When Bitcoin was first introduced in 2009, it was supposed to become one of the easiest methods for daily transactions. The primary purpose of Bitcoin was to help people use this specific one as a virtual currency to purchase anything they want. However, many criminals realized that Bitcoin couldn’t be traced or traced by the government which made them misuse the coin.
Even though this revolutionary creation of Satoshi Nakamoto sometimes gets misused, there are various products and services you can purchase using Bitcoin. As the value of Bitcoin has increased quite a lot in these past few years, buying cars using Bitcoins is also possible.
How Can You Buy Bitcoin in the First Place?
The best way to purchase Bitcoin is by installing a cryptocurrency trading app or a crypto debit card. These cards will have cryptocurrencies as per your preferences. When you send your share of cryptocurrency to someone, the retailer will receive the amount as flat money. If you’re planning to use a crypto debit card, make sure you pay close attention while making transactions as hackers might target you.
Things You Can Get with Bitcoins
As more and more institutions are accepting Bitcoins, you will find people who are making extra-large transactions with their Bitcoins. For instance, nowadays many people even purchase real estate using Bitcoins. Apart from real estate, you can also purchase numerous products as well as services from e-commerce stores. Here are some of the most common things you can buy using Bitcoins.
Some specific car dealerships welcome Bitcoin users with open arms. Most luxury vehicle dealerships allow customers to pay with Bitcoins when they have plans to purchase a super luxurious car or sports car such as Lamborghini. This trend was first started by Tesla, where Elon Musk announced that people can purchase Tesla cars using their Bitcoins. Not only Bitcoins, but people can also use other types of cryptocurrencies to purchase Tesla cars. Elon Musk, Tesla, and SpaceX founder also stated through Twitter that he supports Bitcoins.
Musk announced this move in March 2021, when he took to the social media platform Twitter to state his intentions on accepting Bitcoins. As per CNBC,Musk has suspended Bitcoin payments due to environmental concerns.
E-Commerce and Technological Products
Various companies that sell technologically related products accept Bitcoin payment through their websites. Some of the most famous organizations that accept Bitcoins are AT&T, Newegg, and Microsoft.
However, keep in mind that Microsoft accepts Bitcoin only through the online store, not on gaming platforms such as Xbox. The Xbox also doesn’t entertain advertisements that promote crypto-related services and products. In this technologically advanced world, online shopping with cryptocurrency has made everyone’s lives easier.
There’s also a company named Overstock, which sells different types of merchandise, and was some of the very first companies in the world that started accepting Bitcoin. The founder of the company started accepting Bitcoin back in 2014. Other small and large businesses accept Bitcoin as a payment method.
PayPal also allows customers to sell, buy, and hold different types of cryptocurrencies, including Bitcoin in their specific accounts.
Expensive Watches and Jewelry
If you want to purchase expensive watches and jewelry for yourself or your loved ones, you might be in luck. If you have a great amount of Bitcoin stored in your wallet, you will be able to use that Bitcoin to make these transactions. There’s an online luxury retailer, named BitDials, which offers different types of luxury watches such as Patek Philippe, Rolex, and other super expensive and luxurious watches in return for cryptocurrency or Bitcoin payment. Franck Muller, a luxury watchmaker, even crafter a watch that contains gold, diamonds, and a QR code from the Genesis Block of Bitcoin. Some other luxurious jewelry stores have also made a relationship with payment processors so that they can boost the use of cryptocurrency for their stores.
If you love to read news, some specific online news media platforms accept numerous cryptocurrencies, as well as Bitcoin, during the transaction process. You can use Bitcoin as your payment method when you purchase their subscriptions or other services. Some of the most famous names that fall under this list are the Chicago Sun-Times, which became the first major news publication organization to accept Bitcoin as their payment method in 2014. Time Inc. also started accepting Bitcoins in the same year. The magazine publisher created a partnership with crypto.com in 2019.
This is probably one of the best things you can purchase using your cryptocurrency such as Bitcoins. Even though the insurance industry took too many precautions even incorporating the use of cryptocurrencies in the platform, things have changed now. While you cannot purchase life insurance with your cryptocurrency, many insurance providers have also started accepting Bitcoins for their other services and premium plans as per their portfolio.
In April 2021, the Swiss insurer AXA said that they have started accepting Bitcoin as their transactional option for all types of insurance except the life-insurance. This is because regulatory issues will prevent customers to purchase life insurance using Bitcoin. There’s also another agency, named Metromile, which sells an auto insurance policy known as “pay-per-mile”, where you can also pay using Bitcoin.
What is the Process of Buying Something with Bitcoin?
This is one of the most common and important questions you need to know. The process of Bitcoin is completely different from debit or credit cards. The best way to purchase products or services using Bitcoins is with a cryptocurrency debit card, where your Bitcoins will be stored. You can get these cards from well-known crypto exchange platforms. The card will also allow you to withdraw cash from the specific ATMs that accept Bitcoins. You can also participate in different types of major networking events, where organizations would never hesitate to accept Bitcoins.
What is Bitcoin Debit Card?
The working method of the Bitcoin debit card is almost the same as the normal debit card. The only difference is that the Bitcoin debit cards are preloaded with cryptocurrencies or Bitcoin and the normal credit cards contain money. When you use the Bitcoin debit card, the Bitcoin debited from your account will be converted into flat money to the merchant.
These are the things you can purchase with Bitcoins. What are your thoughts? If you have any other questions related to Bitcoins, make sure you let us know.