How to Buy Furniture with Crypto
You’re probably aware of how this digital currency is revolutionizing the way we do transactions, but did you know you can also use it to purchase furniture and home decor?
That’s right, your hard-earned Bitcoins, Ethereums, or other cryptocurrencies can be used to beautify your home. But how does one go about it, and what are the benefits and potential pitfalls you should be aware of?
Ways to buy Furniture with crypto
Well, there are multiple ways to do this.
You can buy crypto gift cards, opt for merchants who accept crypto directly, or use crypto debit cards.
Crypto gift cards
You may be wondering how to use your crypto to buy furniture or home decor.
Well, one way is through crypto gift cards.
Stores like Home Depot, Wayfair, Pottery Barn, The Container Store, and West Elm offer these and it’s time we discuss how you can use them.
Home Depot Inc., often simply referred to as Home Depot, is an American multinational home improvement retail corporation. It is the largest home improvement retailer in the United States, with over 2,300 physical stores across North America, including the US, Canada, and Mexico.
The company offers a wide range of products, including building materials, home improvement supplies, hardware, electrical products, kitchen and bath products, flooring and paint products, appliances, and lawn and indoor and outdoor garden products.
You can find gift cards for Home Depot on popular platforms like Coingate, Coinsbee, Cryptorefills and Bitrefill with a price value range from 3 to 2000 dollars which gives you plenty of flexibility based on how much you would like to spend at any given moment.
Similar to Home Depot, Wayfair also offers a convenient pathway for crypto enthusiasts to purchase furniture using crypto gift cards. As Wayfair does not accept crypto directly, crypto gift cards become the best way to spend your crypto on their goods. These gift cards can be redeemed at Wayfair’s website and do not expire.
Wayfair Inc. is an American e-commerce company that specializes in selling furniture and home goods online. The company was founded in 2002 by Niraj Shah and Steve Conine, who initially launched it as CSN Stores, a collection of over 200 sites selling everything from bar stools to bedroom furniture.
Wayfair’s business model is unique in that it acts as a middleman between suppliers and customers. Any company that meets two major requirements – having drop-shipping capabilities and sufficient insurance coverage – can sell on Wayfair.com. This model has allowed Wayfair to scale quickly, but it also puts pressure on the company’s margins.
Pottery Barn is an American upscale home furnishing store chain. The business model is unique in that over 95% of its home furnishings are created by in-house designers and sold through their catalogue, online, and over the phone channels.
Pottery Barn has a global presence with operations in countries including Canada, Mexico, Puerto Rico, Australia, and the Philippines. It also launched an exclusive online store in India.
Pottery Barn gift cards can be purchased with cryptocurrencies such as Bitcoin, Litecoin, and other altcoins. This is facilitated through platforms like Coinsbee, BitPay, Gyft, and Zeroth.
The Container Store
The Container Store, an American retail chain that specializes in storage and organization products, offers gift cards that can be purchased with cryptocurrency. Several platforms facilitate this transaction, including Coinsbee, Cryptorefills, CoinGate, eGifter, and Bitrefill with a price value range from 5 to 500 dollars.
The gift cards can be used for purchases at any of The Container Store locations, on their website, or by phone.
It’s important to note that these gift cards are not redeemable for cash, except where required by law, and they are not transferrable once redeemed. The gift cards do not expire, and any unused portion will be placed in the customer’s account balance.
West Elm, a branch of Williams-Sonoma, Inc. that specializes in modern furniture and home decor, offers gift cards that can be purchased with cryptocurrency. You can find them on Coinsbee, CoinGate, Gyft, and Uquid.
West Elm has a team of in-house designers that collaborate with artists and independent designers. The company also offers handmade and one-of-a-kind discoveries from around the world. 95% of their products are designed in-house.
Some of West Elm’s best-selling products include minimalist floor mirrors, cozy swivel chairs, and versatile outdoor furniture.
Merchants who accept crypto directly
There are several merchants that accept cryptocurrency as a form of payment. These merchants include Overstock.com, Spendabit, Rooms To Go, Deckstool, and Beliani.
Let’s explore how you can make your next home improvement purchase using your digital wallet.
Since 2014, you’ve been able to use Bitcoin for purchases on their platform. Additionally, they also accept other cryptocurrencies like Ethereum, Litecoin, and Ripple. To make a purchase with crypto, all you have to do is pick your items, go to checkout, and select crypto as your payment method. This straightforward process provides a secure way to use your digital currency for real-world purchases.
Rooms To Go
Rooms To Go, a renowned American chain of home furniture stores accepts cryptocurrency payments for purchases both online and at its various store locations, including Showroom, Kids, Patio, and Outlet stores.
This acceptance of cryptocurrency is facilitated through BitPay, a platform that supports a variety of popular wallets including Exodus, Metamask, Electrum, Trust, and Coinbase. Interestingly, Rooms To Go also accepts Shiba Inu (SHIB) payments, making it one of the few major retailers to do so.
To celebrate the acceptance of cryptocurrencies, Rooms To Go launched a limited-time offer of 7% cashback in 2022 for customers purchasing furniture with SHIB and other cryptocurrencies.
Deckstool, a company that specializes in creating furniture and gifts from recycled skateboards, accepts cryptocurrency as a form of payment for its products. Currently, Deckstool accepts Bitcoin and Ethereum, and it may expand into additional currencies in the future.
To make a purchase using cryptocurrency, customers are advised to email Deckstool to arrange their order and payment. This information is also stated on their Etsy shop page, where they encourage customers to contact them to arrange an order using their preferred cryptocurrency.
Deckstool’s acceptance of cryptocurrency payments is part of their commitment to giving their customers additional ways to access their products. Jason Podlaski, from Deckstool, has stated that cryptocurrencies are popular, especially with international customers, and that they represent an exciting and growing market segment.
When you’re ready to revamp your home decor with cryptocurrency, consider Beliani, a Europe-based furniture store that welcomes Ethereum and other digital currencies as payment through BitPay.
Beliani also offers a discount for customers paying with cryptocurrency in the UK. By using the code “BitPayUK” at the third step of the checkout process, customers can get £100 off their current order. They also offer design inspiration, free shipping, and no-charge returns, adding extra value to your crypto-based shopping experience.
Crypto Debit cards
You can use Crypto Debit cards to purchase your favorite furniture or home decor using cryptocurrencies. These cards function similarly to regular bank cards, but instead of drawing from a fiat currency bank account, they draw from your cryptocurrency wallet.
This means you can spend your crypto directly, without needing to convert it into a traditional currency first. Companies like BitPay, Coinbase, and Crypto.com offer these cards, making it easy for you to load your crypto onto the card and use it at any retailer that accepts debit or credit cards.
Benefits of buying furniture with crypto
Well, there are numerous benefits that could make your transaction easier and more efficient.
We’re going to discuss some key advantages such as privacy, reduced transaction costs, global accessibility, and the elimination of intermediaries.
One significant advantage of buying furniture with crypto is the enhanced privacy it offers. When you pay with crypto, your transactions aren’t easily traceable back to you. This gives you a level of anonymity that traditional payment methods just can’t match.
Also sellers or third parties can’t access your financial account information. This means you’re not only safeguarding your identity but also protecting yourself from potential fraud or theft.
Reduced Transaction Costs
In the world of crypto transactions, reduced exchange or transfer costs compared to traditional banking systems can potentially save you both time and money when buying furniture.
Crypto transactions often have much lower costs, allowing you to allocate more of your hard-earned money to purchase that stylish couch or elegant dining set you’ve been eyeing. Plus, transactions are typically processed faster, meaning you can get your new decor quicker.
With cryptocurrencies, you’re no longer confined by geographical boundaries. You can purchase that Italian leather sofa or that Turkish rug you’ve been eyeing without worrying about international transaction fees or fluctuating exchange rates.
While you’re exploring the global market, remember that buying your favorite pieces with crypto also eliminates the need for intermediaries. This means your transactions are peer-to-peer, taking place directly between you and the seller. There’s no need for a trusted third party or middleman to facilitate the deal.
You’ll appreciate the speed, transparency, and simplicity that come with bypassing intermediaries.
When you buy furniture with cryptocurrency, it’s important to understand that this transaction has tax implications. In the U.S., the Internal Revenue Service (IRS) treats cryptocurrencies as property, not as currency. This means that when you use cryptocurrency to buy something, it’s considered a sale of the cryptocurrency, and you may be liable for capital gains tax on any increase in the value of the cryptocurrency from the time you acquired it to the time you spent it.
For example, if you bought Bitcoin for $1,000 and its value increased to $1,500 by the time you used it to buy furniture, you would have a capital gain of $500. This gain is subject to capital gains tax. The exact tax rate depends on your individual tax situation, including factors like your income level and how long you held the cryptocurrency before spending it.
Keep in mind that tax laws vary significantly from one jurisdiction to another, and the rules can be quite complex. You should consult with a tax advisor to fully understand your obligations.
Frequently Asked Questions
What Types of Furniture or Home Decor Can You Typically Buy With Cryptocurrency?
You can typically buy all sorts of furniture or home decor with cryptocurrency. It’s not limited to specific types. You’ll find sofas, beds, lamps, rugs, and even artwork available for purchase with crypto.
How Safe Is It to Buy Furniture With Cryptocurrency Compared to Traditional Payment Methods?
When comparing safety, it’s not necessarily riskier to buy items with cryptocurrency. Like credit cards, you’re protected if you’re careful, use reputable vendors, and take steps to secure your digital wallet.
Are There Any Furniture Brands or Online Platforms That Specifically Accept Cryptocurrency?
Yes, there are. Overstock is a popular online platform that accepts Bitcoin. Other brands like Etsy and Shopify have sellers who accept crypto. Always check a seller’s payment methods before making a purchase.
What Are the Potential Drawbacks or Risks of Buying Furniture With Cryptocurrency?
You could face volatile prices, leading to overpayment. There’s also no purchase protection, so if you’re unhappy with your furniture, you can’t easily get a refund.
If I Experience Any Issues With My Furniture Delivery or Product, How Would Refunds or Exchanges Work When I’ve Paid With Cryptocurrency?
If there’s an issue with your delivery or product, refund and exchange policies depend on the merchant. Since crypto’s value fluctuates, you might not get back the same amount you’ve paid initially. Always check policies first.
The fusion of cryptocurrency and home decor has transformed the furniture-buying landscape. Through crypto gift cards on platforms like Coingate and Cryptorefills, major retailers such as Home Depot, Wayfair, Pottery Barn, The Container Store, and West Elm now embrace digital currency transactions. Merchants like Overstock.com, Rooms To Go, Deckstool, and Beliani directly accept cryptocurrencies, providing a seamless shopping experience.
Crypto debit cards from BitPay, Coinbase, and Crypto.com bridge the gap between digital assets and traditional finance, allowing users to spend crypto directly at any card-accepting retailer.
As the crypto landscape evolves, so does its impact on everyday life. The marriage of crypto and home decor represents a progressive approach to commerce, offering consumers new avenues for secure, efficient, and globally minded furniture purchases in the digital era. With exciting opportunities on the horizon, the intersection of cryptocurrency and home decor continues to redefine how individuals furnish their living spaces.
Angel Marinov is the Managing Editor at Coinlabz. With extensive knowledge of crypto payments and blockchain use cases, Angel is a trusted source of accurate and timely information