Cryptocurrencies are investment tools first and foremost, although their real-world applications are steadily growing.
In a landmark moment in the history of cryptos, El Salvador recently adopted Bitcoin as an official currency. The original Satoshi Nakamoto-developed token has historically been the most used, although other cryptos like Ethereum have seen increased usage over the past several years.
Cryptocurrency can be confusing for beginners who are not entirely familiar with the overall concept. What is the point of thousands of currencies you cannot spend in many places – if any? The wheels are starting to turn nowadays, with far more real-world applications than before. Are you wondering where you can spend cryptocurrency online? Keep reading to find out.
The first cryptocurrency transaction of all time
What was the first cryptocurrency transaction of all time? It’s a funny story, not least because of its ironic mundanity. The original Bitcoin buyers were investing out of fascination rather than financial value, so transactions were unheard of until May 22, 2010. A Florida resident called Laszlo Hanyecz decided to buy a pizza from Papa John’s for 10,000 BTC.
The popular Italian-American pizza restaurant couldn’t process Bitcoin transactions, so Hanyecz reached out to the burgeoning crypto community. He traded his bitcoins with a member who bought him the pizzas, valued at approximately $25. Funnily enough, these pizzas are likely to be the most expensive of all time, since one BTC is equivalent to almost $17,000 at the time of writing. We bet Papa John’s are kicking themselves that they couldn’t take the payment directly.
Spending cryptocurrency online in 2022 and beyond
The infrastructure to support cryptocurrency transactions online was almost non-existent in the early days, but technology has advanced significantly since then. There are numerous possibilities in 2022 and beyond. Here are a few of the most prominent:
Investing and trading are still the most popular ways to spend cryptocurrency online. Thousands of different tokens are available nowadays, and tracking the changes in value can deliver considerable results. Understanding cryptocurrency prices is central to a successful strategy. You must always do concentrated research before jumping in.
Using cryptocurrencies at gambling platforms is becoming more and more popular. Doing so results in greater anonymity and customer safety, so it’s no surprise online casino and sports betting enthusiasts have been taking advantage recently. Major platforms do not yet have widespread crypto functionality but it’s only a matter of time before this changes.
Analysts expect crypto to play an essential role in the future of e-commerce. Building a powerful sales funnel will soon necessitate cryptocurrency compatibility, as more and more consumers turn to tokens such as BTC or ETH. As we’ll explore in the next section, buying gift cards with cryptocurrencies is already a thriving market. We expect the e-commerce industry to keep adapting to the crypto world in the future.
Buying gift cards using cryptocurrencies is incredibly straightforward. This is the easiest way to pay for things at sites that don’t currently accept direct crypto transactions. Find a gift card for the website you want and then pay for it using a crypto-compliant platform. It’s quick and easy, with hardly any stumbling blocks to bog you down.
The travel industry was one of the first to accommodate cryptocurrency payments. Expedia made headlines in 2014 when it became the first major site to deal with Bitcoin transactions. It has since scaled back on this, but its legacy is there for all to see and use, with numerous travel agencies now accepting crypto payments for things like hotel and flight bookings.
A few benefits of using cryptocurrencies for online transactions
Why use cryptocurrencies for online transactions when more widely available services like PayPal or online banking exist? There are several high-profile benefits to consider, including the following:
- Anonymity: Bitcoin and other crypto transactions are completely anonymous. This is great for consumers who value their privacy and also results in a far more secure payment process.
- Speed: Most cryptocurrency transactions are instantaneous, so you don’t have to wait for payments to clear. In the fast-paced bustle of modern life, this will only become more beneficial as time goes on.
- P2P: One of cryptocurrency’s central philosophies is its peer-to-peer design. This makes sending or receiving money incredibly easy, with no third-parties needed.
- Availability: Not everybody is able to access traditional banking institutions to make payments. Conversely, cryptos like Bitcoin are open to all, with far fewer legal hoops to jump through.