What Can You Buy with Cryptocurrency?

Legality of Cryptocurrencies in Ukraine 

In Ukraine, there is no legislation regulating the circulation of cryptocurrency. However, the use of digital money in our country is not prohibited. 

The law “On virtual assets,” which was approved in 2022, will come into force after the authorities reach a consensus on the taxation of crypto. The relevant draft laws are still under consideration. 

Why Ukrainian Companies Have Started to Adopt Digital Assets 

Businesses are rapidly adopting digital payments for several reasons: 

• Cryptocurrency payments allow them to attract new customers and stand out among competitors.
• Digital technologies provide high speed and transparency of payments.
• Steps taken by the authorities to regulate crypto-assets increase the degree of trust in them.
• Cryptocurrencies simplify the process of donating funds to charity.

Who Accepts Cryptocurrency? 

Let’s look at what you can buy with cryptocurrency and in which areas digital payments have the highest prevalence. 

Online trading 

You can buy electronics, clothing, and digital products with crypto. Among the companies that stand out are Overstock, Microsoft, and Shopify. Moreover, cryptocurrencies are used on the Expedia platform to book travel and on the Newegg website to purchase computer hardware. In Ukraine, you can buy Apple products by paying with tokens. 

Retail 

Purchases for crypto can also be made offline — in Ukraine and abroad. You can buy medicines, fuel, food, and other goods. Whole Foods, Nordstrom, Starbucks, REEDS Jewelers support digital payments, giving customers more options for choosing a payment method.

Where are cryptocurrency payments accepted in Ukraine? Such an opportunity is available at WOG gas stations, in ANC pharmacies, and in the Varus and Foxtrot store chains.     

Charity 

Cryptocurrency has accelerated the exchange of funds to help the Ukrainian army, IDPs, and severely ill children. The Ukrainian Ministry of Digital Economy said that after the start of the Russian full-scale invasion, they managed to collect amounts equivalent to tens of millions of dollars in a few days. 

Airline tickets 

Airlines, such as AirBaltic, CheapAir, and Peach Aviation, accept Bitcoins and other cryptocurrencies, providing fast and seamless payments. 

Travel 

Today, you can book a hotel room, rent a car, and arrange a tour by paying with tokens. Such a payment method has already been introduced by the popular platform Booking.com. 

Advantages and Disadvantages of Crypto Payments 

Having found out what you can buy for cryptocurrency in Ukraine, let’s talk about the advantages of digital transactions: 

1. Low commissions. Crypto transactions are cheaper compared to traditional bank transfers.
2. Speed. Transfers can be made much faster, which is especially convenient for international payments.
3. Transparency. All transactions are recorded on the blockchain, making them difficult to fake. Cryptographic protection increases the level of security.
4. Accessibility. Digital coins can be used anywhere in the world, making it easier for people in countries with limited banking facilities to access financial services.

Cryptocurrencies also have disadvantages. Digital currencies are subject to significant fluctuations in exchange rates, which can lead to financial losses. Although the number of merchants accepting crypto is increasing, its use is still limited compared to fiat. 

How to Pay with Cryptocurrency for Goods or Services Online? 

Cryptocurrency payments can be made through the following schemes: 

• Crypto — crypto: the customer pays for the goods with tokens, and the seller receives the agreed amount on their account (the equivalent of another cryptocurrency can be used);
• Crypto — fiat: the client pays with digital currency, and the seller receives payment in fiat.

Need to urgently buy crypto to pay for goods abroad?
ObmenAT24 allows you to favorably exchange fiat to digital coins and vice versa. Tokens will be in your wallet in 10-15 minutes.