Table of Contents
- The Origin and Evolution of Crypto
- Cryptocurrency in 2024
- A Look Back and Ahead
- What Can You Buy With Crypto In 2024?
- Real Estate
- Digital Goods
- To Wrap Up
It is not news that crypto is a means of payment for goods and services. Every crypto enthusiast knows you can use it for value exchange, depending on the parties involved.
Under goods and services, there are several items that crypto can pay for in 2024. The evolution of money and the exchange of value has created room for the gradual acceptance of cryptocurrency as a means of exchange in different organizations and spaces.
This article will discuss the different things you can buy with crypto in 2024. But before we get into that, let's do a quick flashback.
The Origin and Evolution of Crypto
Cryptocurrency was a completely foreign concept till 2009. A pseudonymous programmer or group of programmers called Satoshi Nakamoto released a whitepaper about cryptocurrency and blockchain technology.
In simple terms, cryptocurrency is a digital currency that operates independently of centralized financial bodies and uses cryptography to secure funds.
Although crypto didn't materialize before Nakamoto's work in 2008-2009, there were discussions about its framework as far back as 1983. Cryptovantage reveals that an American cryptographer, David Chaum, was already raising discussions via a published conference paper about electronic money that would be secured with cryptography.
Post-launch in 2009, the first cryptocurrency, Bitcoin, was mined and pushed into circulation. Over time, other developers copied the Bitcoin framework and developed alternate coins called altcoins. And today, there are countless cryptocurrencies in the blockchain space.
Cryptocurrency in 2024
Cryptocurrencies have come a long way since the launch of Bitcoin in 2009. Today, thousands of cryptocurrencies are in circulation, with a market cap of over $1.5 trillion. The cryptocurrency market has seen many highs and lows but has continued to expand and evolve over the years.
Initially, cryptocurrencies were primarily used as a means of payment and store of value. However, they have evolved to become much more than that over the years. Today, cryptocurrencies are used for various purposes, including decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
A Look Back and Ahead
The crypto market suffered significant falls in 2022. The market cap fell to $1 trillion mid-year during the rather long bear market. However, in 2023, the market took a turn for the better. The market cap increased to $1.5 trillion.
Crypto like Ethereum and Bitcoin were relatively stable in 2023. Bitcoin is still the largest cryptocurrency by market cap, followed by Ethereum and Binance Coin. Investors are anticipating what is shaping up to be a good year for Bitcoin and crypto, thanks to several positive catalysts like the Bitcoin ETF approval in early 2024. You might want to look at the top 10 cryptocurrencies to buy in 2024 to join the bandwagon of believers in the positive outlook for the market.
Now, to the main matter.
What Can You Buy With Crypto In 2024?
We've previously established that everything you can buy with crypto falls under goods or services. Now, we'll zoom in on these two categories to unpack the goods or services you can get with crypto. So, what are these everyday items?
- Real Estate
- Digital goods or services
2023 and 2024 have seen the adoption of cryptocurrency in restaurants and grocery outlets. Today, you can buy food items like groceries, enjoy fine dining at high-end restaurants, try patisserie delights and pay for any of these with crypto. You can also order food delivery.
At the fore of this revolution are restaurants like Burger King, Subway and KFC.
The fashion industry is becoming more techy as some retail stores now accept crypto as a means of payment for clothing items. You can pay for clothes, shoes, bags and other accessories with crypto. This development has made shopping more convenient and perhaps even affordable as some crypto are not affected by price swings in the market.
Retail stores that have adopted crypto as an acceptable means of payment for fashion items are Shopify, eGifters and Overstock.
Knowing you can now buy electronics and gadgets like smartphones, laptops, gaming consoles, and other gadgets with crypto is pretty exciting. Some retailers now accept Bitcoin as a means of payment for electronics. One of them is Crypto Emporium, where you can get the latest iPhones and Samsung products with Bitcoin.
Other retailers include Microsoft, TigerDirect and Newegg.
Another thing you can buy with crypto in 2024 is automobiles. While this industry is quite slow in adopting crypto as a means of payment, it still allows the option. Some car dealers now allow interested customers to pay for automobiles with Bitcoin.
The caveat is that usually, the buyer must pay with a cryptocurrency debit card. Of course, there are various crypto debit cards, one of which is BitPay Mastercard.
Some dealerships that accept Bitcoin for cars are BitCars, CarforCoin and Mecum Auctions.
The crypto community may have considered it an injustice if all other industries had started adopting crypto except aviation. So, yes, you can book flights, pay for hotels and even rent cars with crypto. This comes in handy if you're travelling across countries. By paying with crypto, you won't feel the weight of the exchange rate.
Expedia, TravelbyBit and CheapAir are some websites that allow you to pay for flights or hotels with Bitcoin.
How amazing is it that you can now buy your own house or rent one with crypto? Real estate has joined the party of industries evolving into crypto-friendly industries.
With this development, the market value of the top-performing cryptocurrencies is sure to skyrocket. The implication? More purchasing power for your crypto and more possibilities for you!
You can buy a property with crypto on BitPremier, Propy and Bitcoin Real Estate.
The entertainment space is probably one of the first industries to adopt crypto for payment. Some things you can buy with crypto in 2024 are movie tickets, music and games.
Providers like Xbox, Microsoft and PlayStation accept crypto as a means of payment for digital content.
This is the more obvious one, but one of the essential goods you can buy with crypto in 2024 is digital goods like gift cards, airtime, and other crypto. For example, on Obiex, you can top up your betting wallet with crypto.
To Wrap Up
Cryptocurrencies have come a long way since the launch of Bitcoin in 2009. Today, cryptocurrencies are used for various purposes as the cryptocurrency market continues to expand and evolve.
With many positive catalysts in early 2024, it looks favourable for crypto, especially the top-performing coins like Bitcoin (BTC), Ethereum (ETH), and Tether (USDT.
It's exciting to know that most industries have adopted crypto in payment. However, it's always best practice to verify before relying on the availability of such a service. If you doubt whether a retailer, merchant or service provider accepts crypto as a means of payment, simply reach out to their customer support, and they'll let you know.
Q: What is the origin of cryptocurrency?
A: Cryptocurrency originated in 2009 with the release of Bitcoin by a pseudonymous programmer or group known as Satoshi Nakamoto. The concept was introduced through a whitepaper on cryptocurrency and blockchain technology.
Q: How does cryptocurrency operate independently of centralized financial bodies?
A: Cryptocurrency operates independently by utilizing blockchain technology and cryptography to secure funds. It eliminates the need for central banks or financial intermediaries in transactions.
Q: What is the current state of the cryptocurrency market in 2024?
A: In 2024, the cryptocurrency market boasts a market cap exceeding $1.5 trillion, with thousands of cryptocurrencies in circulation. The market has evolved beyond payment and store of value to include decentralized finance (DeFi), non-fungible tokens (NFTs), and more.
Q: What can you buy with cryptocurrency in 2024?
A: In 2024, you can use cryptocurrency to purchase a wide range of goods and services, including food, clothing, electronics, automobiles, travel arrangements, real estate, entertainment, and digital goods.
Q: Which industries have adopted cryptocurrency as a means of payment?
A: Various industries have embraced cryptocurrency, including restaurants, fashion retail, electronics, automobile dealerships, travel agencies, real estate, and the entertainment sector. Many major retailers and platforms now accept crypto payments.
Q: Can you buy real estate using cryptocurrency in 2024?
A: Yes, real estate has become a crypto-friendly industry, allowing individuals to buy or rent properties using cryptocurrency. Platforms like BitPremier, Propy, and Bitcoin Real Estate facilitate these transactions.
Q: How did the cryptocurrency market perform in 2023?
A: In 2023, the cryptocurrency market experienced a turnaround after significant falls in 2022. The market cap increased to $1.5 trillion, with notable stability in major cryptocurrencies like Bitcoin, Ethereum, and Binance Coin.
Q: Are there positive catalysts expected for the cryptocurrency market in early 2024?
A: Yes, there are several positive catalysts anticipated for the cryptocurrency market in early 2024. Investors are optimistic about a favourable year for top-performing coins, including Bitcoin, Ethereum, Tether, and Binance Coin.
Q: How can I verify if a retailer or service provider accepts cryptocurrency?
A: To confirm whether a retailer, merchant, or service provider accepts cryptocurrency as a means of payment, it is advisable to reach out to their customer support. They can provide accurate and up-to-date information on cryptocurrency acceptance.
Q: What should I consider before relying on crypto as a payment method?
A: While many industries have adopted crypto payments, it's essential to verify the availability of such services before relying on them. Always confirm with the retailer or service provider, as adoption may vary.
Disclaimer: This article was written by the writer to provide guidance and understanding of cryptocurrency trading. It is not an exhaustive article and should not be taken as financial advice. Obiex will not be held liable for your investment decisions.