Five Things You Didn’t Know You Can Buy With Bitcoin

The perception of Bitcoin has transformed from a speculative asset to a long-term asset. Much like gold, Bitcoin’s store of value is now widely recognized, even outside of the crypto community. With adoption surging, wider financial services are creating more use cases for BTC.

Today, you can buy many unexpected things using Bitcoin. Here are five surprising purchases you might not know you can make with BTC.

1. Real estate

Buying property with Bitcoin is becoming more common. Companies and individual sellers across the United States, Europe, and Asia now accept Bitcoin payments for homes, apartments, and even land. For example, in 2022, a Miami penthouse sold for $28million entirely in Bitcoin. Multiple platforms also exist specifically to facilitate property purchases using cryptocurrency, simplifying transactions and reducing traditional processing delays.

Real estate purchases with Bitcoin offer speed and privacy advantages. Transactions typically complete faster than traditional bank transfers. Buyers and sellers both benefit from reduced paperwork and instant international transfers without extra fees.

2. Luxury cars

Luxury cars are another surprising purchase option available to Bitcoin holders. High-end car brands like Lamborghini, Tesla, and BMW dealerships in various countries accept Bitcoin directly. Tesla used to allow Bitcoin payments back in 2020, but it was later removed.

Lamborghini famously reported that its Bitcoin transactions surged when Bitcoin prices peaked in recent years. This trend continues today, with car dealers providing crypto enthusiasts an opportunity to spend their digital wealth directly on premium vehicles.

Purchasing a car with Bitcoin simplifies international transactions. Buyers avoid traditional banking delays and currency conversion fees. Dealerships also embrace Bitcoin payments to attract tech-savvy customers, boosting their competitive edge.

3. International flights

Airlines and travel agencies now widely accept Bitcoin, making it easy to book international flights using cryptocurrency. Websites like Travala.com allow travelers to pay directly with Bitcoin, covering flights, hotels, and vacation packages worldwide. Airlines such as AirBaltic have officially accepted Bitcoin payments for years, demonstrating confidence in digital currency.

Booking flights with Bitcoin offers convenience and privacy. Travelers avoid exchange fees and bank delays common with international payments. Bitcoin payments provide travelers an instant and straightforward way to handle bookings, especially beneficial when traveling frequently or urgently.

4. College tuition

Higher education institutions increasingly accept Bitcoin for tuition fees, reflecting its growing credibility. Universities in the US, such as King’s College in New York, and globally, like Switzerland’s Lucerne University of Applied Sciences, now allow students to pay tuition using cryptocurrency. These institutions recognize Bitcoin’s practicality for international students who face currency conversion fees and lengthy processing times with traditional payments.

Paying tuition with Bitcoin provides students immediate transaction confirmations. This payment method removes complex banking procedures, making it especially attractive for students studying abroad who want efficient financial management.

5. Fine art

Fine art purchases using Bitcoin have also entered the mainstream. Auction houses, galleries, and artists frequently accept cryptocurrency for artwork. Prominent auction houses such as Sotheby’s and Christie’s have successfully sold significant art pieces using Bitcoin. In 2021, Banksy’s painting ‘Love is in the Air’ was auctioned by Sotheby’s for over $12m in cryptocurrency.

Buying art with Bitcoin offers privacy and simplicity in high-value transactions. Buyers and sellers bypass traditional financial institutions, reducing fees and streamlining the process. Crypto-friendly sales attract new art investors, increasing market opportunities for artists and collectors alike.

Why are Bitcoin purchases increasing?

More merchants and institutions embrace Bitcoin because transactions are fast, secure, and simple. Traditional financial transactions can involve delays, currency conversions, and high processing fees, especially for international purchases. Bitcoin solves these problems by enabling direct transactions without intermediaries.

Though buying items with Bitcoin is easier than ever, buyers must consider potential issues. Bitcoin’s price volatility can impact purchasing power significantly. Prices might fluctuate rapidly, causing uncertainty in the actual cost of the transaction. Before buying high-value items, understanding and preparing for Bitcoin’s fluctuating value is critical.

Additionally, buyers must verify that sellers accept Bitcoin and understand transaction procedures clearly. Conducting transactions on trusted platforms reduces risks related to fraud or misunderstandings.

Potential risks

• Price volatility: Bitcoin’s value changes rapidly, making it difficult to know its worth at the time of purchase or sale.
• Transaction irreversibility: Once completed, Bitcoin transactions cannot be reversed. If errors or fraud occur, recovering funds is challenging.
• Lack of buyer protection: Bitcoin payments do not offer built-in consumer protections common with credit cards or traditional banking.
• Security concerns: Private keys or wallets can be lost, stolen, or hacked, potentially resulting in irreversible loss of funds.
• Limited acceptance: Many businesses still don’t accept Bitcoin, limiting purchasing options compared to traditional payment methods.
• Regulatory and legal risks: Changing government regulations or restrictions could affect Bitcoin’s usability or legality for purchases.
• Tax implications: Bitcoin payments can trigger capital gains or tax reporting requirements, complicating financial management.
• Network delays: High traffic on the Bitcoin network can lead to slow transaction confirmations, delaying purchases.

Final thoughts

Bitcoin has moved beyond simple investment and trading purposes. Today, purchasing homes, luxury vehicles, flights, education, and fine art with Bitcoin is practical and increasingly common. Buyers and sellers enjoy advantages like speed, lower fees, and greater transaction simplicity.

As Bitcoin adoption grows, expect more merchants and services to offer cryptocurrency payment options, making everyday life easier for crypto users.