Subway – buy your favourite sandwich and pay using Bitcoin
- Burger King – an international fast-food chain, will give you a burger or fries in exchange for Bitcoin
- Whole Foods – buy the best organic foods from this one of the largest supermarket chains
Travelling using Bitcoin Payments
Travelling is a luxury that everyone wants. After the Coronavirus pandemic, you can use your Bitcoin assets to book flights or hotels now that the travelling industry is starting to open up again. Providing multiple payment options for their customers is an excellent way of attracting new customers. Also, some travel companies that will give you their services in exchange for your Bitcoin assets are as follows.
- Expedia
Expedia is the most prominent online travel company. They will provide you with their deluxe services in exchange for Bitcoin. You can book hotels, flights and many other luxuries using their online website.
- AirBaltic
AirBaltic was the first-ever airline that started to book flights in exchange for Bitcoin payments.
- Virgin Galactic
Going to Space is everyone’s childhood dream, and with the creations of space tourism companies that give you the opportunity to visit Space, that dream has come true. Virgin Galactic is the first spaceline company. Its owner Richard Branson will allow you to discover the wonder of the Space in exchange for Bitcoin payments. And even better, you can visit Space by using your Bitcoin assets.
After reaching your destinations while travelling, some five star hotels will accept your Bitcoin payments using BitPay to book rooms.
Luxuries You can Buy with Bitcoin
Although the number of companies that accept Bitcoin increases every day, Bitcoin transactions containing huge amounts are few. There are only a few reports of buying property using Bitcoin. But as we discussed earlier, you can purchase products from a number of e-commerce websites with Bitcoin payment. Following are some examples of them.
Buy Cars with Bitcoin
Some reliable car dealers accept cryptocurrency as a payment option and have been doing it for many years. Take an example of Bitcars, who tweeted very proudly, saying that they have always supported Bitcoin payments and will continue to do so, in response to Elon Musk’s announcement for Tesla not accepting Bitcoin payments.
You can even buy cars like Lamborghinis from luxury car dealers in exchange for Bitcoin.
Buy Jewelry and Watches with Bitcoin
Plenty of retailers for luxurious products have now started accepting Bitcoin for purchasing exclusive items like gold, platinum and Diamond jewelry and expensive watches. For example, online luxurious goods supplier BitDials will sell you premium watches like Patek Philippe, Rolex, etc., with Bitcoin payments. A high-end watchmaker named Franck Muller has made a watch with precious metals like gold and diamond and contains a QR code. Many major jewelry stores have also facilitated their customers by adopting the system of accepting Bitcoin payments in exchange for their deluxe items.
News Channels and Popular Media
The Chicago Sun-Times is the first significant publication house that started accepting Bitcoin as a payment option in 2014. The famous magazine Time Inc. also started accepting crypto-based payments for their online subscriptions in the same year.
To this day, many huge names in the publication industry, like Bloomberg News, accept crypto payments.
Buy Insurance with Bitcoin
Just like with any other industry, some insurance companies are welcoming crypto-based payments. But unfortunately, life insurance cannot be bought with Bitcoin. However, additional premium services provided by insurance companies can be obtained using Bitcoin.
Take an example of Swiss insurance agency AXA, which made an announcement that it had started accepting Bitcoin payments for every other type of insurances except for life insurance. Premium Shield Insurance, a New England based insurance company that will sell you homes and insurance policies on your automobiles in exchange for premium payments of Bitcoin.
Private Jets
It is common thinking among people that private jets only belong to billionaires. Whenever we think of private jets, only mafia Gods or owners of multinational companies come to our mind. Well, good news for you and thanks to companies like BitLux and flyExclusive, if you have Bitcoin in your digital wallet you too, can become a proud owner of a private jet and travel to exotic places in it.
If flying private is your hobby, flying from France to Hong Kong will cost you almost 100,000 dollars. Also, buy your private jet with Avitrade for millions of dollars.
Artworks
Many of you must have experienced buying exclusive paintings by famous artists at various auction houses. If you are fond of different types of artworks like paintings, sculptures etc., it must be massive news for you that many famous auction houses have started accepting Bitcoin as a mode of payment. Philip Auction House is a prominent Hong Kong based auction house in the world of fine arts. It has put up a Banksy piece for 2.82 million dollars and 4.1 million dollars for sale in Bitcoin and Ether. There is a long list of art galleries in the United States alone that accepts Bitcoin payments. Also, that list is growing gradually along the east and west coasts.
If we talk about buying shares of renowned paintings by historical artists, Maecenas will give you the opportunity to purchase the shares using Bitcoin-based payments. 31.5% shares of the famous painting by Andy Warhol, Fourteen Small Electric Chairs, were sold for the price of 1.7 million dollars in 2019.
Real Estate
Unlike in the past, when it was a rare occurrence to buy any property using cryptocurrency payments, it has become common now. The first property that was purchased using Bitcoin payment was in 2017. And since then, there have been many cases; for example, in June, a penthouse in Miami was bought for 22.5 million dollars using cryptocurrency. It was the highest sale using crypto-based payment ever recorded. Well-known real estate groups that have put up their listings in cryptocurrency are given below.
- Mercado Libre
- Bithome
- Caliber and Partners
Many of these companies accept Bitcoin payments using BitPay, including a USA-based prominent real estate company WeWork.
Buy Tickets for Sports Events with Bitcoin
Although you do not have the luxury of buying tickets to sports events for every stadium across the globe, there are certainly some franchises that have started to adopt that method of payment. That included The National Basketball Association’s Dallas Mavericks of the USA, which made a deal with Bitpay to accept Bitcoin and other cryptocurrency payments. You can even get discounts on tickets for various events if you purchase tickets through cryptocurrency.
Moreover, Major League Baseball’s Oakland A’s have also announced that they will be selling their tickets for this season’s major events for Bitcoin payments. A’s have also made available their tickets for various sports events and other merchandise through various cryptocurrencies.
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