At the moment, the cryptocurrency market in Ukraine is not limited to speculative transactions on exchanges. In 2021, Bitcoin and other digital coins can be used to buy various goods and services: from household goods to real estate. In connection with the beginning of active regulation of this market by the state, we decided to write what anyone can buy for cryptocurrency.
At the moment, the number of offers on the market for owners of crypto wallets is limited, but every year it is growing along with demand. Ukrainians are beginning to actively adopt Western experience and introduce the possibility of paying with crypto everywhere.
But it is important to remember that due to the high volatility of many cryptocurrencies, paying with them for real goods in physical stores is not always convenient. The speed of the transaction is also a negative factor - confirmation can take up to several minutes or more. Experts consider “stablecoins” to be an excellent alternative for making payments in everyday life - this is a generalized name for cryptocurrencies, the rate of which is backed up to ordinary currencies or goods, their rate is very stable.
Foreign experience of purchases for cryptocurrency
In the history of the development of the first Bitcoin cryptocurrency, one can recall the case when on May 22, 2010, Czech Laszlo Hanesh purchased 2 pizzas from Papa John’s for 10.000 Bitcoins. By the way, at the moment the cost of 10,000 bitcoins is 541,876,000.00 US dollars (rate - 1 bitcoin = 54,187.60 $). It was the first purchase of real goods with bitcoins and since then, every year on this date, "Bitcoin Pizza Day" is celebrated, which symbolizes the beginning of a new era.
Since that time, many companies have begun to accept various digital coins as payment, and this practice continues. For example, in Japan, cryptocurrency is already recognized as an official means of payment.
A few examples from current offers in the world:
-Samer Halimeh New York - a large manufacturer of precious jewelry accepts payments using cryptocurrencies: Bitcoin, Ethereum, Bitcoin Cash, Ethereum Classic.
-Subway is a fast food chain with outlets all over the world. In the United States, the ability to pay with Bitcoin has been introduced for its visitors, and special discounts are offered for those who use this method.
-Starbucks is a world famous coffee shop chain that accepts bitcoins for payment using a special application on the phone. Expansion of the list of supported crypts is planned.
-Kentucky Fried Chicken - KFC's Canadian divisions in 2018 began accepting BTC for orders placed on the company's website with home delivery.
These are just some of the well-known brands that have decided to implement the use of cryptocurrencies to buy certain goods. In fact, there are many more such examples and it is difficult to calculate their exact number.
Shopping for cryptocurrency in Ukraine
Despite the fact that Ukraine took 1st place in the ranking in terms of the volume of transactions with cryptocurrency and the number of active users from Chainalysis, such payment methods are just beginning to be introduced in everyday life, and many people look at such innovations with caution.
As a result, answering the question “What can be bought for Bitcoins and other cryptocurrencies in Ukraine”, we prepared several examples that are already operating on the market:
Online electronics store "Digit" - accepts payment using Bitcoin, which is noteworthy, the prices in the listings are immediately written not only in hryvnia, but also in BTC at the current exchange rate;
Online store of equipment for mining "Asictrade" - one of the first to offer its customers the opportunity to pay with cryptocurrency in this direction;
Noise suppressors and mining equipment from "Hotmine" - also introduced the ability to pay for the company's goods by transferring to a BTC wallet;
Pet store "Barbos" - in addition to Bitcoins, it also accepts Ethereum cryptocurrency for payment, the details for the transfer are sent by mail upon request from the manager;
The "WOG" filling station network - a few years ago announced the possibility of paying for fuel using the Bitcoin cryptocurrency, for this you need to install a special application on your phone.
As you can see, at the moment, payment with bitcoins is relevant for online stores and service sites, but there are examples of the implementation of such technology in physical retail outlets. One of the most striking is the purchase of products on the Bessarabian market in Kiev - payment is made using the cryptocurrencies Bitcoin, Ethereum, EOS, Dash, Litecoin and others through the Paytomat system. Now vegetables can be bought for Bitcoins without converting them into hryvnia in advance.
To start using cryptocurrencies, you need to create your own digital wallet and purchase coins. It is possible to exchange fiat money for cryptocurrency using the 7Money online service.
What else can you buy for Bitcoin and other cryptocurrencies in Ukraine?
In addition to shopping in online stores and the Bessarabian market, Ukrainians are increasingly selling their own property and things not for hryvnia, but for example, for Bitcoin or Ethereum. In this case, it is not difficult to wait a few minutes for confirmation of the operation, because such payment methods are gaining popularity.