What Can You Buy With Crypto?
Despite the recent slowdown in the crypto market, the Boston Consulting Group alongside Bitget and Foresight Ventures said that the crypto economy is here to stay. Here are a few examples of what you can buy with the cryptocurrency you’ve invested in.
“The top 20 coins today look very different from just 5 years ago. Overall, the crypto ecosystem has matured significantly, with around 10,000 applications today, compared to 800 in 2017,” said the report. The BCG report noted that the institutional trading volume of the crypto exchange increased from 20 percent in Q1 of 2018 to 68 percent by the end of 2021. To date, there are more than 20,000 cryptocurrency projects out there that represent the entire $1.07 trillion crypto market (Forbes, 2022).
With this hope of a financially secure crypto future, cryptocurrencies are capitalizing on the industry’s stability. Bitcoin (BTC) currently has a market capitalization value of $441 billion, Ethereum (ETH) at $201 billion, and Tether (USDT) at $66 billion. These coins (and others) are being increasingly adopted by businesses and consumers alike, taking the financial world by storm. Check what you can buy with the cryptocurrency you own.
All Things in NFT
Non-Fungible Tokens (NFTs) are cryptographic assets based on blockchain technology, and can be bought and sold within the network. They’re worth millions now. If the global 21,0350% growth from $82.5 million in 2020 to over $17 billion in 2021 is anything to go by, you can imagine the countless NFTs out there. The most common types of NFTs that you’ve probably heard of are Avatar NFTs – a digital flex for anyone who can grab one of these unique avatars in time! There are also Collectibles, photography NFTs, music NFTs, gamified NFTs and utility NFTs. Read more here.
A utility NFT can be a physical version of the digital NFT purchased, matching it
in a perfectly tangible form.
All Things in NFT
This also extends to more than just art, utility NFTs can also include unique access passes to events, exclusive memberships or in-game purchases. One of the examples can be the music festival Coachella organized in California, for which tickets were sold in the form of NFT.
Insurance via Crypto
Yes, you read that right. Now you can even pay your insurance premium through crypto. Insurers perceive this as an opportunity to attract new customers, and even look at making claim payouts in cryptocurrencies.
In a recent survey by NYDIG, half of the respondents wanted to obtain insurance claims through Bitcoin and more than 75% showed interest in Bitcoin life insurance and annuities. Also, protection against exchange rate risk is pushing insurers to accept payments in crypto. Universal Fire and Casualty Insurance is even accepting payments for direct online license, permit bonds, and additional surety bond products through a variety of cryptocurrencies such as Bitcoin, Ethereum, Bitcoin Cash, and Litecoin.
NFTs, insurance, goods, even holidays – all of that you buy with cryptocurrencies.
A number of real estate companies now accept crypto as a payment. Just like making a deal with traditional currency, you’d negotiate the price in Bitcoin (for example) with the seller, and find a method to pay them in crypto thereafter. There is a catch though, you may only use bitcoin to purchase a property if you do not need to obtain a mortgage for the property, like a cash buyer. This is because banks are still a little too hesitant to accept bitcoin.
Your Next Holiday
An increasing amount of travel agencies and airlines are adopting cryptocurrency as a form of payment, so yes, you really can pay for your next holiday completely with crypto! Global agencies like Expedia accept Bitcoin as a form of payment for hotel bookings, while over 600 airlines like Emirates, American Airlines, AirCanada, CheapAir, and AirBaltic also accept it. If traveling around the world is not exciting enough for you, you can even hop on Virgin Galactic and go to space, by paying in crypto!
A Gift For Yourself
The next time you’re shopping online you can indulge yourself by paying for it in crypto. Luxury brands like Hublot, Tesla, and even Walmart have integrated cryptocurrency as a payment method. PayPal, one of the largest P2P platforms also enables the buying, selling and exchanging of crypto through its platform now, which opens multiple doors in itself.
In exeno we offer thousands of branded products that can only be purchased with crypto – be it electronics, beauty products, pet accessories and food, toys, household goods and more. We also introduced our own cryptocurrency exeno coin (EXN) to allow you to get more returns on your purchases – such as through a Stake Back program (like a cash-back program but in crypto).
Your Next Degree
We’re not kidding. A number of very well-known universities around the world now accept crypto as a form of payment by partnering with crypto merchant companies. From UC Berkeley, King’s College in New York, University of Pennsylvania, European School of Management and Technology in Germany, FPT University in Vietnam, Innovation and Entrepreneur Business School in Spain, University of Applied Sciences and Art in Switzerland, and more! The Wharton School of Business recently became the first ivy league institution to adopt crypto openly and partners with Coinbase to process crypto payments.
With the number of industries adopting cryptocurrencies as a payment method, it certainly is a fintech revolution that’s here to stay. So the next time you feel like buying a toy for your pet, or feel like a trip to space, remember that your crypto can be put to great use!