Best Platform to Buy Bitcoins – eToroFind Out More

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.

What Can You Buy With Bitcoin in 2024?

What Can You Buy With Bitcoin in 2024?

All products and services featured are independently selected by WikiJob. When you register or purchase through links on this page, we may earn a commission.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.

Bitcoin is probably the most well-known digital currency, so much so that the word 'bitcoin' is often used interchangeably with 'cryptocurrency' when discussing alternative types of online cash.

Although the original design of bitcoin was for it to be used as an alternative payment system that operated independently of any governments and worked beyond borders, most people buy cryptocurrency as an investment, buying and selling on the market to make money or holding the currency as a long-term moneymaking plan.

As a decentralized funding system, cryptocurrency does not rely on any real-world items or promises from governments to have value – instead, it is given value through the blockchain.

The first ever ‘real-world’ payment for goods came from a man in Jacksonville, Florida, who paid 10,000 BTC for two pizzas from Papa John’s in 2010.

He did this through trading another bitcoin owner the BTC in exchange for the other person ordering him the pizzas, because Papa John’s did not accept direct BTC payment.

There are still limited options if you want to directly pay for things using a bitcoin balance. But the number of places you can pay for things with cryptocurrency is going.

More and more retailers and service providers are getting on board with allowing cryptocurrencies – and especially bitcoin (BTC) – to be used as a form of payment.

There are some things that you will need to consider before you buy your weekly groceries or a brand-new Lamborghini using cryptocurrency.

Can You Use Bitcoin Like a Currency?

To use your bitcoin, you will need a wallet that can store your BTC and send it to the recipient’s address.

There are three main types of wallets that you can choose from:

  • Software wallet – This type of wallet is an online app that stores your BTC securely. There are also mobile apps available that come with a QR code to make it easier to send and receive BTC.
  • Hardware wallet – Often a USB stick or an external hard drive, this is more secure against thefts but less easy to spend.
  • Paper wallet – This old-school storage is the most secure, using a printed QR code for access to BTC and other cryptos – but this might not be the simplest way.

You can read about different cryptocurrency wallets here.

What Can You Spend Bitcoin On & Who Accepts Bitcoin?

There are several different places where you can spend bitcoin and other cryptocurrencies – and some of them can be quite surprising.

Some businesses have a wallet that you can send your bitcoin to directly, while others use a third party to complete the payment and transfer the funds.

Online Stores

Online retailers are probably the most obvious places that bitcoin can be spent, with some payment companies like Square and Stripe offering BTC as a payment option in even the smallest stores.

With most of the bigger online stores, you can make payments directly by sending the BTC to the company’s wallet, but others might use another platform.

Some online stores that take BTC are:

  • Home Depot – This home improvement store offers purchasers the opportunity to shop for tools and DIY equipment online using bitcoin.
  • Overstock – Stocking designer brands in home furnishing, furniture and clothing, Overstock is a well-known online retailer that supports bitcoin payments.
  • Microsoft – The Xbox Live platform allows US users to pay for in-game content, games and subscriptions with bitcoin. This is the same for PlayStation users on the PlayStation Network too.
  • Shopify – The e-commerce platform enables its merchants to accept bitcoin payments through the BitPay, Coinbase and GoCoin payment processors.

Groceries and Restaurants

After the first ‘real-world’ use of bitcoin, some other restaurants, takeaways and grocery stores started accepting digital currencies for everyday purchases.

These include:

  • Wholefoods – This well-known grocery chain, focused on organic and ethical produce, accepts bitcoin.
  • Subway – Subway first accepted bitcoin in 2013. Subway stores are franchised so it varies from store to store.
  • Starbucks – Since around 2019, more and more Starbucks locations have begun to accept BTC, due to partnering with a new payment processor called Flexa.

Services

Online service providers are other places where cryptocurrencies are commonly accepted, as the online nature of the environment is designed to make all types of payment options easier.

  • ExpressVPN and NordVPN – A virtual private network (VPN) is meant to increase user’s privacy by hiding personal information from companies and governments, so it makes ideological sense for them to accept cryptocurrencies, which aim to decouple currencies and governments, to pay for monthly subscriptions.
  • Twitch – Bitcoin, and other cryptocurrencies, can be used to support people who stream online content using Twitch services.
  • PayPal – The super-popular online payment service now offers users the ability to buy, trade and spend cryptocurrency.
  • AT&T – The telecommunications giant allows customers to pay their bills using bitcoin through the BitPay payment processor.

Luxury

Luxury items are another way you can spend your BTC.

You can buy yachts and even private jets with cryptocurrency these days, although one of the most fun luxury items is the Franck Muller Encrypto Watch, which is a luxuriously designed watch that also functions as a bitcoin wallet – and can also be bought using bitcoin.

There are also a few car dealerships, specializing in luxury and prestige cars like Lamborghinis and Porsches, that accept BTC and some other major cryptocurrencies – these include BitCars and AutoCoinCars.

In 2021, the electric car company Tesla announced that it would start accepting bitcoin payments for its cars.

What Can You Buy With Bitcoin?
What Can You Buy With Bitcoin?

Travel

There are a few travel companies that accept bitcoin; most use a third-party access service.

  • Air Baltic – This is the currently only commercial airline that openly allows bitcoin payments.
  • Travala – This is a travel comparison site that works with both Booking.com and Expedia, which means that you can get access to flights, hotel rooms, car hire and even complete holiday packages while paying with bitcoin.

Charity

There are many third-party platforms that exist as ways for the public to be able to donate to non-profits, although there are usually fees involved.

Using BTC to donate to charity can keep the source private, too.

  • Wikimedia – This is the non-profit that runs Wikipedia, and it relies on donations to be able to provide a service. While not necessarily considered a charity by many people, it does accept donations and potential donors can choose to use BTC if they prefer.
  • The Giving Block – This blockchain is designed to allow non-profits to be able to accept bitcoin and other cryptocurrencies – just by adding some software to their donation process.

Real Estate

The first home in the UK to be bought entirely using bitcoin was a house in Kent, which sold for the bitcoin equivalent of £350,000 (around 65 BTC) in 2017.

In 2021, 65 bitcoins are worth around £3 million.

Now, you can use BTC and other cryptocurrencies to buy a house.

But you will need to go through a crypto-specific realtor like BitHome – or invest in cryptocurrency REITs.

Education

This is a growing option in a range of physical and online educational establishments.

In 2014, Kings College in New York City was the first educational establishment to accept tuition payments in bitcoin.

In 2021, the Wharton School of business studies at the University of Pennsylvania also began accepting BTC for tuition.

Other Cryptocurrencies

Of course, one of the best places to spend your bitcoin is to use it to invest in other cryptocurrencies.

With the mercurial rise of BTC and the subsequent growth of other types of alternative currency, reinvesting in a different type of crypto might be a great way to increase your profits.

There are many brokers that offer bitcoin as a deposit method, as well as any other cryptocurrency.

Who No Longer Accepts Bitcoin?

Bitcoin has faced a number of challenges in terms of adoption by merchants and payment processors.

There have been some high-profile companies that previously accepted bitcoin, but have since stopped accepting it.

Here are a few examples:

  • Steam – In 2016, the popular PC gaming platform Steam announced that it would accept bitcoin payments for game purchases. However, in 2017, Steam stopped accepting bitcoin payments due to high fees and volatility in the bitcoin market.

  • Expedia – Expedia, a travel booking website, began accepting bitcoin for hotel bookings in 2014. However, in 2018, Expedia quietly stopped accepting bitcoin payments without providing an explanation.

  • Stripe – Stripe, a payment processor that allows businesses to accept online payments, began accepting bitcoin in 2014. However, in 2018, Stripe announced that it would stop accepting bitcoin payments due to high fees and slow transaction times.

  • Microsoft – Microsoft, the software giant, began accepting bitcoin for Xbox and Windows purchases in 2014. However, in 2016, Microsoft stopped accepting bitcoin payments due to low usage and volatility in the bitcoin market.

It's worth noting that while some companies have stopped accepting bitcoin, there are still many merchants and payment processors that continue to accept it.

Additionally, some companies may choose to accept bitcoin again in the future if the market conditions change.

How to Buy Things With Bitcoin

Step 1. Find a Merchant or Retailer That Accepts Bitcoin

Many online merchants and retailers now accept bitcoin payments, but not all of them do.

You can search for merchants that accept bitcoin online or use a bitcoin merchant directory.

Some popular merchants that accept bitcoin payments include Microsoft, Overstock.com and Newegg.

Step 2. Check the Exchange Rate

Bitcoin's exchange rate can fluctuate frequently, so it's important to check the current exchange rate before making a purchase.

You can use a bitcoin price tracker or check the exchange rate on a cryptocurrency exchange.

Step 3. Get a Bitcoin Wallet

If you don't already have a bitcoin wallet, you'll need to get one.

A bitcoin wallet is a digital wallet that allows you to store, send and receive bitcoin.

There are different types of wallets, including desktop wallets, mobile wallets and hardware wallets. You can choose the type that best suits your needs.

Some popular bitcoin wallets include Trezor and Ledger.

Step 4. Buy Bitcoin

You can buy bitcoin using a cryptocurrency exchange or through a peer-to-peer marketplace.

To buy bitcoin from an exchange, you'll need to create an account, verify your identity and fund your account with a bank transfer or credit card.

Once your account is funded, you can buy bitcoin at the current market rate.

To buy bitcoin from a peer-to-peer marketplace, you'll need to find a seller who is willing to sell bitcoin for cash or another payment method.

You'll typically use an escrow service to ensure that the bitcoin is transferred securely.

Step 5. Transfer Bitcoin to Your Wallet:

Once you have purchased bitcoin, you'll need to transfer it to your bitcoin wallet.

To do this, you'll need to copy your bitcoin wallet address and paste it into the send field on your cryptocurrency exchange.

You'll then need to confirm the transaction and wait for the bitcoin to be transferred to your wallet.

This can take anywhere from a few minutes to several hours, depending on the speed of the bitcoin network.

Step 6. Pay with Bitcoin

When you're ready to make a purchase, you'll need to select the bitcoin payment option and follow the payment instructions.

You'll typically need to scan a QR code or copy and paste a bitcoin address to send the payment from your bitcoin wallet.

You'll then need to enter the amount you wish to pay and confirm the transaction.

Once the transaction is confirmed, the merchant will typically receive the bitcoin payment and process your order.

It's important to note that not all merchants and retailers accept bitcoin payments directly.

Some may use a third-party payment processor that converts bitcoin payments into fiat currency. Additionally, some merchants may charge a fee for bitcoin payments or have a minimum purchase amount.

How to Find Companies That Accept Bitcoin?

While this list provides some good examples of places and companies that accept bitcoin and other cryptocurrencies, the number of companies where you can use bitcoin is updating every day as more and more businesses come to accept digital currencies as more than just something for investors to play with.

Keeping up with the changes can be difficult, but there are some resources online that can help you find the right companies to spend crypto with.

These include aggregators like:

  • UseBitcoins
  • Coinmap
  • Spendabit
  • BitcoinWide
  • Coinmap.org

These are essentially a directory of places that accept bitcoin and cryptocurrency, both physical stores and online, including restaurants and services.

How to Spend Bitcoins at Other Retailers

Even stores that do not accept cryptocurrencies can be places where you can spend your bitcoin – if you have it available in a format that is more commonly accepted.

In most brick-and-mortar stores, digital currencies are not available as payment options, so you might have to think outside the box a little.

Gift Cards

There are several places where you can buy a gift card that can be used in physical stores using bitcoin, effectively transferring your BTC into fiat (traditional) currency.

These include:

Once the gift card has been topped up with BTC, it can be used in any store or online retailer where gift cards are accepted.

Crypto Debit Cards

Certain cryptocurrency brokers offer both online wallets and the opportunity to get a cryptocurrency debit card, which means that your bitcoin can become available to use in place of fiat currency wherever debit cards are used – so in almost every retailer.

It might not be as convenient as spending BTC and come with extra charges and costs – but it does mean that you are able to make use of your cryptocurrency even in places that you would not usually think of.

You can learn more about cryptocurrency debit cards here, including how to choose the best one for you.

How Does a Bitcoin Debit Card Work?

A bitcoin debit card works similarly to a traditional debit card, except that instead of being linked to a bank account, it is linked to a bitcoin wallet.

Here's how it works:

1. Get a Bitcoin Debit Card

You can obtain a bitcoin debit card from a cryptocurrency exchange or a bitcoin wallet provider that offers debit card services.

Once you have obtained a bitcoin debit card, you will need to link it to your bitcoin wallet.

This is typically done by providing your bitcoin wallet address or scanning a QR code from your wallet provider.

3. Fund your Bitcoin Debit Card

To use your bitcoin debit card, you will need to fund it with bitcoin.

This can be done by transferring bitcoin from your wallet to your debit card account.

The amount of bitcoin that you transfer will be converted into fiat currency, such as USD or EUR, based on the current exchange rate.

4. Use your Bitcoin Debit Card

Once your bitcoin debit card is funded, you can use it to make purchases online or in-person, just like you would with a traditional debit card.

You can also use it to withdraw cash from an ATM.

When you make a purchase, the fiat currency equivalent of the bitcoin amount will be deducted from your debit card account.

5. Manage your Bitcoin Debit Card

You can manage your bitcoin debit card account using a mobile app or a web-based platform.

This will allow you to check your balance, view your transaction history and manage your card settings, such as PIN number and spending limits.

It's important to note that bitcoin debit cards typically charge fees for transactions, such as a conversion fee for converting bitcoin into fiat currency.

Additionally, some merchants may not accept bitcoin debit cards, so it's a good idea to check before making a purchase.

What’s the Future of Bitcoin as Payment?

Bitcoin's future as a payment method is a topic of much debate, but it is clear that the potential benefits of using bitcoin as a payment method are significant.

Bitcoin's decentralized nature means that transactions can be made without the need for a financial institution, which could save businesses and consumers significant transaction fees.

Additionally, bitcoin transactions are usually processed quickly, which could make it a more convenient payment option.

One example of a company that is embracing bitcoin as a payment method is Tesla.

In 2021, the electric car manufacturer announced that it would start accepting bitcoin as payment for its cars. This move could help to increase the adoption of bitcoin as a payment method by other businesses.

Another example is Shopify, a popular e-commerce platform. Shopify enables its merchants to accept bitcoin payments through the BitPay, Coinbase and GoCoin payment processors. This allows businesses to accept payments in bitcoin while still receiving payment in their local currency.

Despite these examples, there are still challenges that need to be addressed for bitcoin to become a widely accepted payment method.

For example, the high volatility of Bitcoin's value makes it difficult for businesses to price their products and services in bitcoin.

This could deter some businesses from accepting bitcoin as payment.

Additionally, bitcoin's slow transaction times during high demand periods have been a significant issue in the past.

However, the development of new technologies such as the Lightning Network could help to address this issue and make bitcoin a more practical payment method.

Frequently Asked Questions

Bitcoin is accepted as a form of payment by a growing number of merchants and businesses worldwide. You can buy a variety of goods and services with bitcoin, including electronics, clothing, food, travel and more.

Some popular merchants that accept bitcoin payments include Microsoft, Expedia and Overstock.com. Additionally, you can use bitcoin to buy gift cards, which can be redeemed at various retailers.

To pay with bitcoin, you first need to obtain bitcoin from a cryptocurrency exchange or a bitcoin ATM. Then, you need a bitcoin wallet to store your bitcoin and facilitate transactions.

After obtaining bitcoin and a wallet, find a merchant or service provider that accepts bitcoin as payment.

Look for the 'Bitcoin accepted here' logo on the merchant's website or physical location.

When making a purchase, select bitcoin as the payment option, scan the QR code displayed by the merchant and confirm the payment in your bitcoin wallet.

With these simple steps, you can pay with bitcoin and take advantage of the benefits of using a decentralized, digital currency.

Bitcoin can be used to buy a variety of goods and services, including electronics, food and travel. Many online retailers and physical stores accept bitcoin as payment, and some companies even offer discounts for using bitcoin.

Yes, bitcoin can be turned into cash by selling it on a cryptocurrency exchange or through a peer-to-peer transaction.

Once the bitcoin is sold, the proceeds can be transferred to a bank account or withdrawn as cash.

In the UK, there are a growing number of retailers that accept bitcoin as payment. Some of the most popular retailers that accept bitcoin in the UK include Microsoft, Expedia and Overstock.com.

As of now, Amazon does not directly accept bitcoin as payment. However, there are some services that allow you to buy Amazon gift cards with bitcoin, which can then be used to make purchases on Amazon.

Additionally, there are rumors that Amazon may start accepting bitcoin as payment in the future, but this has not been confirmed.

Bitcoin can be used to purchase a wide range of cool and unique items, such as luxury watches, collectible art and rare books. Other options include travel packages, gaming consoles and high-end headphones.

Bitcoin can be used to purchase a vast array of goods and services online, including clothing, electronics and food.

Popular online retailers that accept bitcoin as payment include Microsoft, Expedia and Overstock.com.

Additionally, some websites offer gift cards that can be purchased with bitcoin, which can then be used to make purchases at various online retailers.

It is possible to buy a house with bitcoin, but it is not yet a common practice.

Real estate transactions involving bitcoin require the cooperation of both the buyer and seller, as well as a reputable bitcoin exchange to facilitate the transaction.

Some high-end real estate companies have started to accept bitcoin as payment, but it is not yet widely accepted in the real estate industry.

Yes, it is possible to buy a car with bitcoin. Several car dealerships around the world, including in the United States, Europe and Japan, accept bitcoin as payment.

The process involves transferring bitcoin to the dealership's bitcoin wallet, which is then converted into the local currency.

Some dealerships may offer discounts or other incentives for using bitcoin as payment.

Most traditional banks do not currently accept bitcoin as a form of payment or store of value. However, several online banks and financial institutions have started to offer services related to cryptocurrencies, such as custodial services, debit cards and loans.

These institutions are typically regulated and licensed to operate in the cryptocurrency industry.

Some online banks that accept bitcoin and other cryptocurrencies include Kraken Financial, Avanti Bank and Anchorage Digital Bank.

These banks offer a range of services to users, including fiat-crypto conversions, secure storage of cryptocurrency and access to traditional banking services.

An increasing number of merchants and businesses worldwide are accepting bitcoin as a form of payment. Some examples include Microsoft, Expedia, Overstock.com and Whole Foods.

Additionally, many small businesses and independent merchants are accepting bitcoin payments, often facilitated by payment processors like BitPay or Coinbase Commerce.

Cryptocurrency enthusiasts can also use bitcoin to purchase gift cards, pay bills and make donations to charities and organizations that accept cryptocurrency.

KFC is not currently known to accept bitcoin as a form of payment. However, as more merchants and businesses begin to accept bitcoin, it's possible that KFC may begin to accept it in the future.

Netflix does not currently accept bitcoin as a form of payment. However, users can purchase Netflix gift cards with bitcoin through third-party services like Bitrefill or CoinCards.

Some hotels, particularly high-end and luxury hotels, accept bitcoin as a form of payment. However, bitcoin acceptance among hotels is still relatively uncommon, and most hotels do not currently accept it.

There are several reputable platforms where you can buy bitcoin, including Binance, Kraken and Gemini. The best platform for you will depend on your location, payment preferences and trading needs.

Bitcoin is a global cryptocurrency, and it is accepted in most countries around the world. However, the legal status of bitcoin varies from country to country, with some countries imposing restrictions or outright bans on its use.

There are several reasons why businesses may be hesitant to accept bitcoin as a form of payment. First, bitcoin transactions are irreversible, which means that businesses are at risk of chargebacks and fraudulent activity.

Bitcoin's volatility can make it difficult for businesses to manage their cash flows and account for profits and losses.

Finally, the regulatory environment surrounding cryptocurrencies is still evolving, which can create uncertainty for businesses and deter them from accepting bitcoin.

Final Thoughts

As more companies get on board with the idea that bitcoin and cryptocurrency can be considered an alternative and valid payment system, it becomes much easier for you to be able to spend your BTC both online and in physical stores.

Bitcoin can be spent in a number of different ways, with payment providers like Stripe and Square offering a service for small businesses, while larger online retailers specifically are set up to be able to accept direct deposits of BTC to their own wallets.

If you want to be completely sure that you can spend your digital currency balance on the goods and services that you need, you can make use of bitcoin gift cards or get a cryptocurrency debit card.

Use an online aggregator like the ones above to keep track of all the places that are accepting bitcoin as payment, as the list is growing almost daily.

WikiJob does not provide tax, investment or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

Don’t invest unless you’re prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong. Take two mins to learn more.


Read This Next

You might also be interested in these other Wikijob articles:

Or explore the Trading / Cryptocurrency sections.