Heard people talking about buying with cryptocurrency but not sure what you can purchase or how to go about it? In this blog we will simply explain it.
A Simple Explanation Of What You Can Buy With Cryptocurrency
There are a growing number of every day items and services that you can buy with cryptocurrency. At present, the majority are purchased on or through online platforms. The easiest way to buy anything you want with cryptocurrency is by using a crypto debit card.
The Long Wait
The world’s first cryptocurrency, Bitcoin, was designed as a decentralized currency that could be used to buy goods or send money anywhere in the world. Its skyrocketing value over the last decade has seen it become more of an investment option than a unit of currency. Despite a slump in 2022, Bitcoin’s rising price has also afforded it much credibility in an economy full of naysayers. Slowly, more and more products and services are becoming available for purchase with Bitcoin or other cryptocurrencies. As Web3 grows in the consciousness of people the world over, an ever increasing number of retailers are taking the opportunity to be at the front end of the curve.
Crypto Debit Cards
Crypto debit cards are a failsafe way to buy anything you desire with crypto because they debit your account in cryptocurrency and pay the merchant in fiat currency. You simply have to preload the card in the cryptocurrency of your choice, just like a regular debit card. The card issuers partner with Visa or Mastercard to facilitate the transactions. The only drawback is the fees that those intermediaries charge which is at cross purposes with the original motivation for cryptocurrencies and the blockchain. Popular crypto debit cards include:
Buying in Web3
The other guaranteed way of having your crypto accepted as currency is to head to Web3. You may want to buy other cryptocurrencies, NFTs or explore some of the online shopping, gambling or gaming platforms on the Ethereum blockchain. There are also a number of e-commerce sites that give you access to a range of retailers where you can buy gift cards for businesses including Amazon, eBay, Ikea, Uber Eats as well as many cell phone providers. These include:
Buying Directly With Cryptocurrencies
Bitcoin has been used to buy goods for more than 12 years. Laszlo Hanyecz famously was the first in 2010, spending 10,000 BTC on two pizzas from Papa John’s in Florida. We’ll let you work out how much that is today but it’s fair to say Laszlo paid overs Buying directly with cryptocurrencies has proven more problematic for many years since, although more and more retailers are coming on board every day. Many are online platforms while others lean toward bigger purchases, mainly because Bitcoin fees don’t make smaller purchases worth it. Shopify and Square allow small businesses to accept crypto. Overstock became the first major retailer to accept Bitcoin in 2014. By 2022, it had partnered with ShapeShift to allow its customers to also use any of Ethereum, Litecoin, Dash and Bitcoin Dash for purchases. Examples of leading retailers accepting cryptocurrencies include:
Websites – Overstock.com, Etsy.com, WordPress.com.
Travel – Expedia, Travala, CheapAir.com or Virgin Galactic if you want to leave the Earth’s atmosphere.
Luxury items – CryptoExchange sells cars, watches and other luxury items.
Gold – JM Bullion
Crypto Credit Cards
Don’t be confused. These are not like crypto debit cards. You can still buy whatever you like with them on credit just like a normal credit card. The difference is, they don’t draw on your crypto for the purchase. They are called crypto credit cards because they reward you with crypto for making purchases. Just like normal credit cards may offer you rewards points for flights, cash back or whatever, crypto credit cards give you crypto rewards.
Want To Know More About What You Can Buy With Cryptocurrency?
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