What you can buy with Ethereum

The first cryptocurrency Bitcoin was launched in January 2009. Thirteen years later, it is used to pay for goods and services in many countries around the world. Bitcoins are taken by large online stores, tour operators and various services. However, BTC is not the only coin that is used for payment. Some stores and services accept other cryptocurrencies (for example, ETH, DASH, ZEC, BNB). You can buy many different goods with etherium. As a means of payment, it has an advantage over Bitcoin.

Features of buying goods and services for Ethereum (ETH)

Ethereum is the second coin in the world in terms of capitalization. On May 23, 2022, it amounted to $232.72 billion (according to editorial data). That is why ETH is often used as a settlement tool along with BTC. Its advantage is a higher speed of transaction processing. The average time of transaction confirmation in Bitcoin blockchain was 12 minutes, while in Ethereum – less than 5 minutes (as of May 23, 2022). By settling in ETH, sellers and buyers are able to complete a transaction faster.

The average transaction speed varies over time. It depends on the utilization of the blockchain network. The higher it is, the longer you have to wait.

What and where to buy Ethereum

The advantage of decentralized systems is the preservation of anonymity. Digital assets are not controlled by states and regulators. Therefore, they are used in settlements on the shadow market. The history of the SilkRoad marketplace ended in 2013 with the confiscation of 175 thousand bitcoins. This is 0.8% of the total possible BTC supply of 21 million coins. However, as of May 2022, the digital currency is more often used to pay for legal goods and services.

Seller catalogs

Various products and services can be bought with Ethereum. In 2023, the following stores and services accepted coins:

• HostMeNow. Provides web hosting services for data storage. The service takes the digital currency as payment.
• Hustles Casino. This is an online casino that accepts ETH for deposits.
• BitCars. The car store has been operating since 2016. It offers customers supercars and old classic cars. You can pay for your purchase with bitcoins and ETH.
• Vape Crypto. An online store for vapers. The product range consists of vaping devices, liquids and accessories. Vape Crypto accepts BTC and ETH (buyers get a 10% discount for them).
• Overstock. An online store with delivery of goods to 180 countries. It sells furniture, home appliances, electronics, clothing and other products. Cryptocurrency is used for settlements.
• FederalMiner. An online store offering equipment for mining (ASIC devices). For payment in cryptocurrency, a 2% discount on the entire range is credited.
• BitDials. The store has been selling watches, bracelets and jewelry since 2016. You can purchase goods for ETH.
• Alternative Airlines. Service for buying airline tickets, hotel reservations and car rentals.
• Natural Pet Shop. A pet store that offers dog toys and various treats.

There are sites with catalogs of stores and services that accept cryptocurrency. CoinPayments and Cryptwerk are popular among users (as of May 2022, the list includes 4081 merchants).

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Intermediary sites for purchases in online stores for cryptocurrency

CoinPayments is a payment gateway for buying goods and services for digital assets. On the site, customers start a cryptocurrency wallet. As of May 2022, it supported 2,315 coins and tokens. And the number of sellers working with the provider was more than 100 thousand in 190 countries. CoinPayments takes a 0.5% commission for transactions.

The intermediary site allows you to filter stores by topic and cryptocurrency, in which the payment will be made.

Principle of work

Intermediary sites allow customers to pay for purchases in digital assets. But some online stores do not accept them directly. Therefore, intermediary sites convert cryptocurrency into fiat money at the current exchange rate. This is done in the following way:

1. A customer starts a wallet on CoinPayments.
2. Fills it with crypto-assets.
3. Selects a store, product and proceeds to payment.
4. CoinPayments accepts the customer’s cryptocurrency and pays for the purchase in fiat money.
5. The customer receives the product or service.

Directory of third-party sites

Other resources for settling online stores in cryptoassets:

• BitPay. Allows you to pay for a product in coins on any site that accepts Mastercard.
• B2BinPay. This payment gateway is designed for store owners. They connect B2BinPay to settle cryptocurrency payments with customers.
• CoinGate. A similar service to the previous ones for online purchases for digital currency (71 coins supported as of May 2022).
• Blockonomics. Accepts only BTC and BCH for payment.
• BTCPay. Free cryptocurrency payment provider. Works only with bitcoins.

Features of Ethereum debit card

Cryptocurrency payment providers are not the only way to purchase goods for digital assets. There are services and wallets (for example, Crypterium, AdvCash, Amon and others) that offer users to order a debit card. It is needed to store, exchange and spend Ethereum.

If the store takes ETH as payment, then it is possible to make a purchase by attaching the card. If necessary, digital assets are exchanged for fiat money in the app. And then it works the same way as any other Visa or Mastercard.

Frequently Asked Questions

🧐 In Russia, can crypto assets be used for payment?

Yes, but such a transaction will be considered illegitimate. The draft law “On Digital Financial Assets” defines coins and tokens as property, not a means of payment.

❗ How to exchange digital currency for cash?

Cryptomats are used for this purpose. They are available in many major cities in Russia and Ukraine. The CoinAtmRadar service allows you to find cryptomats.

✅ How to buy Ethereum?

This is done through cryptocurrency exchanges and online exchanges. Also, to buy coins for fiat allows you to buy some wallets (for example, ZenGo, Crypterium and Trustee Wallet).

💳 How to replenish a debit cryptocurrency card?

You need to make a deposit to the wallet tied to it. To do this, you will have to transfer cryptoassets to the address of the vault. Another way is to buy coins from a bank card (if such an option is available in the wallet).

🏢 How to find stores that accept digital assets?

There is a special service – Coinmap. It implements a map of the world, on which stores with payment in crypto-assets are marked.

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Author: Saifedean Ammous, an expert in cryptocurrency economics.