Last updated on August 7th, 2024 at 11:25 am
Introduction
Bitcoin is often portrayed as a currency for criminals and speculators. However, there are many legitimate uses of Bitcoin, including purchasing real-world goods and services.
The uses of bitcoin are increasing at a pretty rapid rate. Many businesses are now accepting this digital currency as a form of payment, which will only increase in the future.
However, there are some limitations to using Bitcoin. For example, it cannot be used to purchase goods from Amazon or eBay without first converting them into fiat currency. But this is for now, who knows when Amazon and eBay may start accepting Bitcoin. But for now you can use bitcoin to purchase just about anything else.
A Bitcoin is divisible into 100 million pieces like cents. These are called Satoshis or Sats. So smaller amounts can be uses to purchase goods and services from any number of vendors around the world that accept them as payment. Let’s us now go onto a list of things that you can buy with Bitcoin or where Bitcoin can be used.
1. Car dealerships
Car buying ad selling can be great uses of bitcoin. You can use Bitcoin to buy a new or used car at any number of dealerships around the world. The Bitcoin option is available at all significant dealerships and many smaller ones.
Because Bitcoin is a decentralized currency, there are no transaction fees when using it to buy a car.
You’ll also avoid the lengthy processes associated with getting financing for car purchases. It can take months and sometimes longer, depending on your credit history and income level. Several car dealerships accept Bitcoin like Lamborghini and Rolls Royce, as well as from smaller dealerships in your area.
You could have even a Tesla (later Tesla stopped accepting due to market slump) or any car from a dealership with Bitcoin. However, Tesla still accepts Dogecoin (another Cryptocurrency) for payments. This is because of the cryptocurrency’s popularity and ease of use.
2. Food
You can buy food with Bitcoin. And not just food—you can buy some of your favorite American fast food restaurants. If you’re in the United States, there are a few chains that accept Bitcoin as payment for their services:
Burger King is one of the first major companies to accept Bitcoin as payment. You can buy your favorite Whopper or Big Fish Sandwich at any of their locations.
Kentucky Fried Chicken has also started uses of bitcoin, so you can get your favorite bucket of chicken and sides from any location. Cheese Fries from Taco Bell are also available with Bitcoin and salads and sandwiches from Chipotle. Lollipops from Sugar Factory are another option for those who like sweets.
3. Jewelry and Expensive watches
You can buy jewelry and expensive watches with Bitcoin. Luxury goods makers and retailers, including the online retailer BitDials, have started uses of Bitcoin as payment. BitDials, a crypto-watch dealer, offers Rolex, Patek Philippe, and other high-end watches in exchange for cryptocurrencies.
A luxury watch is a timepiece considered prestigious due to its brand name or the high price tag. The market for luxury watches has been growing steadily since the early 2000s and is expected to continue growing as demand increases.
Although many luxury watch brands are on the market, some have managed to stand out from the crowd by becoming household names. These brands include Rolex, Omega, Cartier, Tag Heuer, and Patek Philippe.
4. Gift card
Gift card can is great use of bitcoin. You can use your Bitcoin to purchase gift cards from many well-known retailers. Anyone can use these gift cards to shop online or in person at the retailer’s brick-and-mortar location.
The popularity of buying gift cards with Bitcoin is growing on platforms like Paxful, which offers a variety of options for those wanting to give digital gift cards as presents.
Paxful is one of the most popular peer-to-peer cryptocurrency marketplaces in the world. It is available in 150 countries and has over 2 million users. Users can buy and sell physical and digital goods with bitcoin via this platform. Gyft.com is a gift card website that sells gift cards for major brands like Amazon, Visa, and Starbucks.
Gyft is the first major retailer to accept Bitcoin as a payment method. The site will now accept bitcoin for all purchases on Gyft.com – including the ability to buy gift cards with bitcoin. The Company has partnered with Coinbase as its payment processor and Bitcoin wallet service provider.
5. Domain name
Buying digital products is one of the greatest use of bitcoin. You can also buy a domain name with Bitcoin or any other cryptocurrency. This is great if you’re looking to establish your own website and want to start using it right away. It’s very simple, go to the site that holds your desired domain name, and select the option for purchasing the domain.
Enter all your information as requested on their site using Bitcoin or another cryptocurrency. Once everything is completed, it will take about five minutes for the transaction to be verified by nodes in a blockchain network before being added onto their servers and made active on their website.
6. A house in Texas
The first state to accept virtual currency as payment for real estate is a home with 2-bedroom, 2-bathroom. This home that’s valued at around $350,000. You can buy a house in Texas with Bitcoin.
This is mainly because the Texas real estate market is booming and many sellers accept Bitcoin as payment. In 2017, a developer in Texas made headlines when he sold a house for $1.6 million in Bitcoin. The buyer was an unnamed man from New York City who wanted to invest in the booming cryptocurrency market.
7. Gold and Valuables
In the first few years of its existence, Bitcoin was seen only as an investment opportunity, along with other traditional assets. Nowadays, it can be used to purchase high-value assets for a variety of reasons, including investment, wealth preservation, or trading purposes. You can check out online gold and valuables dealers that accept Bitcoin payments or buy from offline dealers using ATMs.
The most popular option is to use Coinbase’s Vault service, which allows you to store your precious metals in cold storage vaults in several locations worldwide. This means that your gold will be held in an offline environment, making it impossible for hackers to steal or corrupt it with malware attacks.
8. Home appliances and furniture
While you can buy many things with Bitcoin, it takes a lot of work. Cryptocurrency is still in its infancy, and many retailers don’t accept it as payment. But there are some places where you can spend your digital currency. You can buy home appliances, furniture, and more with Bitcoin.
If you have a Bitcoin wallet, you can easily purchase from online stores that accept cryptocurrency, like Overstock.com, which sells a wide range of products such as furniture, clothing, appliances, and electronics.
The Company has partnered with Coinbase to process payments in crypto and also offers an e-gift card service where you can pay for your purchases with your crypto balance on the platform.
You can buy anything from food items to electronics like laptops, phones, and smart TVs. If you are looking for a specific product, you can search for it on the website or use the search bar to find what you want. The site also has a section where users can write product reviews to help other buyers make informed choices before buying them.
9. Insurance
Bitcoin is a form of money that you can use to buy insurance. Several companies offer this service if you want to buy insurance with Bitcoin. You can also use Bitcoin to pay for your monthly premium on an existing policy.
One Company that allows users to purchase insurance using Bitcoin is Everledger. This Company uses blockchain technology to track diamonds throughout its supply chain and verify their authenticity before they reach the marketplace.
It also offers its own line of insurance products designed specifically for clients who have purchased diamonds through Everledger’s platform or have had them insured by the Company through its partner.
For example, in April 2021, the Swiss insurance firm AXA announced that it would accept bitcoin as payment for all lines of insurance except those involving life insurance (because of regulatory issues).
The insurance industry is in the middle of a significant upheaval. It’s not just that customers are increasingly expecting to be able to pay for their policies with mobile apps and digital wallets; they’re also demanding lower premiums and better customer service.
In response, insurers have been embracing new technologies like artificial intelligence and machine learning to improve their operations and make them more customer-centric.
10. Sporting events and merchandise
While ten years ago, people may not have been able to predict that the NBA would accept Bitcoin payments, it is now possible.
Recently, the sports world has begun to accept Bitcoin as a form of payment. A few teams in the NBA have started taking BTC for tickets and merchandise: The Sacramento Kings accept cryptocurrency payments.
They are currently one of the only professional basketball teams to do so.
However, this might change soon as more teams begin accepting Bitcoin for tickets and merchandise.
The Sacramento Kings have partnered with BitPay, one of the largest cryptocurrency payment processors today. The same year, Pizza Hut partnered with BitPay to sell pizzas for BTC—and also accepted BTC for purchases made on its website.
Conclusion
Bitcoin is a cryptocurrency, which means that it uses cryptography to secure and verify transactions. When Bitcoin was created in 2009, each “coin” or unit of currency had no value beyond what people were willing to give up for them.
Since then, the value of each bitcoin has risen dramatically. A single coin was worth less than $1 at the start of 2010; by November of 2021 , its value had shot up 60 thousand times over to more than $60,000 per coin!
That growth has led many people to speculate on whether bitcoins will ever become valuable enough. So we can use them like real money (USD) or whether they’ll remain too unpredictable for day-to-day transactions. e.g., buying groceries or gas for your car.
Bitcoin is a revolutionary currency that has proved helpful in many ways. It has earned its place as an alternative payment method and is used by thousands of worldwide vendors.
Even though it may still need to be mainstream. But there’s no reason it shouldn’t become one, one day. It can be used as an investment and has many other benefits, such as the anonymity.
