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Cappuccino with Crypto. What can you buy with cryptocurrency today?

Cryptocurrencies have come a long way since their inception, and their influence is not limited to the online space anymore. From everyday purchases to extravagant investments, the world of digital currency is rapidly expanding, and the possibilities are limitless.

Despite the recent downturn in the crypto market, the range of goods and services that can be purchased with cryptocurrency is growing worldwide. It's no longer just a futuristic concept - it's a reality that's gaining momentum every day.

So, what can you buy with cryptocurrency today? Let's take a closer look at some of the exciting options available in the online retail space. Whether you're looking for tech gadgets, clothing, or even groceries, there's a good chance you can use your digital currency to make the purchase.

But that's not all - the world of cryptocurrency is also making strides in offline purchases. In Ukraine, for example, the options for using digital currency are expanding rapidly, and the possibilities are truly exciting. Keep reading to find out more!

20+ ways to spend cryptocurrency 

It is thrilling for me to see the digitalization and cryptofication of the world. About 7 years ago, virtual assets were considered to be the currency of the dark net. But today, they are a full-fledged payment tool. 

 

According to Statista, there are more than 300 billion crypto users worldwide. Now, you can buy almost everything with cryptocurrency  — from a cup in Starbucks to a private business jet. Here are several real cases. 

 

 

The BitPay service used by more than 250 online stores has issued a BitPay card in cooperation with Metropolitan Commercial Bank. It is used for payments by Hublot, Jomashop, adidas, Airbnb, Xbox, Google Play, Nintendo, Columbia, H&M, Walmart, Yankee Candle, and other companies. 

Ukrainian Сrypto RevolutionGadgets, food, pharmacy, petrol with crypto. It’s Ukraine, baby! 

According to the UN data presented at the Conference on Trade and Development, Ukraine ranks first in terms of accepting cryptocurrency payments [the 2022 infographics below]. It was mainly the result of The Law “On Virtual Assets”, signed by President Volodymyr Zelenskyy on May 15th, 2022. Today, Ukrainians use cryptocurrency almost as regularly as fiat. Especially because even a complicated military 2022 year brought new opportunities for it. 

 

Source: UNCTAD (August 2022).

 

There are two leading crypto processing services on the Ukrainian market — WhitePay and Binance Pay. The former developed terminals for payments in physical stores. The latter offers offline payments with a QR code. 

 

WhitePay cooperates with online electronics stores CACTUS and Tehno Yizhak and accepts more than 130 cryptocurrencies. At the end of 2020, the Foxtrot chain embarked on the digitalization of sales. However, Binance Pay for online and offline payments was integrated only in 2022. It is the first electronic retailer in Ukraine to offer this type of payment. Only for the first month after the integration, more than 100 customers paid with digital assets! Today, customers can choose WhitePay to pay for their orders.  

 

I am glad that cryptocurrency is becoming so common in Ukraine that it is even used to pay for groceries. Customers can use crypto wallets and Binance Pay on the website or visit the VARUS supermarket. OKWINE, the chain of wine stores, accepts payments in cryptocurrency online and through POS terminals by WhitePay in two wine markets. 

 

The AZK WOG chain started its way to crypto transformation in 2017. However, at that time, there was neither high demand from users nor such convenient crypto-processing services as we have today. Starting from September 2022, Binance Pay can be used for payments at WOG gas stations

 

Ukrainian pharmacies became the first in Europe to accept cryptocurrency! In January 2023, ANC.UA, a chain of pharmacies, announced instant crypto payments for online orders. 

 

Since June 2022, the group of companies DIM uses authorized agents to sell real estate for stablecoins. It is the only property developer in Ukraine to offer this payment option to clients.  

What will happen to crypto payments in the future?

I believe that digital payments will become even more convenient, fast, and secure. It is happening right now, since numerous projects issue crypto-debit cards that allow spending cryptocurrency offline. 

 

In January 2023, the Binance crypto exchange, together with Mastercard, announced the launch of the Binance Card in Brazil. It supports 13 virtual assets. Binance Card is currently being tested and planned to be used for payments worldwide by the partners of the Mastercard payment system. 

 

I am proud that banking services in Ukraine are cool. 

Hold on to your hats, because things are about to get even cooler in the banking world! Unex Bank and Ukrainian fintech startup Weld Money have teamed up to launch the first crypto card in Ukraine - the Weld card. With this card, users can easily and securely make payments using their cryptocurrency, which is automatically converted into fiat currency.

 

It's clear that cryptocurrencies have come a long way from being just a niche interest among tech enthusiasts. With the rise of online banking and the increasing popularity of alternative payment methods like smartphones, watches, and even rings, the use of physical cash is slowly becoming a thing of the past. More and more people are jumping on the cryptocurrency bandwagon, and companies are starting to take notice by offering crypto payment options.

 

Of course, there are still concerns about the financial and tax risks associated with virtual assets, but the potential benefits of using cryptocurrencies for everyday transactions are hard to ignore. And with the possibility of future legalization and regulation of virtual assets, it's only a matter of time before we see even more exciting developments in the world of crypto. So get ready, Ukraine - the financial revolution is here!

 

 

 

 



 

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Yuliya Barabash

Yuliya Barabash

Managing Partner

SBSB Fintech Lawyers

Member since

12 Jan 2021

Location

Praha

Blog posts

27

This post is from a series of posts in the group:

Trends in Financial Services

A community to discuss the future of financial services and any other interesting trends, strategies, ideas, views.


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