At the beginning of the cryptocurrency craze, they were mainly used for online gambling. Cryptocurrency is not regulated by the government, making it the preferred choice for those who don’t appreciate the confines of its limitations. Cryptocurrency is digital, meaning no physical money is transferred between parties.
Due to its growing popularity, Bitcoins and other digital currencies will now be accepted in new ways. Though most of these examples are area-specific it is likely that someday cryptocurrency will be as commonplace as traditional currency is now.
For example, there is a funeral home in St. Paul, Minnesota that will let customers purchase a coffin using cryptocurrency. They are even offered a small discount for doing so.
On a happier note, Bitcoins can also be used to purchase luxury watches such as Rolex. Online shoppers can use the currency at Javy Estrella. They can also use it to buy headlights for their car.
In Las Vegas, visitors can even pay with Bitcoins at the Golden Gate Hotel & Casino. The gift shops and restaurants take Bitcoins, and guests can even use them to pay for their room.
While these are all U.S. retailers, in Japan, consumers can purchase a huge variety of necessities using Bitcoins, including dealerships for luxury cars. 4,500 retailers around the country have been accepting Bitcoin as payment since 2017. In Fact, Dubai is a rare city where people can purchase an apartment using digital currency. Certain homes in the Caribbean have also been sold to those paying this way. These properties could not be bought with traditional currency.
In addition to physical items, in some locations, students can use Bitcoins to pay their tuition. In 2014 England’s Cumbria University began accepting digital currency for payments. Before that, Cyprus’s University of Nicosia was the world’s first school to allow tuition to be paid with digital currency.
While this can’t be done in Australia, that country’s citizens can frequent Sydney’s Old Fitzroy bar and pay for their drinks with Bitcoins. Even properties throughout Australia can be bought with Bitcoins.
The future of cryptocurrencies seems to be secured. As a growing number of businesses begin to accept them as payment, it points to a new trend in the world of finance.