• Thu. Sep 29th, 2022

5 Things you Can Buy With Bitcoin in 2022

ByWikafever

Aug 4, 2022 ,

In this article, we have carefully outlined a list of things you can buy with Bitcoin in 2022 just in case you have been wondering.

Since the creation of Bitcoin in 2009 by the mysterious Satoshi Nakamoto, the trend has grown tremendously and people, businesses, and Governments around the world have accepted this trend and embraced it as a form of payment.

After the price surge in 2017, many retailers and businesses announced that they will start accepting the digital asset as a form of payment only for most of them to back away from the decision later when the viability of the coin came into question. Nevertheless, more companies have added Bitcoin to their payment methods.

Bitcoin currently has a scaling solution to people’s questions about its viability and this solution is called Lightning Network. One of the most significant problems that the lightning network will solve, is to make Bitcoin usable for little transactions, as tiny as purchasing a cup of coffee.

The second problem the lightning network hopes to solve is speeding up transaction time and also reducing transaction costs.

It is safe to say that Bitcoin is on its way to fulfilling the visions of the inventor Satoshi Nakamoto of making it an acceptable currency for daily transactions.

Some online stores that accept Bitcoin as payment

Already leading in the trend of accepting the digital coin as a form of payment are some well-known online stores in the United States and Canada. Below is a list of some of these stores.

  • Microsoft: An American multinational technology corporation that produces computer software, that allows its users to fund their accounts using Bitcoin.
  • Newegg: An online retailer of items including computer hardware and consumer electronics accepts Bitcoin payments for most of its products.
  • Home Depot: An American home improvement retail corporation that sells construction products accepts Bitcoin as a form of payment.
  • Shopify: A Canadian multinational e-commerce company that also allows its users to create their online store accepts Bitcoin payments. The company partnered with CoinPayments, BitPay, and Coinbase Commerce in 2020 to this effect.
  • Overstock: An American furniture internet retailer company with its headquarters in Midvale, Utah. They partnered with Coinbase, to enable Bitcoin and other altcoin as a form of payment.

How to buy things with Bitcoin in 2022

There are several ways to buy things with your Bitcoin, but the easiest way is using a crypto debit card. Those cards are loaded with the cryptocurrency you plan on spending.

While you pay with the crypto, the seller receives an equivalent fiat currency as payment. The transactions occur easily and stress-free because these crypto debit cards partners with credit card processing networks like Visa and Master cards.

Another way to buy things with Bitcoin is using gift cards. A large amount of Bitcoin-related transactions are gift card purchases. This is the easiest way of buying items with Bitcoin from large companies as well as small local businesses.

Things you can buy with Bitcoin in 2022

Ironically, while there are lots of companies opening their doors to Bitcoin payments, there are still rare large transactions involving it. Even though it might be difficult to use Bitcoin in large transactions deals like real estate, there are a wide variety of products you can purchase from e-commerce stores using Bitcoin. Here are some of the categories you can use Bitcoin in:

  • Insurance
  • Car Dealership
  • Jewelry
  • E-commerce products and Technology
  • News Media

Insurance

The insurance industry has moved over the years to start accepting Bitcoin as a form of payment for products in their portfolio. Though, due to regulatory issues, it has not been accepted as a mode of payment for life insurance.

For example, the Swiss insurer AXA made a statement in 2021 announcing that it had started receiving Bitcoin as a form of payment for all non-life products with bitcoin. Metromile is another insurance company that also announced the acceptance of Bitcoin as a mode of payment for its premium payments.

Car dealerships

In March 2021, Elon Musk announced via a tweet that his car company Tesla was going to start accepting Bitcoin as a form of payment for its products and has since been the biggest and most recent name to join the trend.

Though a few months later, he tweeted that the car dealer giant will be putting a hold on accepting the digital coin as a payment method highlighting environmental concerns.

Other car dealers are also accepting the coin as a payment method for cars like Lamborghinis and other luxury vehicles.

Jewelry

Quite a several expensive and luxurious jewelry makers and sellers have already begun to accept Bitcoin as a form of payment. Popular luxury watchmaker Franck Muller accepts Bitcoin as a form of payment and even has a watch made with gold and diamonds containing a QR code from the bitcoin genesis block.

Another big wristwatch dealer BitDials sells expensive watches like Rolex, Patek, and Philippe also accepts Bitcoin as a form of payment for these products.

E-commerce products and Technology

Many companies that deal with tech products now accept Bitcoin as a form of payment for their items. We already gave some examples above of these companies that accept Bitcoin. Newegg and Microsoft are some of the big names already following the trend.

E-commerce stores like Overstock were among the first to announce their acceptance of Bitcoin as a form of payment in 2014. Japanese e-commerce giant Rakuten also allows you to pay for products using the digital asset as well as Shopify.

eBay made a statement saying they are hopefully looking into the future accepting all forms of payments including cryptocurrency and also NFTs.

Paypal now also allows users to buy, sell and hold Bitcoin and other cryptocurrencies in their accounts.

News Media

Notable cryptocurrency media outlets generally accept Bitcoin as payment for subscriptions to their products. The first major publication to accept Bitcoin as payment was the Chicago Sun-Times in 2014. Time inc also started accepting Bitcoin that same year for subscriptions.

Conclusion

The number of products, goods, and services you can purchase using Bitcoin continues to grow daily as more companies continue to get comfortable with the idea of using digital assets as a form of payment.

Among the things that you can buy with Bitcoin in 2022 include luxury jewelry, expensive cars, media subscriptions, tech products, and insurance plans. There are two major ways to buy things with Bitcoin. You can either buy using a debit card or you can use gift cards. The debit card also allows users to withdraw cash from participating Bitcoin ATMs.

Originally posted on 36crypto

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5 Things you Can Buy With Bitcoin in 2022 was originally published in Coinmonks on Medium, where people are continuing the conversation by highlighting and responding to this story.