Ever wondered about the myriad things you can buy with crypto? Surprisingly, many people remain unaware of the vast array of possibilities. From clothing to concert tickets, from luxurious cars to penthouses, the realm of digital currency encompasses it all. The tech-savvy world we inhabit today allows for the legal acquisition and ownership of tangible assets using non-material money. Numerous services, companies, and retailers now accept cryptocurrency as a valid form of payment, offering a plethora of products. If you’re well-versed in crypto and have earnings to spend, this article provides valuable insights.
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Why is there no crypto in everyday life?
Source: penntoday.upenn.edu
Bitcoin, although initially conceptualized as a means for traders to pay for goods and services, has not replaced traditional currencies like the euro or dollar. Presently, Bitcoin serves as an investment asset, akin to gold, attracting investors who foresee substantial returns over time. The hesitance in adopting Bitcoin for daily transactions is not due to its lack of popularity or state prohibition. Rather, the main hindrance lies in its inability to seamlessly integrate into our daily lives, compounded by technical limitations.
The Bitcoin network’s slow processing speed and scalability issues pose challenges, limiting it to 7–10 transactions per second. In contrast, Visa processes approximately 160 million transactions daily at a speed of 60 thousand operations per second. This stark difference impedes Bitcoin’s use for small, everyday transactions. Additionally, Bitcoin’s value volatility and slow network speed contribute to its current status as an investment asset rather than a medium of exchange.
The primary obstacle preventing widespread Bitcoin usage for everyday purchases is not its lack of popularity, nor is it because the state prohibits cryptocurrency transactions. Instead, the key determinant lies in the willingness of sellers to accept payment in crypto. If a company aims to broaden its customer base, it has the option to incorporate the acceptance of digital currencies for transactions. So, what is the main challenge?
The widespread acceptance of cryptocurrency faces a major hurdle—its struggle to seamlessly integrate into our daily lives, coupled with notable technical limitations. Bitcoin, in particular, encounters challenges with slow processing speed and scalability issues. The maximum speed of the Bitcoin network is 7-10 transactions per second, leading to high transaction fees and delays, sometimes spanning several days, especially during peak demand. To put this into perspective, Visa processes about 160 million transactions daily at a rate of 60 thousand operations per second. Bitcoin falls significantly short of this benchmark, making it ill-suited for handling the numerous transactions typical of small purchases. This highlights a clear efficiency gap between traditional payment systems and the current constraints of cryptocurrency networks.
Bitcoin’s value volatility poses a significant hurdle to its widespread adoption for everyday payments. A scenario where Bitcoin’s value drops by $17,000 in a single day raises questions about its suitability for regular transactions. While this volatility can benefit strategic investors, it undermines Bitcoin’s practicality for day-to-day use.
Moreover, Bitcoin’s long-term growth often discourages holders from using it for immediate purchases. Many prefer holding onto the cryptocurrency as its value appreciates, creating a challenge for its broader adoption in regular payments.
Cryptocurrency still falls short of replacing traditional paper money and card-based transactions. Currently, it serves primarily as an investment asset. However, with Bitcoin (BTC), there’s an option to use it for retail purchases if both the buyer and seller are in agreement.
Offline and online shopping with crypto
Source: binance.com
The range of products and services available for purchase with cryptocurrency is still limited, with only a few offline retailers openly accepting crypto payments. Many individuals resort to using gift cards or crypto cards for transactions. Special services like Coinmap and BitPay help users locate suitable offline points on the map, including shops, hotels, bars, and restaurants. Notable chains like Subway, Burger King, Papa John’s, and SpicesCave are among those that accept cryptocurrency. For those who have accumulated substantial wealth in bitcoins, exploring unique and personalized purchases becomes an option.
For instance, a renowned Swiss company showcases a diverse array of over 1300 products available for purchase with cryptocurrency. This extensive selection includes luxury real estate in prime European city centers, high-end yachts, private jets, exquisite gold watches, a variety of jewelry pieces, and even genuine paintings. The possibilities extend to acquiring unique assets like your own island with bitcoin. An ongoing internet announcement (verified as genuine) offers the opportunity to rent an entire island in the Pacific Ocean for just 1 BTC.
Cryptocurrency opens up unique opportunities to purchase items not commonly found in regular city jewelry stores. With Bitcoin often referred to as digital gold, it facilitates the acquisition of actual precious metals and exclusive jewelry that goes beyond the conventional offerings. Additionally, a variety of luxury cars can be bought with Bitcoin, challenging the assumption that high-end vehicles are exclusively acquired through traditional cash transactions.
Notable brands available for purchase with cryptocurrency include:
- Bugatti;
- McLaren;
- Koenigsegg;
- Ferrari;
- Lamborghini;
- Mustang;
- Porsche;
- Rolls Royce;
- Mercedes-Benz;
- Volkswagen.
With cryptocurrency, it becomes apparent that ownership of a wide array of assets, from precious metals to luxury vehicles, is within reach.
TOP-5 crypto-exchanges
Source: hackernoon.com
Since cryptocurrency has become so firmly entrenched in our lives, it’s worth talking about where it’s still most profitable to buy and sell crypto, especially to swap ETH for BNB ( Binance coin). This is a rating of the most reliable and popular crypto exchanges that support various deposits and withdrawals of currencies in hryvnia, rubles, dollars, and euros.
The sites are reliable due to the volume of their work and the large number of users. Binance is the world’s largest cryptocurrency exchange by all metrics. Then, Bybit should take second place. OKEx is up next. Then there are EXMO and Huobi.
To earn crypto, it is important to understand where you put your money, i.e. the platform’s dependability, which includes stable access to all of its functions, uninterrupted trading, and no gaps in depositing and withdrawing funds. Following that, you should pay attention to cryptocurrency exchange rates as well as the amount of commissions charged for trading and transactions – you should be confused as to whether the commission is too large or not at all. Another critical point is 24-hour technical support and feedback from other users. Where is the pleasant interface and menu from which you should easily navigate and work with the exchange?
As you may have understood, the question of “what can you buy with crypto?” has been removed because the goods are limitless. It’s a shame that the world isn’t progressing as quickly as we would like. Bitcoin has already surpassed human development by several meters. However, it would like to believe that in five years, cryptocurrency will take over and become publicly available to anyone.
