The first cryptocurrency purchase was made 14 years ago. In May 2010, an American programmer Laszlo Heinitz bought two pizzas for 10 thousand bitcoins. This day has already become a historical event. However, speaking not of history but of the present, how widespread is cryptocurrency as a means of payment today?
Crypto investor and entrepreneur Maryna Tenditna (Mary Ten) explained how cryptocurrency can be used to buy real estate in 2024 and even pay for purchases while shopping.
- Maryna, you are an entrepreneur, you deal with real estate, and since 2022 you have also been the owner of a crypto exchange. Why exactly crypto?
- I’ve been interested in cryptocurrencies since I was at university. I saved my salary from my job and part-time jobs to buy bitcoin. I intuitively felt that crypto was the future and the possibility of financial independence.
And today, cryptocurrency is a decentralized, transparent, and inclusive financial system. The blockchain technology at its core provides security, immutability, and the potential to democratize access to financial resources around the world. And we can see that I was right.
- Previously, cryptocurrencies could only be withdrawn through a special exchanger or a P2P transfer, but in 2024, cryptocurrency cards became available in Ukraine, among other places. What do you think of them?
- I especially appreciated it. Given my experience of living abroad and my passion for traveling, a cryptocurrency card is my salvation. Imagine not having to check before each trip whether your bank card will work there, what percentage of the local currency will be converted. With crypto, all these questions go away, and you just enjoy your vacation. Fortunately, there are more and more opportunities to use crypto in the world - people are still striving for a mass adoption.
- Which card is better to choose? Give us some advice.
- It is up to the user to choose what is more convenient to use in everyday life. With cryptocurrency cards, everything is very simple: the card is linked directly to your cryptocurrency wallet, charges money from it, and automatically converts everything into the desired currency. At the same time, you pay with it like a regular debit card. You pay a very small or no conversion fee, depending on the card issuer.
- What are the selection criteria?
First, the terms of the conversion: what is the commission, is the conversion itself automatic or do you have to do it manually. You also need to understand where you plan to use the card: keep in mind that not all card options work in the European Economic Area. And of course, check the reputation of the card issuer, how reliable and secure it is.
However, there are companies and entire regions where you can pay directly from a crypto wallet. For example, in the United Arab Emirates. There is maximum freedom there. It was in the Emirates that I made my first major purchase with crypto. And in general, I can pay with bitcoins for real estate, car rental, and even pay bills in some restaurants or clothing stores. As a woman, I like the latter the most.
- Tell us more about it. What brands can be bought with crypto?
- Many luxury brands accept crypto payments: Gucci, Off-White, Balenciaga. Mass-market clothes are no exception: at H&M, you can update your wardrobe using cryptocurrency. The fashion industry is not standing still and is also digitalizing to stay in trend. Therefore, it uses the opportunities of modern money very actively and with pleasure.
Today, buying a bag or clothes for bitcoin is not new, and even buying a car or apartment is becoming commonplace. Although a few years ago, it was something on the verge of fantasy.
If I have the opportunity to pay with cryptocurrency, I do. Simply because it is very convenient.
- Still, not all countries and businesses are in a hurry to accept cryptocurrencies as well as regular money... How is crypto more convenient for you personally than regular bank card payments?
- I am very tired of traditional banking. Especially the time spent on bureaucracy. Despite these inconveniences, there are still limits and huge interest rates for services, especially for international transfers. And compare operations with crypto: fast transfers, no intermediary, and therefore the cost of transfers is negligible. Plus, it's decentralized. And these advantages are available not only to large crypto investors but also to any consumer.
Of course, I have not completely abandoned traditional banking services, although I am looking for more convenient options here as well. For example, I prefer banks in the Emirates.
But still, most of my finances are in crypto. With cryptocurrency wallets and now cryptocurrency cards, I don't see any point in wasting time thinking about how to make the next payment. It is better to spend this time on yourself, your interests, family, and business development. Therefore, despite the big steps in mass transit, I do not understand why some businesses are still hesitating and are so slow to join the process. I don't see any point in resisting technologies that can give you an advantage over your competitors.
