This November, Fintech time seeks to broaden the understanding of digital currencies, ranging from the use of blockchain outside of crypto to CBDCs, with the aim of replacing the notion that digital currencies are synonymous with crypto.
As cryptocurrency continues to gain popularity, many crypto newbies may be wondering: what exactly can you do with it? While some people are happy to view crypto as an investment, such as buying bitcoin in the hope that your investment will grow and you will earn money, crypto is actually a fully usable currency.
While it is true that you are still relatively limited as to where you can buy things with your cryptocurrency stash, the number of institutions accepting tokens is increasing. Often the easiest way to make a purchase is to use an encrypted debit card. These cards come preloaded with your crypto, and while you spend your assets, the retailer receives fiat money as payment.
So what exactly can you buy with cryptocurrency?
The answer to that question is, well, anything. Of course, it depends on whether the merchant accepts the currency or not, but you can buy a multitude of products on e-commerce sites using bitcoin and other currencies.
Speaking on this, Paul Ardoino, CTO at Bitfinex said, “Over the past year, we have seen a massive increase in the number of businesses using digital tokens as a method of payment. The list has grown to include everything from hotel reservations to mortgages and retail. Interestingly, one of the main drivers of crypto payments that we’ve seen has been the Lightning Network.
“The Lightning Network is a second layer technology applied to bitcoin that uses micropayment channels to scale its blockchain’s ability to transact more efficiently. With the help of the Lightning Network, transactions are faster, cheaper, and more easily confirmed than those made directly on the bitcoin blockchain. The Lightning Network has the potential to ensure that consumers can buy almost anything with digital tokens in the future. “
On another side, Brock Pierce, Bitcoin Foundation The president, said, “Every month more and more companies are accepting crypto purchases, but at the same time most investors and crypto holders don’t want to spend them because they use them more as inflation hedge and store of value. People are also starting to use stablecoins as a means of payment for many industries. Crypto has no cap as long as governments around the world continue to print fiat money over and over again. “
The first two buildings of the Aurora and Saudade ocean projects, with a total value of 4.1 million euros, were sold to Portugal by Prometheus International and paid in cryptocurrency. This sale makes it the first and most expensive luxury real estate purchase in Portugal since the blockchain revolution.
Priyesh Patel, CEO of Prometheus, today revealed that the company struck a deal in August to sell two luxury homes, paid for with the Cardano cryptocurrency.
The company has developed new protocols that allow the integration of this new area of markets with its national KYC requirements to complete the transaction in euros before registration and make it compliant with European laws.
These are not the only luxury properties that have been bought or sold via crypto, with the sale of real estate becoming more and more common, especially to promote a property and create a buzz around the sale.
Some car dealerships are now accepting bitcoin, and not just the big names either. not only have several Lamborghini dealers have started offering bitcoin as a payment method, but even smaller, local dealers are offering the option to customers
Of course, Bitcoin took a heavy hit in this area after Tesla allowed their cars to be sold in bitcoin and then announced that they would no longer accept the payment method a few months later, touting climate concerns.
Surprisingly perhaps, the insurance industry is even embracing crypto, with the Swiss insurer AXA announcing earlier this year that it had started accepting bitcoin as a payment method for all of its lines of insurance except life insurance (due to regulatory issues).
AXA is the first all-branch insurer to offer this solution, with the new payment option available to all individuals.
“This is AXA’s response to the growing demand from its customers for alternative payment solutions, with new technologies playing an increasingly important role,” said Claudia Bienentreu, Head of Open Innovation at AXA Switzerland.
Many luxury and high-end manufacturers and retailers have started to accept bitcoin as a form of payment. Online luxury retailer BitDials offers premium watches, and many other retailers have followed suit, offering premium brands like Rolex and Patek Philippe. BitDials has also launched a crypto series of luxury watches, inspired by cryptocurrencies and verified by blockchain technology.
When it comes to accepting cryptocurrency, it really comes down to the trader. It may surprise you how willing many retailers are to accept crypto as a form of payment, even in more harmless places like grocery stores or gift shops. It’s not just about the high-end luxury market, crypto can really pop up anywhere.