A few years ago, not much was available for purchase through cryptocurrency. The first cryptocurrency transaction occurred when a user on a Bitcoin site offered another user 10,000 Bitcoins in exchange for two Papa John’s pizzas delivered to his house in Florida. Get a non-custodial DeFi crypto wallet and empower your customers with enhanced security and total control of cryptos and private keys.
Remember that at the time, one bitcoin was only worth approximately 8 cents. Therefore 10,000 bitcoins were only worth about $60. The identical sum is now worth more than $60 million.
And as the value of Bitcoin has grown, so have your options for using it. You can purchase many things with Bitcoin, even if you most likely can’t use it in the supermarket or gas station.
Why do Cryptocurrencies Remain a Popular Method of payment?
There are myriad reasons for the popularity of cryptocurrencies as a method of payment:
- User autonomy exists in cryptocurrencies.
- Transactions made with cryptocurrencies are anonymous.
- Peer-to-peer exchanges using cryptocurrencies are possible, and the currency has no associated banking fees.
- Low transaction costs apply to international payments made with cryptocurrencies.
- Cryptocurrency transactions are mobile, safe, and not reversible.
- The cryptocurrency network is reachable.
What Can You Buy with Your Crypto?
Here are some of the most unexpected and unique items you can purchase using cryptocurrencies.
- Citizenship
Purchase a yacht to travel to a warm island, and if you enjoy life there, spend your remaining cryptocurrency on applying for citizenship. The stunning island nation of Vanuatu in the South Pacific offers that as a choice and is the first in the world to grant citizenship in exchange for bitcoin.
The Caribbean nation of Antigua and Barbuda also accepts bitcoin for citizenship. As a result, both nations are luring real estate investors and accessing other regions without visas. Prices for cryptocurrencies are fixed in dollars due to their volatility, but Antigua and Barbuda will welcome you like a native child for less than 12 BTC.
- Guns
When it started to take the cryptocurrency in 2014, Central Texas Gun Works was the first retailer in Texas to use it to sell firearms. In addition to bitcoin, Litecoin and Ethereum are also accepted by Central Texas Gun Works for in-person and online transactions.
However, Central Texas Gun Works has not yet optimized its online bitcoin transactions. The company has a five-step procedure that includes waiting for a response from the company before making an online purchase using a cryptocurrency.
- Luxury Cars
Many dealerships are now allowing cryptocurrency transactions. Buying luxury automobiles is an intelligent way to use your cryptocurrency hoards.
In 2017, VinWiki CTO Peter Saddington paid 45 bitcoins for a $200,000 2015 Lamborghini Huracan. The value of 45 bitcoin is approximately $420,000, although Saddington claims he only spent $115 for them back in 2011.
However, other luxury vehicles are now available, such as a 2008 Ferrari 430 Coupe for 2200 BTC or a 2009 Mercedes-Benz SL65 AMG BLACK for 3500 BTC. “Lambos’ ‘ has also become a meme on crypto forums and chats.
- E-shopping and Technology
On their websites, several businesses that primarily sell tech products accept bitcoin. Newegg, AT&T, and Microsoft are a few of them. However, only the Microsoft online store presently supports bitcoin; the Xbox gaming platform is not one of them.
Additionally, it forbids placing adverts on its website that promote cryptocurrencies or products related to them. Using bitcoin, you can buy goods from many other websites, both large and small. Shopify and the well-known Japanese e-commerce company Rakuten are two examples.
The most notable online shopping platforms in the world, Amazon and eBay, are prominent holdouts today. Following the surge in bitcoin values in 2017, eBay considered enabling cryptocurrency use on its site. Customers may now buy, sell, and store cryptocurrencies in their PayPal accounts.
With instant email delivery, you may purchase any voucher from Coingate using Bitcoin, Litecoin, Nano, and other cryptocurrencies. So, you should use gift cards to embark on a buying spree at sites like Amazon, eBay, Nike, Argos, and Zalando.
- Luxury Watches and Jewelry
Many manufacturers and sellers of luxury products have started accepting bitcoin payments. For example, Rolex, Patek Philippe, and other premium timepieces are available from the online luxury merchant BitDials in exchange for bitcoin and other cryptocurrencies.
A watch made by upscale watchmaker Franck Muller even featured a QR code taken from the bitcoin genesis block and was covered in gold and diamonds.
Some jewelry retailers have joined with payment processors to enable cryptocurrency-based transactions from their stores.
Final Words
As consumers and businesses become increasingly accustomed to using virtual currency, the range of goods and services you can purchase with bitcoin and other cryptocurrencies expands daily. Among the things that cryptos will purchase are insurance, essentials like food and clothing, designer watches, and event tickets.
Get a debit card first if you want to use cryptocurrency to make purchases. The cards, accessible through significant crypto exchanges and other suppliers, allow the holder to make cash withdrawals from ATMs on board.
