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What Can You Pay for With Cryptocurrency?
Cryptocurrency has already integrated into our lives so deeply that almost every Internet user knows what it is. In this article, we will look at where you can pay with cryptocurrency.
Online and Offline Shopping With Cryptocurrencies
My first experience of spending cryptocurrency was a strange one. Years ago, I owned some Bitcoin and one of my friends wanted to get her hands on some too. So, we decided to create a transaction between the two of us. I transferred her $100 in bitcoin in exchange for the TV she was selling. It was my first offline crypto purchase experience, and it shows how flexible and accessible cryptocurrency is. All we needed to create a transaction was an internet connection.
Since then, I’ve had the opportunity to buy a whole range of products in online stores like Overstock. Today, you can even pay for online courses and book flights and hotels with bitcoin. There are now many online and offline opportunities to spend cryptocurrency.
Growth of cryptocurrency shopping
Digital currency payments are steadily creeping into goods and services shopping. You can use crypto in restaurants, bars, shops of world-famous brands, fast food chains, taxi and public transport companies, luxury car dealerships, and real estate agencies.
You can make cryptocurrency payments in the following ways:
- Scanning a QR code
- Transfer from one crypto wallet to another
- Payment using third-party payment systems
The payment infrastructure around cryptocurrency is still relatively small compared to mainstream online shopping. However, there are some large retailers that are famous for accepting cryptocurrency.
A comprehensive list of retail outlets accepting bitcoin and other cryptocurrencies as payment is available on Coinmap.org. You can search for outlets using a simple map or look for crypto ATMs to buy and deposit cryptocurrency using this service.
Here are some popular places to spend your crypto that you can try out.
Overstock: Online retail
One of the original businesses to accept cryptocurrency as a payment option was Overstock. This large online retailer lets you pay with bitcoin, thanks to a partnership with Coinbase, a major cryptocurrency exchange. All you have to do is choose “bitcoin” as your payment option when making a purchase.
Note that in the case of a return, you’ll get refunded in the US dollar amount of your purchase, not the bitcoin value. Because of the volatility of cryptocurrency, you could lose out if the value of bitcoin changes after your purchase.
AirBaltic: Flights
It’s now possible to travel around the world using cryptocurrency. AirBaltic was the first airline to accept bitcoin as a payment method back in 2014. Today, you can buy tickets with bitcoin through Bitpay. However, only GREEN and GREEN Plus tickets are available for crypto purchase. Moreover, you’ll have to book your flight at least 5 days in advance to use this method.
Travala.com: Travel accommodation
With flights booked, the next step is booking accommodation. Travala.com is a popular and reliable website for booking a place to stay for your next vacation. You can book activities, too. The site has 46 crypto payment options available beyond bitcoin. These include Bitcoin Cash, Ethereum, USDT, Dash, and others.
Travala.com is a representative of the new breed of businesses building their services with cryptocurrency and blockchain at the heart of what they do, unlike old businesses that are adding crypto payments to their checkout options.
PayPal: Checkout with crypto
Beyond specific large outlets that accept crypto, there are other ways to shop online with your cryptocurrency. PayPal now allows users in the US to pay with cryptocurrency when they checkout online with PayPal. It has also recently raised the weekly limit for buying with crypto to $100,000. You’ll have to confirm some account information during your first crypto purchase. After that, you’ll be able to quickly buy many things online with Bitcoin, Bitcoin Cash, Litecoin, or Ethereum.
This is particularly exciting, because it easily opens up millions of online stores to those in the US that have a PayPal account. It’s unfortunate that this option is only available in the US right now, but hopefully, this service will be extended to the wider world soon enough.
Check before you shop
Many online lists of “places you can spend bitcoin” are out of date, incorrect, and misleading. Many brands have announced they will accept bitcoin payment, only to reverse their decision later on. Examples of such brands are Tesla and Home Depot. You don’t want to go through the entire purchase process only to realize you can’t pay with bitcoin after all. Check if the outlet you’re shopping at currently accepts cryptocurrency as a payment method.
It’s also vital that you verify that the place you’re purchasing from is legitimate. The irreversible and private nature of cryptocurrency makes it a powerful tool for hackers and thieves. Check the trustworthiness of every business you purchase from.
Conclusion
There are many online and offline stores where you can pay with cryptocurrency. These range from online retailers, to travel agencies, to local stores. Payment providers such as PayPal are also getting on board the crypto train to open up millions of stores to online shoppers.
However, the bitcoin ecosystem is still new and developing. So, remember to always stay safe and do your due diligence before paying with cryptocurrency, online or offline. This way you’ll reap all the benefits of cryptocurrency at low risk.
Happy shopping!
