What Can You Buy with Bitcoin?

WhiteBIT
Published 08 November 2023
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What Can You Buy with Bitcoin?

Content

Today, cryptocurrency is not just a tool for speculation; it’s a versatile digital asset that opens up numerous possibilities for various purchases.

The history of buying with cryptocurrency originates in the United States, with the first known purchase using Bitcoin dating back to 2010. An American named Laszlo on the Bitcointalk forum offered to exchange 10,000 BTC for two pizzas. In the same year, during the summer, he spent over 100,000 BTC on pizza.

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Cryptocurrency payments are becoming more and more accessible. In this article, we’ll explore what you can buy with cryptocurrency in 2023, where Bitcoins are accepted, how to pay with Bitcoin, why people use this payment method, and its pros and cons.

Where Are Bitcoins Accepted?

  • Online Shopping

Who accepts Bitcoin? Look no further! Global companies that accept Bitcoin include Newegg, AT&T, and Microsoft. Microsoft currently accepts Bitcoin payments only in its online store. Buying goods for cryptocurrency is possible at Overstock. This American company stocks just about any kind of household goods. It was one of the first to accept Bitcoins on the site. The most extensive debit electronic payment system, PayPal, allows customers to buy, sell, and store cryptocurrency in their accounts.

Ukrainian electronics stores Cactus, Stylus, and eStore have already integrated crypto-processing from Whitepay. According to Gleb Udovichenko, the head of Whitepay, approximately every 13–15 payments are made in cryptocurrency.

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  • Charities

The use of bitcoins has played a significant role in assisting Ukraine. The war in Ukraine marked the first conflict in world history, where such a substantial number of donations were made in the form of digital assets. For example, in April 2022, the Whitepay platform partnered with United24, an initiative by Vladimir Zelensky to raise funds for military and humanitarian support for Ukraine. Analysts’ data from Chainalysis evidence the extent to which Ukraine is adopting cryptocurrency for 2023.

  • Banking Institutions

Bitcoin’s emergence in the financial world has shaken the community of bankers, but it is getting closer and more integrated every year. In July 2020, the U.S. Office of the Comptroller and Chief Financial Officer (OCC) gave the green light to the country’s banks to store and manage their customers’ digital assets.

The regulator’s official permission to cooperate with any registered cryptocurrency company has dispelled bankers’ skepticism about working with crypto industry representatives.

There are many banks worldwide where people can buy, store, and withdraw cryptocurrency. Some of them are: Revolut (UK and Europe), Bank Frick (Liechtenstein), Wirexapp (UK), Fidor (Germany). Such geographical diversity makes it increasingly convenient to spend Bitcoins.

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  • Subscriptions

Subscriptions are another way how to spend Bitcoin. Cryptocurrency news media typically accept Bitcoin for subscriptions or other services. Among the prominent publications, the Chicago Sun-Times became one of the first major media outlets to accept BTC on its platform in 2014. In the same year, Time Inc., the publisher of Time magazine, started accepting cryptocurrency for digital magazine subscriptions. Shopify, Rakuten, Wikipedia, and many others also allow you to buy their products with Bitcoin.

  • Insurance Companies

This industry is careful about the use of cryptocurrency. Although payment in Bitcoins for life insurance remains unavailable, insurance companies have begun accepting payments for other products.

For example, Swiss insurance company AXA announced in April 2021 that it would begin accepting Bitcoin payments for all its insurance products except life insurance. Let’s discover who uses Bitcoin.

Atupri Health became the first Swiss insurance company to accept payment in BTC, and remains the only health insurance company in the country to accept the cryptocurrency.

Universal Fire & Casualty Insurance Co is a multi-line property and casualty insurance company that offers policies for small businesses. In June 2021, the company announced it would begin accepting cryptocurrency for insurance premium payments, making it the first insurance company in the U.S. to accept cryptocurrency.

The San Francisco-based auto insurer, Metromile, makes paying bills and receiving BTC reimbursements possible. The company believes that allowing payments in cryptocurrency will support its push for fairer insurance and increase the financial stability of policyholders.

Premier Shield Insurance, headquartered in Massachusetts, allows policyholders to pay home and business insurance premiums, auto insurance, and agency fees using BTC, up to a limit of $5,000.

  • Airline Tickets and Hotels. How Are Bitcoins Used in Tourism?

Destinia was the first online travel agency to start selling tickets for cryptocurrency and remains one of the biggest travel companies that accept cryptocurrency today. They successfully integrated Bitcoin payments as early as January 2014. Currently, on their website, you can purchase flight tickets from 600 airlines, book train tickets, reserve hotels, and even arrange car rentals using digital assets.

In 2019, the leading travel booking platform, Travala, partnered with Booking.com.Travala allows customers to book any hotel listed on Booking.com and pay with cryptocurrency. Additionally, users can make bookings for flights and tours worldwide.

  • Real Estate

Thanks to DIM, buying real estate with cryptocurrency has become a reality in Ukraine. Payments are accepted in four stablecoins: USDC, USDT, BUSD, and DAI. Apartments are also available with Bitcoin through companies like Coin Real Estate Group, BTCHome, DAMAC, and Crypto Real Estate.

In Portugal, the government has a very cryptocurrency-friendly stance. Crypto transactions are tax-free, and once the seller confirms receipt of funds to their crypto wallet, the notary can proceed to register the transaction.

Germany has fully legitimized the process of buying property with digital currency. Buyers can freely transfer Bitcoin to the seller’s account, and once confirmed, a notary registers the transaction. So, they accept crypto payments. However, crypto taxes are levied at the same rates as fiat currency payments.

Montenegro, a Balkan country, strives to establish itself in the cryptocurrency environment. You can buy houses, apartments, and various other goods with cryptocurrency. Transfers are possible for both individuals and developers. In 2022, Montenegro even granted citizenship to Ethereum founder Vitalik Buterin.

Why Are Bitcoin Payments Used?

There are various reasons why bitcoins are used, and it’s impossible to draw a singular parallel. It has multiple pros and cons that can either attract individuals to its use or, conversely, deter them. Some are drawn to it for its decentralization, anonymity, and user-friendliness, while its transaction speed and low fees entice others. Let’s take a closer look at the advantages and disadvantages of using Bitcoin.

Pros

  • Decentralization: Bitcoin is not controlled by a central bank or government, making it independent of the monetary policies of any particular country.
  • Anonymity: Digital asset owners can remain relatively anonymous, which can appeal to those who value privacy.
  • Inflation protection: Many investors use Bitcoin as an investment and store of value. The total supply of Bitcoin is limited – 21 million.
  • Accessibility: Bitcoin is accessible to anyone with Internet access.
  • Cost-Efficiency: It offers lower transaction fees compared to traditional banking transfers, especially when compared to international payment systems.
  • Speed: While international bank transfers can take several business days, Bitcoin transactions can be completed in as little as 40 minutes.
  • Security: With rising concerns about fraud and hacking, Bitcoin addresses these issues using cryptographic transaction security methods.

Cons

  • Volatility: The value of the first cryptocurrency can change significantly in a short period of time. In light of this, those who use it for daily transactions or investments may experience inconvenience and stress.
  • Support: You won’t be able to contact technical support if you’ve made an erroneous transfer or if you’ve fallen victim to a scam. Transaction errors are irreversible. No private keys mean no access to your wallet, and you won’t be able to recover them or access your digital assets.
  • Anonymity: Bitcoin’s confidential nature raises concerns about its use on the darknet and for other illegal activities.

What Can You Pay with Bitcoin?

Electronics

Many stores accept payment in Bitcoin. For example, buying with Bitcoin is available in online stores like eStore, CACTUS, Sota, Fopi, and AVIC.

Medicines

Purchasing medications with Bitcoin is now possible through pharmacies like Aliberti Pharmacy, MedExpress, and PharmcoRx. Ukrainian pharmacies ANC, Kopiika, and SHAR@ were among the first in Europe to start accepting Bitcoin payments.

Groceries

Bitcoin acceptance in the grocery industry is not widespread, and major grocery chains do not typically accept Bitcoin as a payment method. However, there may have been some smaller, local, or specialized grocery stores that experimented with crypto payments. A unique Gift Card, which can be purchased with cryptocurrency, helps to make purchases in stores.

Fuel

Gas stations like The Cosmic Market, Tifon, OTR, Coin Fueled, WOG, VET d.o.o, Cosmic Market, accept payment in the most popular cryptocurrency – BTC.

Additionally, as mentioned, you can use the WhiteBIT Gift Card. You can purchase the card using cryptocurrency on our platform, store it in electronic format, and use it for payments at selected services and stores.

The available services on the WhiteBIT Card may vary depending on your country of residence or the recipient’s country, so it’s essential to consider this when issuing the card.

You can choose gift cards for services from brands such as Primark, Airbnb, Nintendo, Media Markt, Adidas, Twitch, Carrefour, All Bar One, Sports Direct, Arsenal Football Club, Boots Digital, Cineworld, Halfords, Rituals, Sephora, Mango, Zara, boohoo, and boohooMan.

The entire list of stores can be found on the website in the digital Gift Cards section.

Which Companies Accept Bitcoins?

airBaltic

airBaltic is the first aviation company in the world to make it possible to purchase tickets with Bitcoin. As early as 2014, the Latvian company began accepting cryptocurrency as a ticket payment. A shortlist of airlines you can pay with Bitcoin includes JetBlue, Southwest Airlines, Air Canada, Air China, American Airlines, Delta, and Etihad.

Microsoft

Microsoft was among the pioneers, starting to accept Bitcoin in 2014. Users can pay for Windows software and products for Xbox.

Apple

Through a partnership with BitPay, Apple introduced a prepaid Mastercard in the Apple Wallet app. This allowed residents of the United States to use 12 different cryptocurrencies as a payment method.

Hublot. Where to Buy with Cryptocurrency Premium Watches?

Hublot, a luxury Swiss watch brand, became the first to accept Bitcoin as payment. In 2018, they even released a limited collection of watches dedicated to the 10th anniversary of Bitcoin, called the Big Bang Meca-10 P2P. These watches could only be purchased with Bitcoin.

Gucci

Gucci, the Italian fashion house, partnered with BitPay to accept 12 cryptocurrencies, including Bitcoin, as a form of payment.

Virgin Galactic

Virgin Galactic offers a truly out-of-this-world experience by allowing you to purchase a ticket to space with Bitcoin. This American company plans to organize suborbital space tourism flights and is happy to sell you a space ticket for BTC.

How To Pay With Cryptocurrency Using Whitepay&WhiteBIT?

As you may have noticed in this article, many Ukrainian companies have integrated cryptocurrency payments via Whitepay. Here is a short manual on how to pay with crypto in an online store:

  1. Choose the Whitepay payment method on the checkout page.
  2. On the page for payment, select “WhiteBIT” or “From any other Wallet.”
  3. If you pick “WhiteBIT,” select the desired cryptocurrency, scan the QR code with the code scanner in the WhiteBIT app, and confirm the payment.
  4. If paying with another cryptocurrency wallet, select the cryptocurrency and the network where the payment will be made.
  5. Open your wallet and scan the QR code with the scanner, or copy the address manually and confirm the payment.

The payment process in offline stores is almost identical,with all actions taking place on the screen of the Whitepay cryptocurrency POS terminal. The Whitepay has created a convenient page on their website to find a list of all stores where you can pay with crypto. Today, over 50 companies and charitable foundations already accept digital assets, and this list continues to grow. If you notice that someone among the listed clients does not offer Whitepay as a payment option, please contact the support team on Telegram or via email at support@whitepay.com.

Conclusion

Bitcoin payments are becoming more accessible, and the list of companies who uses crypto is expanding. Furthermore, the number of Bitcoin users is growing. If before you had to sit on forums and offer Bitcoins in exchange for pizza, today, you can freely buy a house, airline tickets, book a hotel, fuel a car, order food, pay for subscriptions, and buy appliances. Every year, Bitcoin’s fame opens more places where to buy with crypto. Cryptocurrency prices can be tracked on the WhiteBIT exchange.

Of course, for comfort, we must pay for certain risks, such as rate hikes, inability to restore access to the wallet in case of loss of the key, irreversible transactions, lack of insurance of your crypto assets, and others. But, if all precautions are followed, paying in digital assets has many advantages.

Whether Bitcoin is the right payment option depends on your stress tolerance to price fluctuations, risk-taking, and specific use cases.

FAQ

Yes, paying with Bitcoins in some places and situations is possible. However, the availability and acceptance of Bitcoins as a means of payment depends on various factors, including jurisdiction, type of business, and personal preferences.

For example, in Ukraine, you can pay for goods in bitcoins thanks to services such as Whitepay.

There are many online and offline stores where to spend bitcoins. Microsoft, Stylus, airBaltic, Aliberti Pharmacy, and others are among them.

With Bitcoin, you can buy appliances, airline tickets, hotels, groceries, subscriptions, and even real estate. The list of what you can buy with Bitcoin will grow with the popularity of Bitcoin.