When launched in 2009, Bitcoin was supposed to be a medium for daily transactions, making it possible to buy everything from a cup of coffee to a computer. Created by Satoshi Nakamoto, a range of products and services can be purchased by Bitcoin in 2024.
Key Takeaways
- Bitcoin and other cryptocurrencies can be used to buy a range of products and services.
- Bitcoin launched in 2009.
- Electronics, luxury watches, and cars are among the items that cryptocurrency can purchase.
Bitcoin as Currency
Retailer and consumer acceptance of Bitcoin has mirrored its wild ride in crypto markets, and as its value increased in 2017, so did its appeal as a currency. Innovations like the Lightning Network scale the number of transactions in the cryptocurrency’s network, making them faster and more efficient.
Cryptocurrency is no longer confined to an obscure corner of the financial services industry. The crypto exchange platform Coinbase’s public listing, new price records, and positive mentions by regulators and policymakers are proof of its potential.
The U.S. Securities and Exchange Commission approved the first 11 spot bitcoin ETFs in the United States on Jan. 10, 2024. Bitcoin futures ETFs have been trading since 2021.
Making Purchases
The easiest way to buy anything with Bitcoin is with a crypto debit card. Such cards are preloaded with the cryptocurrency of your choice. While you spend crypto, the retailer receives fiat money as payment. Crypto debit cards partner with payment-processing giants like Mastercard and Visa to ensure transactions occur seamlessly.
PayPal allows customers to buy, sell, and hold cryptocurrency in their accounts.
What You Can Buy
- Cars: The list includes Lamborghinis, and electric carmaker Tesla has joined the list of companies that enable you to purchase cars with cryptocurrency. Tesla CEO and X Corp owner Elon Musk is a crypto enthusiast and supports Bitcoin.
- Technology and E-commerce Products: Several companies that sell tech products accept cryptocurrency, including Newegg, AT&T, and Microsoft. Other sites, including Shopify and the Japanese e-commerce giant Rakuten, allow you to purchase products with Bitcoin.
- Jewelry and Watches: The online luxury retailer BitDials offers Rolex, Patek Philippe, and other high-end watches in return for bitcoin and other cryptocurrencies. Luxury watchmaker Franck Muller produced a watch encrusted with gold and diamonds with a QR code from the Bitcoin genesis block.
- News Media: The Chicago Sun-Times became the first publication to accept Bitcoin on its platform in 2014. That same year, magazine publisher Time Inc. began accepting cryptocurrency for digital subscriptions. In 2019, the magazine publisher formed a new cryptocurrency partnership with Crypto.com.
- Insurance: In April 2021, Swiss insurer AXA began accepting cryptocurrency as a mode of payment for all of its lines of insurance except for life insurance. Metromile, an agency that sells “pay-per-mile” auto insurance policies, also accepts Bitcoin for premium payments.
Overstock, an e-commerce platform selling a wide array of merchandise, was among the first sites to accept Bitcoin in 2014; its founder, Patrick Byrne, was an early proponent.
How Can I Buy Something With Bitcoin?
The easiest and most convenient way to make purchases using bitcoin or other cryptocurrencies is with a cryptocurrency debit card. These cards are available from major crypto exchanges and other providers, and holders can withdraw cash from participating ATMs. Many use networks such as Mastercard and Visa.
How Does a Bitcoin Debit Card Work?
Bitcoin debit cards work much like regular prepaid debit cards and are preloaded with bitcoin or another cryptocurrency of your choice. When you use them at a store, the money is withdrawn from your card in cryptocurrency and paid to the merchant in fiat money, such as dollars. When your balance gets low, you can reload the card.
Can I Use Bitcoin to Make Purchases on Amazon?
While Amazon and most other large online retailers do not accept bitcoin directly, buying an Amazon gift card with bitcoin is easy by navigating to various retail Bitcoin-friendly retailers like Bitrefill.com at the exchange rate. As far back as 2014, Amazon said it had no plans to engage with bitcoin.
The Bottom Line
The list of goods and services you can buy with Bitcoin and other cryptocurrencies is growing as people and vendors get more comfortable with virtual money. Insurance, consumer staples, luxury watches, and event tickets are among the items that cryptos will buy. Available from major crypto exchanges and other providers, debit cards permit holders to withdraw cash from participating ATMs.
