Bitcoin catches a lot of flack because of its low transaction throughput and at times, higher fees and wild volatility. These can make it impractical to use for small purchases like coffee. However, let’s take a look at where you can actually use Bitcoin to buy stuff in the real world in 2020.
Even though Bitcoin may not be the most convenient cryptocurrency to use for smaller consumer purchases, due to its 10 minute confirmation times, varying transaction fees, and slower throughput, more places are accepting it as payment.
Things are changing though. Segwit has wrangled in fees to an extent, the lightning network is seeing more integration and development, and a possible soft fork to add schnorr signatures and taproot is in the works too. These advances are making Bitcoin more usable and less clunky.
Who Accepts Bitcoin in 2020?
Spendmenot.com has released a comprehensive report based on data from Paxful and Paybis. In the report they cover a wide variety of industries which have multiple options to spend your BTC.
Bling – (Jewelry, watches, luxury items) Stores like Ancora1919, Websites like Etsy, Domoshop, and Real Watches, offer you tons of options to show off your Bitcoin wealth.
Services – (payments, telecom, intermediaries) Places like AT&T, Dish, and Bitrefill can keep you connected, Purse can get you discounts on Amazon, Gyft can get you gift cards.
Food & Drink – Places like Crypto Coffee, Burger King, Dominoes, and Subway for the fast food fix, Wholesale roots for organic herbs and spices, Whiskey.De for your top-shelf spirits.
Banking Services – (Banking & Bill Payments) Yes, unbelievable, but not all banks hate BTC. Fidor, Goldman-Sachs, Royal Bank of Canada accept Bitcoiners. Startups like Bylls and Living Room of Satoshi allow you to pay bills in BTC.
Online stores – There is a huge variety of stores to spend BTC online. Overstock, Shopify, Cryptoshopper, Bitplaza, Bitshopping, etc. You can find almost any item.
Travel – Yes, nowadays you can even catch a flight with BTC. CheapAir, Bitcoin.Travel, Cryptocribs, Travelbybit, and a variety of others all let you plan your next trip with Bitcoin.
Automobiles – If you mined enough Bitcoin in 2009, you can buy a Lambo from Lamborghini of Newport Beach, or a new BMW, or even get that classic muscle car at Classic Creations.
Charitable Donations – There is a wide variety of Charities which accept BTC like Code to Inspire, WikiLeaks, United Way, Save the Children. Or, you can also donate to your favorite open source project, like Tor.
Movies & Cinema – Catch the latest film at theater chains like AMC, CineMulti, and Major Cineplex.
Online marketing, Software/Hardware, Hosting/VPN – There is a host of different options for all your tech related needs.
Online gambling – The online gambling industry has been one of the few industries with an actual need for pseudo-anonymity and censorship-resistant payments. Crypto use has exploded for this industry.
Where do you like to spend your Bitcoin? Let us know in the comments!
Images via Shutterstock, infographic by Spendmenot