But, just like many users out there you too may not know where and how you can do so and may be looking for a way to exchange them without going through the hassles of converting them into cash.
If you do not have any clue about it, this is an article that will help a lot in that purpose.
Through this article you will come to know a lot of ways in which you can exchange your Bitcoin holding for goods and services.
There are lots of things you can buy with Bitcoin and that does not necessarily have to be in a black market.
It is true that most people think, when it comes to buying things with Bitcoin, it involves all those shady deals, illegal products, sales off-the-record in a black market or billionaires looking for private jets and luxury yachts.
Well, it is not necessarily always the case.
In fact, the list of things that you can buy with Bitcoin is pretty long, and is growing with each passing day, and all may not be included in this article but such avenues do exist.
And, this is in the United States alone.
Right from major corporations such as Microsoft and AT&T to your local farmer market, you will find someone accepting Bitcoin for selling their goods and services.
What are the Best Ways to Exchange Bitcoin Other Than Cash?
Before jumping into the ways in which you can buy goods and services with Bitcoin, it is better to know why Bitcoin is accepted as a favored mode of payment and why you should use it for buying goods and services.
Since its inception in the past decade, Bitcoin has grown significantly in popularity as well as in its usability.
It has gone through a lot of upgrades in these years simply to become better in its transaction processing and other abilities.
It has also grown as a store of value.
Not surprisingly, several businesses now accept Bitcoin as a mode of payment, both offline and online.
They have realized that there are lots of advantages to accepting Bitcoin as payment.
Some of the benefits offered by this most popular crypto of the world are:
- It allows making cross-border transactions easily
- Transactions can be made with absolute anonymity
- All records are immutable and therefore safe and
- There is no need for an intermediary such as banks and financial institutions which reduces the hassles by a significant margin as compared to a traditional payment system.
Bitcoin helps in making bigger transactions due to its impressive and inherent security.
It is primarily for this reason a large part of the Bitcoin community has a lot of faith in it which has made it a feasible alternative to a lot of centralized payment systems that are existing in the market.
However, there are a few issues with Bitcoin transactions.
Therefore, it is also better to be aware of the problems with Bitcoin transactions in the first place.
One of the major problems is the speed at which one Bitcoin transaction can be completed.
If you are okay waiting in the queue for about 10 minutes, you can go ahead with any of these ways to exchange your coins.
There are lots of online stores that accept Bitcoin.
Search for them and you can buy different products with your Bitcoin right from major retailers of clothes and fashion accessories to any home improvement chain, or an electronic retailer to any other e-commerce platforms.
However, there may be quite a few major online retailers that do not accept Bitcoin as a mode of payment.
In fact, choosing gift card purchases is one of the best ways to go ahead because it is the easiest and more accepted way to purchase products from small local shops or from large global companies, both online and offline.
There are lots of service providers out there, once again available both offline and online, who accept Bitcoin as a payment for their services offered.
You can use your Bitcoin to purchase a large variety of services that include and are not limited to:
- A provider of cellular service
- A platform for live streaming
- A direct broadcast satellite service
- A secure and high speed Virtual Private Network service
- An encrypted end-to-end email service
- A web hosting service
- A content management system to create blogs and websites
- To buy premium features of a social media channel
- A domain name and web hosting service provider and
- To subscribe to any news outlet online.
All these service providers typically accept digital currencies as a mode of payment in order to expand their client base.
Today, buying video games has become a trend for digital possession pretty much like the digital coins themselves.
You can also buy a lot of different video games with your Bitcoin. For this, you do not need to visit any physical store like in the past.
Now you can purchase almost all video games online.
Today, there are several different leading platforms that sell video games accepting Bitcoin.
One of the most significant ones among them is Xbox that allows you to pay in Bitcoin for the games, add-ons, as well as for their live subscriptions
There are also several other digital stores that not only accept Bitcoin to sell video games but also contribute a fair portion of their income proceeds for charity such as Humble Bundle.
Choosing these platforms will not only allow you to exchange your Bitcoin but also contribute to charity, though indirectly.
You can also use your Bitcoin to meet your travel expenses because today a lot of travel companies accept Bitcoin as a form of payment.
This also happens to be a very good way to attract more customers to book their packages for a dream holiday and other services related to travel.
Some of these services are hotel booking, purchasing air tickets, and for several other travel-related activities.
There are several nonprofit businesses that also accept Bitcoin nowadays such as Wikimedia Foundation that encourages development and distribution of multilingual educational content for free.
You will also get several other international non profit organizations that publish classified and secret information that are obtained from sources that want to remain anonymous.
There are also several other organizations that accept donations in Bitcoin to make it easier for them to operate.
This is beneficial for the donors in two ways: one, it reduces cost, and two the transactions can be made anonymously.
Restaurants and supermarkets:
A lot of restaurants and supermarkets today also accept Bitcoin to increase footfall in their establishments.
You can buy anything from sandwiches from Subway to burgers and fries from Burger King, or your daily organic groceries from any supermarket chain.
You can also avail several taxi services to and from airports in different parts of the world by using Bitcoin as well.
The educational institutes also accept Bitcoin to offer their courses both online or offline to pay for your tuition fees.
These courses can range from architecture to business management and from engineering to information technology.
There are also several Bitcoin store aggregators where you can exchange your coins such as useBitcoins, Coinmap, and Spendabit.
If you want to go the luxurious way, you will find several places online and offline to buy luxury items with Bitcoin.
The first thing that may come to your mind is buying exquisite cars which you can surely do in several online marketplaces such as BitCars and AutoCoinCars.
In addition to that, you can also exchange your coins in a real estate marketplace such as Bithome by buying and selling real estate with Bitcoin.
If you want to buy luxury watches or an expensive yacht with Bitcoin you can go to marketplaces like Prestige Time or Denison Yacht Sales or any other for that matter.
You can even buy private jets from different sources using your Bitcoin. These sources have a catalog of luxurious jets that will however cost you Bitcoin worth tens of millions of dollars.
Sporting events and concert tickets:
Though it is not a commonplace, yet, you can also buy tickets to some specific sporting events with your Bitcoin.
For example, Dallas Mavericks of the National Basketball Association, which is owned by entrepreneur and blockchain investor Mark Cuban and a BitPay partner, accept Bitcoin and other crypto coins.
And, if you buy merchandise from them and pay in Bitcoin, you may also get discounts on your purchase.
The Oakland Athletics of Major League Baseball also sells season tickets for one BTC or its cash equivalent along with purchasing merchandise with Bitcoin and other crypto coins.
This trend is not limited to sporting events only.
Bitcoin is also accepted as a form of payment to buy tickets to different concerts and other types of events held in different venues.
Art and collectibles:
A lot of art and collectibles are sold online through different stores and auction houses for Bitcoin and other crypto coins.
This trend is seen all over the world and not only in the United States.
You can also purchase fractional shares of a piece of famous artwork using Bitcoin as an investment.
Chartered private jets:
If you do not want to spend a lot of Bitcoin worth tens of millions of dollars to buy a private jet for yourself but still want to fly luxuriously, you can use your Bitcoin to buy private jet chartering from companies like flyExclusive and BitLux.
Apart from Virtual Private Networks, you can also purchase several other different types of web services with Bitcoin.
For example, you can buy cloud services from different companies and even host a website using the services of different dedicated server companies such as Server Room and Coin.host.
You can make purchases using your Bitcoin using different digital payments services.
For example, PayPal has come out with their new service called ‘Checkout with Crypto,’ that allows purchasing products from millions of merchants all over the world using Bitcoin.
The PayPal exchange converts the crypto into US dollars for the merchant to facilitate such payments.
Most people think that cashing out Bitcoin is the only way to convert it and then use it for different purposes.
However, as you can see after reading this article how wrong they are. Now you know ways more than one and take one as per your liking.