What are we using bitcoin for? Until recently, we looked at bitcoin as chiefly an investment vehicle. However, let’s not forget that this is a crypto-currency, and the ‘currency’ part is used to buy stuff. In 2022, the question “ what can you buy with bitcoin” can be answered with a simple “almost anything.” Indeed, paying for purchases with crypto is becoming more popular and convenient, but let’s unpack a few things, shall we?
In 2010, Laszlo Hanjic, a US programmer, bought two pizzas for 10,000 BTC and paid 0.99 BTC for the transaction. This €400 million “unhappy meal” was the first-ever purchase made with crypto money, paving the way for wide consumer adoption of bitcoin as a safe and secure medium of exchange. This is where TRASTRA comes in with its comprehensive solution tailored for all participants of the new token economy – from a crypto-curious novice to a crypto-heavy business with globally-distributed staff.
But this article is not about us. Today, let’s explore what you can buy with bitcoin, how to pay for things with bitcoin, and why you should use BTC for your everyday shopping.
Goods you can buy with BTC in 2022
Wonder what you can buy with bitcoin? It turns out almost anything, from a sofa to a private jet. Some small online stores and big retailers have been accepting bitcoin for years, and their number is growing. There are also offline shops with a “Bitcoin accepted here” sign.
So what can you buy with cryptocurrency today, in 2022? Here are some examples:
- Household goods and electronics. Popular American retailer Overstock was one of the first big stores to accept BTC.
- Almost anything on Shopify. Since 2020, Shopify has added the option for all merchants to accept bitcoin. Thus, more than 800,000 small businesses worldwide started receiving payments in cryptocurrency.
- Food. According to Coinmap, there are almost 30,000 venues worldwide accepting bitcoin. These are mostly local cafes, but big chains have also joined the crypto world. For example, since 2019, you can buy a burger at Burger King in Venezuela with bitcoin. Or you can go to Pizza Hut: its Venezuelan restaurants also accept bitcoins.
- Computer equipment. Newegg is a popular website to buy computer equipment for crypto, especially when it comes to mining hardware. In Europe, you can purchase gadgets for bitcoin from scan.co.uk.
- Hosiery. Unexpected, isn’t it? You can buy crypto-themed printed socks at MtSocks and pay for them with bitcoin
Services to pay for with BTC in 2022
What services accept bitcoin in addition to fiat money? Mostly the internet-related ones, but there are examples from other industries as well. Here are a few companies that accept bitcoin:
- Twitch. This trendy streaming website offers an option to pay for additional services with BTC.
- ExpressVPN. Browse the Internet without regional restrictions, safely and securely, and pay for your subscription with bitcoin.
- Travala. It’s one of the largest travel platforms where you can use cryptocurrency to pay for hotel reservations, tours to different destinations, and much more.
- Inception Hosting. Like more than 300 other providers, this company offers reliable hosting in exchange for bitcoin.
- Dish network. This satellite TV provider allows customers to pay for monthly subscriptions, pay-per-view movies, and events with bitcoin through a partnership with BitPay.
Nonprofit organizations that accept bitcoin
Payments in bitcoin are very fast, with a minimum commission, and can be performed from anywhere. Therefore, many nonprofit organizations and funds have created their bitcoin wallets. For nonprofit organizations, it is crucial to use as many payment options as possible. So who is on the bitcoin-friendly list?
- Wikipedia. This resource is owned by Wikimedia, which accepts bitcoin donations to develop this open-source encyclopedia further.
- Children’s Heart Unit Fund. This British foundation raises funds for the treatment of children at Freeman Hospital. The fund also purchases equipment for hospitals that treat cardiological patients.
- 1,000 Dreams Fund. This foundation from Washington, DC, helps talented women get scholarships and achieve their educational goals.
- The Internet Archive. Most of us know this organization as the Wayback Machine, a web archive that allows us to view remote pages on the Internet. This nonprofit digital library based in San Francisco believes that anyone should have “universal access to all knowledge.”
How to pay for things with bitcoin?
To spend some bitcoin on various products and services, you’ll need a crypto wallet. You can think of it as a regular e-currency wallet through which you receive and send payments. If you plan to store cryptocurrency in small amounts, a mobile wallet will be enough for you.
So how to pay for things with bitcoin in an offline store? First of all, you need to find a merchant that accepts cryptocurrencies. There are thousands of such businesses around the world. You can use a map to locate the nearest stores and companies where you can pay with bitcoin or refer to the list of organizations accepting BTC.
When you are already in the store, you need to ask the seller to send you their bitcoin address or just scan the QR code. Then you have to specify the amount to be paid in your crypto wallet and confirm the transaction. The payment will be processed almost instantly, but sometimes there are delays when the network is overloaded. The process is even more straightforward if you own a TRASTRA debit crypto card. You can buy and store crypto in your TRASTRA wallet, exchange your crypto for euros inside the app or the web interface and pay for all purchases using your TRASTRA Visa debit card as a regular bank card.
If you pay for a purchase in an online store, you do it through a crypto payment gateway (or, again, just use TRASTRA Visa – it’s accepted anywhere Visa is). In this case, all you need is a few clicks: firstly on the Buy button and then on the payment page. There will be almost no difference between paying with a regular bank card or an electronic payment system.
Pros and cons of shopping with bitcoin
Bitcoin is becoming more and more popular as a means of payment. Some US states are even planning to accept cryptocurrencies for state tax bills. However, like any other payment method, bitcoin has advantages and disadvantages.
Pros of buying with BTC
- It’s as easy as using any payments app.
- You are in full control of your money because no state or bank has power over bitcoin. You can spend your crypto any time with no frozen or canceled transactions.
- Data privacy. Banks know everything about you: where you pay for coffee in the morning or pizza in the evening, and which sneakers you bought yesterday. Bitcoin transactions are more difficult to trace. On the one hand, all transactions are visible on the blockchain, but on the other hand, it is almost impossible to determine the owner of the wallet. So, you can buy anything anonymously.
Small fees. Any regular financial transaction is associated with fees, and some of them could be pretty substantial. Bitcoin also has fees, but they depend on the network load and have been around $2.14 lately.
Cons of buying with BTC
- High volatility. The bitcoin price can change significantly even within one day or several hours. Therefore, it is still not possible to use BTC as a unit of account, and you need to constantly check the current rate of BTC and fiat currency before the purchase.
- Not good for small amounts. First, there is still a fee when paying with bitcoin, and you are unlikely to want to pay $2 for a coffee and another $2 as a fee. Secondly, if a product costs, for example, $10, it is 0.000022 BTC right now. Entering so many digits after the decimal point is not convenient for an average buyer.
- No refunds in case of fraud. Since you are responsible for your own money, no one will help you if you enter the wrong wallet number or send funds to scammers.
A few years ago, people were wondering how to spend cryptocurrency. But buying with bitcoin is getting easier every day. Today many companies, from travel agencies to volunteer initiatives, accept this type of payment. Of course, there are still some obstacles like volatility or fees. But with the advent of crypto debit cards, they are gradually being erased.
For instance, TRASTRA combines the best of the Crypto world and traditional banking. The card provides you with an IBAN, thanks to which you can receive euros to your account and withdraw euros since TRASTRA is fully SEPA integrated. You can get paid in bitcoin and pay for your purchases using the card. You can buy and sell bitcoin inside the mobile app and transact cryptocurrencies with zero fees.
What will BTC be worth in 2022?
The bitcoin price was highly volatile during the last years, and 2022 is no exception. At the time of writing, 1 BTC was worth $46,140, while at the end of January 2022, its value was about $35,000. Over the past few months, the cost of bitcoin has been gradually increasing, but no one knows how long this growth will continue. Many analysts believe that the price of bitcoin by the end of 2022 may recover slightly and reach $60,000. In any case, don’t expect BTC to cost $100,000 in 2022.
Can you buy stuff on Amazon with bitcoin?
Amazon does not directly accept bitcoin as a means of payment, but crypto enthusiasts can still use bitcoin to purchase Amazon gift cards and then use them to pay for any goods.
Can bitcoin be converted to cash?
Of course, you can do this in just a few clicks. If you use TRASTRA, you can sell bitcoin for euros almost instantly. You can also use exchange platforms, exchange bitcoin for fiat currencies, and then withdraw cash from an ATM.