Bitcoin is without a doubt, the most popular and widely accepted form of cryptocurrency to date. Still, many people struggle to understand what can you buy with Bitcoin in real life.
Created by the mysterious Satoshi Nakamoto, Bitcoin was developed as an alternative to government controlled fiat currencies.
While little is known about Bitcoin’s elusive creator, the cryptocurrency has steadily increased in value over the years. In a 2008 paper, Nakamoto wrote that the finite supply of Bitcoins in circulation would ensure that the currency would be inflation-free.
Unlike fiat currencies issued by government central banks, cryptocurrencies such as Bitcoin are not held by such constraints. This provides them with a degree of pseudo-anonymity and ensures that they are largely unaffected by external factors such as government interference and geopolitics.
In recent times, Bitcoin and an assortment of other cryptos have seen an explosion in popularity. A currency that was previously used by surfers on the deep web has become part of the mainstream. However, what can you buy with Bitcoin exactly?
How to buy things with Bitcoin?
Bitcoin or BTC has been around for more than a decade now. However, it only really gained prominence with the sudden surge of Bitcoin prices in late 2017.
This resulted in the sudden minting of overnight crypto millionaires who found their digital assets suddenly increasing by up to 150000% within just a few months.
Just like any other currency, Bitcoin can be exchanged for goods and services. While initially doubtful about the usefulness of Bitcoin, an increasing number of mainstream retailers have begun accepting Bitcoin payments.
In order to buy things with Bitcoin, you’ll first need to actually get your hands on some. Unlike fiat currency, Bitcoin does not exist in any physical form. Instead it is stored on an application or program known as a cryptocurrency wallet.
These wallets store your Bitcoins and will facilitate the transfer of funds between you and your retailer. Buying things with Bitcoins is comparable to using a credit card to pay for your transactions as long as the retailer is willing to accept payment in Bitcoins.
What can you buy with 1 Bitcoin?
More pizza than you can eat
What can i buy with 1 bitcoin? Pizza is the answer! Here’s a fun fact; did you know that the 22nd of May is recognized by crypto enthusiasts everywhere as Bitcoin Pizza Day?
10 years ago, programmer Laszlo Hanyecz paid for 2 large Papa John’s pizzas with 10,000 Bitcoins. Worth approximately $30 at the time, this transaction is seen as the most expensive pizza delivery ever.
At the point of writing, a single Bitcoin is worth $11,879.47 which means that both pizzas cost a whopping $118,794,700.
With Papa John’s 2 pizzas for $14 deal, a single Bitcoin would allow you to buy a total of 1697 pizzas.
To put that into perspective, you’d be able to eat pizza for breakfast, lunch and dinner every single day for more than a year.
82years’ worthof Netflix subscriptions
Netflix revolutionized the entertainment industry and allowed us to watch what we want, when we want. All of this for a fee of course.
In the United States, the standard Netflix package costs $11.99 per month. With 1 Bitcoin you’ll be able to pay for 990 months’ worth of Netflix subscriptions which comes up to more than 80 years of streaming in full HD.
6 ounces of gold
Bitcoins have been described by many investors as a form of digital gold. Given the cryptocurrency’s relative resilience to external market forces, some have come to view it as a type of safe haven investment.
At the time of writing, a single Troy ounce of gold costs $1,969.95. Hence if you choose to switch from digital gold to actual gold, a single Bitcoin will allow you to purchase 6 Troy ounces of gold.
Where can you spend Bitcoin?
Nowadays with cryptocurrencies becoming increasingly accepted worldwide, it has become easier to buy things with Bitcoin. Search for the terms “what can you buy with cryptocurrency” and you’ll be surprised at how much there is to learn.
Since its inception, Bitcoin has been spent in a variety of ways. Given the nature of cryptocurrency, it should come as no surprise that Bitcoins have often been used to buy stuff online.
The Silk Road was a deep web marketplace that dealt in a variety of narcotics. Founded by Ross Ulbricht, the Silk Road facilitated anonymous transactions between merchants and consumers thus ensuring privacy and reliability.
The ease in which funds could be transferred coupled with the then pseudo anonymity offered made Bitcoin the default currency on the Silk Road. Fortunately, not all Bitcoin transactions are related to illegal activities.
So, what can I buy with Bitcoin online? Well, you can use Bitcoin to pay for a variety of online services. If you’re looking for love and a relationship, OKCupid accepts Bitcoins in exchange for their services while companies like Namecheap will offer you a variety of internet domain names in exchange for Bitcoins.
While Bitcoin only exists in a digital form, the rise of cashless payments and e-wallets have ensured that even offline service providers have begun accepting cryptocurrencies.
As long as you have a mobile crypto wallet, paying for offline services such as taxi rides with Bitcoin is a cinch. The University of Nicosia in Cyprus even allows students to pay for tuition with Bitcoin.
Food & Drinks
From eating in to take outs, a cup of coffee to a cocktail, even the food and beverage industry is looking to home in on some of that sweet, sweet crypto. With mobile payment apps becoming increasingly popular as a result of COVID, you can choose to pay for both food and drink with Bitcoins.
Crypto enthusiasts are often asked one of two questions by those not in the know. The first being “where can I spend Bitcoins” and the other being “what can you use Bitcoins for”.
The answer is: plenty in fact.
Online shopping stores and e-commerce merchants were amongst the first to embrace the cryptocurrency revolution. Because transactions are performed online, it is extremely easy to transfer Bitcoins from your crypto wallet to a merchant.
Just like how click-and-mortar stores have embraced crypto currencies, the more traditional brick-and-mortar outlets too have jumped on the bandwagon. So, if you wonder how to buy stuff with Bitcoin, there are many stores who got you covered.
From ATMs that allow you to purchase Bitcoins to street vendors, cryptocurrency is going off the internet and taking to the streets.
With the widespread availability of smart devices and increased acceptance, it is quite possible to purchase actual goods in real-life with a virtual currency. Retail brands like Whole Foods and Nordstrom and even Starbucks already allow users to pay with Bitcoin as you can read here.
Paying for basic goods and services with Bitcoin are all well and good. However, can I buy a car with Bitcoin? Well, you will be surprised to know you can actually buy a car with Bitcoin.
Crazy as it seems, an increasing number of auto dealers have begun accepting Bitcoin payments. Taking a closer look, Bitcoin does actually make a lot of sense.
Instead of having to worry about accepting large sums of cash or spend time waiting for a money transfer, Bitcoins allow large transactions to be performed quickly with minimal fuss.
Add on the fact that you won’t need to worry about bank charges, and you’ll quickly see why Bitcoin has become the way forward.
Can you buy a house with Bitcoin? Buying a house with Bitcoin isn’t as impossible as some may think. Essentially, Bitcoin is simply another form of currency and all you’ll need is both a willing seller and a willing buyer. Some sellers will accept Bitcoin lock, stock and barrel where others prefer to exchange it for cash.
Travel & Tourism
Unlike fiat currencies, Bitcoin is not constrained by borders or international regulations. This is why some enterprises have taken to using Bitcoin as their currency of choice when working with international partners.
For example, when using Bitcoin overseas, you will not have to worry about exchange rates or foreign currencies. Being accepted worldwide, Bitcoin has the potential to be a truly international currency.
If you’re a fan of gaming, cryptocurrencies like Bitcoins can be a godsend. The privacy that they offer along with the ease in which you can buy Bitcoin online make them ideal for gaming enthusiasts. As Bitcoins can be transferred easily and nearly instantaneously between individuals, this makes them a popular option for players and online casinos.
Besides facilitating transactions all over the world, Bitcoins have the potential to also do a lot of good for the world. As they are an excellent store of value, Bitcoins allow an individual to easily donate sizable amounts of money to a cause of their choice.
Because the transactions are not handled by a bank this ensures that 100% of the proceeds donated go directly to the charity. Thus ensuring that their donation is able to go that much further.
Finally, Bitcoins and other cryptocurrencies can easily be transferred instantly without having to take government policies into account. In Venezuela for example, Bitcoin charities allow funds to be transferred directly to those most in need.
Unlike aid packages that can be lost or stolen along the way, Bitcoins can be used by recipients to purchase much-needed goods and suppliers.
Bitcoin is set to become the currency of the future. With increased acceptance all over the world and supporting infrastructure, we may even see a time where Bitcoin acceptance rivals that of fiat currencies.