Today, cryptocurrencies are becoming an increasingly popular alternative to fiat money for the purchase of goods and services. Businesses all over the world — from giant companies to small businesses — are starting to accept payments in cryptocurrency, offering digital asset owners a wide range of opportunities to use it. In today’s article, we will look at how and what you can buy with cryptocurrency in 2024.
Why Are Crypto Payments Used?
The use of cryptocurrency payments is attractive due to its convenience, speed and security. However, like any technology, they have their advantages and disadvantages. Let’s have a closer look at them.
The key advantages of crypto payments include the following:
Cryptocurrency transactions are processed quickly, and blockchain technology makes them safer.
Transaction fees for crypto payments are usually lower than for traditional payment methods such as credit cards or bank transfers
Payments can be made from anywhere in the world, with no restrictions on who can make or receive them.
There is no need to withdraw cryptocurrency to a card or cash it out in advance.
Some stores offer a discount or cashback when paying with cryptocurrency.
Despite their many advantages, crypto payments still have some disadvantages, including:
A characteristic feature of cryptocurrencies is their volatility. It is almost impossible to sell and buy cryptocurrencies at the same price.
In many countries, there are significant restrictions or no clear rules on the use of cryptocurrencies.
Although blockchain transactions are secure, users should take care to keep their private keys safe, as losing access to a crypto wallet can lead to the loss of assets.
What Can You Buy with Crypto?
In September 2023, according to Buy Bitcoin Worldwide, there were more than 15,000 companies worldwide that accepted cryptocurrency payments. Today, cryptocurrency users have reached the point where they can buy almost anything with it: from expensive cars to everyday expenses such as food or coffee. The list is constantly expanding, so below is a list of companies and services where you can pay with crypto.
Electronics
Buying electronics with cryptocurrency is one of the most popular options among users. For example, online retailers such as Newegg and Overstock allow users to buy smartphones, laptops, TVs, and other gadgets for Bitcoin and other digital currencies. Moreover, electronics is a category of goods where crypto payments are actively used due to the convenience and speed of transactions. Users can also buy products from Apple, Samsung, Sony and other leading brands in specialised stores or on platforms that support crypto payments. In addition, Apple has entered into a partnership with BitPay to add Mastercard to Apple Wallet for US residents. In addition to this, the company recently took a significant step towards integrating cryptocurrencies into digital payments by opening up access to its NFC and Secure Element (SE) payment chips to third-party developers for the first time. This solution will allow iPhone users to make cryptocurrency payments with a simple touch. Circle, the developer of the USDC stablecoin, has announced that iPhone owners will soon be able to make crypto payments as easily as with Apple Pay.
Cars
The automotive industry is also actively integrating crypto payments into its operations. One of the most popular examples is Tesla. For a long time, it was possible to pay for a car using Dogecoin. Currently, this function is suspended, but the company’s owner Elon Musk has recently hinted at the possible return of DOGE as a means of payment.
In October 2023, the luxury car brand Ferrari introduced the possibility of paying with cryptocurrencies in the United States, including Bitcoin, Ether, Dogecoin, and USDC stablecoin. And in July, they announced the expansion of their cryptocurrency payment system to a network of European dealers. By the end of 2024, they plan to integrate crypto payments in other countries of their international dealer network where cryptocurrencies are legally accepted.
The list also includes such well-known companies as Lamborghini, Porsche, BMW, etc. Their official dealers have added the option of paying with cryptocurrency, but some of them are still limited to the US territory.
Clothes, Shoes and Accessories
Fashion is also becoming available for crypto payments. Well-known clothing brands that can be purchased with cryptocurrency include Adidas, Allbirds, Columbia, Gap, H&M, and Puma, but it should be noted that they support indirect crypto payments via gift cards. Also, clothing brands such as Gucci and Ralph Lauren accept crypto in some specific regions.
Food
While crypto payments used to be associated only with large purchases, today they can be used to pay for coffee or pizza. In particular, you can buy something tasty in such establishments as KFC, Burger King and other chains, but again, with the help of gift cards. The largest coffee chain Starbucks has also integrated a bitcoin wallet into its app to accept crypto payments.
Tickets
Today, users can pay with cryptocurrency for absolutely any type of ticket, from airline tickets to football tickets. For example, Destinia is the first online travel agency to sell tickets for cryptocurrency. They were able to integrate Bitcoin payments back in January 2014. Today, the site offers digital assets to buy airline tickets from 600 airlines, train tickets, book hotels, and rent cars.
Also in 2019, Travala, a leading travel booking platform, entered into a partnership with Booking. Travala allows its customers to book any hotel from the Booking.com aggregator and pay for it with cryptocurrency. In addition, users can book flights and excursions around the world using digital assets.
Cryptocurrencies can also be used to pay for cinema visits, and since 2022, the AMC mobile app for US cinemas has allowed customers to buy cinema tickets online using cryptocurrencies such as Bitcoin and Ethereum.
Football fans also have the opportunity to pay with digital assets. In particular, in August 2022, Oxford City Football Club allowed fans to pay for tickets, food, and drinks at its RAW Charging Stadium during a match with cryptocurrency. At the same time, football fans can now also attend a Nations League match by paying for tickets with cryptocurrency. Recently, cryptocurrency exchange WhiteBIT published an announcement of tickets for a football match in Wrocław on 14 October, which will be available for cryptocurrency. In addition, earlier in April, another cryptocurrency exchange, Crypto.com, enabled AFL fans to purchase food and drinks at the Adelaide Oval stadium in Australia using digital assets.
Subscriptions
Cryptocurrency can also be used to subscribe to various services or media. Among the major publications, the Chicago Sun-Times became the first major publication to accept BTC on its platform in 2014. In the same year, Time Inc. started accepting cryptocurrencies to pay for digital magazine subscriptions. And in 2019, the magazine publisher entered into a new cryptocurrency partnership with Crypto.com.
Video, music, and content streaming platforms such as Netflix, Amazon Prime, and Spotify offer the possibility to pay for subscriptions using digital assets, but with gift cards.
How to Pay for Products or Services with Cryptocurrency?
Cryptocurrency payments are made directly through special payment services. The following are among them:
Switchere is a cryptocurrency exchange platform that allows users to buy, sell and exchange various cryptocurrencies.
Among the main advantages:
The platform supports over 30 different digital assets.
Simplicity and user-friendly interface
The platform offers 2FA to protect accounts by requiring mobile device authentication for login
Has a referral programm
Transaction speed
Whitepay is a crypto processing platform that is part of the WhiteBIT ecosystem, providing technical solutions for accepting cryptocurrencies for businesses and charities: crypto acquiring, POS terminals, payment pages, crypto banks, and widgets.
Advantages:
The platform supports more than 140 digital assets and several fiat currencies.
User-friendly interface.
Implemented security measures such as multifactor authentication, withdrawal protection, and safe development practices.
Low fees
Fast transaction speed
Detailed financial reports and control of funds
Cryptopay is a digital payment platform that allows users to securely accept credit card and mobile payments.
Advantages:
The platform supports over 30 cryptocurrencies
Cost-effective
Fast and easy payments
Flexible integration
Safe storage: Cryptopay distributes your cryptocurrencies between hot, warm, and cold vaults to ensure the safety of your funds
Conclusion
Today, cryptocurrencies have become an affordable and convenient means of paying for a wide range of goods and services, from household appliances to cars and even media subscriptions. The advantages of crypto payments, such as speed, security and reduced fees, make them attractive to both consumers and businesses. However, some obstacles, such as volatility and regulatory restrictions, continue to affect the speed of their global integration. In 2024, the ability to use cryptocurrencies for everyday purchases is set to become even wider, opening up new horizons for users around the world.
Originally published at https://36crypto.com on September 27, 2024
