Many people associate Bitcoin with investing and making money.
While it’s true that buying and selling Bitcoin can result in significant gains, that’s not all it’s good for. You can also make purchases with it, just as you would with traditional currency.
However, shopping with cryptocurrency can require a little more research, especially since it’s not widely accepted everywhere. If you intend to go shopping, you might be able to buy some of the following:
Cars
While some people buy Bitcoin to hold onto it, others want to spend it on flashy vehicles. You can do just that, courtesy of the car companies that now accept cryptocurrency as payment. Tesla, Lamborghini, and Ferrari are a few of the many car manufacturers willing to hand over their cars in exchange for digital currency.
Many brands were initially skeptical but decided to explore this payment due to requests from dealers and the market. With many car clients investing in crypto, some car manufacturers wanted to broaden their target market. Ferrari, in particular, said they wanted to connect to people who weren’t necessarily their clients but might afford a Ferrari.
Jewelry
Luxury jewelry brands typically sell for tens of thousands of dollars. Now, you don’t have to have a single dollar to your name. Instead, you can make specific jewelry purchases with Bitcoin and other forms of cryptocurrency.
BitDials, a brand known for Philippe, Rolex, and Patek watches, now offers high-quality watches in exchange for Bitcoin. Another watchmaker, Franck Muller, also produced a gold and diamond-encrusted watch with a QR code from Genesis Block. Genesis Block is the first block in a cryptocurrency blockchain.
Insurance
Insurance is something typically bought with traditional currency. Still, some providers now accept cryptocurrency. While it’s not available for life insurance, you may be able to purchase a range of policies with cryptocurrency, including house, contents, and auto. Low transaction fees, claim payments, and increased customer interest are believed to be among the many reasons insurance companies accept cryptocurrency payments.
Electronics
Whether you need a new smartphone, laptop, or camera, you’ll likely find a retailer willing to accept cryptocurrency payments. Many only accept the leading cryptocurrency, Bitcoin, but some are willing to let customers pay with Litecoin, Dogecoin, Ethereum, and Tether, just to name a few.
Real Estate
Buying cryptocurrency is an excellent way to diversify your investment portfolio and spread out your risk. However, so is real estate. The good news is that you can purchase real estate with cryptocurrency. There are dedicated selling platforms dedicated to listing houses, villas, condos, and plots of land with cryptocurrency rather than fiat currency. However, the process for buying a house with crypto can be slightly different than buying with fiat currency:
- Find a property seller who will accept cryptocurrency as payment
- Find a realtor who has experience navigating house sales with crypto
- Ensure you have enough Bitcoin or similar crypto in your digital wallet.
- Look for title insurance and escrow companies to take care of your crypto transaction
Bitcoin isn’t just a lucrative investment. It’s a sound alternative to fiat currency. If you haven’t yet used cryptocurrency for big purchases, you might like to explore some of these shopping opportunities above.
