At some point, you may want to use the cryptocurrencies locked in your wallet and put them to use in the real-world. But then the question arises, what can you buy with cryptocurrencies and its solution will be provided here.
Many people envision a black market packed with shady practices, off-the-record purchases and unauthorized products, or multimillionaires in quest of private jets and luxury yachts when they think of buying things with cryptocurrencies. In reality, there is a lengthy list of items you can buy with crypto.
With even more than one-third of small businesses in the United States now accepting cryptocurrency as payment, the list of services and goods you can buy with crypto is growing by the day.
Things You Can Buy With Crypto:
- Cars: Bitcoin is already accepted by some car dealers. The list includes luxury dealers selling Lamborghinis (a popular choice among bitcoiners) as well as those selling more utilitarian vehicles such as Subarus. Tesla became the biggest name to participate in the list of companies that allow you to buy cars with cryptocurrency. According to his Twitter feed, Tesla founder Elon Musk is a crypto enthusiast who supports bitcoin and dogecoin. BMW also accepts crypto at some of its dealerships.
- Real estate: Since the first bitcoin property sale in 2017, acquiring real estate with cryptocurrencies has progressed from an innovation to a common occurrence. A penthouse in Miami was sold for $22.5 million in cryptocurrency in June, 2022 , the largest sale ever paid for with virtual currency. Many global real estate businesses are now offering their listings in crypto as well.WeWork, a popular office-sharing and real estate company in the United States, now acknowledges bitcoin as a payment method via BitPay. The first consumer to take advantage of the deal was cryptocurrency exchange Coinbase.
- Technology and e-commerce products: A lot of companies have started accepting payments via crypto for technology products as well. AT&T, Newegg, and Microsoft are among them. Microsoft currently accepts bitcoin only through its online store and not through its Xbox gaming platform. It also does not allow advertisements promoting cryptocurrency or cryptocurrency-related products on its website.Overstock, an e-commerce platform that sells a wide range of products, was one of the first to accept bitcoin. Many other websites, both large and small, allow you to buy products with bitcoin. The Japanese e-commerce behemoth Rakuten and Shopify are two examples. EBay has also stated that it is interested in the NFT market and is researching the prospect of all forms of payment, including cryptocurrency. Meanwhile, PayPal, a former eBay subsidiary, presently allows customers to sell, hold, and buy crypto in their accounts.
- Insurance: The insurance industry has approached cryptocurrency with caution. However, things are starting to change. While life insurance is still prohibited, insurance companies have begun accepting bitcoin premium payments for other product lines in their portfolios.For example, in April 2021, Swiss insurer AXA revealed that it had started accepting bitcoin as a payment method for all of its insurance lines except life insurance (due to regulatory issues) Metromile, which sells “pay-per-mile” automobile insurance policies, accepts bitcoin for insurance premiums as well.
- Art and collectibles: Following the NFT boom leaking into the world of fine art, high-profile auction houses have begun accepting cryptocurrency as a payment method. The world famous Phillips auction house in Hong Kong recently named a Banksy piece worth between $2.82 million and $4.1 million in bitcoin and ether for purchase. The list of galleries in the United States that acknowledge bitcoin as a payment method is also growing, though it is presently focused on theWest and East coasts.
- Jewelry and expensive watches: A percentage of luxury goods retailers and manufacturers have begun to accept bitcoin as payment. BitDials, an online luxury retailer, recognises bitcoin and other cryptocurrencies in exchange for Patek Philippe, Rolex and other high-end watches.
- Franck Muller, a luxury watchmaker, even created a watch encrusted with diamonds and gold and consisting of a QR code from bitcoin genesis block. Other jewelry stores have teamed up with payment processors to enable cryptocurrency purchases from their stores.
- You can even be the owner of real world diamonds without worrying about its storage if you buy one of the Tiamonds, diamond NFTs from LCX. One of the Tiamond owner recently proposed his girlfriend with the diamond ring made out of the redeemed diamond.
- Merchandise: Many brands including clothing lines, shoes, accessories allow you to purchase their goods via crypto payments. One of them is LCX that allows you to buy its merchandise via cryptocurrency. LCX allows various cryptocurrencies such as BTC and ETH.
Conclusion
We are moving into a virtual world and we never know when virtual currencies will take over. The least that we can do is try to inculcate it slowly into our lives and buying few of the above mentioned things or even being aware about them will help us in the long run
