Items Most Often Bought With Bitcoin
Although Bitcoin was initially intended to conduct daily transactions, enabling individuals to purchase anything from a simple cup of coffee to a computer or even a house, it became widely used for criminal activities after its launch. However, as of 2023, illegal activities no longer make up the majority of Bitcoin’s usage. In fact, the legitimate uses of Bitcoin are more extensive than many people realize, and its range of goods and services that can be obtained lawfully continues to expand.
Although the number of institutions accepting Bitcoin is increasing steadily, significant cryptocurrency transactions are still infrequent. For instance, very few reports of real estate transactions have been conducted using Bitcoin. Nonetheless, individuals can purchase diverse goods from e-commerce platforms using Bitcoin, and several product categories are particularly popular. Here are some examples of the most frequently used categories.
Bitcoin gaming platforms offer a range of games that reward players with free Satoshis for keeping them engaged, and simply downloading the gaming apps can lead to earning free Bitcoins. Casino sites that accept Bitcoin are seen as the future of gaming, where players earn BTCs by clearing levels and accumulating points that can be redeemed as Bitcoins and transferred to their linked wallets. Most online casinos offer a set of zero-deposit games that can be played for free, and players can win free Bitcoins after winning by using their skills. These points can be converted to Bitcoin and cashed out at any time.
Despite being created more than a decade ago, Bitcoin casinos have gained significant popularity in recent years, and according to current value prediction, there is adequate potential for the most popular digital currency. The online casino industry has embraced cryptocurrency, allowing players to use it as a deposit currency for games such as slots, blackjack, roulette, and baccarat. With Bitcoin, players can easily fund their accounts and withdraw winnings, avoiding the traditional debit or credit card methods.
Newegg, AT&T, and Microsoft are some of the tech companies that accept Bitcoin on their websites, although Microsoft only accepts it on its online store and does not allow ads promoting cryptocurrency on its site. Overstock was one of the first e-commerce platforms to accept Bitcoin, and other sites such as Shopify and Rakuten also allow Bitcoin purchases. Notably absent from the list of bitcoin-accepting retailers are Amazon and eBay, although eBay has shown interest in cryptocurrency in the past and has recently expressed interest in exploring all forms of payment, including cryptocurrency and NFTs.
Some car dealerships, ranging from luxury dealerships selling high-end vehicles like Lamborghinis to those offering more practical cars like Subarus, already accept bitcoin as a form of payment. Tesla, an electric carmaker, joined this list in March 2021 after CEO Elon Musk, a cryptocurrency enthusiast, tweeted that Tesla would accept Bitcoin. However, a few months later, Musk tweeted that Tesla was suspending Bitcoin payments due to environmental concerns.
Luxury goods makers and retailers have started accepting Bitcoin as a payment method. BitDials is an example of an online luxury retailer allowing customers to purchase high-end watches such as Rolex and Patek Philippe with bitcoin and other cryptocurrencies. Franck Muller, a luxury watchmaker, even produced a watch embedded with gold and diamonds and containing a QR code from the Bitcoin genesis block. Additionally, certain jewelry stores have teamed up with payment processors to enable crypto-based transactions in their stores.
The insurance industry has been slow to adopt cryptocurrency, but this is starting to change. Whole life insurance remains largely unavailable for purchase with Bitcoin, some insurance providers are beginning to accept Bitcoin as a form of payment for other products. For example, Swiss insurer AXA announced in April 2021 that it was accepting Bitcoin for all its insurance products except life insurance due to regulatory issues. Metromile, an auto insurance agency that sells “pay-per-mile” policies, also accepts Bitcoin as a form of payment for premiums.
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