Paying in cryptocurrency is no longer something surprising or unusual. While a decade ago there was a lot of skepticism about the move to virtual assets, today in 2022 cryptocurrency has gained a new status not only among large companies but also among individuals. However, if you are interested in cryptocurrencies or already own some digital assets, you are probably wondering what you can spend them on. From this article, you will know some ways to spend on cryptocurrency nowadays. Here’s a more in-depth look from Buidlbee on that question, as well as an answer to what you can buy with cryptocurrency nowadays
Most people think of cryptocurrency solely as an investment tool, providing high returns in a short period of time. But the development of financial markets and the emergence of new services make it also a relevant means of payment when purchasing meaningful things as well as during online shopping.
What can I pay for with cryptocurrency?
More and more services are now proposing cryptocurrency payments, and those that do offer this option have a greater advantage because customers have an additional convenient way to pay. Companies are increasingly integrating virtual assets into their business. Nowadays, the answer to the question of what can be paid in cryptocurrency is literally ‘everything’, as there are almost no fields left where crypto does not participate. However, it is worth noting straight away that digital asset payments are particularly popular in the economic and business sectors. The most in-demand industries have been:
Here are 5 ways to spend on cryptocurrency nowadays
1. Real estate and premium goods
For the first time, residents of Canada were able to buy a house with cryptocurrency back in 2013. For now, living in 2022, this practice is being used with increasing frequency. The process is quite simple: the buyer transfers the crypto to the exchange, the exchange sells it and then transfers the traditional money to the real estate agency. Purchasing premium goods such as cars, yachts, boats, catamarans, as well as jewelry and diamonds are also in high demand.
Cryptocurrency has made it possible to pay for a number of other services as well. You can now use virtual currencies to pay for hotel reservations, airfare, education, courses, fitness and various company services.
3. Buying food in restaurants
Food is one of the main areas of consumption in today’s world, which is also keeping pace with changes in payment systems. Many businesses are actively starting to accept digital currency as a substitute for cash. Companies such as Pizza Hut, Starbucks Subway and Burger King are actively using digital assets. And the pizza chain Domino’s is even offering customers an extra discount for paying in cryptocurrency.
Software and various applications are also among the sought-after products that can be purchased with digital assets. For instance, you can buy Microsoft software, website hosting, or even Xbox games.
Payment in cryptocurrency on the site is available from many companies, including even Shopify, an online shopping software developer, but for now only works with bitcoins, but there are plans to expand the list of accepted virtual currencies. In addition, you can bet at online casinos and betting shops, shop online, top up hosting services, buy courses at online schools and much more.
Benefits of paying in cryptocurrency
We should also remind you that paying for goods and services with cryptocurrency has many advantages. First of all, it is profitable, as the benefit is guaranteed by low fees. Commissions, unlike bank payments, are not counted as a percentage, but are charged as a fee for using the network, and the cost is far lower than for paying by card. It’s also very quick as the transactions are done on a continuous basis, so the funds are credited to the merchant’s account immediately. And most importantly, it’s completely secure. When using cryptocurrency as a means of payment, there is complete confidentiality as the operations are done anonymously.
Paying with digital assets is only going to gain momentum in the near future, so if you are still thinking about starting to invest in it now is the right time.