We talked about what is cryptocurrency and how it works. But we’re still left with one of the most important questions – how can you spend cryptocurrency?
The market is still volatile, but the number of businesses hopping on the cryptocurrency wagon is steadily growing.
Here are a couple of ways you can use cryptocurrency for everyday things.
Invest it in education
In 2013, the University of Nicosia in Cyprus became the first university in the world to accept Bitcoin. Later, in 2014, King’s College became the first educational institute to accept cryptocurrency as payment in the United States.
Ever since, more and more universities and schools started accepting this form of payment, including:
- Lucerne University of Applied Sciences and Arts, Switzerland;
- European School of Management and Technology, Berlin;
- Mexico’s Universidad de las Americas Puebla, Mexico.
Travel the world
People say that traveling is the best thing you can spend your money on.
There are many websites that accept payment in cryptocurrency, with one of the most prominent ones being CheapAir. They have been accepting Bitcoin payments since 2013, and they might soon include altcoins into their payment system.
Another major travel agency that accepts payment in Bitcoin is Exepedia. Yet, at the moment, you can only play for your hotel booking using digital currency.
Purchase a home for retirement
In September 2017, a real estate brokerage firm in Texas has completed the first sale of property using only Bitcoin. Upon closing the transaction, the agent who represented the buyer stated:
“In all of my 33 years of closing transactions, I honestly couldn’t have expected something so unique to go so smoothly. In a matter of 10 minutes, the Bitcoin was changed to US Dollars and the deal was done!”
This helped pave the way for the evolution of Bitcoin, as the transaction proved that cryptocurrencies are a safer and more efficient way of doing business.
Today, Bitcoin is part of the mainstream economy, and you can buy houses, lands, or apartments using various crypto coins including Bitcoin, Ethereum, or Litecoin.
Donate it to charity
The evolution of the crypto industry also helped create many charitable projects and platforms.
One such project is AidCoin. This blockchain-based project allows people to transparently make donations to charities such as WWF, UNICEF, or Save the Children, through the Ethereum blockchain.
Another amazing project is Commit Good, a reward-based fundraising platform built on blockchain technology. The platform allows organizations to list their projects, and users vote on for the most impactful project.
At the end of each month, the project with the most votes receives an award of $10,000.
Buy a new car
If anyone is going to take the lead on introducing the automobile industry to the crypto industry, it’s got to be Elon Musk. Back in 2016, Mason Borda, the CEO of TokenSoft, pre-ordered his Tesla Model 3 using 2.413612 BTC.
One year later, in 2017, major European retailer Alza started accepting Bitcoin, and shortly after they put on sale the Tesla Model S and the Tesla Model X for 50 BTC.
But we can never be too sure whether the eccentric billionaire is going to join the crypto hype. So until then, you can always grab a cab via apps such as Due, and pay in Bitcoin.
Enjoy a good dinner
The first ever recorded Bitcoin transaction was a payment of 10,000 BTC for two pizzas. So it seems only fair to keep using crypto to please our cravings for fast food.
KFC Canada announced in January that they’re officially accepting Bitcoin as payment, and released the Bitcoin Bucket.
Later in August, McDonald’s also introduced MacCoin to the world, a sort of crypto coin that customers will receive every time they buy a Big Mac.
Another noteworthy fast food chain that accepts cryptocurrency is Subway, and they were one of the first companies to lead the movement.
Buy a new TV
…or redecorate your kitchen, or get that new mattress.
Just like the other industries, the retail world also adopted Bitcoin as one of its payment methods. Overstock, a massive American e-commerce website, started accepting Bitcoin in 2014. Just 3 years later, they doubled down and started accepting Bitcoin Cash, Ethereum, and Litecoin.
Today, many consider it a real crypto company, as the company is preparing to sell Bitcoin via its website and crypto wallet.
As you can see, you can spend your cryptocurrency on almost anything. And as the market continues to evolve, the number of businesses that embrace cryptocurrency can only grow.
But remember to always be careful, as there are many fraudulent websites that can’t wait to get their hands on your coins.