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April 25, 2022

What can you actually buy with Bitcoin?

Welcome to the cryptohunt jam where we spend one minute a day to explain crypto. In plain english.

Today, let’s take a quick look at all the things you can actually buy with Bitcoin.

First, understand that accepting Bitcoin is complicated for merchants as its value fluctuates so much and as a result the list of things you can buy with Bitcoin is actually very short - but let’s dive in!

Overstock, an online furniture retailer, has been accepting Bitcoin for a while. It makes sense – allowing it for payments attracts wealthy early adopters, who are a great audience for more expensive items like furniture.

Another example are VPN services. They allow users to anonymously browse the internet. It seems obvious then that ExpressVPN, one of the largest providers, lets users pay anonymously with Bitcoin.

You can even buy a Domino’s pizza that way, but you have to go through a third party called Lightning Pizza. You send crypto to them, and they will then place an order on your behalf. Not exactly convenient, but it supposedly works!

Other famous examples include the claim that Tesla also accepts Bitcoin. That’s not true though - although publicly announced, it never happened, and Tesla backtracked and sold all of their Bitcoin holdings if Elon Musk’s tweets are to be believed. 

But hope is on the horizon for this list to get larger. Paypal already allows you to buy and hold crypto through their app, and they promised that you will soon be able to use your Bitcoin balance anywhere Paypal is accepted.

But the real question is: Should you use Bitcoin to pay for things? Definitely a “no” if you care about the planet: Every Bitcoin transaction consumes the equivalent of two entire months of energy of a US household.

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