Total shares:

--

10 Surprising Things You Can Buy with Bitcoin

10 Surprising Things You Can Buy with Bitcoin

Whenever we heard of currency, we assume that cash based credit and debit card are the only type of currency available to us. In our technology-obsessed world, everything is changing at a dizzy pace same is the case for a centuries-old medium of exchange money.

Before we start discussing what are the 10 surprising things we can buy with bitcoin? We first start our discussion with the functions of money. Once we understand the functions of money, we can realize whether bitcoin has an ability to replace our traditional fiat currency or not.

Money has three key functions:

1. Store of Value Suppose that you work hard and earn $100 as your salary, but you don’t want to spend that money immediately. In this way, you are likely to keep your salary in the form of physical money in a bid to transfer today’s purchasing power to the future. However, physical money is not a perfect store of value because it is susceptible to inflation and other macroeconomic disruptions.

2. Medium of Exchange When we buy or sell anything we use money as a medium of exchange for good or a service

3. Unit of Account To fully grasp how money acts as a unit of account, we take a real-life example. Suppose that you went to car showroom and asks the price for one Lamborghini. Then car dealer will express its price in US dollars instead of saying one Lamborghini worth 4,000 t-shirts. Even though Lamborghini might worth 4,000 t-shirts, but it is very unlikely that car dealer expresses price in anything apart from money.

Bitcoin first came into picture at 3rd January 2009, when a programmer named Satoshi Nakamoto first developed a digital currency. He is the first-ever blockchain developer who created fully decentralized applications. As the name decentralized suggests, it is free from the influence of any central regulatory authority or financial institution.

The goal behind the development of bitcoin is to eliminate the hegemony of transaction processing banks. Whenever we send money to anyone, we have to pay a substantial transaction processing fees and banks make trillions of dollars through it. With an advent of bitcoin, we can send money to our friends or relatives without relying on any mediator.

Unlike traditional fiat currency, bitcoin cannot be created out of thin air, but the miners has to solve cryptographic puzzle to mine bitcoin. Eventually, miner earn bitcoin as a reward. Since bitcoin mining requires tremendous energy that’s why many environmentalists vehemently criticizes it.

Bitcoin didn’t get substantial traction at the beginning, but after sometime, many people have become familiar with it because it has provided a viable alternative for transacting funds.

Bitcoin is easily redeemable for fiat currency by selling it to others. If you want to learn more about this revolutionary technology, we strongly recommend you to visit our website Marketspaace.com.

Despite a little bit more transaction processing feed that other leading cryptocurrencies, bitcoin is still the most preferred medium of payment. Many fintech startups are solely relying on bitcoin because of its robust security architecture. It is almost impossible and practically unviable to forge the bitcoin transaction.

Since its inception, bitcoin is touted as the perfect alternative to the centralized payment system. However, retail investors start perceiving it as a perfect investment vehicle like gold or real estate.

The biggest obstacle that inhibits the widespread adoption of bitcoin is its lack of ability to handle large volume of transactions. Maximum number of transaction, bitcoin can handle is merely seven transactions per second that is nowhere comparable to Visa and Master card.

Nevertheless, bitcoin is still the most preferred medium of transaction in an e-commerce industry. Transactions conducted via bitcoin can be verified immediately particularly if you are paying via QR code or mobile wallet.

Steep rise in online shopping due to covid-induced lockdown or mobility restriction could spur the growth of bitcoin payment especially when brick and mortar stores are disappearing quickly.

10 Surprising Things You Can Buy with Bitcoin

1. Retail Stores Accepts Bitcoin

Overstock – a prominent online retail store accepts bitcoin as a default payment method.
Home Depot – it provides the service of home cleanness and decoration and it allows you to pay via bitcoin
Newegg – a retail giant that offers all electronic appliances.
Shopify – leveraging this ecommerce giant, you can build ecommerce websites like eBay or Etsy. You can purchase all the pre-made themes and plugins of Shopify via bitcoin.

2. Services that You Can Purchase with Bitcoin

With the widespread adoption of bitcoin, a vast majority of companies started accepting it. In the same vein, there are many service providing companies who aims to expand their customer base by incorporating bitcoin in their payment options, some of them are:

AT&T – a telecommunication company that provides cellular service.
Twitch – it allows you stream live videos.
Reddit – You can purchase premium features of Reddit with bitcoin
Namecheap – it is a prominent web hosting provider company
Wordpress – an open-source PHP-based content management platform that enables you to create fully-customizable and eye-catching websites, blogs, and landing page

3. Video Game Providers that Accepts Bitcoin

Video Game Providers that Accepts Bitcoin

Before the advent of online gaming platform, you need to physically visit a store to purchase a video game. Nowadays, almost all the video game stores have online presence. With an abundance of online video game stores, they have become a digital possession just like the digital currencies. Below is the list of some leading gaming platform that accepts payment in bitcoin.

Xbox – it allows you pay for games, add-ons and live subscriptions via bitcoin
Humble Bundle – a digital store spends a faction of its earning on charity work.
Big Fish Games – a Washington-based causal gaming company

4. Travel Companies with Bitcoin Payment Option

There are plethora of travel-related services, and most of them offer almost similar toolkit. From the business standpoint, providing an alternative way of payment is a great way to expand customer base. Some freight service that allows you to book your dream holiday with bitcoin are:

AirBaltic – the first-ever airline company that accepts bitcoin as a medium of payment
Expedia – it is one of the world’s largest online travel booking company that accepts bitcoin for hotel booking and is currently pursuing its plain to integrate bitcoin as a payment option for flight booking and a myriad of other activities.

5. Nonprofit Organizations with Profit

Wikimedia Foundation – a nonprofit organization that accepts donation in bitcoin. It uses its donors funding for the growth, development, and distribution of free and multilingual educational content.
Wikileaks – an international new agency that broadcasts secret information and new leak it gets through anonymous sources.
The Giving Block – this platform enables nonprofit organization and charity institutes to accept and disburse funds in cryptocurrency.

Donating money to charity institute often comes with a huge cost. Furthermore, some peoples don’t like to disclose their charity. Therein bitcoin-based payment is the best available option.

6. Restaurants and Supermarkets with Bitcoin

Wikimedia Foundation – a nonprofit organization that accepts donation in bitcoin. It uses its donors funding for the growth, development, and distribution of free and multilingual educational content.
Wikileaks – an international new agency that broadcasts secret information and new leak it gets through anonymous sources.
The Giving Block – this platform enables nonprofit organization and charity institutes to accept and disburse funds in cryptocurrency.

Donating money to charity institute often comes with a huge cost. Furthermore, some peoples don’t like to disclose their charity. Therein bitcoin-based payment is the best available option.

6. Restaurants and Supermarkets with Bitcoin

Restaurants and Supermarkets with Bitcoin

Below is the list of some restaurants and supermarkets where we can purchase our favorite food via bitcoin:

Subway – you can pay for sand witch in bitcoin in any franchise of subway across the world.
Burger King – a large multi-national fast food chain allow you to pay for your favorite food with bitcoin.
Whole Foods – a supermarket chain wherein you can buy all the organic groceries with bitcoin.

7. Taxis

Several taxis and airport transport services across the world integrated bitcoin in their default payment option.

8. Education Platform that Accepts Bitcoin

Treehouse – an interactive and self-paced education and learning platform wherein you can pay for your subscription with bitcoin
Curtin University – one of the largest university in Australia that offers many courses like architecture, engineering, information technology, space science. It is the first-ever university that allows its students to pay tuition fees via bitcoin.
The King’s College – a Christian liberal arts college that accepts fees in bitcoin.
European School of Management and Technology (ESMT) – a German university with thousands of national and international students.

In 2013, University of Nicosia, situated in Cypress designed a course for those who aims to widen their understanding on digital currency. Moreover, you can pay for their master program on blockchain and digital currency via bitcoin.

9. Bitcoin Store Aggregators

Places to spend bitcoin in UK – a consortium of shops, pubs, websites, and other retail stores where bitcoin is deemed as the default payment option.
useBitcoin – a platform that lists down 5,000 businesses that accepts bitcoin
Coinmap – a map of all the businesses worldwide that accepts bitcoin
Spendabit – a search engine that can hunt a couple of goods for you that you can readily buy with bitcoin

10. Luxurious Products that You Can Buy with Bitcoin

BitCars – an online marketplace where you can purchase luxurious cars with bitcoin
AutoCoinCars – an online marketplace for cars where the owner list car prices in fiat currencies and BTC.
Bithome – an online Switzerland-based marketplace wherein you can your use crypto coin to sell and purchase commercial or residential properties.
Prestige Cars Kent – an online car dealers that accepts payment in bitcoin apart from fiat currency.
Prestige Time – a retail store wherein you can purchase luxurious watches with bitcoin.
Denison Yacht Sales – n online retail company where you can purchase your preferred yacht via bitcoin

Conclusion

So far we’ve discussed a multitude of businesses where bitcoin is amongst the acceptable payment option. At the very beginning, bitcoin was used to purchase one pizza that was first-ever purchase that takes place via bitcoin. Today, peoples living in the developed countries like US and UK can purchase food, real estate, web hosting service, video games, and almost anything via bitcoin.