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What Kind of Products Can You Buy with Cryptocurrency?

Cryptocurrency
Cryptocurrency

With the rise of Bitcoin and other cryptocurrencies, more and more businesses are beginning to accept them as payment.

Since 2016, Overstock.com has been one of the most notable companies to do so. In early January of 2018, they announced that they would accept various forms of cryptocurrency as payment for any product on their website, becoming the first major retailer to do so.

Other businesses that have followed suit include Newegg, a computer hardware retailer; Expedia, an online travel booking agency; and Microsoft, which allows customers to use Bitcoin to add money to their Microsoft accounts

This means that now a wider range of goods and services can be purchased with cryptocurrency than ever before. But before we go any further, you should know a little about how cryptocurrency works.

What is Cryptocurrency?

Cryptocurrencies are digital or virtual tokens that use cryptography to secure their transactions and control the creation of new units. Cryptocurrencies are decentralized, not subject to government or financial institution control.

Bitcoin, the first and most well-known cryptocurrency, was created in 2009. Since then, thousands of other cryptocurrencies have been created. These are often called altcoins, short for alternative coins.

Ethereum, Litecoin, Bitcoin Cash, and Ripple are just a few of the many altcoins that have been created in recent years. Cryptocurrencies are often bought and sold on exchanges and can also be used to purchase goods and services.

Is Cryptocurrency Safe?

Cryptocurrency is often seen as a risky investment and with good reason. Their prices can be volatile, and the technologies they are based on are still in their early stages.

That said, cryptocurrency is not all doom and gloom. In fact, many people believe that cryptocurrency is the future of money. And as more businesses begin to accept them as payment, their use is only likely to grow.

What Can Kind of Products You Buy with Cryptocurrency?

Now that you know a little about cryptocurrency let’s look at some of the products you can buy at a Bitcoin marketplace.

Electronics

One of the most popular items to purchase with cryptocurrency is electronics. Online retailers such as Newegg and Overstock have been accepting Bitcoin for years, and now even brick-and-mortar stores such as Best Buy are starting to get on board.

Travel

Several travel companies, including Expedia and CheapAir, now accept Bitcoin as payment for flights and hotels. Some even offer discounts if you pay with cryptocurrency!

Clothing

Fashionistas can now use their Bitcoin to buy designer clothes from sites like Overstock, Moda Operandi, and Farfetch.

Home goods

From furniture to appliances to home décor, there are now many ways to use your Bitcoin to shop for the perfect addition to your home.

Gift cards

Not sure what to buy someone? Why not give them the gift of choice with a gift card purchased with cryptocurrency? Companies like Gyft and eGifter offer a wide variety of gift cards for everything from restaurants to retail stores to online services.

Automobiles

Some luxury car dealerships, such as Lamborghini Newport Beach, now accept Bitcoin as payment. So if you’ve got a few Bitcoin to spare, that dream car could be yours!

Real Estate

You can purchase property with cryptocurrency in some parts of the world. For example, some real estate crowdfunding platforms also accept Bitcoin and other digital tokens as investments. Providing everyday people with the opportunity to invest in high-end properties that were once only available to the super-rich.

Precious Metals

Gold and silver are two of the most popular precious metals to invest in, and you can now use cryptocurrency to buy them. GoldCoin.net is one company that allows users to purchase gold with Bitcoin, Ethereum, Litecoin, and other digital currencies.

Charity

There are many ways to use your cryptocurrency to donate to your favorite charity. With Bitcoin, sites like BitGive allow you to contribute to charities such as Save the Children and The Water Project.

Food & Drink

From fine dining to fast food, there are plenty of options for spending your cryptocurrency on food and drink. Companies like Foodler and PexPeppers accept Bitcoin as payment, and some even offer discounts for paying with cryptocurrency.

Entertainment

There are several methods to use your cryptocurrency to have some fun, from movie tickets to video games. In addition, many internet and brick-and-mortar companies now take Bitcoin, with some even providing incentives for paying in bitcoin.

Conclusion

As you can see, there are many ways to spend your cryptocurrency. So whether you’re looking for a new gadget or a night out on the town, there’s sure to be a Bitcoin marketplace with what you’re looking for!

READ MORE: How Do Credit Card Transactions Work Online?

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