Surprising Things You Can Buy With Bitcoin
Modified date: Jun. 16, 2021
If you have a few bitcoins burning a hole in your wallet, theres good news more retailers than ever are accepting cryptocurrency as payment, even the ones that you wouldnt expect.
Here are a few of the most surprising, and unusual, things you can buy with Bitcoin. Keep an eye out, too. The list of companies accepting cryptocurrencies continues to grow.
How To Store Cryptocurrency
Once you have purchased cryptocurrency, you need to store it safely to protect it from hacks or theft. Usually, cryptocurrency is stored in crypto wallets, which are physical devices or online software used to store the private keys to your cryptocurrencies securely. Some exchanges provide wallet services, making it easy for you to store directly through the platform. However, not all exchanges or brokers automatically provide wallet services for you.
There are different wallet providers to choose from. The terms hot wallet and cold wallet are used:
- Hot wallet storage: “hot wallets” refer to crypto storage that uses online software to protect the private keys to your assets.
- Cold wallet storage: Unlike hot wallets, cold wallets rely on offline electronic devices to securely store your private keys.
Typically, cold wallets tend to charge fees, while hot wallets don’t.
How Does Bitcoin Mining Work
Bitcoin mining is the process of adding new transactions to the Bitcoin blockchain. Its a tough job. People who choose to mine Bitcoin use a process called proof of work, deploying computers in a race to solve mathematical puzzles that verify transactions.
To entice miners to keep racing to solve the puzzles and support the overall system, the Bitcoin code rewards miners with new Bitcoins. This is how new coins are created and new transactions are added to the blockchain, says Okoro.
In the early days, it was possible for the average person to mine Bitcoin, but thats no longer the case. The Bitcoin code is written to make solving its puzzles more and more challenging over time, requiring more and more computing resources. Today, Bitcoin mining requires powerful computers and access to massive amounts of cheap electricity to be successful.
Bitcoin mining also pays less than it used to, making it even harder to recoup the rising computational and electrical costs. In 2009, when this technology first came out, every time you got a stamp, you got a much larger amount of Bitcoin than you do today, says Flori Marquez, co-founder of BlockFi, a crypto wealth management company. There are more and more transactions the amount you get paid for each stamp is less and less. By 2140, its estimated all Bitcoins will have entered circulation, meaning mining will release no new coins, and miners may instead have to rely on transaction fees.
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Can Bitcoin Be Converted To Cash
This is entirely possible and there are several ways that you can convert your Bitcoin into cash. After converting, you can move it to a bank account if you want. There are cryptocurrency exchanges like Kraken that allow you to sell your bitcoins and then have the cash sent to your provided bank account. It is very secure but sometimes it takes days for the funds to be received by your bank.
You can also convert your Bitcoin to cash on several bitcoin ATMs scattered globally. With these ATMs, you can withdraw cash using your Bitcoin debit card. There are thousands of crypto ATMs scattered around 76 countries and there is a coin ATM radar online that allows you to find the nearest ATM to you. Your bitcoin debit card can also be used for this particular purpose as you can simply use it on platforms that allow you to use a debit card on their e-commerce platform. Several exchanges give out this debit card and they work just like a MasterCard.
Peer-to-peer transactions also work well if youre looking for an anonymous method of using your bitcoins. You can sell to other buyers and then get a cash deposit or a bank transfer. Although, it is advised that you ask for ID proof to ensure your buyer is legit.
Bullion You Can Buy With Bitcoin
If you want to store up your wealth in an unconventional way, you can convert your funds into metallic forms. Bullion traders are joining the masses and are now offer their goods in return for bitcoin payments. Now apart from spending bitcoin online, you can walk into a bullion company like BitGold and change your bitcoins into cold. But if youre looking for convenience, their e-commerce section on their site allows for you to pay with bitcoin online
BitGold are however not the only company that makes use of bitcoin, Amagi Metals was one of the first companies to start accepting bitcoin in exchange for their precious metals. Hopefully, many more companies will join the moving train soon.
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What Can You Actually Buy With Bitcoin
MINNEAPOLIS By now, you probably have someone in your life who’s REALLY into digital currency, like Bitcoin.
Many get it as an investment, but what can you actually buy with it?
Were going to take you through a typical day to see what you can all buy with Bitcoin.
And where do all good days start? With a good breakfast, and for some people a good breakfast must include a good cup of coffee.
At Starbucks you can use Bitcoin to get your day started. It’s a little complicated. You have to use a special app to buy Bitcoin and then exchange it online for Starbucks gift cards, but you can do it.
You can also buy your groceries using Bitcoin.
Several Cub Foods locations now have special ATMs you can use to buy and exchange digital currency like Bitcoin.
So, if you have an account, you just type in your information, change your Bitcoin into cash, and then you can do your grocery shopping.
And if you have to pay some bills, and you’re an AT& T customer, according to their website, you can use Bitcoin to pay your monthly cellphone bill.
Or let’s say you’re hosting a party and you need to buy some adult beverages, you can head to Elevated Beer Wine and Spirits in Minneapolis, they’ve been accepting Bitcoin since 2014.
“I would say on average probably about a couple of people a day would come in and spend their Bitcoin with us back when we first started, Owner Ryan Widuch says.
Why Does Tesla No Longer Accept Bitcoin
Teslas breakaway from Bitcoin might seem like a very surprising decision, especially when the two seemed to go hand in hand at one point. However, the Bitcoin option on Teslas website was discontinued after just two months of going live.
The reason behind this change was Teslas and Musks concern about the environment. In order to get Bitcoin, there needs to be a high level of energy consumption for the mining as well as the encryption. Since Tesla is an environmentally friendly manufacturer with an image to maintain, the large carbon footprint of Bitcoin doesnt mesh well with them.
In short, Musk isnt really adverse to the idea of accepting Bitcoin as payment. He does feel that there have to be some drastic environmental changes before such payments can become beneficial. At the very least, he feels that the trade-off is not worth it yet.
2. Real Estate for Future Investment
One of the most logical options for utilizing Bitcoin is to buy real estate with it. If you have enough saved up, real estate could be the best investment to take your money further. Its a tangible, viable asset that is likely to grow in value and is now available in exchange for Bitcoin.
Back in 2017, a whole house in the United Kingdom was the first one to be sold solely in exchange for Bitcoin. The value of the house was $480,000 at the time.
Today, its still a bit unusual to buy real estate using Bitcoin. However, the task isnt as overwhelming as it was a few years ago.
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Buying Bitcoin From A Centralized Cryptocurrency Exchange
With this method, the bitcoin you purchase will at first be held by the cryptocurrency exchange on your behalf. If you’d like to take full control of your bitcoin, you’ll need to withdraw it from the exchange to a non-custodial wallet like the Bitcoin.com Wallet. When you withdraw bitcoin from an exchange, you’ll be subject to the exchange’s withdrawal policy and fees. In some cases, you may not be able to withdraw for days or weeks, and the withdrawal fee could be much higher than a Bitcoin transaction fee would normally be.
Here’s the typical flow for buying bitcoin from an exchange.
Things You Didn’t Know You Could Buy With Bitcoin
The welcome sign is out for Bitcoin, and not just among investors. All told, you can now buy just about anything with bitcoins. Should you choose to part with them, that is.
Here are 28 of the most surprising things that’ll tempt your digital wallet. Some are extraordinary, and some are extraordinarily ordinary.
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Buy Artwork With Bitcoin
High-profile auction houses have started to accept cryptocurrency as a payment method on the heels of the non-fungible token boom leaking into the world of fine art. The famed Phillips auction house in Hong Kong recently listed a Banksy piece valued at between $2.82 million and $4.1 million for purchase in bitcoin and ether. The list of galleries that accept bitcoin as a payment method in the United States also continues to expand nationally, and is currently concentrated on the East and West coasts.
Maecenas allows you to buy fractional shares of famous artwork as an investment using bitcoin. In 2019, it auctioned a 31.5% share of the Andy Warhol painting, 14 Small Electric Chairs, for $1.7 million.
Furniture That You Can Purchase With Bitcoin
If you want to move into a home and purchase some new furniture, you can now do that with bitcoin. If youre looking to redecorate or add new furniture to either your home or your office, bitcoin has you covered on both grounds. Furniture makers and sellers are now supporting bitcoin payments on their platform and also accepts other top digital currency.
You can now stock up your living room with consoles, sofas, throw pillows, display shelves, armchairs, and also bookshelves. If youre looking to add new curtains, you can still pay for these items with bitcoin. Whatever decorations youre doing to the rooms in your home or office, they are part of the things you can buy using bitcoin.
Some bedroom items that can be bought with bitcoin are blankets and sheets, mattresses and pillows, beds, and headboards. If youre expecting a new baby in your home, you can also purchase cribs and cradles with bitcoins you own. If you want to make changes to your dining room, then that marble dining table and chairs youve been desiring can now be purchased with bitcoins.
If youre a gardener or youre looking to start a garden and need appliances for your garden, you can purchase your hammocks and garden wall planters with bitcoins in several online stores and physical stores. Office furniture is not left out and the best part is that some of these stores are offering customers free delivery when they purchase by bitcoin online. So, convenience is promised on every side with bitcoin.
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What Can You Buy With Cryptocurrency
When it was first launched, Bitcoin was intended to be a medium for daily transactions, making it possible to buy everything from a cup of coffee to a computer or even big-ticket items like real estate. That hasnt quite materialized and, while the number of institutions accepting cryptocurrencies is growing, large transactions involving it are rare. Even so, it is possible to buy a wide variety of products from e-commerce websites using crypto. Here are some examples:
Technology and e-commerce sites:
Several companies that sell tech products accept crypto on their websites, such as newegg.com, AT& T, and Microsoft. Overstock, an e-commerce platform, was among the first sites to accept Bitcoin. Shopify, Rakuten, and Home Depot also accept it.
Some luxury retailers accept crypto as a form of payment. For example, online luxury retailer Bitdials offers Rolex, Patek Philippe, and other high-end watches in return for Bitcoin.
Some car dealers from mass-market brands to high-end luxury dealers already accept cryptocurrency as payment.
In April 2021, Swiss insurer AXA announced that it had begun accepting Bitcoin as a mode of payment for all its lines of insurance except life insurance . Premier Shield Insurance, which sells home and auto insurance policies in the US, also accepts Bitcoin for premium payments.
Buying Reits With Bitcoin
If someone wants to invest in real estate but cant afford a property even with regular money, REITs are one good alternative. They operate in much the same way as company stocks, but with a property as the base. Now, the same practice is possible for Bitcoin holders who may not have enough to buy a whole property on their own.
If the cryptocurrency REITs are developed properly, they can allow users to get real estate exposure through the purchase of digitized shares.
Buying office space with Bitcoin
Luckily, real estate in the form of office space might also now be available in exchange for Bitcoin. A real estate company by the name of WeWork now takes Bitcoin payment through BitPay for its cooking spaces. Coinbase was one of the first customers to take up such an option.
3. A New Wardrobe
If you have Bitcoin on hand, it might be possible to use it for getting a dream designer outfit or even some casual options for updating your wardrobe. There are a lot of clothing outlets that now let you pay in Bitcoin as well as other forms of cryptocurrency.
MtSocks, for instance, have many garish and funky socks on sale, including one with an illustrated history of the famous Bitcoin logo.
4. A Fulfilling Meal
Since Bitcoin was meant for everyday transactions, utilizing it for food and drink is only logical. Many fast food chains and restaurants are now allowing payments in Bitcoin. This trend just might catch on if Bitcoin is reserved for its original purpose.
6. Web-Based Services
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Get Bitcoin With A Virtual Wallet
Bitcoin is meant to be an entirely anonymous platform, like the way cash works in the physical world. You are supposed to be able to buy and sell things on digital platforms without financial details or records being exchanged.
In reality, it doesnt work that way for most people. For the average person to buy and sell Bitcoin, they have to use what is called a “Bitcoin wallet.”
There are several companies that offer Bitcoin wallets, with Coinbase being one of the more popular options. To use Coinbase, you must give the company some personal details, including your email address and your name, and the ability to link to your bank account.
A Bitcoin wallet doesnt come with any kind of government guarantees, so if Coinbase goes under, or if your bitcoins are lost or stolen, you have very little recourse, meaning you will probably never get your money back.
Amazon To Accept Bitcoin As Payment
If the rumours are true, the technology company could accept bitcoin payments sooner rather than later which could drive the price of the cryptocurrency upwards.
Amazon is also said to be looking at launching its own cryptocurrency.
This comes after Amazon posted a job advert looking to hire someone to develop its digital currency strategy.
Amazon isnt the only tech giant to be branching into cryptocurrency there are rumours circulating that Apple will use some of its large cash reserves to invest in bitcoin.
Given the huge volatility and that the use case of crypto currencies is far from proven, traders should only dabble with money they can afford to lose.
Susannah StreeterSenior Investment and Markets Analyst, Hargreaves Lansdown
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Cryptocurrency Payments: Some Fast Facts
Despite the fact that businesses across multiple sectors are accepting Bitcoin with open arms, it seems like there is much more work to be done both within the crypto sector and outside of it. A February 2019 report by the Foundation for Interwallet Operability found 18% of those polled had actually lost money because of a user error, 6% had lost money because of a malicious incident such as a phishing attack, and just 25% are very confident that a transaction would be completed as planned. Also revealing is the fact that only 11% of those surveyed bought something with crypto at least once a week.
Developments such as may help introduce crypto to the masses, but as things stand, the likes of Bitcoin could end up being on the sidelines for some time yet.
Buying Bitcoin From The Bitcoincom Website
You can buy bitcoin from the Bitcoin.com website using your credit/debit card or other payment method . When you buy bitcoin from our website, you’ll need to decide where to receive it. This means you’ll need to input a Bitcoin ‘address’ when prompted.
For example, a Bitcoin address looks something like this:
Enter your wallet address.Here’s where you’ll decide where the bitcoin you’re buying goes. For example, you can send bitcoin straight to your Bitcoin.com Wallet. To do so, you just need to know your Bitcoin address. To get the right address:
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