10 Things You Did Not Know You Can Buy with Bitcoin
When Satoshi Nakamoto proposed the bitcoin in 2009, industry experts were unsure how it would perform. But, 8 years have passed since they were introduced and bitcoins are still going strong.
What are bitcoins?
The bitcoin is a cryptocurrency, also known as a digital currency. Essentially, it is a series of sophisticated computer codes which have monetary value associated with them. These codes have been developed using complicated mathematical computations and have been mined, shaped, managed and policed by users known as miners.
Bitcoins were the very first cryptocurrencies ever created and they were mined by a developer who called himself Satoshi Nakamoto. The objective of the bitcoin was to create a digital currency which was not controlled or managed by a central authority and which could be easily transferred electronically over the net under high anonymity and under very low transaction costs.
Today, bitcoins are highly prized because they allow the general public to indulge in transactions outside of the purview of the law. Since they are not regulated by any central financial institution, bitcoins can not only be used extensively under the radar, but they can also be minted just as quickly and easily. With the right hardware, money and coding skills, absolutely anyone can mine bitcoins and use it. As of today, a single bitcoin is worth $13,626.43.
A guide to making purchases using bitcoins
Despite all the bad reviews, not all is negative with bitcoins. These cryptocurrencies act as real cash online and can be used to purchase a host of goods and services.
Here is a list of the 10 most common things you can buy with bitcoins:
- Real estate
If there’s one industry that’s benefiting due to the introduction of bitcoins, it is real estate. Today, you can buy homes and mansions using cryptocurrency. Texas was the first place in the United States where a bitcoins-only real estate purchase transaction took place. The seller cited the transaction as extremely smooth and was in complete favor of this mode of digital payment.There are also websites like Australia’s Bitcoin Real Estate, where all transactions occur only in bitcoins.
Tesla has always been known for its creativity and innovation; and what could be a better testament to this than the company’s decision to allow buyers to use bitcoins to purchase their new Tesla 3 cars?These days, you also have credit card companies manufacturing specialized cards specifically for loading bitcoins. All you need to do is load the bitcoin on the card and use the card to make a transaction. This is exactly what some Tesla customers did.The Tesla Model S and the Tesla Model X are two other models which are also available for purchase using bitcoin transactions.
- Precious stones and metals
Have you ever used gold to buy gold? Well, with bitcoins you can. Bitcoins are regarded akin to gold by cryptocurrency experts, because of the huge value they have in the market. Today, you can use bitcoins to purchase everything from gold coins to diamond necklaces.Precious stones and expensive jewelry have experienced a rise in sales, ever since bitcoins were accepted by vendors across the world.
Guns are the only negative purchase on this list. Bitcoins have made purchase of illegal items such as firearms possible, due to their decentralized nature and their anonymity. If a person purchases guns through bitcoins, law enforcement agencies will be unable to establish a digital footprint for the same; making it extremely easy for anti-social elements to engage in illegal weapons export.However, even registered firearms dealers in the United States, like the Central Texas Gun Works, accept bitcoins for all online and in-store purchases.
- Taxi rides and airplane tickets
Argentina, Hungary, Lithuania and London are the only places in the world which allow customers to pay their cab fares using bitcoins. Londoners use a Bitcoin Plastic Card which can be loaded with bitcoins and people in Budapest can create accounts with digital payment companies like TheCoinPay to transact using bitcoins.Are you planning to fly out for the holidays? Why not book a flight on Expedia or CheapAir.com? You can get the best seats and book in-flight meals, all while paying through bitcoins. AirBaltic from Latvia was the first airlines to accept bitcoin payments.
- Alcohol and coffee
The F&B industry has always evolved with the trends and this was true for bitcoins as well. Pubs like Sydney’s historic Old Fitzroy accept bitcoins for beer. California is another place where it is now legal to use bitcoins to buy booze.If teetotalers are feeling left out, then they can head over to Singapore’s Ducatus restaurant and use their bitcoins to buy an espresso. This is the only restaurant in the world where customers can pay for their coffee using bitcoins and other cryptocurrencies.
Did you know that the first ever bitcoin purchase in the world was two pizzas for 10,000 bitcoins? Food has always been on top of the purchase list of regular bitcoin users. Today, we have food manufacturers and sandwich store owners like Subway in Allentown, Pennsylvania and Burger King in Arnhem, Netherlands who have started accepting bitcoins as payment.It’s not just pizza parlors and sandwich shops that accept bitcoins now. Pet shops like California-based Happy Tails Barkery’s also accept bitcoins for purchase of pet treats.
- Powerball tickets
America’s favorite pastime is now more accessible through bitcoins. The app Jackpocket allows New Yorkers to purchase Powerball tickets using cryptocurrencies.The most recent trend in lottery and raffle tickets is the sale of bitcoin lottery tickets – lotteries where the jackpot is given in bitcoins and not in cash.
- Funeral service and materials
Yes, bitcoins have reached the sunset years of our lives as well. Companies like Minnesota’s Crescent Tide Funeral & Cremation, sell caskets and other funeral products for bitcoins. They also offer a 3% discount to buyers who use this digital currency.These days, you can also prepare a digital inheritance and leave behind bitcoins for your posterity.
Cork Street’s famous Dadiani Fine Art Gallery is all set to accept bitcoins for their art auctions and art sale. Owner and curator Eleesa Dadiani believes bitcoins will invite more non-traditional buyers from entering the art scene; allowing more investments to enter the $60 billion market.Not only bitcoins, but the exhibit is geared to accept all types of cryptocurrencies, including Ethereum, Dash, Litecoin and Monero.