We are strong believers that cryptocurrencies have a bright future.
Initially, Bitcoin was launched to be a medium for financial transactions. It was possible to buy everything with the cryptocurrency - from a cup of coffee, to an apartment. Of course, its wide trajectory makes it a favorite conduit for criminal activities.
Anyway, that is not all that Bitcoin was created for. Today, the list of products and services that can be purchased with cryptocurrency is long, and it keeps getting longer.
Bitcoin adoption
Over the last years, more and more retailers started accepting Bitcoin. In 2017, we saw a great upswing in its value, followed by many retailers announcing that they would accept the cryptocurrency at their stores. Anyway, many of them back away from this decision later.
However, today we see more companies starting to accept the idea of integrating Bitcoin. There are few reasons for this trend.
First, we saw some improvements in crypto technology. Transactions became faster and much more efficient.
Second, Bitcoin is no longer confined to an obscure corner of the financial service industry. Moreover, the positive mentions of regulators and some policymakers are a great proof of the potential of the cryptocurrency.
What can we buy with cryptocurrency?
As we already said, there are a lot of products and services that can be bought with Bitcoin today. Let’s have a look at the most active categories of all.
Car dealerships
There is already a list of car dealers accepting Bitcoin as a payment. One of the most favorite Bitcoin holders is Lamborghini, but you can also buy some utilitarian cars like Subarus, for example.
For a short period of time, it was also possible to buy Tesla with Bitcoin. It is well known that its founder Elon Musk is a huge crypto enthusiast. Anyway, just a few months after announcing that Tesla would accept Bitcoin as a payment method, Musk tweeted that it would be suspended due to environmental concerns.
Technology and ecommerce
There are some technology companies that accept Bitcoin as a payment. One of them is Microsoft. Currently, the company accepts payment with the cryptocurrency at its online store and not on the Xbox gaming platform. Also, it does not allow crypto ads on its website.
Examples of ecommerce platforms accepting Bitcoin as a payment are Shopify and Rakuten, and Overstock was one of the first platforms to accept the cryptocurrency.
Another great example is eBay. The platform allows cryptocurrency payments since the run-up of Bitcoin price in 2017, and today they say they are looking to the future of different payment methods.
PayPal also allows its users to buy, sell and hold cryptocurrencies in their accounts.
Luxury goods
There are also some luxury goods that can be purchased with Bitcoin. You can find retailers offering Rolex and other expensive watches for Bitcoin, as well as for other cryptocurrencies. Some jewelry stores have also begun accepting crypto-based purchases of their products.
News media
Major publications, such as the Chicago Sun-Times, were one of the first to accept Bitcoin as a payment method in 2014, followed by magazine publisher Time Inc. Later, in 2019, the publisher formed a cryptocurrency partnership with Crypto.com.
Insurance
Although the insurance industry was careful in embracing cryptocurrencies, things began to change in the last year. There are already some life insurance companies, accepting payments with Bitcoin or other cryptocurrencies.
Conclusion
Of course, those are a small part of all the industries, accepting Bitcoin or other cryptocurrencies as a payment method. As we already said, the list of goods and services that can be purchased with crypto becomes longer each day, as people become more comfortable with that type of money.
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