Twelve years since its creation, Bitcoin's value has been driven by its limited supply, which has been hard-capped at 21 million coins. But the cryptocurrency has catapulted into the collective consciousness of the world only in the last couple of years and has almost become part of the mainstream. Let’s delve a little deeper to know what you can buy with this first-generation cryptocurrency that ushered in a whole new era of transacting.
Cars: Despite Tesla CEO Elon Musk’s announcement in May 2021, the electric car maker would no longer accept bitcoin as a mode of payment; the used-car market continues to accept the cryptocurrency. Various car dealerships that sell luxury vehicles list the prices of housed models in bitcoin.
Real Estate: The first property transaction through Bitcoin was done in 2017. It involved a single-family home sale in Texas. Recently, a penthouse in Miami was purchased for a whopping $22.5 million—the largest ever. Many real estate developers have offered buyers an alternate payment option through bitcoin. In the US, workspace leaser WeWork also accepts payments in bitcoin through the BitPay platform.
Artwork: Non-Fungible Tokens (NFTs) are cryptographically secured digital tokens that establish the ownership of a tangible or intangible asset. NFTs aims to establish a single owner for the artwork, thus ensuring its authenticity. Even fractional ownership is possible for buyers who run short of funds yet wish to own digital artwork.
Private Jets: Travellers who are crypto enthusiasts have the option to pay for private flights in bitcoin. Charter players like BitLux and flyExclusive have started allowing flyers to charter aircraft for international flights. For avid travellers who wish to own private jets, Aviatrade has listed various aircraft on its website that can be purchased outright with Bitcoin.
Travel: Travel booking platforms like Booking.com and Expedia have partnered with CheapAir and Travela to facilitate payments with Bitcoin and other cryptocurrencies. Some hotels also let users directly transact in Bitcoin. Travellers must be mindful that using third party facilitators to make Bitcoin payments where its direct channels are not open can incur additional costs.
Web Services: Various leading companies like NordVPN, Cyberghost and ProtonVPN allow users to purchase VPN services through Bitcoin payments. Cloud service providers like MEGA and Sync are also some of the first movers in the space for crypto adoption.
Events: In the US, buying tickets to popular sporting events is now possible through Bitcoin payments. However, it is not possible everywhere in the country yet. For instance, the Dallas Mavericks of NBA, owned by bitcoin investor Mark Cuban, has partnered with BitPay to accept payments in crypto.
Charity: Bitcoin has witnessed adoption beyond the goods and services providers. Globally renowned not-for-profit charities such as UNICEF, the American Cancer Society and the American Red Cross accept donations in bitcoin.
Bear in mind that to transact in bitcoin and other cryptocurrencies, you need to first invest in the same. Doing a thorough reading and due diligence of the cryptocurrency will ensure that you make informed investment decisions.