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Created by Satoshi Nakamoto and launched in 2009, Bitcoin was supposed to be a medium for daily transactions, making it possible to buy everything from a cup of coffee to a car. In 2024, a range of products and services can be purchased by Bitcoin.
Key Takeaways
- Bitcoin launched in 2009, and its use as a currency can be transacted most easily through crypto debit cards, many of which are partnered with Mastercard and Visa.
- Bitcoin and other cryptocurrencies can be used to buy a range of products and services.
- Electronics, luxury watches, and cars are among the items that cryptocurrency can purchase.
Bitcoin As Currency
Retailer and consumer acceptance of Bitcoin has mirrored its wild ride in crypto markets, and as its value increased in 2017, so did its appeal as a currency. Innovations like the Lightning Network scale the number of transactions in the cryptocurrency’s network, making them faster and more efficient.
Cryptocurrency is no longer confined to an obscure corner of the financial services industry. The crypto exchange platform Coinbase’s public listing, new price records, and positive mentions by regulators and policymakers are proof of its potential.
Important
The U.S. Securities and Exchange Commission approved the first 11 spot Bitcoin ETFs in the United States on Jan. 10, 2024. Bitcoin futures ETFs have been trading since 2021.
Making Purchases
The easiest way to buy anything with Bitcoin is with a crypto debit card. Such cards are preloaded with the cryptocurrency of your choice. While you spend crypto, the retailer receives fiat money as payment. Crypto debit cards partner with payment-processing giants like Mastercard and Visa to ensure transactions occur seamlessly.
Note
PayPal allows customers to buy, sell, and hold cryptocurrency in their accounts.
What You Can Buy
- Cars: The list includes Lamborghinis, and, in 2021, electric carmaker Tesla joined the list of companies that enable you to purchase cars with cryptocurrency. Tesla CEO and X Corp owner Elon Musk is a crypto enthusiast.
- Technology and E-commerce Products: Several companies that sell tech products accept cryptocurrency, including Newegg, AT&T, and Microsoft. Other sites, including Shopify and the Japanese e-commerce giant Rakuten, allow you to purchase products with Bitcoin.
- Jewelry and Watches: The online luxury retailer BitDials offers Rolex, Patek Philippe, and other high-end watches in return for Bitcoin and other cryptocurrencies. Luxury watchmaker Franck Muller produced a watch encrusted with gold and diamonds with a QR code from the Bitcoin Genesis Block.
- News Media: In 2021, magazine publisher Time Inc. formed a new cryptocurrency partnership with Crypto.com and began accepting cryptocurrency for digital subscriptions.
- Insurance: In April 2021, Swiss insurer AXA began accepting cryptocurrency as a mode of payment for all of its lines of insurance except for life insurance.
Fast Fact
Overstock (now owned by Beyond), an e-commerce platform selling a wide array of merchandise, was among the first sites to accept bitcoin in 2014; its founder, Patrick Byrne, was an early proponent.
Can I Buy Things With Bitcoin?
Many merchants and retailers accept bitcoin. The easiest and most convenient way to make purchases using bitcoin or other cryptocurrencies is with a cryptocurrency debit card. These cards are available from major crypto exchanges and other providers, and holders can withdraw cash from participating ATMs. Many use networks such as Mastercard and Visa.
How Can I Pay With Bitcoin?
You can pay with bitcoin using your wallet at retailers or merchants that accept it. If they don’t you can use Bitcoin debit cards, which work much like regular prepaid debit cards. You preload them with bitcoin or another cryptocurrency of your choice. When you use them, the money is withdrawn from your card in cryptocurrency.
How Do You Convert Bitcoin to Cash?
To convert your bitcoin or other cryptocurrency to cash, you must use a cryptocurrency exchange or send it to someone you know who will give you the money.
The Bottom Line
The list of goods and services you can buy with Bitcoin and other cryptocurrencies is growing as people and vendors get more comfortable with virtual money. Insurance, consumer staples, luxury watches, and event tickets are among the items that cryptos will buy. Available from major crypto exchanges and other providers, debit cards permit holders to withdraw cash from participating ATMs.
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