It’s quite good to see that countries have slowly started to accept Bitcoins as an alternative to fiat currencies. Most of the nations in the western hemisphere have accepted Bitcoins with open arms. Even though there are still a lot of restrictions, it is legal nonetheless.
Bitcoins can be used in countries like Germany as a substitute for fiat currency. In this article, I will be telling you what you can buy with bitcoin. So what can you buy with bitcoin?
Ever since the inception of bitcoins, it has been making headlines in the mainstream media, which compelled many countries to launch their own Central Bank Digital currency to tackle Bitcoins’ rising popularity. The governments of such nations think that if people start using Bitcoins, the financial system is going to collapse.
I feel it is not going to happen as some people, especially the old ones, would always want a currency backed by the legal body. Bitcoin can certainly serve as a substitute to fiat currencies, but it will never outweigh fiat currencies.
Why Are Some Countries Legalizing Bitcoins?
I am a Bitcoin investor myself, and I have been investing in Bitcoins for the last five years and to be honest, Bitcoin has a lot of potential. The Western countries have realized the true potential of Bitcoins and have legalized them. I am sure you are here to learn what you can buy with bitcoin.
Using Bitcoins is legal in many parts of the world, especially in the most developed nations. For instance, you can buy a cup of coffee using Bitcoins in Germany. Japan has crypto ATMs in every hook and corner. There are a lot of things you can buy with Bitcoins.
But before that, let us first take a look at the countries where using Bitcoins is considered legal. Countries are legalizing people because people want to know what can you buy with Bitcoins.
Countries Where Bitcoins Are Legal
To learn what you can buy with Bitcoins, you need to know about the places where it is legal. You can only spend your Bitcoins to buy stuff in those countries
Japan is considered to be the crypto hub of the world. Bitcoins are used extensively as a substitute for the Japanese Yen. Japan, in fact, is considered to be one of the early adopters of Bitcoins. Even the founder of Bitcoin, Satoshi Nakamoto, is also Japanese. Japan is a very important destination to learn what can you buy with Bitcoins.
The United States
Bitcoin is considered to be a property in the US, and therefore, hefty taxes are imposed on those who hold Bitcoins. The IRS has recently declared Bitcoins are assets, and therefore, people who hold Bitcoins have to pay hefty property taxes on Bitcoins.
Bitcoin is legal in Australia since the year 2017 since it is a country with a very small population. The Government does not have to do much with Bitcoins
Bitcoins are legal in Germany. You can walk into a coffee shop, drink a cup of coffee and pay with Bitcoins.
What Can You Buy With Bitcoin?
Using Bitcoins is legal in many parts of the world, especially in the most developed nations. This is what can you buy with Bitcoin
1. Booking Travel Tickets
Many aviation and travel-related services accept Bitcoins for payments. Since there is huge competition in the market. Accepting Bitcoins makes a larger audience base. Now not only normal people but people who are highly skilled crypto traders can book travel tickets using Bitcoins.
If such a customer becomes a regular customer, then it will be very good for the traveling company. Bitcoin helps a travel-related service to expand its customer base. So this is what can you buy with Bitcoins.
2. Booking Hotels
You can easily book 5-star hotels using Bitcoins. Since all sorts of rich people visit five-star hotels accepting Bitcoins will only expand their customer base. Since Bitcoin is decentralized, it does not have a regulatory body controlling it. Sometimes both the hotels and their customers face problems while transacting in large amounts because of some legal procedures.
So hotels have started accepting Bitcoins. Bitcoin transactions take only upto 10 minutes. Furthermore, you won’t need to give your identity documents for verification since Bitcoin works on the ethos of the user to use encryption. Booking 5 star hotels is what can you buy with Bitcoins.
While donating a hefty sum to Charity, I suggest you use Bitcoins. Bitcoins transfer takes upto 10 minutes whereas a cross border transaction fee is huge and moreover it is very expensive, and also it takes upto one week for a cross border transfer to reach the charity.
The hefty processing charges, bank charges eat up a chunk of the total amount of the charity. While you are doing a charity, you are essentially helping people in need, and those people need the amount soon. This is what can you buy with Bitcoins.
4. Gift Card
Gift cards are used by people to send money as gifts to their friends and loved ones. The good thing is that Bitcoin can be used as a gift card. You can select the number of Bitcoins you want to send to your friend, and they can use it in the form of Gift cards; gift cards are mainly used to make online shop purchases and most other e-commerce transactions. This is what can you buy with bitcoins.
5. Booking Cab Services
Cabs can be booked using Bitcoins. It is easier for both the cab driver and the rider when they accept payments in Bitcoins. Sometimes when there are issues with the payment, things get a little heated when you use Bitcoins for booking cab services.
The Bitcoins are automatically deducted from your crypto wallet and get transferred to the driver’s wallet even before he arrives. This ensures that the traveling is seamless.
6. Video Games
Bitcoins are used for playing crypto games or trading on any decentralized finance apps. There are a ton of games that accept Bitcoins. Since millions are the most interested in Bitcoins, some games have allowed them to make in-app purchases using Bitcoins. In app purchases of video games are what can you buy with Bitcoins.
I hope you have now learned what can you buy with Bitcoin. When Bitcoin first began to be in the mainstream media, it was only $0.0008, and now as I am writing this article, the price has shot up to a whopping 37,000.
I just hope that more countries start legalizing bitcoins so that more people can know what you can buy with Bitcoins in the present digital age.