What can you actually buy with Bitcoin? If you’ve ever wondered, “How can I spend my crypto?” then read on. While Bitcoin (BTC) is still seen as a store of value and an alternative way to hedge against inflation and the devaluing of money, it has evolved far beyond that now.
While Bitcoin isn’t legal tender everywhere, and while it’s not accepted everywhere, the list of places that will take Bitcoin as payment is growing. Here’s a look at what you can buy with Bitcoin.
What can you buy with Bitcoin? Everyday purchases
While Bitcoin has seen a lot of speculation and investment for investment return-driven reasons, it is being used as a means of payment. In fact, it is legal tender in some countries and regions, accepted alongside fiat (everyday money). In order to learn how to buy bitcoin uk, you can use reputable exchanges such as Coinbase or Binance, which allow you to purchase it with GBP and securely transfer it to your digital wallet.
Although the adoption of paying with crypto hasn’t been as rapid as initially anticipated, this might change as Bitcoin and other cryptocurrencies become more popular and user-friendly.
Asher Tan, CEO of crypto platform CoinJar, envisions a future where Bitcoin and other cryptocurrencies become seamlessly integrated into our everyday lives.. “We’re already witnessing a growing trend of merchants accepting Bitcoin, from major retailers to local businesses. As infrastructure and adoption continue to develop, I believe we’ll reach a point where buying anything with Bitcoin, from your morning coffee to a new car, becomes the norm.”
Tan says the key to realising this vision lies in education and continued innovation. “We need to educate both consumers and businesses about the advantages of crypto payments. The technology is evolving rapidly, and I’m excited to see what the future holds for Bitcoin as a universal payment method.”
Using a crypto credit / debit card to spend Bitcoin
Bitcoin can be used in all your everyday transactions already. How? With a crypto card. A crypto card is a debit or credit card that seamlessly integrates digital assets with everyday spending. It allows users to spend cryptocurrency holdings, like Bitcoin or Ethereum, to make purchases at any retailer that accepts traditional payment methods such as Mastercard or Visa.
Mastercard provides options for individuals who want to directly spend their Bitcoin. Additionally, they partner with various crypto platforms to create co-branded cards that offer unique benefits and rewards to their customers.
Raj Dhamodharan, Global Head of Crypto at Mastercard, said, “We are here to enable customers, merchants and businesses to move digital value — traditional or crypto — however they want. It should be your choice, it’s your money.”
So anywhere that accepts Visa or Mastercard is where you can use crypto for spending. Looks like there are a lot of places you can spend Bitcoin!
How do you spend Bitcoin – shopping and retail
Outside of using crypto credit cards, the number of merchants accepting cryptocurrencies is growing rapidly. So crypto enthusiasts can now buy a variety of goods and services and pay in crypto directly. Here are some examples:
How to spend Bitcoin in Online purchases
Many online merchants, such as Shopify, now accept cryptocurrency as a form of payment. Other online businesses are also accepting Bitcoin as payment for various products.
Travel and hospitality
Some travel and hospitality companies, like Travala, allow you to book various holidays, airline tickets, and add-ons using crypto. Converting Bitcoin into fun is the name of the game here.
Restaurants and bars, other merchants
Certain restaurants and bars accept Bitcoin for food and drinks. Other businesses also accept crypto. Some of these places are quite ritzy, so a fancy burger and Bitcoin in Mayfair is now a normal part of London life.
What do you buy with Bitcoins in gaming and entertainment
Many gaming and entertainment platforms have in-game economies where you can purchase items using crypto.
Players can buy, sell, and trade virtual items like weapons, skins (cosmetic changes to characters or items), power-ups, and even virtual real estate. Traditionally, these transactions used in-game currency earned through gameplay or purchased with real money. However, some platforms are now incorporating cryptocurrency into these systems.
For example, Axie Infinity is a blockchain-based game that uses its own cryptocurrency, AXS and SLP, for breeding, battling, and trading fantasy creatures called Axies. While you can’t spend AXS in the real world, you can win or earn AXS in the game, then swap the AXS for Bitcoin, which you can spend in the real world.
Don’t forget though, you can also lose AXS, if the price crashes. Nothing is certain in crypto!
Big Ticket Items
Real estate
Some real estate agents and property developers accept cryptocurrency as payment, particularly among buyers who value privacy and protection.
Cars
Luxury car dealers and some used car platforms accept Bitcoin. For example, H Specialist Cars now accept Bitcoin, and Ferrari now accept Bitcoin all over Europe. In fact, a quick search for which car dealerships accept crypto in the UK will show pages of dealerships all coming on board with crypto payments.
Financial Services
Bitcoin is not only a currency but also a financial tool. It can be used to buy securities, stocks, or other cryptocurrencies.
Loans and mortgages are in the mix too. Some companies offer loans backed by Bitcoin holdings.
There are companies that give loans that are collateralised against crypto holdings. More or less, you lock up your crypto with them as collateral, when you pay your loan back, plus interest, the crypto is returned. There are some catches however, like if the crypto value falls below a certain value, you may be required to provide additional collateral or the lender may liquidate your crypto to cover the loan.
So you can now use your cryptocurrencies as collateral for a loan to buy property or to deploy in other ways, like buying a new car or putting down a home deposit.
As cryptocurrencies become more mainstream, we can expect more financial services to directly integrate crypto payment options.
Pay with Bitcoin using gift cards and prepaid cards
If you like to purchase gift cards for your loved ones, then here’s an idea. Bitcoin-funded gift cards and prepaid cards offer a versatile solution.
In the UK, there are several options for buying gift cards and prepaid cards using digital currency. You don’t need a crypto wallet or an particular expertise.
Bitrefill offers a wide variety of gift cards for popular retailers (Amazon, John Lewis, Currys PC World, etc.) and services (NordVPN, Just Eat), as well as mobile top-up options.
Coinsbee provides gift cards for numerous brands across different categories, with over 200 cryptocurrencies accepted.
Crypto Voucher (UK) can be redeemed on the Crypto Voucher website to buy various cryptocurrencies.
Check for any extra fees when buying gift cards or prepaid cards with crypto. Also be mindful of the exchange rate between your cryptocurrency and the British Pound (GBP).
Some crypto exchanges also offer crypto debit cards, which differ in their terms and conditions depending on the exchange.
Conclusion: Using Bitcoin for purchases
What can you buy with Bitcoin? A lot of things. While cryptocurrency has gained popularity as an investment, it’s also now a viable method of payment.
A crypto card allows you to use your cryptocurrency balance just like a traditional debit or credit card.
Cryptocurrency can be used to buy a wide range of goods and services, including real estate, luxury goods, everyday items, travel, and even charitable donations.
While not all merchants accept cryptocurrency, and price volatility can be a concern, there may come a day where crypto is accepted everywhere. As the adoption of cryptocurrency continues to grow, it’s likely that we’ll see even more innovative ways to use it in our daily lives.
Standard Risk Statement
The above article is not to be read as investment, legal or tax advice and it takes no account of particular personal or market circumstances; all readers should seek independent investment advice before investing in cryptocurrencies. The article is provided for general information and educational purposes only, no responsibility or liability is accepted for any errors of fact or omission expressed therein. Past performance is not a reliable indicator of future results.
UK residents are required (in accordance with local legislation) to complete an appropriateness assessment to show they understand the risks associated with what crypto/investment they are about to buy and enabling CoinJar to categorize them as an investor. New customers are also required under local regulations to wait 24-hours as a “cooling off” period (from account creation), before their account is active (i.e. to deposit, trade, withdraw etc.).
Cryptocurrency is currently not regulated in the UK. It’s vital to understand that once your money is in the crypto ecosystem, there are no rules to protect it, unlike with regular investments. You should not expect to be protected if something goes wrong. So, if you make any crypto-related investments, you’re unlikely to have recourse to the Financial Services Compensation Scheme (FSCS) or the Financial Ombudsman Service (FOS) if something goes wrong.
Remember:
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 2 mins to learn more.
https://www.coinjar.com/uk/risk-summary
If you use a credit card to buy cryptocurrency, you would be putting borrowed money at a risk of loss. We recommend you obtain financial advice before making a decision to use your credit card to purchase cryptoassets or to invest in cryptoassets.