The first commercial transaction made with cryptocurrency occurred in 2010 when a resident in Florida named Laszlo Hanyecz purchased 2 Papa John’s pizzas for 10,000 Bitcoins. At that time, crypto was still in its early stages and Bitcoin was only worth about $40. Considering Bitcoin’s current value at more than $50,000, this initial transaction is celebrated every year to commemorate Bitcoin’s rapid growth. In fact, May 22 has been coined “Bitcoin Pizza Day” in memory of this transaction.
Since then, people around the world have made several purchases using cryptocurrency, ranging from an array of different products and services. Payment cryptocurrencies, such as Bitcoin, Ethereum, and Litecoin, are paving the way for the future of digital transactions in the commercial space. So, without further ado, let’s take a look at some items over the past decade that have been bought using cryptocurrency.
While this may seem a bit out of reach for most, cryptocurrency has made an important impact on the yacht industry. The traditional method of selling yachts can be very lengthy, which often leads to more costs for the owners. The use of blockchain technology has added an extra layer of security to these transactions to help merchants speed up the sale process. Earlier this year, a 40.2 meter Benetti motor yacht Oryx was sold in Bitcoin, and this sale is regarded as one of the first brokerage deals completed in cryptocurrency,
Facilitating this transaction with cryptocurrency has helped remove much of the tedious work associated with the sale of yachts. For one, every transaction made with cryptocurrency is recorded on the blockchain with smart contracts, which has helped eliminate costs that come with using a third party. This has also solved some risks associated with using multiple currencies. Not to mention, blockchain has helped with verifying the identity of clients to reduce cases of fraud.
Looking to watch the new Batman movie? You can now buy your ticket in crypto! In August 2021, AMC Theatres announced that they would start accepting Bitcoin, Ethereum, Bitcoin Cash and Litecoin as payment to purchase movie tickets online along with Apple Pay, Google Pay, and PayPal. Since then, their CEO Adam Aron has posted on Twitter that Dogecoin is coming next.
Within the same month that this was launched, AMC disclosed that their new online payment methods already accounted for 14% of their total online transactions. It hasn’t been revealed exactly which currencies are dominating in this statistic, but it is becoming clear that cryptocurrencies are becoming increasingly integrated in everyday transactions.
Although Elon Musk stopped accepting Bitcoin to purchase his cars due to some environmental concerns with the Bitcoin mining process, he tweeted in January that Tesla is now accepting DOGE to purchase some of their merch. Elon Musk told CNBC that many people working on the production lines for his two companies Tesla and SpaceX own this cryptocurrency and explained “That’s why I decided to support Doge, it felt like the people’s crypto.” Some of the items up for sale are the Cyberquad for Kids for 12,020 Doge, the Giga Texas Belt Buckle for 825 Doge, and the Cyberwhistle for 300 Doge.
This announcement came just a few months after Elon Musk started accepting Doge for another one of his projects, to launch a new satellite to the moon. This satellite named DOGE-1 in honor of the meme coin is another example of the potential of cryptocurrency in commercial transactions.
Yes, you read that right.
A retailer in Vancouver named Richard Marcus listed a pair of 8.5 and 9.5 ft. long woolly mammoth tusks for 274.5 BTC in 2014. The tusks were excavated in the Yukon sometime in the mid 80s and listed on a “Luxury Bitcoin Marketplace” called BitPremier. Other than being one of the strangest items available for purchase in crypto, this listing also got attention because of the circumstances in which it was sold. The United Nations banned trade in elephant ivory in 1989, but an exception was made for these tusks because mammoths are extinct! Needless to say, you may want to keep some Bitcoin handy for Richard’s next listing!
It seems even Colonel Sanders wants a stake in Bitcoin. In January 2018, KFC Canada launched a “Bitcoin Bucket” for a limited time that allowed people to buy a bucket of fried chicken in exchange for Bitcoin. This promotion that KFC Canada described as “The latest, and likely first, venture into the crypto-chicken space,” sold out within an hour of being launched. For approximately $20 worth of Bitcoin, customers were given 10 chicken tenders, waffle fries, gravy, two dips, and a side dish. Following the success of their promotion, the company stated that if Bitcoin’s founder Satoshi Nakomoto ever chose to reveal their identity, his bucket would be covered.
For over two years, the NBA Team owned by investor Mark Cuban has been accepting cryptocurrency as payment for game tickets and merchandise. In March of last year, the Dallas Mavericks made a statement that they were going to start accepting Dogecoin payments in addition to Bitcoin, Bitcoin Cash, Ethereum, USDC, and more. The goal with this initiative was to make Mavericks merchandise more accessible to MMFLs (Mavericks Fans For Life) everywhere.
Very shortly after this announcement, the team processed more than 20,000 transactions in Dogecoin in only 2 days, making the Mavericks the largest Dogecoin merchant in the world.
The team has also given away $100k in Bitcoin to a lucky fan during a game in October for sinking a half-court shot, building more enthusiasm for the cryptocurrency.
