Since its existence, Bitcoin’s idea has been leaning towards a decentralized medium for payment systems, like a legal tender in diverse marketplaces recognized across the globe. But presently, a large percentage of users in the Bitcoin community utilize the cryptocurrency for long term investment. These days, Bitcoin is more of an asset like Gold or a Birkin than an actual currency because its value only seems to appreciate since 2010.
Presently one Bitcoin (BTC) unit is valued at almost $11,000, which is eleven thousand more than what it was valued at in 2010. This piece highlights a few things you can purchase with Bitcoin, but first, some background information.
When it comes to investing in cryptocurrency, the most popular choice for investors that want to include Bitcoin and other cryptocurrencies within an investment strategy is the SMSF. Know the SMSF and cryptocurrency regulations right here.
As much as the underlying blockchain technology of Bitcoin was not as easily scalable enough to compete with pros like Visa, MasterCard, or PayPal, Bitcoin has found its niche as an appreciating asset. One reason why Bitcoin couldn’t compete with credit card companies like Visa and Mastercard is that unlike these companies which process an average of 24,000 transactions/sec and 150 million transactions every day, Bitcoin processes seven transactions per second. This created a significant increase in the waiting time for transaction confirmation as well as transaction fees as users could wait hours or even days and still pay exorbitant fees before miners can confirm their transaction. Well, this was the Winter crisis. Presently, waiting time for transaction confirmation for Bitcoin transactions has leveled to an average of 10-30 minutes, with fees dropping to $1. However, this didn’t come with some repercussions.
While some companies like Dell, Fiverr, etc. dropped Bitcoin as a payment method for their goods and services, others are still accommodating the cryptocurrency. Thus, without further ado, here are some things you can purchase with Bitcoin, BTC.
The Online Market
The online market is more accepting of Bitcoin than the offline market. Hence, the list of things you could purchase with Bitcoin through the internet will mostly supersede that which you can purchase by walking into their store. Thus, without further ado, here are things you can purchase online with Bitcoin.
- Travel and Tourism
Many travel companies, airlines, and tourism agents offer alternative payment methods in a bid to attract new customers. You can pay for your flights, hotel room/services, and hospitality services through the use of Bitcoin. CheapAir, Expedia, Air Baltic, Bitcoin Travel, etc. are just a few booking sites where you can handle travel/tourism logistics that accept Bitcoin.
- Video games and entertainment networks
Since there’s no universal market where Bitcoin is accepted as a legal tender, its acceptance depends on the company or service provider. In terms of casino games like Bitcoin slots or entertainment networks, companies like Xbox, Dish Network, PlayStation, Zynga, and lots others accept payments with Bitcoin. Hence you can renew your subscription or pay for games with Bitcoin on these platforms/service providers.
- Charity organizations and donations
Bitcoin is the perfect medium to donate money anonymously to charity organizations without incurring those exorbitant donation fees. Not sure of which charities accept donations in Bitcoin? Bitcoin For Charity List is a detailed list of diverse charities that offer cryptocurrency payments. This list even includes their wallet addresses.
- Shopping
Diverse online merchants are progressing towards accepting Bitcoin as a legal tender for purchasing their goods and services. These merchants include Overstock, Shopify, Microsoft, Etsy, and a few others.
The Offline Market
There are even fewer offline merchants that are accepting direct payments with Bitcoin. During the Winter crisis, it could cost averagely $55 in transaction fees, and several hours in transaction time for a customer to purchase a $3 coffee. Thus, a lot of stores regressed from Bitcoin and stuck to credit cards and cash. Thankfully this crisis is over, and the fees have averaged at $1, but very few customers demand payment in Bitcoin. Nevertheless, merchants who accept cryptocurrency in their stores always put up a sign that says ‘Bitcoin Accepted,’ just so the consumers are aware. With that being said, here are some things you can purchase offline with Bitcoin.
- Lap Dances
If you’re a lover of exotic dances, you can now pay in Bitcoin. The Legends Room, a gentleman’s club in Las Vegas, is so passionate about cryptocurrency payments that they have a Bitcoin atm to cater to customers if they leave their e-wallets at home. At this club, you can pretty much purchase anything from drinks to Food with Bitcoin.
- Guns
This might be upsetting to specific groups, but you can purchase a firearm with Bitcoin. Central Texas Gun Works, the Austin-based store, accepts in-store and online Bitcoin payments from customers. This is perfect for individuals who want to purchase firearms but do not want their financial details to be traced.
- Pretty much anything in Japan
Many merchants in Japan use a Bitcoin point-of-sale app, which enables them to accept direct payment in Bitcoin. The city is so progressive that you can buy anything in-store from Food to clothes, electronics to hospitality services, and so much more in Japan with your Bitcoin wallet.
- A Tesla
It would be pretty regressive if the inventor of the supercar franchise, Tesla, didn’t accept cryptocurrency as a legal tender. Luckily, thanks to Elon Musk, you can preorder a Tesla and pay in Bitcoin.
There are several other merchandise and services one could acquire with Bitcoin. This list covers Food, miscellaneous purchases, tuition, jewelry, cosmetic surgery, headlights, comic books, yachts, gambling, electronics, car rides, Gold, mavericks tickets, and so much more. Typically, in this day and age, for everything you could want, someone, somewhere is accepting Bitcoin payments for it. All you need to do is find them.
In summary, owning bitcoins is like owning a very tangible asset. The cryptocurrency has even been likened to ‘digital gold.’ However, even in possession of this asset, an individual can still make purchases regardless of the product or service. All you need to do is find a Bitcoin-accepting vendor for what you want to acquire.
