Things You Can Buy with Crypto in 2024
As cryptocurrencies continue to gain traction as an alternative to fiat money for buying goods and services, today's article takes a look at what you can purchase using crypto in 2024 and the methods available.
Whatās driving the use of crypto payments?
From multinational corporations to local small businesses, enterprises all over the world are embracing crypto payments, offering digital asset owners numerous ways to utilize their crypto.The appeal of cryptocurrency payments lies in their ease of use, rapid transaction times, and enhanced security. Still, they come with both advantages and drawbacks. Let's delve deeper into these aspects.
Among the key benefits of crypto payments are:
- Quick transaction processing and enhanced security through blockchain technology.
- Lower transaction fees than those of traditional payment methods like credit cards or bank transfers.
- Global payments without restrictions on who can send or receive them.
- No need to convert cryptocurrency to cash or card before making payments.
- Certain shops offer discounts or cashback when you pay with crypto.
Although crypto payments offer several benefits, they come with some challenges, such as:
- Volatility. The nature of cryptocurrencies makes it difficult to buy and sell at a stable price.
- Regulatory issues. Many countries have imposed strict regulations or lack clear guidelines for using cryptocurrencies.
- Lack of user knowledge. Blockchain transactions are secure, but users must manage their private keys carefully. If they lose access to their crypto wallet, they risk losing their assets.
What can you spend cryptocurrency on?
In September 2023, Buy Bitcoin Worldwide estimated that more than 15,000 businesses around the world were accepting crypto payments. Nowadays, cryptocurrencies have evolved to the point where you can buy almost anything, from high-end cars to daily essentials like food or coffee. The options are continually expanding, and below are some of the main categories of purchases you can already make with crypto.Household devices, smartphones, and electronics
Cryptocurrency payments are becoming especially popular for electronics purchases. Major online stores like Newegg and Overstock allow users to buy everything from smartphones and laptops to TVs and gadgets with Bitcoin or other cryptocurrencies. Electronics is a category where crypto payments shine, thanks to fast and secure transactions. Buyers can also pick up Apple, Samsung, Sony, and other leading brands through specialized platforms that accept crypto. In addition, Apple has teamed up with BitPay to bring Mastercard to Apple Wallet for U.S. users. Apple recently took a huge step toward cryptocurrency integration by opening its NFC payment chips and Secure Element (SE) to third-party developers, allowing iPhones to process crypto payments with just a tap. The USDC stablecoin issuer Circle announced that iPhone users will soon be able to make crypto payments as easily as Apple Pay.
In Ukraine, people can buy electronics with crypto as well. Virtual currency can be used to purchase smartphones, tablets, laptops, and other gadgets at stores like TechnoYizhak, Foxtrot, Stylus, eStore, YABLUKA, and more.
Motor vehicles
The automotive sector has been actively exploring cryptocurrency payments, with Tesla leading the charge. For quite some time, Dogecoin could be used to buy their cars. Although the feature is currently suspended, Elon Musk hinted at the potential return of DOGE as a payment option in the near future.
In October 2023, Ferrari, the luxury carmaker, began accepting cryptocurrency payments in the U.S., allowing customers to pay with Bitcoin, Ether, DOGE, and USDC. In July, they also announced the expansion of this crypto payment system to their European dealerships. By the end of 2024, Ferrari plans to roll out crypto payment options in other countries where cryptocurrency transactions are legally permitted.
Lamborghini, Porsche, BMW, and other prominent brands have also made the list. Their official dealerships now offer cryptocurrency payments, but for some, this option is currently restricted to the U.S. market.
In fact, Ukrainians can buy cars with cryptocurrency too. Earlier this year, a top Ukrainian electric vehicle retailer completed its first sale of an EV using digital assets. L.Rikerā¢, a Ukrainian EV retailer, sold a BYD Song L via a cryptocurrency payment system provided by Whitepay.
Apparel, footwear, and accessories
Fashion is joining the trend of crypto payments. Brands such as Adidas, Allbirds, Columbia, Gap, H&M, and Puma allow you to shop using cryptocurrency, though primarily through gift cards. Meanwhile, high-end brands like Gucci and Ralph Lauren accept crypto directly in select regions.
Ukrainian buyers can shop for clothing with cryptocurrency on platforms like Shopify, Rechi UA, ESPRIT, DOMINO, Dealer, and others.
Cuisine
Crypto payments were once reserved for big-ticket items, but now you can use them for everyday pleasures like coffee or pizza. Restaurants such as KFC, Burger King, and other chains accept cryptocurrency through gift cards. Additionally, Starbucks has integrated Bitcoin payments into its app, making it easier than ever to pay with crypto.
Among Ukrainian establishments, youāll find cafĆ©s like "Informatyka," "Luzha," and "TeaWarrior," as well as the pizzeria "Mister Cat."
Tickets
Nowadays, users can pay for nearly any type of ticket using cryptocurrencyāwhether it's a flight or a football match. Destinia was the first online travel agency to accept cryptocurrency, implementing Bitcoin payments in January 2014. Today, their website enables users to purchase airline tickets from over 600 airlines, train tickets, hotel reservations, and car rentals, all with digital assets.
In 2019, Travala, one of the top travel booking platforms, partnered with Booking. Travala allows customers to book any hotel found on Booking.com and pay with cryptocurrency. Beyond that, users can book flights and worldwide tours using digital assets.
Even movie tickets can be paid for with crypto. In 2022, AMC launched a feature in their U.S. mobile app that lets customers buy tickets online with Bitcoin, Ethereum, and other digital currencies.
Football fans have embraced the opportunity to use digital assets for payments too. In August 2022, Oxford City Football Club enabled supporters to pay for tickets, food, and beverages at RAW Charging Stadium using cryptocurrency during matches. Additionally, football fans can now attend Nations League matches by paying for their tickets with crypto. Recently, WhiteBIT, the cryptocurrency exchange, announced the sale of tickets for a football match in Wroclaw on October 14, purchasable with cryptocurrency. In April, another exchange, Crypto.com, offered AFL fans the ability to buy food and drinks at Adelaide Oval Stadium in Australia using digital currencies.
Subscriptions
You can also use cryptocurrency to subscribe to various services or media outlets. Among major publications, the Chicago Sun-Times became the first to accept BTC on its platform in 2014. That same year, Time Inc. began accepting cryptocurrency for digital magazine subscriptions. In 2019, the publisher furthered its crypto involvement by partnering with Crypto.com.
Netflix, Amazon Prime and Spotify, among other video and music streaming services, provide the ability to pay for subscriptions with digital assets, but only through gift cards.
How to Make Payments for Goods and Services Using Cryptocurrency?
Cryptocurrency transactions are carried out directly using specialized payment services. Among the top ones are:
Switchere is a crypto exchange platform offering users the ability to buy, sell, and swap a variety of cryptocurrencies.
Key benefits include:
- Support for more than 30 different digital assets;
- An easy-to-use interface;
- 2FA security with mobile device authentication required for login;
- A referral program;
- Quick transaction processing.
Whitepay is a crypto processing platform within the WhiteBIT ecosystem, offering businesses and charities technical solutions to accept cryptocurrencies. It provides services such as crypto acquiring, POS terminals, payment pages, crypto banking, and widgets.
Main advantages:
- Support for more than 140 digital assets and several fiat currencies;
- User-friendly interface;
- Enhanced security features like multi-factor authentication, withdrawal protection, and secure development practices;
- Low transaction fees;
- Fast transaction processing;
- Comprehensive financial reports and fund management tools.
Corefy is an all-in-one payment management platform, serving the needs of online businesses and financial institutions.
Pros:
- Streamlined interface;
- Supports a wide range of over 200 currencies, both digital and fiat;
- Adheres to high security and regulatory standards;
- Low transaction fees;
- Dedicated and personalized support.
Final Thoughts
Today, cryptocurrencies offer a handy and accessible way to pay for an extensive array of goods and services, spanning from everyday appliances to luxury cars and basic online subscriptions. The type of product or service is irrelevant ā they can all be purchased with cryptocurrencies using dedicated services or direct tech integrations.
The advantages of cryptocurrenciesāspeed, security, and low transaction feesāmake them a compelling option for both consumers and businesses. Though challenges such as volatility and legal barriers persist, it's certain that by 2024-2025, the scope of using cryptocurrencies for daily transactions worldwide will broaden considerably.
