During the last decade, Bitcoin has grown in price and is still making vital records. The advantages of bitcoin over the usual fiat currency outweighed everything: transparency of transactions, strict anonymity, ease of execution, strict rules, and high fees for creating trades.
Cryptocurrencies used to be only long-term assets. However, the times are changing, so its purpose is becoming more prominent. Nowadays, Bitcoin and other cryptocurrencies are an occasion for bragging, trading, and exchange. Today you can also buy something from Gucci or Balenciaga and even take a brand new Tesla... just by sending Bitcoins or other altcoins that the company accepts at the checkout. Bitcoin seems to be a helpful asset for large transactions, mainly because of its secure provision.
Of course, there are issues with using cryptocurrency as a payment method. Currently, Bitcoin's network can only provide seven transactions per second, but, for example, Visa handles more than 185 billion transactions.
Let's find out what else you can buy having a couple of BTC or other popular altcoins on your account and what problems could appear using cryptocurrency as a payment method.
Be careful and attentive! Cryptocurrency trading can be a risky activity. This article is for informational purposes only and does not provide a reason for action. Wisebitcoin hopes to be a good source of recommendation for your future cryptocurrency trading journey!
Bitcoin and other altcoins can be met or considered a possible payment method in Australia, Belarus, Bermuda, Estonia, Germany, Georgia, Gibraltar, Great Britain, Hong Kong, Japan, Lithuania, Malta, the Netherlands, Switzerland, Slovenia, Singapore, Ukraine.
It is also interesting that Venezuela launched its national token with the name El Pietro. The reason for this case lies in the drop of the national bolivar currency and the inflation in the country. At the same time, Venezuelans use different assets for payments – Dash coins. In addition, the second country whose government chose to use a cryptocurrency as a national one is El Salvador. The next one will be Panama, by the way. It will be pretty interesting to find out about the fourth one!
Of course, some countries are pretty skeptical about digital payments with BTC or another crypto. China's government, for example, has decided to strengthen the national currency yuan and its digital version by prohibiting the mining of Bitcoin and its usage as a payment. The USA is quite strict with all the transactions and coins used on its territory because they fear the terrorism-sponsoring transactions and other frauds that digital currency payments can support.
The things you can buy using a Bitcoin or other cryptocurrency depend only on the provider. The easiest way is to launch crypto payments inside the online stores. It will only be necessary to send a QR code or share the wallet address with the payer. The two issues that can appear here – are slow transaction speed and double-spending. The last one means that the scammer is trying to sell the same product twice. Thus, everyone should be attentive when buying something with crypto.
Online shops and internet stores
Amazon – is an excellent example of e-commerce that accepts payments in Bitcoin. You can buy anything you want there for BTC!
In addition, the Shopify website offers its users to create online services for customers and accepts BTC as payment. Your bill can be paid with the help of four trustful aggregators: Coinbase, GoCoin, BitPay, and CoinPayment.
Also, you can buy gift cards directly from big retailers like Walmart and Target. An app, like Gyft, will help you do that without any extra fees and ensure the security of the transactions.
There are a lot of traveling web sources for travelers that are quite similar to each other. They often propose identical toolkits. However, making a digital asset as a payment method can attract a lot of new customers that appreciate modern ways of traveling.
Nowadays, travelers don't need to pay in fiat for any ticket or a hotel booking. They can access Bitcoin.Travel, AirBaltic, CheapAir, Expedia, Surf Air, Cheapair.com, and Destinia.com, and book flights, hotels, and other activities with Bitcoin. Expedia, by the way, has a partnership with Coinbase, making transactions through this service.
In addition, Richard Branson's Virgin Galactics is ready to accept Bitcoin payments for his expensive space traveling.
Restaurants and food
In well-known Venezuela, Burger King agreed to cooperate with Cryptobuyer service, providing payments with Bitcoin, Dash, Litecoin, Ethereum, and Tether. In addition, KFC in Canada once offered to buy a Bitcoin Bucket for BTC with the help of the BitPay service. Also, Subway accepts payments for sandwiches all over the world with Bitcoins.
Another place where people like to buy something to eat – is Starbucks. In 2021, Starbucks launched a Bakkt mobile application that provides cryptocurrency transactions to pay for favorite coffee drinks.
Platforms, companies, and Internet resources
By the way, Twitch's popular gaming platform has no problems with crypto payments. Gamers can reach a vast audience and build a career only by streaming the games they love to play. On the other hand, people, who watch their streams, can support them and send not only dollar/euro donations but also Bitcoin or other crypto coins. NOWpayments helps them in this action.
Yet, the Red Cross organization accepts donations in BTC through the BitPay service. Badoo dating application also shares the possibility to accept payments in BTC. In addition, 4Chan and WordPress can also boast of accepting cryptocurrency as a payment for their services.
Microsoft has been accepting Bitcoin for usage in the Xbox online store since 2014. It was put on hold due to the cryptocurrency volatility but nowadays opened the possibility to pay in BTC for Xbox store credits only.
The majority of payments are accepted in BTC, ETH, and LTC. However, Dash and Dogecoin are becoming popular too.
Have you heard of Mark Cuban? He’s an investor and owner of the famous basketball Mavericks team. He is a huge fan of Bitcoin and the cryptocurrency market in general. Thus, anyone attending the stadium game can spend their Bitcoins there without any problem and the tickets for the future games.
In addition, the Miami Dolphins also support cryptocurrency and let their fans buy tickets and food using Litecoin.
Two years ago, in January 2020, the Huobi cryptocurrency exchange announced its partnership with Fäm Properties, a high-tech real estate agency. Huobi proposed their clients toolkits for real estate purchasing in Dubai using cryptocurrency. The main assets they announced for payment were BTC and ETH. The scheme is as follows: Huobi, a legal exchange in Dubai, accepts cryptocurrency from customers and sells it on the market. Then, Fäm Properties receives payment in the form of fiat, which the exchange earns for selling the buyer's digital currency.
Similarly, a real estate purchase is organized in the USA, the Netherlands, Costa Rica, and even Russia.
Cars and planes
The most famous case with cryptocurrency payments for cars is the well-known Teslas. The famous electric car manufacturer began to accept payments in BTC. However, after a month, the company abandoned this idea due to the non-ecology ways of mining this cryptocurrency. Instead of not turning back on the concept of digital assets, Tesla began selling some car accessories for Dogecoin on the official website. For example, for 845 DOGE, you could order a Tesla-branded belt buckle.
In addition, the luxury car dealer Post Oak Motor Cars began accepting BTC as a payment for their cars. Thus, they even sold the Rolls Royce Ghost for cryptocurrency.
Another thing you can buy for crypto is a plane. That's true! The SkyCraft aircraft manufacturing company can offer you this possibility and accept your payment in BTC. The SkyCraft SD-1 Minisport will cost you approximately $54 850.
There is also a modern trend in luxury goods that can be purchased with cryptocurrency. Thus, Gucci launched a pilot project and began to accept cryptocurrency as payment. So far, it's available in five stores across the US. The store works with all popular crypto assets: Bitcoin, Ethereum, Litecoin, Shiba Inu, Dogecoin, and dollar-pegged stablecoins, like Tether. In case of a return, Gucci will make it in the same cryptocurrency in which the transaction was made.
But, not only Gucci decided to accept cryptocurrencies, but also Balenciaga. Payment is available only in the United States, but so far, only in Bitcoin and Ethereum. Interestingly, Balenciaga is not worried about the current crypto winter on the market. The fashion house says it has far-reaching plans for accepting payments in crypto.
Of course, everything has its good and less good sides, so let us talk about them. In the end, it is only up to whether to choose a cryptocurrency method of purchase or not.
If to underline the disadvantages of the payments in cryptocurrency:
- Slow transactions;
- Constant volatility of cryptocurrencies, which is difficult to predict;
- The identity of the buyer can be established using camera recordings;
- The irrevocable nature of payments. It is impossible to return money back if there was any mistake in the transaction.
If to underline the advantages of the payments in cryptocurrency:
- Soon change and mending of the issue of the slow transaction;
- Transparency of transactions. You and the buyer/seller have the opportunity to track the status of the transaction and its details;
- Anonymity and security of transactions;
- Opening a cryptocurrency account takes a matter of minutes.
To sum up, Bitcoins nowadays are accepted almost on all major online platforms, as well as in several offline places with the help of QR codes. It and other altcoins can be used to pay for food, travel, donations, and even a ticket to a football match. Remarkably, we see more and more companies joining this crypto payment trend every year without being afraid of any issues with the market.
We in Wisebitcoin also believe in the power of the cryptocurrency market. We agree with the Balenciaga fashion house: there will be far-reaching plans for everyone ready to have modern technologies and attract more customers to their business.
Of course, despite the positive developments, the processing speed of payments in the bitcoin network is much lower than when making bank payments. However, the experts say that this speed is growing faster, so we need more time to see cryptocurrency payments' legal and ubiquitous usage in our ordinary life.
Wisebitcoin recently mentioned another modern trend in the cryptocurrency market – NFTs. We talked about its origins, values, and future. You can check it out by the link we've attached above.
While the area of crypto payments is expanding, Wisebitcoin is ready to give you the most excellent and favorable conditions for cryptocurrency trading, even during the crisis and unstable situation in geopolitics.
We not only provide our traders and investors with a convenient and intuitive platform for trading but also talk about important events in the world of cryptocurrencies. Thus, for example, we recently published a text about the best and most promising cryptocurrencies worth investing in in 2022.
Follow the Wisebitcoin website for more details and be ready for every circumstance in the world!