What can be bought with cryptocurrency?

Cryptocurrencies are already everywhere. But what exactly can you buy with it? The answer to this question is ultimately very simple.

Cryptocurrencies are becoming more and more popular, it’s a fact, but many beginners may still ask: what can we actually do with these coins? While some people are quite happy to view cryptocurrencies as an investment, such as buying bitcoins in the hope that their value will increase and make you money, cryptocurrencies are a perfectly valid currency.

Although we are still somewhat limited in where we can buy products with cryptocurrencies, more and more establishments are accepting them. The easiest way to make a payment is to still use a cryptocurrency debit card. These cards are loaded with your cryptocurrencies, and if you actually spend them, the seller will receive the amount in fiat money.

What can be bought with cryptocurrency?

The answer to this question is simple: everything. Of course, this primarily depends on whether the seller accepts currency, but you can buy a lot of things in e-commerce with bitcoins or other coins.

Paolo Ardoino, CTO of Bitfinex, said: “Over the past year, we have seen an impressive number of companies using tokens as a payment method. The list continues to grow and now includes hotels, shops and even real estate agencies. And one of the most important factors that could explain this interest in crypto payments is the Lightning Network.”

“Lightning Network is a technology applied to bitcoin that uses micropayment channels to scale the power of the blockchain for more efficient transactions. With the Lightning Network, transactions are completed faster, cost less, and are confirmed faster than transactions made directly on the bitcoin block chain. The Lightning Network can ensure that consumers can buy almost anything they want with digital tokens.”

On the other hand, as Brock Pierce, Chairman of the Bitcoin Foundation, explains, “Every month more and more companies accept cryptocurrencies for purchases, but at the same time, most investors and holders of cryptocurrencies do not want to spend them, using them to reduce inflation and increase their value.. People are also starting to use stablecoins as a means of payment in many industries. Cryptocurrency has no limits as long as governments around the world continue to print fiat currencies.”

Real estate

The first two properties with a total value of 4.1 million euros were sold for cryptocurrency, or rather Cardano, in Portugal by Prometheus International. This is even the most expensive real estate purchase in the country since the blockchain revolution.

Prometheus has developed new protocols to integrate this new market into its customer verification obligations in order to be able to complete a transaction in euros prior to registration and make it fully legal under European laws.

Cars

Some car dealers are now accepting bitcoin, and not just the big names. Lamborghini dealers are allowing the purchase of bitcoin, you may have heard of this before, but local brands are also getting started. It must be said that joining Tesla, and then leaving a few months later, against the backdrop of respect for the environment, aroused great interest.

Insurance

The insurance market also embraces cryptocurrencies. Some time ago, the Swiss insurance company AXA announced the start of accepting bitcoin as a payment method for all of its products, with the exception of life insurance due to legal restrictions.

AXA was the first to offer this payment option to all of its customers. “This is AXA’s response to the ever-increasing demand from its customers for alternative payment solutions, with new technologies playing a more important role than ever,” explained Claudia Bienentro, Innovation Manager at AXA.Swiss.

Luxuries

Many luxury goods manufacturers and retailers have started accepting bitcoin as a form of payment. BitDials, for example, offers luxury watches online, and many dealers have followed suit with prestigious brands such as Rolex or Patek Phillippe. BitDials has even launched a crypto series of luxury watches inspired by cryptocurrency and verified with blockchain.

And all the rest

When it comes to accepting cryptocurrencies as payment, it is ultimately solely up to the merchant. You may be surprised at the number of professionals who are willing to accept cryptocurrencies in establishments such as convenience stores or small shops. Crypto can be useful to everyone, everywhere.