What to Buy with Bitcoins in 2020?
Bitcoin and cryptocurrencies are establishing a new decentralized and digital economy. Although many people perceive crypto assets as a form of investment, they can be used as fiat money in hundreds of retailers and services, both physical and online. So, what can you buy with bitcoins? In this guide, we give you a mouthful of how you can use your bitcoins in the real world.
How can you get funds in Bitcoin?
First thing’s first. If you are still not clear, we will give a brief review of how to buy Bitcoin. First of all, you should know that if you invest in bitcoin as a CFD, you will not actually own any BTC. Consequently, this guide only applies to those who have acquired bitcoins. In other words, users who bought bitcoins from an exchange or a broker that offers both options, such as eToro.
Once you choose the platform of your choice, you must follow a specific process to buy Bitcoin. The verification procedure, loading of funds and purchase varies a little on each platform. You can start on the following recommended platforms:
What can I Buy with Bitcoin? Our updated list
Computer services and digital content
This is probably the category where Bitcoin has had the most adoption, due to the ease of integrating it as an online payment method. Many providers have added the famous “Bitcoin accepted here” to the products and services of their website.
Digital content creators and managers who own bitcoins can easily use the digital currency on hundreds of websites. For example, WordPress, the extensive content management system, accepts BTC. It has been doing this for several years, trying to democratize the payment system and access to its services. On WordPress, you can use Bitcoin to buy packages, enabling you to create a website, plugins, templates and much more.
The technology giant Microsoft has not wanted to be left behind. The company already accepts Bitcoin payments to buy digital content in its Windows and Xbox stores.
There are other web hosting providers where you can purchase Cloud Computing services. Some smaller ones like BitDomain have joined the BTC team. Here is an updated list of digital service providers that allow you to buy products and services with BTC:
- Microsoft (Windows and XBox stores)
- Bloomberg (for annual subscriptions)
Travel and hotel reservations
Changing sector, we have Expedia. The travel agency accepts payments in Bitcoin through its agreement with Coinbase. Here, you can get airline tickets, hotel reservations, and car rentals. Please note that Expedia may change its terms and conditions repeatedly. You can check the updated information here.
But this is not the only site that offers travel. Destinia is another of the online travel agencies to sneak onto our list. Some airlines accept bitcoins as a means of payment, among these are CheapAir, Surf Air, Air Lituanica and Air Baltic. These companies have incorporated BTC as part of their payment methods to innovate and offer new options to their clients.
Retailers that accept BTC as a payment method
Another way to get a closer feel for the concept of the new economy is to start buying with bitcoins. We can purchase products or pay for services. Hundreds of online stores accept BTC as a method of payment. The number of companies that take Bitcoin is increasing, and today they cover almost all sectors of the economy. In Japan, there are already more than 260,000 physical stores that accept bitcoins. These companies have innovated and want to offer their users a more diverse range of payment methods.
One of the first was Overstock: The major online store started accepting BTC back in 2014. The company has been closely involved with the use of cryptocurrencies, selling shares on the blockchain, and even developing an exchange for tokens coming from ICOs. In this online store you will find everything from clothing and footwear to electronics and, yes, you can pay for everything with Bitcoin.
Other businesses, like Subway (the fast-food chain), have begun to accept Bitcoin, but on a smaller scale. Only some of its branches allow you to pay with the cryptocurrency. Newegg and Etsy are other examples of e-commerce stores where BTC is accepted as a means of payment.
Those who want to make donations with their funds in Bitcoin and other cryptocurrencies have a wide range of options. Big charities have joined the digital currency revolution, and big names are emerging. UNICEF has opened a fund to accept donations in bitcoin and Ethereum since December 2019. Other popular organizations on this list include Save the Children and The Water Project.
What can I buy with Bitcoin? Alternative cryptocurrencies
One of the utilities of Bitcoin is apparent: buying altcoins. Alternative cryptocurrencies are all those that aren’t the original and market-leading Bitcoin, and today there are more than 5,000. BTC is the base currency in hundreds of trading pairs. On many occasions, these pairs represent excellent opportunities to trade, both low and high, opening short and long positions.
Some exchange platforms allow you to buy other cryptocurrencies using Bitcoin and others, such as Binance or BitMEX accept BTC for the opening of futures contracts. The healthiest thing is to invest intelligently: set loss caps, do a thorough job of researching each project, carry out objective technical analysis, etc.
Bitcoin prepaid card: Use your BTC as cash
Finally, some platforms connect our bitcoins with all the payment platforms worldwide. So, we will be able to buy anything imaginable using Bitcoin. In this way, you can obtain prepaid cards that will handle your capital in cryptocurrency. You can use them directly, just like you use any credit or debit card. Some good examples in 2020 are Xapo, Coinbase and Revolut – for the latter, users do not get access to their digital wallets.
The money will be debited by making the change from Bitcoin to dollars (or other fiat currencies), and the platform will charge the corresponding commission.