Bitcoin and altcoins have already turned into legal payment mean in many countries. They are very convenient, fast, and secure banking options for purchasing almost all types of goods worldwide. So, what can you buy with cryptocurrency? Continue reading the post to get to know the answer.
Currently, you can use bitcoin, ethereum, litecoin, dogecoin, tether, and dozens of other cryptos to buy anything you want, starting from food and clothes and ending with expensive cars and apartments in London or New York. All you need is to have enough coins in your crypto wallet. Trading experts have thoroughly analyzed the market and would like to tell you what you can purchase using digital coins. Please, get the details in this post.
Prospects for cryptocurrencies
Cryptocurrencies are considered one of the most promising ways to invest in the coming years. That is why more large, medium, and small businesses are gradually introducing the possibility for users to pay for their goods and services using digital coins. According to experts, in 2023-2024, more than 75% of goods and services in the world can be purchased for crypto. In addition, cryptocurrency can also be accumulated, hoping that it will increase in value. It is best to do this using the saving service https://www.aax.com/en-US/invest/savings/ from the AAX exchange.
What things can you buy with cryptocurrencies?
As of 2022, people can buy almost anything using cryptocurrencies. Hundreds of online and offline companies have already accepted altcoins and bitcoin as entirely lawful and desirable means of payment. Let us look at some examples.
- Cars. Plenty of well-known car dealers welcome cryptos as payment means. In particular, you can purchase Hyundai, Mercedes, Ferrari, or Lamborghini using Ethereum or Bitcoin. Recently, Tesla fans can purchase their favorite cars via BTC. Being a devoted crypto enthusiast, Elon Musk tweeted that Tesla would gladly accept cryptos as payment.
- Insurance. In 2022, more insurance companies started accepting cryptos as legal payment for their services. For instance, AXA, a trusted Swiss company, welcomes BTC payments for all sorts of insurance except for life cover. Many insurance providers like Panda invite cryptocurrency holders to acquire car insurance.
- Real estate. Many real estate companies agree to accept cryptocurrencies as a means of payment for houses and apartments. It is a very popular option in Europe, Latin American countries, and Australia now.
- Food. In 2019, Whole Foods Market, Burger King, Pizza Hut, Subway, and Starbucks announced that they welcomed Bitcoin and Ethereum holders to pay for food in their networks.
- Clothes. A variety of online clothing stores accept cryptocurrencies. These are such admired stores as Jens Hansen, Overstock, Girl Meets Dress, etc. Most fashion businesses that can be paid for with cryptocurrencies are small or medium-sized companies run by crypto enthusiasts. Many online stores were created specifically for crypto fans to expand their circle of consumers.
- Gambling. Since 2016, dozens of trustworthy online casinos have started to welcome deposits/withdrawals in plenty of cryptocurrencies. This option immediately attracted thousands of new punters.
Advantages and disadvantages of paying in cryptocurrency
Purchasing goods and services with cryptocurrencies has certain advantages. However, drawbacks also exist. Let us enumerate the key ones.
- Anonymous payment means.
- Instant and transparent transactions.
- No intermediaries.
- Impressive security.
- Unlimited transactions.
- Your purchases cannot be taxed owing to cryptocurrency decentralization.
- Ability to quickly convert cryptocurrency into fiat money and use them to pay for anything you wish.
- Cryptocurrencies are too volatile.
- They are prohibited in some countries.
- Crypto payment technology is still too complicated for many vendors.