Bitcoin is the first operational cryptocurrency ever introduced to the world. It was launched as a means of decentralized financial exchange making it possible to be used as a world currency rather than regional like fiat currencies.
Cryptocurrencies have the same value in all parts of the world and it is not monitored by any central financial institution giving the transactions utmost privacy and security.
While most people are still unaware of this, cryptocurrencies are accepted by many businesses in exchange for a range of products and services.
Cryptocurrencies including Bitcoin are not just a digital novelty, it has real-life usages. So, if you are looking for ways to spend the Bitcoin and crypto you own, let this be a guide.
Here, you will find how you can buy products including electronics, expensive accessories, fancy cars, and more with your crypto.
Spending Crypto as a Currency
We all still remember the famous story of Laszlo Hanyecz who made history by purchasing two large pizzas by spending Bitcoins. This was the first-ever Bitcoin purchase that was recorded. But since then the technology has improved exponentially.
We are now in a comfortable space where Bitcoin’s staggering popularity and acceptance have made businesses accept Bitcoin as a financial exchange.
Some of the businesses that accept Bitcoin and other popular cryptocurrencies include Ralph Lauren (fashion brand), AMC Theaters (movie tickets and more), Jomashop (Luxury watches such as Rolex), New Egg (for computer parts and games), and more.
While some businesses may accept crypto directly, some require you to use third-party applications. Some also accept crypto through gift cards. However, crypto debit cards are the easiest way to spend Bitcoin and crypto.
What are Crypto Debit Cards and How it Works?
If you are someone who has some experience in cryptocurrency, then you must be aware of crypto exchanges. These platforms facilitate cryptocurrency transactions by charging a brokerage.
Many of these crypto exchanges provide crypto debit cards. These debit cards are usually made in partnership with popular debit card and credit card providers such as VISA, and Mastercard.
The Crypto cards usually allow its users to add their crypto holdings to the card. The crypto partner liquidates the crypto added to the card to facilitate the transaction.
So, if your crypto account has Bitcoin, each spend on your card is facilitated by liquidifying equivalent Bitcoin holdings in your account. This enables the crypto holders to use it on their everyday purchases just like any other debit card issued by a financial institution.
Also, Read: A Guide To 2024 Best Crypto Credit Cards
What to buy with Crypto?
We have already seen many businesses that accept cryptocurrency as a means of payment.
Let’s expand upon that and see some of the major products you can buy using cryptocurrencies such as BTC, ETH, SOL, DOGE, and more.
1. Fashion
Many fashion brands have started accepting crypto in exchange for their products. The brands that accept crypto payments include Balenciaga, Gucci, and Ralph Loren. However, the service is only available in some of the selected outlets of the brands.
2. Luxury Watches
The popular Swiss luxury watchmakers Hublot and TAG Heuer also announced that they will be accepting cryptocurrencies for select purchases.
Hublot accepts cryptos such as BTC, ETH, DOGE, USDC, and SHIB for transactions worth up to $30,000. Whereas TAG Heuer accepts crypto for their online purchases in the US.
3. Cars
Since Elon Musk has always supported the development of cryptocurrencies, it is not a surprise that the Musk-owned electric car manufacturer, Tesla accepts cryptocurrency as payment.
The luxury sports car manufacturer Lamborghini is another big name that accepts crypto payments.
4. Gold and Precious Metal
You can also purchase metals of value such as Gold, Silver, Platinum, and Palladium with cryptocurrency. Businesses that accept crypto in exchange for crypto include the American Gold Exchange, Global Vault Group, Apmex, etc.
5. Food and Beverages
You can also use cryptocurrencies for everyday expenses such as food delivery and restaurants. A popular taco restaurant, Safari Tulum accepts direct crypto payments.
You can use the meal delivery platform Menufy by using crypto. Whereas, BTC Wine and Inserrata are two wine manufacturers that accept about 12 cryptocurrencies as payments
6. Professional Services
Cryptocurrencies are not just accepted in exchange for products, you can also use them for certain professional services. Examples include AltusHost (hosting and servers), Aprio (consulting service?), BKL (accounting services), and more.
These are only a few examples of where you can Spend Bitcoin And Crypto. There are many more examples including gaming, online purchases, furnishing, and more.
Challenges with Crypto Payments
However, there are certain challenges when it comes to crypto purchases. The obvious one is that you can never be sure about the acceptance.
While many businesses do accept cryptocurrencies, the accepted currency and the payment method can be different, often making things more complicated than they need to be. Some of the other challenges include:
- May not have legal protection against fraudulence activities on crypto debit cards
- The returns may not provide crypto refunds
- Information such as the crypto wallet address of the sender and receiver and the purchase amount may become public
So, if you are considering crypto payments, make sure to do in-depth research about the credibility of the seller, and also consider the pros and cons of using crypto instead of fiat.
Conclusion
Cryptocurrencies have grown a lot through these years. Its popularity and acceptance have grown exponentially and now there are many ways of spending cryptocurrencies including Bitcoin.
While some businesses accept direct payments, you may be required to use gift cards or crypto debit cards for spending the crypto you own in some cases.
The most convenient way of spending crypto is by using the VISA or Mastercard-issued crypto debit cards. Some of the products you can purchase using crypto include clothes, luxury watches, cars and automobiles, food and beverages, and more.
