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Can Cryptocurrency Be Used to Pay for Goods and Services?

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Thu, 17/06/2021 - 18:35
Can Cryptocurrency Be Used to Pay for Goods and Services?
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The cryptocurrency revolution was supposed to bring transparency, lower costs, and ease of use to industries far and wide, but are cryptocurrencies really accepted as a form of payment for goods and services? Read on to find out.

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While the entry of institutional players such as JPMorgan and PayPal into the cryptocurrency space made headlines, there are hundreds of businesses and organizations that already accept cryptocurrencies – not just Bitcoin but other popular tokens and assets such as Ethereum, Dogecoin, XRP, Litecoin – in exchange for goods and services. Here we have compiled a list of places you can spend your hard-earned crypto assets.

  • Overstock, an online retail giant, was an early adopter of Bitcoin-based payments. It allows users to spend from their personal verified Bitcoin wallet at checkout.
  • You can fund your Microsoft account with Bitcoin, but you can only use those funds in the Windows or Xbox online store. You cannot use Bitcoin in your Microsoft account in the Microsoft online store. However, some Minecraft servers use the Bitcoin network to run their in-game currency, taking Bitcoin payments to a whole new level. Twitch also accepts Bitcoin
  • Virgin Galactic allows you to purchase travel for Bitcoin, and Expedia allows you to make bookings and pay for hotels using Bitcoin. You can book flights using Bitcoin on CheapAir as well, or take a cruise with Ships & Trips Travel using your Bitcoin balance. Car dealerships are also joining the fray, providing travelers and renters transportation services for Bitcoin.
  • You can donate to Save the Children using Bitpay.
  • Use eGifter to buy online gift cards, and shop on NewEgg or Rakuten, a large Japanese electronics retailer, for electronics using your crypto tokens.
  • According to this article, the Caruso real estate company is accepting Bitcoin for rent payments at many of its properties, and this news comes soon after the news of PayPal opening cryptocurrency payments to its 300 million+ user base (as well as Intuit, a financial services tech company).
  • Tesla, Burger King (in Venezuela), Etsy, and Amatil, a Coca-Cola distributor in the Asia-Pacific region, all accept Bitcoin as a payment option or have done in the past.
  • Yum Brands, owner of renowned brands such as KFC, Pizza Hut, and Taco Bell accept Bitcoin at select locations. Subway, Domino’s Pizza, and Eat Me Bangkok (location-specific) also accept Bitcoin for food purchases.
  • You can shop at Whole Foods using the “Spedn" app, and Starbucks also allows users to use Bitcoin toward earning rewards and items.
  • Time Magazine accepts a wide range of crypto assets such as Bitcoin, Ether, Dogecoin, XRP, and Litecoin, as well as DeFi tokens such as Uniswap, Aave, Balancer, and Compound to pay for digital subscriptions.
  • You can rent space at WeWork using Bitcoin.
  • In the entertainment space, online digital music retailer Beatport accepts Bitcoin, and you can use bitcoin via bitpay to pay for other forms of entertainment such as Dish TV, basketball tickets, and on Chess.com.

The list above is by no means definitive and only covers some of the more recognizable brand names from around the world. There are hundreds – if not thousands – of smaller businesses that accept cryptocurrencies for goods and services. These businesses include:

It has taken over a decade, but it is clear that Bitcoin and cryptocurrencies are here to stay. The lists above show the power and traction that crypto-based payments already have, and the future will likely only bring new waves of acceptance and innovation - and new use cases - to crypto tokens and assets of different kinds.

Cryptocurrency adoption is currently on the rise and the final possibilities of the industry remain endless. Wisebitcoin seeks to accelerate the power of your cryptocurrency through a cloud network of 280 global exchanges with daily trading volumes over $6 million and an active user base of over 15 million. It has been designed to provide users with a secure, optimized, and performant trading experience.

Wisebitcoin, a flagship one-click trading-enabled platform for web and mobile, offers cryptocurrency trading services for over 50 currencies and tokens as well as investment options using leveraged ETF tokens, perpetual swaps, and more. The platform provides liquidity to cryptocurrency exchanges and traders whilst maintaining a stable and secure trading environment in volatile crypto markets. You can create an account and explore various cryptocurrency investment options on Wisebitcoin here.

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