What Can You Buy with Bitcoin? Explore the Possibilities

Salomon Kisters

Jun 6, 2023

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After emerging as an innovative cryptocurrency in 2009, Bitcoin has significantly restructured the world’s outlook toward money and digital transactions.

This virtual currency offers a safe and transparent platform to carry out financial transactions due to its baseline blockchain technology and decentralized structure. Besides its position as a popular digital asset, Bitcoin has also gained popularity as an exchange medium.

In this article, we will look into the multitude of services and items you can buy through Bitcoin, pointing out the overall acceptance of the cryptocurrency and acceptance as a medium of exchange in various industries.

Things You Can Buy with Bitcoin

The number of entities that accept Bitcoin as a payment form is increasing daily. Today, many e-commerce platforms allow you to buy products and services using Bitcoin. These are the categories that are the most popular.

Cars

Some car dealers will accept Bitcoin as payment. The list of vehicles that can be purchased through the digital asset includes a wide range of brands, from luxury cars such as a Lamborghini to more affordable and everyday options such as the Subaru.

BitCars is a prominent example of a luxury online car dealership that is the world’s first crypto-only car dealership platform. The electric car pioneer Tesla recently became one of the leading automobile juggernauts to join the list of companies that allow for the purchase of a vehicle using cryptocurrency.

Used car sellers such as AutoCoinCars are also present in the market which allows you to buy cars with cryptocurrency.

Insurance

The insurance industry has been very cautious when it comes to accepting virtual money as a form of monetary exchange and has only recently started to consider it as an option.

Life insurance is still one category where insurance providers are hesitant to allow cryptocurrency to infiltrate. However, insurance providers are moving toward accepting premium payments with crypto for other products in their portfolios.

In April 2021, for example, Swiss insurer AXA stated that it has begun taking Bitcoin as a means of payment for all of its insurance lines, excluding life insurance, mainly due to regulatory issues. Metromile, a company that provides a “pay-per-mile” vehicle insurance policy, also takes Bitcoin for premium payments.

The availability and precise methods for obtaining insurance with Bitcoin might differ based on the insurance provider and your area. As a result, it’s best to contact the insurance company directly to find out what payment options they allow and accept.

Jewelry and Watches

Many luxury retailers and product manufacturers have started to allow payments to be made through Bitcoin. The high-end online retailer BitDials includes Rolex, Patek Philipe, and other luxury watch brands in its product line. It allows for purchases to be made using Bitcoin and other cryptocurrencies. Prestige Time is also an example of a luxury watch store where you can buy items with Bitcoin.

Some jewelry stores have begun partnerships with payment processors to be able to carry out crypto purchases of their products. This novel approach to jewelry purchases provides buyers and sellers with a distinct and efficient method of buying things, further bridging the gap between traditional sectors and the digital world. Swarovski, Coccinelle, and other premium labels offer purchases through cryptocurrency.

News and Media

Cryptocurrency media platforms have been accepting digital currency to pay subscriptions and other services; however, mainstream media outlets are comparatively slower to get on the crypto bandwagon. Among the traditional media outlets, the Chicago Sun-Times was the first leading publication to begin accepting Bitcoin for subscriptions to the newspaper in 2014.

Soon after, Time Magazine made it possible for digital subscriptions to be paid through crypto. It also created a partnership with Crypto.com in 2019. Bitcoin transactions may also be used to pay for monthly digital entertainment subscriptions from Spotify, Netflix, or other streaming services.

Purchasing subscriptions using Bitcoin has various benefits, including increased anonymity, lower transaction costs, and the opportunity to transact across borders without the need for traditional banking institutions.

E-Commerce

There are very few online retailers that allow for crypto payments, but you can still buy products through online stores using gift cards. The majority of online crypto purchases are carried out using gift cards as they are the most convenient and uncomplicated way for online shopping, allowing you to buy items from retailers all across the globe, both online and offline.

Overstock, an e-commerce website that sells a wide range of products, was among the first to allow payment with Bitcoin in 2014. Many more large and small websites enable you to buy products and services using Bitcoin. Shopify and the Japanese e-commerce behemoth, Rakuten, are the two most notable examples.

Retailers may attract a new audience of tech-savvy consumers who prefer the simplicity and security of cryptocurrency transactions by accepting Bitcoin. It’s crucial to note here that the particular processes will differ based on the e-commerce platform and payment processor used for Bitcoin transactions.

Amazon is undoubtedly the largest online retailer globally, and it is the most glaring holdout when integrating Bitcoin into its payment systems. The hesitance to accept this change needs to be clarified for hopeful consumers as other platforms from the company, such as Twitch, allow for the use of cryptocurrency.

Web Services and Tech

Web service providers are some of the earliest adopters of Bitcoin as a payment method. Customers can buy online private networks through Bitcoin on many different platforms. The most notable of such entities include NordVPN and CyberGhost. You can also purchase cloud storage with crypto on platforms, MEGA and Sync, and host websites through vendors such as COIN.HOST and Server Room.

Microsoft has allowed users to transfer funds to their Microsoft accounts for some time now using Bitcoin, which could then be used to make purchases across several Microsoft platforms. Products and services such as Xbox Live, Xbox Games, Windows Store, and Microsoft Office are covered.

Every year, the video game industry grows in popularity, and more and more major game-selling platforms embrace Bitcoin as a means of payment. Bitcoin may be used to purchase games from Playstation or Steam as well. You may also use a Bitcoin to top up Minecraft, Roblox, League of Legends, or PubG game credits.

Travel

As the travel industry slowly returns to its former glory post-pandemic, Bitcoin can be used to book hotels and buy plane tickets throughout the world. CheapAir and Travela have joined with Booking.com and Expedia to allow consumers to make Bitcoin and other cryptocurrency transactions.

Some hotels even let clients book stays directly with Bitcoin via BitPay. At the same time, most still need the use of a third party to pay entirely in Bitcoin, which can result in extra fees.

Charities

Many philanthropic organizations are now accepting Bitcoin as a form of donation. Popular non-profits like the American Red Cross, the American Cancer Society, and UNICEF are among them, as are smaller groups like The Water Project, Save the Children, and Run 2 Rescue. Charityvest also allows you to send Bitcoin to any charity, even if it does not take cryptocurrencies directly.

How to Buy Using Bitcoin

To buy anything with Bitcoin, you must first own the cryptocurrency itself. You can buy Bitcoin through coin exchange platforms such as CoinGate, Kraken, and Binance. It would be wise to create a Bitcoin Wallet to hold your acquired valuables.

Buying products and services on crypto-friendly platforms is very similar to using traditional currency through debit and credit cards. You choose your product, proceed to the checkout, make your payment, and that’s it. Consequently, crypto debit cards have become the most convenient way to carry out such transactions. These cards can be accessed at most leading crypto exchanges, and some providers also allow users to take out cash from participating ATMs.

Bitcoin debit cards function on the same system as regular prepaid debit cards, the only difference being that such cards are loaded with Bitcoin instead of fiat currency. When purchases are made, cryptocurrency is taken from your card, and the payment is settled in traditional currency. You can replenish your balance as it is required.

Bitcoin Possibilities

Bitcoin has developed from a speculative asset to a viable medium of trade. The possibilities for utilizing Bitcoin in regular transactions are fast rising as an increasing number of organizations and sectors embrace cryptocurrencies.

Bitcoin holders now have diverse options for spending their digital money, including online retail, travel, media, luxury products, and web services. The potential for Bitcoin’s widespread adoption as a globally-recognized payment method strengthens as the cryptocurrency ecosystem matures.

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Please note that the Content may have been generated with the Help of AI. The editorial content of OriginStamp AG does not constitute a recommendation for investment or purchase advice. In principle, an investment can also lead to a total loss. Therefore, please seek advice before making an investment decision.