What can I buy with my cryptocurrencies?
For most people, cryptocurrencies are simply an investment, a way to reap profits by buying low and selling high, but an increasing number of merchants and services are accepting crypto payments.
The change to practical and everyday use is motivated by some factors. Some of them are increasing adoption, reduced transaction fees and the direct nature of transactions, which gives merchants access to a potentially larger consumption base. All of this without the traditional geographical limitations, just like a digital bank does.
Let's take a look at some of the industries that are leading when it comes to adapting to the new economy.
Travel and Tourism
The travel industry is itself a global industry, which makes it perfect for accepting cryptocurrencies. Some of the major travel agencies like Expedia, CheapAir and BTCTrip are now accepting cryptocurrencies as a form of payment.
In fact, BTCTrip is just for travelers and customers who want to pay using Bitcoin. As the adoption of cryptocurrencies grows, options for the area are increasing exponentially.
For example, More Stamps Global is an online travel agency based in Hungary that accepts many of the most popular cryptocurrencies, including BCH, Dash, ETH, BNB and LTC, among others.
Overstock was one of the big online stores to start accepting Bitcoin payments in 2014. Since then, its model has been followed by competitors like eGifter, Newegg, and any company that uses Shopify's payment solution for its online activities. This latest development means that the number of places you can spend your crypto is in the hundreds and growing every day, making it easier for your users to make money on the internet.
Shopping voucher companies like eGifter or Gyft also allow the purchase of cards with Bitcoin. These vouchers are refundable on Amazon and other stores.
While the luxury real estate sector leads the way in accepting cryptocurrencies for the acquisition of properties, more and more popular companies are also moving towards the new economy. This is especially common among younger customers who are looking to buy properties across borders.
After all, you no longer have the hassle of traditional exchange costs or the difficulty of arranging payment in a country in which you do not live. Bitcoin Real Estate offers properties around the world for purchase and rent using Bitcoin, Ethereum, Litecoin, Ripple and more.
The great advantage of using cryptocurrencies in the real estate sector is the speed of transactions. As anyone who has used traditional mortgage credit knows, the wait for the transfer of funds can seem endless, while the fees charged by financial institutions often seem criminal.
WordPress has teamed up with Blockonomics to integrate the use of cryptocurrency payments into their websites using Woocommerce. Bearing in mind that WordPress accounts are around one third of all websites on the internet, this is a significant evolution.
Of course, the website owner needs to allow the crypts to be accepted, but this has become very easy to do. Other online services that accept cryptocurrencies include the registration of Namecheap domains and the ExpressVPN provider, one of the best VPN for Android.
Fast food and restaurants
There is a reason for the United States to lead when it comes to this sector. American payments startup Flexa has allowed companies like Whole Foods and Starbucks to accept receiving in Bitcoin, with many more following suit.
The list of other transactions that we can do using cryptocurrencies is long and varied. Some states in the United States, for example, are in the process of passing laws that allow taxes to be paid using cryptocurrencies, while more and more payment portals are also being developed to take advantage of high consumer demand.
From tickets to sporting events to concerts, a wave of adoption is sweeping the world. The gaming industry, which is traditionally very adventurous and understandable, is allowing microtransactions within multiplayer mobile games using cryptocurrencies.
How to start using cryptocurrencies?
Buying, storing and using cryptocurrencies is easier than ever. A licensed broker like Kriptomat offers an all-in-one solution that provides the user with a digital wallet, a place to buy a wide variety of different currencies and safe and secure storage.
You can use bank transfer or even your credit card to purchase the currency of your choice.
The options for using cryptocurrencies are already vast and are growing by the day. The advantages over traditional payment methods mean that we are at a critical juncture and we should expect to use crypto for absolutely any transaction in the very near future.
There is no other time than now to start venturing out and getting used to this new economy full of endless opportunities. You can follow the Bitcoin quote or start learning how to mine Bitcoin.