What Can You Buy With Cryptocurrency?
While a sizable amount of cryptocurrency enthusiasts focus on buying and selling assets as an investment, many are using virtual coins like Bitcoin and Ethereum to purchase a wide variety of items used in everyday life.
The ease of use of exchanges like CryptoExchange.com and Bittrex has made it easier than ever to use fiat currency to purchase a wide range of cryptocurrencies in a short amount of time.
From Pizza...To Endless Buying Opportunities
The first real-world Bitcoin transaction was completed in 2010 by Laszlo Hanyecz. He purchased two Papa Johns pizzas for 10,000 BTC. Five days later, the value of the asset increased by 1000% to $0.08 per one Bitcoin.
Today, crypto holders can use their coins to make purchases for goods and services in nearly every industry. Here is a shortlist of products, items, and experiences that can be purchased with cryptocurrencies.
Everyday Goods At Major Retailers:
Overstock.com, a well-known outlet for household items, is one of the leaders for entities accepting crypto as payment. Overstock accepts a variety of digital assets and even holds Bitcoin itself. Home Depot accepts crypto via the Flexa checkout system (partnered with the Gemini exchange). Computer hardware outlet NewEgg also accepts crypto.
Groceries: Popular grocer Whole Foods offers customers the ability to pay with crypto (either Bitcoin, Litecoin, or the Gemini Dollar so far) through the Spend app. App users can also shop online at merchants like Gamestop, Baskin Robbins, and Jamba Juice and pay with digital currency.
Caskets: A few funeral businesses made headlines for accepting crypto as payment. One is Crescent Tide Funeral and Cremation Services, located in St. Paul Minnesota. Co-founder Verlin Stoll says the businesses started to accept Bitcoin in 2014.
Firearms: The Texas-based Central Texas Gun Works started to accept Bitcoin for purchases back in 2014.
A Variety of Web Services:
It only makes sense web-based services would accept a digital currency. Popular VPNs like NordVPN, Cyberghost, and ProtonVPN accept Bitcoin as payment, along with the 4chang message board (for its Pass membership service). PC gaming service Steam did accept Bitcoin at one point but stopped at the end of 2017, citing large fees and high market volatility. However, Green Man Gaming does allow users to buy Steam keys with Bitcoin.
Generous internet users can donate to the Internet Archive and the Wikimedia Foundation with a variety of cryptocurrencies.
Flights: Expedia and CheapAir.com both accept Bitcoin as payment. The Travala platform, which permits users to book hotels and flights, also accepts crypto as payment. Costs tend to be slightly higher with crypto than with a traditional payment method, but Travala touts a best-price guarantee.
Offerings From Decentralized Apps:
The Ethereum network hosts a rapidly rising number of decentralized applications (dApps). Crypto holders can use their coins to invest in ICOs or even purchase a valuable CryptoKitty with Ether.
Artwork: The online art store Singulart offers free global shipping and accepts Bitcoin payment. Buyers can either purchase paintings, drawings, and sculptures directly or make an offer on an individual item. Other outlets, such as Maecenas, tokenize artwork and sell fractions of famous works that can be traded at any time. Tokenized art pieces are a popular commodity and represent a unique way to invest in art at an affordable price.
The Future Of Buying With Cryptocurrency
Future prospects of buying items and services with cryptocurrency look strong. Institutional entities and a wider range of companies only grow more comfortable with digital currency.
Some hope stablecoins like Tether will further facilitate crypto use in everyday life since these types of coins are pegged to a fiat currency or intrinsically valuable asset like gold and silver. As a result, they lack the volatility of cryptocurrencies like Bitcoin and would be easier for the average consumer to adopt and feel comfortable using.
Speculation is crypto use will continue to foster innovative e-commerce endeavors as paying with cryptocurrency comes without many of the fees seen with payment platforms like Square and PayPal. Crypto holders have a wide range of options on how to spend their coins.