8 Awesome Ways To Use Cryptocurrency
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8 Awesome Ways To Use Cryptocurrency

November 20, 2020      Guest Author

In the past couple of months, Bitcoin’s price has skyrocketed. With this, more and more people scramble to buy Bitcoin with debit card before prices get too high.

At the same time, t lots of cryptocurrency owners are looking for a way to cash in their profits. For this reason, we decided to create this short guide of 8 awesome ways on how to use cryptocurrencies. Let’s dig into our list.

Spend it online or in stores

Bitcoin and other cryptocurrencies are first and foremost digital payment methods. Even though their value is quite volatile, they are starting to get widely accepted as a form of payment in online and physical stores all around the world.

Today, merchants have two options when accepting crypto.

  • They can either accept the risk they present and accept payments directly in cryptocurrencies.
  • They can use a payment gateway where the user can pay with cryptocurrency, but the merchant receives FIAT on their bank account. Bitpay is the most popular platform that helps merchants achieve this.

Donate to charity

Cryptocurrencies are a popular payment method for donating to charities, and there are few good reasons for this:

  • Donors can retain their anonymity when making a donation
  • There is no need for middlemen in the transaction, which ensures the money ends up where it’s supposed to.
  • Transaction fees are minimal when using crypto, which allows the non-profit organization to retain a maximum of the amount that was sent their way.
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These obvious reasons have encouraged large non-profit charities like Unicef and the Red Cross to start accepting cryptocurrencies.

Gift it to friends and family

With the holiday season behind the corner, cryptocurrencies are a great way to send money to your friends and family. Crypto is a great gift for multiple reasons because they can be used in various ways, as depicted in this very article.

But moreover, cryptocurrencies are known to increase in value over time. Your $20 gift today might be worth double or more in the near future! Additionally, you would be spreading mass adoption by making your close ones invested and interested in the crypto market.

Just make sure that they know the basics of storing crypto and how to conserve their private key and seed phrase.

Gift Cards

Even if your close ones aren’t interested in cryptocurrencies, there’s still a way you can use your crypto profits for presents. The answer is gift cards for popular stores that can be easily acquired on websites like eGifter.

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There are hundreds of different options there, and you can find something that suits anyone needs.

Use it to earn interest

Cryptocurrencies are known to be a sound investment for holders. This year alone, the entire market’s value has more than doubled.

However, with the rise of decentralized finance projects, there are even more ways on how to make some passive income with your crypto.

For example, a large number of platforms exist that allow you to lend your crypto and earn interest on your holdings. The most popular lending facilitators are Celsius Network and Nexo.

And if you want to avoid going through a centralized lending provider, you can use a decentralized platform like Aave instead.

Travel

Traveling is one of the most satisfying ways to spend your crypto profits. You can use cryptocurrencies to buy plane tickets and other modes of transportation on websites like TravelByBit.

Websites like Travala are a great way to use your crypto to book a room, choosing from hundreds of destinations worldwide.

The growth of the bitcoin ATM market also means travelers are now able to convert their cryptocurrency into local currency in most major cities around the world.

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Cryptocurrencies being a borderless method of payment, using them directly at stores abroad will allow you to avoid expensive credit card exchange rates.

Pay your bills

Paying your bills with crypto can heavily depend on your region and country. However, crypto payment processors like Bitpay and Coinomi will allow you to pay directly with crypto and funds will be automatically converted to fiat on the merchant’s end.

Online gambling

Gambling is one of the industries that has benefitted the most from cryptocurrencies. Online casinos have been able to improve their services by providing players with provably fair games, easy registration, no verification sign up, anonymity, among many other things.

Furthermore, users can gamble with cryptocurrencies without the risk of their bank blocking their withdrawal and flagging their account for suspicious behavior.

Wrapping Up

There are many ways you can use your cryptocurrencies, and spending your profits can be quite fulfilling after holding them for a long time.

Hopefully, we managed to provide you with a decent list of options on how to use cryptocurrency, whether you want to spend it, gift it, or make additional profits with them.

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