What Can I Buy with Bitcoin?
Bitcoin is proven to be collossally useful for businesses, statistically fiat is used much more for crimes than crypto, and now it turns out you can buy cars, plane tickets, and even coffee with it! Intrigued? Here are a few fun facts
Bitcoin is proven to be collossally useful for businesses, statistically fiat is used much more for crimes than crypto, and now it turns out you can buy cars, plane tickets, and even coffee with it! Intrigued? Here are a few fun facts.
Far from the opinion of cryptocurrency critics, it has been revealed that more fiat is used in money laundering than crypto ever has been. This fact was unearthed in the data from Chainalysis and the United Nations Office on Drugs and Crime. Fiat Is Used In Money Laundering 800x More Than Crypto.
How does buying things with Bitcoin work?
In a sense, paying with Bitcoin today isn’t much different from the way you pay using classic currency like Euros or US Dollars. And it’s just as legal in many countries.
Just like with fiat, there are multiple ways to pay, but the easiest and fastest is getting an account with an exchange that allows you to connect your debit card to buy crypto:
At Coinbase, you can also view all your incoming and outgoing crypto transactions the same way you would see them in a bank statement online at Barclays. You can also find a few other useful instruments here. For example, you can pay your bills with Bitcoin.
Pay your bills with Bitcoin
Sounds like a lot of trouble, setting up a whole new system to pay your bills, and there’s an air of uncertainty about it all. But believe it or not, Bitcoin is actually a much safer system than credit cards, and paying your bills with crypto is a lot less stressful.
Read more How to Store Bitcoin
Now, whether you want to use Coinbase (who hasn’t always been the people’s favorite due to its rapidly changing loyalty) is up to you. There is a plethora of other systems that will allow you to pay your bills, buy plane tickets, etc, using only crypto. Just remember that every choice comes with its own set of consequences, so weigh carefully the pros and the cons.
Celebrate and buy expensive champagne
Now that this wild and wonderful world is open to you, you can celebrate! After all, the opportunities in this industry are truly spectacular, and it’s slowly but surely getting adopted by world-famous companies and governments everywhere. Sit back with a $3 000-a-bottle bubbly from Irongate. You earned it!
Buy a Lambo with Bitcoin
Once it was a figure of speech. Now it’s a reality. Just make sure to get a number plate that says “I HODLed”.
Learn more about How to Choose Bitcoin Wallet
Buy art and real estate with Bitcoin
Imagine what it must have felt like for some lucky crypto enthusiast to buy some of the biggest and most beautiful real estates in the world, estimated at that time to be worth around $6 000 000, for only 445 Bitcoins!
For reference, for early pioneers like Hal Finney who basically just minted Bitcoins on his laptop at a rate of 50 a day, for free, it would take 9 days of doing pretty much nothing to be able to afford that house (if he lived to see the glory days, which he regrettably didn’t).
Tip: if you do buy real estate with Bitcoin, make sure to buy it at Lambeau Field in Green Bay!
Pay for coffee with Bitcoin
Now, buying pizzas and coffee a couple of years ago was quite troublesome. You could end up paying $70 for $10 pizza because Bitcoin prices changed fast and weren’t updated in time by the vendor, or you could spend quite a few minutes in the queue waiting for your transaction to go through (cough!). Now, buying coffee with Bitcoin isn’t much different from buying it with a card or even cash.
ChatGPT Opinion. What is the most weird purchase by Bitcoin?
In 2014, someone purchased a virtual "magic sword" from the game Spells of Genesis for close to $12,000 worth of Bitcoin. The sword was the first item to ever be purchased using Bitcoin. It was the first item to be purchased in a game using Bitcoin.
How did this payment method emerge and evolve?
It worked just as fiat payments did in 2010, so actually buying things for Bitcoin was possible way back in the day. You’ve probably heard the Laszlo Pizza reference quite a few times by now. Long story short: a kind-of believer (but mostly a skeptic) pays a price for half-believing in Bitcoin. Laszlo Hanyecz bought a pizza for 10 000 BTC in 2010. Today that’s worth $241 930 000. Laszlo has “some regrets”.
The technology evolved, allowing streamlined, legal, and lightning-fast transactions using crypto (and those were actually already around, in full working order, 5 years ago).
- Accessible to anyone in the world
- Crypto accounts aren’t seizable or freezable
- Programmable to suit your needs
- Must double-check for scams extremely carefully
- Need to have a very good understanding of how all this works.
Learn more about How is Bitcoin's Price Formed
The fact is: these days you can buy anything you want with Bitcoin, and live entirely on Bitcoin. It has been done (and done).
Exercise usual precautions, play by the rules, consult professionals, and keep reading our blog to stay in the know, and you’ll be (a lot more than) fine!