Practical Ways to Use Crypto in Daily Life
Several years ago, if people mentioned the cryptocurrency market, everyone would go crazy. Bitcoin has become a buzzword for people who invest in cryptocurrency.
Nowadays, the market is much more mature than a decade ago. Instead of wondering how to buy cryptocurrency, nowadays, people want to buy Dogecoin and other currencies, as they have many utilities unknown before.
But what are they? We are going to dive into this article and see how you can utilize your crypto money.
Different cryptocurrencies have different debit card options available, with Bitcoin probably leading the pack. But other currencies are catching up fast. While Bitcoin leads “the race” in debit card implementations, new coins and tokens are coming onto the scene, aiming to compete with the original cryptocurrency.
You can use them just like standard cards, and all you need to ensure is that the merchant can receive VISA or MasterCard payments. And voila.
Crypto gift cards are a convenient way to spread digital tokens as gifts. You can order them online, pay with fiat currency, and receive a QR code representing your purchase that you can share with others. Your recipient will be able to sell the gift card through their favorite cryptocurrency exchange.
Places like Coingate enable you to buy gift cards for some of the most iconic brands worldwide – Nike, Ikea, iTunes, Starbucks, and others. You can also use streaming services like Netflix and Spotify, among 1500 other stores or brands.
While Bitcoin and the altcoins have been predominantly used as investment tools before (they still are, we’ll get to that later), they find a lot of different applications today.
Nowadays, many large companies are opening their doors to cryptocurrency. A few years ago, Expedia started accepting Bitcoin as a payment option, and Overstock is also accepting BTC payments. And some smaller businesses have joined in too, like CheapAir and Rakuten.
As an investment
Cryptocurrencies have become one of the most important stores of value in the world today. They’re also one of the most valuable, with some worth hundreds of billions of dollars apiece. The reason for this is simple — their decentralized nature makes them incredibly secure and anonymous. Today’s cryptocurrency market is teeming with hidden gems that can open massive gains for savvy investors.
However, there are three main ways to invest in cryptocurrency:
If you have dreams of making money, then you may be interested in a cryptocurrency mining rig. Such rigs are designed to solve complex math problems and win the reward — some amount of newly minted cryptocurrency. The competition is cutthroat, though, so make sure your rig has the latest generation speed and best cooling system for optimal results.
The term “hodling” originates from a misspelling in an early Bitcoin forum. It represent the idea of “belief” in cryptocurrency investors that their investment will gain a massive traction over the next couple of years thus the investor is making a huge profit.
It’s a winning strategy in case you are starting off with some new cryptocurrency. While it originates from Bitcoin, people rarely buy BTC today to hold it for a long time, as they won’t be able multiply their investments the same way they’ll do with new projects that have just been launched.
Trading is another way to use cryptocurrency. You are speculating on the price of different crypto assets and you make money with the difference. The best of all is that cryptocurrencies are volatile. The worst of all is the same.
The tricky part in trading is to find the right time to trade and follow the news. On top of that, you should be disciplined, as there is a high risk involved with trading, especially day trading.
Transaction of value
If you try to send money from Asia to the US, you’ll realize how slow the banking process is. It may take several working days for the money to arrive. For some people, these few days are crucial.
Cryptocurrencies are a great way to transact online. They allow businesses to expand because they can reach customers across the globe without borders or limits. Transactions can be completed in minutes, and most blockchain platforms have the ability to complete thousands of transactions every hour. Ripple, for example, has the ability to complete 1500 transactions per second.
A replacement for fiat currencies
Unfortunately, in some remote countries, many international services are not supported. This leaves millions of people out of options. And that’s not fair.
However, with cryptocurrencies, every citizen can buy anything in any country.
Cryptocurrencies are our fate. While they are still underutilized today, they have a bright future that will change how we see the world.