At the starting of 2021, the most talked-about thing apart from the Coronavirus was Bitcoin. Bitcoin reached its all-time high surpassing every other altcoin. These sky-high prices of Bitcoin gave it so much popularity that many people and even various famous personalities started investing in it and approaching it as an asset.
The rise in the prices of Bitcoin also caused other cryptocurrencies to become more prominent. Cryptocurrencies have been around for a long time. However, they have become more recent. Apart from the fluctuating market, another thing that also played a role in the prosperity of these coins is that more businesses and major firms started accepting them as a form of payment.
Many people don’t know this, but the initial purpose of developing cryptocurrencies was to use them as digital payment. Now, a growing number of companies are embracing the primary purpose of cryptocurrencies. The main reason for adopting these coins as a form of payment is that they are incredibly volatile to be considered an asset. And to start trading for such assets, you need to have a hassle-free wallet Bitamp.
How does it work?
Before diving deeper into the topic of things that you can buy with cryptocurrencies, let’s first understand how they are processed and utilized. The first thing that you need to do to buy something with crypto is to store it somewhere. There are three ways of doing it, the first one is to keep it in the crypto wallet, the second one is to hold it in a bank and spend it via bank transfers, and the third one is to use debit cards and credit cards specially made for cryptocurrencies.
As we move forward, it is also crucial to know that most retailers and sellers use third-party processors such as Cryptopay to accept cryptocurrency payments.
The first thing that anyone ever purchased with a cryptocurrency was food. Back in 2010, when people didn’t know much about cryptocurrencies, a man named Laslo Hanyecz made the first crypto payment by ordering two pizzas from Papa John.
At that time, there was no particular service that accepted cryptocurrencies as a form of payment. However, various services offer a dedicated platform to pay for food with cryptocurrencies.
Some major fast-food franchises such as Starbucks, KFC, Subway, and Burger King recently started accepting these coins. However, as we explained earlier, you have to transfer your tokens into payment apps such as SPEDN to pay for the food.
Back in 2017, the first real estate property paid through Bitcoin was in the United Kingdom. After that, it became effortless to buy and sell real estate properties with cryptocurrencies. The best thing about buying real estate with crypto is that the owner would own an asset that is much less volatile than cryptocurrencies.
Various real estate property management firms and realtors have developed dedicated services to purchase properties with cryptocurrencies. There is also a new idea that allows people with small amounts of coins to buy digitized shares of a property.
The person who played a crucial role in making the prices of Bitcoin go higher was Elon Musk. He influenced the market with his tweets and social media power and started accepting crypto for his cars.
Buying cars with cryptocurrency was mainly highlighted by Tesla because they highly publicized it. However, that is not the case these days, as Elon Musk recently announced that Tesla had suspended vehicle purchases. But people who want to buy cars can do so by purchasing other cars from crypto-friendly car dealerships.
You can get your hand on almost every luxury car including, McLaren, Porsche, Lamborghini, and Bugatti. You can also buy other vehicles such as bikes, off-road UTV’s and industrial vehicles such as tractors.
Crypto plays a massive role in black market payments; it is used to buy guns on the black market and numerous other unimaginable things. As people demand more rights and more freedom to possess ammunition, buying guns online is easier without going into the deep web.
Many ammunition websites now support crypto payments; an example of this is the online firearms merchant called Gunbroker.com. The developers of KodakOne and KodakCoin have developed a cryptocurrency that you can only use to purchase ammunition. These efforts are being made because credit card processors such as Stripe PayPal do not accept gun purchases and the ones that do charge an excessive fee.
The clothing industry is one of the fastest-growing industries that accept cryptocurrencies. It is getting straightforward to buy casual as well as expensive designer clothes. One clothing name that is the most popular in the crypto space is MtSocks; MtSocks is a creative socks company that primarily sells funny crypto-themed socks.
Apart from stocks, numerous high fashion designer outlets offer their entire wardrobes in exchange for cryptocurrencies. Not only fashion outlets but cleaners such as Dublin Cleaners also accept cryptocurrencies for their services.
- College Fee
One way to pay for your college fee is by buying cryptocurrencies, waiting for them to increase in value, and then cash out when it is time to pay the fees or pay for the student loan if you have taken one. However, this is something you can do with almost anything, one thing you can’t do is find many universities that accept cryptocurrencies as payments.
A few universities, such as Paraguay’s Universidad Americana and New York City’s King College, started accepting crypto for their tuition fee. These universities have active crypto wallets to their names that accept crypto payments.
- Video Games
The video game industry has been developing faster than ever; there was a time when we had to go to game stores to buy games, but purchasing them has become much more manageable now. A gamer hates it when they have to pause the game and leave the room, which is why you can buy most games released these days online.
Cryptocurrencies are legal possessions just like video games are these days, which is why it is highly convenient for anyone to carry out the whole transaction online. Some major gaming platforms have started accepting cryptocurrencies as payments, such as Xbox, allowing gamers to make video game purchases with Bitcoins and buy various add-ons. Other gaming platforms that accept crypto include Big Fish games and Humble Bundle.
- Travelling and Vacations
Nothing is sweeter than spending your hard-earned money on vacation. Now traveling services have made it much easier by utilizing your cryptocurrency on airline tickets and hotel bookings. AirBaltic was the first airline to accept crypto payments; after them, numerous airlines started integrating cryptocurrency payment systems such as CheapAir and VirginGalactic.
Airlines aren’t the only entity that accepts crypto payments; hotel chains such as Kessler group directly accept digital payments along with Expedia who allow you to book hotels, flights, and various other activities.
Earlier, we talked about converting your digital assets into physical ones by buying properties. Another way to do that is buying gold; by purchasing gold with cryptocurrencies, you can convert your volatile asset into a non-volatile asset. JM Bullion is one of the most famous stores in the gold market that now only accepts crypto payments. You can also buy jewelry items such as necklaces, rings, bracelets, and earrings from stores like these.
- Other Crypto Currencies
If you are a trader or in the crypto trading space, you must be familiar with the benefits of exchanging a cryptocurrency with another. An intelligent thing that people do is make money from it by swapping the currency that is at a loss with the one in profit. However, doing such things requires extensive market research and is not advised for beginners.
There are two sides; the first is the people who think digital currencies are a blessing and the second is curse. However, it is upon us that how we make use of something. We can either use it for harmful purposes such as buying illegal stuff on the dark web or donating it to charity. It entirely depends on us that whether we make it a blessing or a curse.