Ethereum may be the home of dapps, smart contracts and DeFi, but as it centres around blockchain transactions being executed it can also be used as a payment method. While this wasn’t one of the founding team’s core intentions, it still is a a option. With so many ways to spend crypto, let’s explore the new hot topic question of “where can I spend Ethereum?”.
What Is Ethereum?
Ethereum was created in 2013 when Vitalik Buterin released the whitepaper outlining a new blockchain platform that would support application development. He, alongside a few others, developed and launched the platform two years later, after ongoing a very successful crowd sale. So successful that when the Ethereum platform launched it already had a market cap of $17 million.
Etheruem was designed to offer developers a space within the blockchain ecosystem where they could create decentralized applications on top of the Ethereum network. The platform further supports smart contract functionality that allows anyone to create and implement these digital agreements into their app. Due to these two functionalities, Ethereum is one of (if not the) busiest blockchain networks to date.
In the last few years, a new movement was created, harnessing the powers of Ethereum and the ETH token. Decentralized finance (DeFi) took off, somewhat congesting the network but also gaining a $53 billion market cap. Ethereum currently has a market cap of $188 billion, and broke a new all time high record on 5 February 2021 when it hit $1,756. It is the second biggest cryptocurrency after Bitcoin.
Where Can I Spend Ethereum?
As Ethereum takes much less time to execute a transaction when compared to Bitcoin, it makes sense that users are looking for places to spend Ethereum. A number of top retailers around the world have opened their payment operations to support the second biggest cryptocurrency, both inside and outside of the Ethereum ecosystem.
A region in Switzerland is even set to start allowing citizens to pay taxes in ETH. While the range is limited, there is still a wide variety of merchants that you can spend Ethereum at. From travel, to home decor, to mining hardware, retailers and service providers around the world have started onboarding the cryptocurrency.
While Amazon doesn’t quite accept ETH yet, you are still able to spend your ETH there. Simply buy a gift card with Ethereum from a company like eGifter, and redeem the gift card on anything you purchase at Amazon. These types of services allow users to purchase gift cards for a wide range of cryptocurrencies and spend them at stores that otherwise don’t accept crypto.
Why Do More Retailers Accept Bitcoin?
While there are a good number of merchants out there that accept Ethereum, there are still many, many more that accept Bitcoin. As Bitcoin is the original cryptocurrency with the highest market cap and biggest name for itself outside of the crypto industry, it seems only right that it dominates among retailers too.
Although Ethreum can work as a payment option, it is not what it was designed for. The platform is more focused on empowering developers and businesses to explore and implement blockchain systems into their everyday practices. All things considered, there are still a large volume of merchants and retailers around the world accepting ETH as a payment method.
How Can I Buy Ethereum?
Get started with as little as $20 and easily buy Ethereum and other cryptocurrencies using a wide range of payment options, including bank transfer, credit or debit card. There’s a payment option for everyone on Oobit.com.