Bitcoins have already become a familiar tool for investing and trading. However, it can be a popular means of payment. This article will analyze what you can buy for bitcoins in different countries today.
Cryptocurrency is a relatively complex financial instrument. High volatility and lack of control by states and regulators make it quite risky to settle with it. Bitcoin, despite its popularity, has other disadvantages: relatively high fees and low transaction processing speed. However, businesses worldwide are gradually adding cryptocurrencies to their payment methods.
Companies that accept bitcoin
The list of online platforms allowing users to pay with bitcoins is growing. Among them, for example Microsoft. Now you can replenish your Xbox account with bitcoins. There are also names less known to Russian buyers.
Overstock is a major US retailer that has been accepting Bitcoin since 2014.
Home Depot is the world’s largest retailer of tools and home improvement products in the United States.
Newegg is large computer hardware and consumer electronics store.
Along with online commerce giants, small shops have also gained access to bitcoin payments. The Shopify platform, which is used by over 800,000 stores worldwide, allows you to accept Bitcoin, Ethereum, Litecoin, and over 300 other digital currencies.
It is no secret that you can now buy various bitcoin digital services. Twitch, Reddit, WordPress, Blumberg, and many others have already accepted cryptocurrency payments.
If the store you are interested in does not accept cryptocurrency, you can look for unique gift cards on aggregator sites such as purse.io and gyft.com. They are sold for bitcoins and allow you to pay for purchases on Amazon and other major marketplaces. Thanks to such sites, the list of what can be bought for bitcoins worldwide is almost unlimited.
Companies that accept cryptocurrencies inform their users about it. There are already aggregators and maps of the location of such businesses worldwide: spendbitcoins.com, usebitcoins.info, and others.
Bitcoins as a means of payment abroad
Cryptocurrency as a means of payment turned out to be in demand during fluctuations of the traditional currency. So bitcoin gained popularity in Venezuela, where the inflation rate from 2016 to 2019 was 54,000,000%. Popular chains such as Pizza Hut, Burger King, and Starbucks connected payment with bitcoins.
But Venezuela is not the only example. You will be surprised, but in 2021, bitcoin payments will spread to Slovenia, Croatia, and the Czech Republic. Cryptocurrency is accepted in many hotels, restaurants, and grocery stores.
Other European countries are not far behind: bitcoins can pay for tuition at universities in Switzerland, Germany, and Cyprus, insurance at the Swedish company AXA, or a car at a Kessel showroom.
Quite a few large and medium-sized companies accept cryptocurrency in the US. You can buy anything with bitcoin: from computer games and sweets to plastic surgery. Cryptocurrency is widely used for payment in Europe, America, and Australia. The situation is a little worse in Asia – there, the cryptocurrency is favored only in megacities like Seoul, Hong Kong, Bangkok, and Tokyo.
You are speaking about where and what you can buy for bitcoin; pay attention to the legislation. In several cryptocurrency countries, bitcoins (and often other cryptocurrencies) are entirely prohibited. This list includes, for example, Algeria, Macedonia, Bolivia, Pakistan, Afghanistan, Saudi Arabia, and Qatar.
In other countries, the use of cryptocurrencies is limited. So, in Russia, cryptocurrency can be bought and sold but cannot be exchanged for goods and services. This is spelled out in paragraphs five and 7 of 259-FZ, “On Digital Financial Assets.”
You must exchange cryptocurrency for fiat money to buy anything with bitcoin in Russia without breaking the law. Through the Mine.exchange exchanger, this can be done in a matter of minutes with a minimum commission.
Travel and flights
There is also travel in the list of what you can buy for bitcoins while in Russia. In 2014, the Latvian airline AirBaltic announced the acceptance of payments in bitcoins. Later, the California travel agency CheapAir launched paying in bitcoins for air tickets.
In September 2021, the payment network Universal Air Travel Plan (UATP) announced that it would accept payments in cryptocurrency. UATP is owned by 34 major international airlines, including United, Lufthansa, Air China, and Delta. Companies working with UATP will accept payments in Bitcoin, Dogecoin, Ethereum, Litecoin, and six other digital currencies. To do this, the network partnered with the payment processing system BitPay.
Travel and flights
There is also travel in the list of what you can buy for bitcoins while in Russia. In 2014, the Latvian airline AirBaltic announced the acceptance of payments in bitcoins. Later, the California travel agency CheapAir launched paying in bitcoins for air tickets.
In September 2021, the payment network Universal Air Travel Plan (UATP) announced that it would accept payments in cryptocurrency. UATP is owned by 34 major international airlines, including United, Lufthansa, Air China, and Delta. Companies working with UATP will accept payments in Bitcoin, Dogecoin, Ethereum, Litecoin, and six other digital currencies. To do this, the network partnered with the payment processing system BitPay.
Major purchases
For owners of impressive cryptocurrency savings, there are also quite a few options for spending their coins. Real estate is one of the clearest examples of what can be bought with bitcoins in the US, Australia, and other countries. One of California’s leading real estate agencies, Caruso, already accepts payments in cryptocurrency and is actively investing in the digital asset market. If you decide to get an apartment in Los Angeles, you can pay for it with bitcoins.
The peculiarity of large purchases for bitcoins is that, due to the volatility of the cryptocurrency, the final price is usually determined directly at the time of the transaction.
How else can you pay with bitcoins?
Since the list of companies that accept bitcoins is still limited, many cryptocurrency users get debit cards that convert bitcoins into fiat currency right at the time of payment. The most popular services that issue such cards are Coinbase, Crypto.com, Bitpay, Wirex, BlockCard, Nuri, and many others. They are tied to specific wallets or accounts on exchanges. The downside is that you need to switch between wallets when paying with different cryptocurrencies and monitor exchange rate fluctuations so that the purchase does not become unprofitable.
Summary
Cryptocurrency as a means of payment is becoming increasingly popular. The list of what you can buy for bitcoins in the world includes:
consumer goods and food,
real estate,
cars,
luxury items,
gadgets,
telecommunications services,
business services,
educational services
and much more.
The penetration of cryptocurrency as a means of payment in different countries is not the same. In some, such as the United States, Venezuela, or Sweden, you can buy anything with bitcoins. In others, including Russia, cryptocurrency is not recognized as a means of payment for goods and services.
In order to remain in the legal field, residents of such countries need to exchange cryptocurrency for fiat money. You can use cryptocurrency exchanges, proven exchangers (the most popular in the Russian Federation and the former CIS is Mine.com), and debit cryptocurrency cards.
