A lot of people are still getting used to the idea of cryptocurrency, especially as a means of payment for products and services. There are many digital categories of items that can be bought with cryptocurrencies, such as digital art and music. But astoundingly, cryptocurrency is becoming an acceptable currency for many physical items.
All of this has happened in an exceptionally rapid timeframe. Satoshi Nakamoto introduced bitcoin as the first cryptocurrency in 2008.
For those of you who are none the wiser, Satoshi Nakamoto is not a real person. This pseudonym refers to an unknown number of unnamed person(s) that developed the bitcoin software and the name was last used in 2010. Although Satoshi Nakamoto was the first in resolving the core issue that prevented cryptocurrency from becoming reality (it could be duplicated), others had been speaking of and working on the idea ahead of Nakamoto. The problem of double spending was overcome when Nakamoto solved it by creating the blockchain system of verification.
Today, in 2022, over 10,000 cryptocurrencies exist. Note that not all of them are accepted yet as a means of payment by all businesses. Here is how you can use them to pay for the things you want.
How to Use Bitcoin for Purchases
You will need a crypto wallet. Some of these only support one type of cryptocurrency, while many permit the owner to hold several kinds in a single crypto-wallet, e.g. Ethereum, Bitcoin, Bitcoin Cash, and Litecoin. A crypto wallet requires complex passwords and additional security steps that prevent anyone but the holder from accessing the crypto it contains. The user can see and operate the crypto wallet from their PC or smartphone. In order to keep track of the value of all your cryptocurrency holdings, you will also need a crypto portfolio tracker. These tools allow you to monitor the real-time performance of your investment across different exchanges and currencies.
When you make a payment using a cryptocurrency, the seller obtains payment in the form of fiat (e.g., dollars, pounds). Mastercard and Visa are in partnership with various cryptocurrency debit card issuers to ensure a smooth transaction process. For those looking to easily buy bitcoin with a debit card, exploring dedicated cryptocurrency exchange platforms can offer a straightforward and secure transaction experience.
You can purchase many types of goods using cryptocurrency from e-commerce websites that have embraced this new form of payment. Nevertheless, there are relatively few large individual transactions using crypto. The following are the most common items bought this way.
Cars
Several car dealers have started to accept bitcoin. These include some luxury car dealers, more ordinary dealerships, and even electric car dealers. Vehicles that have been sold for bitcoin include Tesla electric cars, Subaru, and Lamborghinis.
Companies You Can Buy Various Products From
Microsoft accepts crypto sales (just bitcoin), but only from its online store. The Xbox gaming platform is excluded. Cryptocurrency and products cannot be advertised on Microsoft sites.
Since 2014, Overstock has been accepting bitcoin. Rakuten, PayPal, and Shopify also allow trade with bitcoin. Amazon continues to refuse to accept crypto, although some of its subsidiaries, e.g., Twitch, do accept bitcoin.
Watches and Jewelry
Sales of watches and jewelry by companies like BitDial allow bitcoin transactions. Many such retailers have entered agreements with payment processors so that they can receive cryptocurrencies.
Media Outlets and Insurance
Most media groups accept bitcoin in exchange for subscriptions and advertising. You can buy all types of insurance except life insurance with crypto.
NFTs
Cryptocurrency can be used to purchase NFTs. This is done via a trading platform such as NFT Marketplace at OKX.
Time will tell how widespread the acceptance of cryptocurrencies in exchange for products becomes.