Cryptocurrencies have become commonplace over the last decade. Just 10 years ago, you would have been confused or laughed at if you were looking at purchasing digital currencies – they simply were not a thing. These days, however, they are far more widely known about and adopted.
So, if cryptocurrencies are more known about and used, should you be using them? Where can you use them? In this article, you will learn about crypto, where you can use it, and why it’s useful. Read on to find out more.
What are Cryptocurrencies?
In short, cryptocurrencies are digital currencies. However, there’s a lot more to it than that. Cryptocurrencies are based on blockchain technology. This tech is secure and validated by the users on the blockchain network. Every transaction is open and transparent, yet extremely secure.
Crypto, despite being based on new technology, can easily be purchased using simple apps and exchanges, much like normal currency. It is, at the same time, not moderated or ‘held’ by any central bank. This is what makes it truly unique. No one but the users of the blockchain network has control over the currency. So, where can it be used in the modern world?
Give to Charity
Believe it or not, many charities now accept cryptocurrencies as a form of donation. As it is now widely accepted tender and readily swapped for traditional currency, it can be extremely valuable. Many worthy causes, charities, and fundraisers now accept digital currencies as part of their regular funding efforts.
On top of this, you can use crypto to donate to several other people and businesses. Bloggers and creatives often accept crypto as tips, while many accept it as payment for their services. Look for a donate button on their pages!
Crypto has now reached the online casino world. That’s right, crypto gambling sites now exist, while many ‘regular’ bookmakers also accept crypto deposits. This gives you far more options and flexibility when it comes to making deposits on casinos. Play all your favorite games with whichever currency you wish, and take withdrawals in the same currency. Easy!
Cryptocurrencies can also be spent in many other types of games. For instance, there are some games built entirely on the blockchain. These games allow you to buy land, homes, and all kinds of items within the games using your cryptocurrency. In many cases, the game and currency are linked, such as with the game Decentraland.
Other video games accept cryptocurrencies, too. In some online games, you can opt to use crypto to pay for your expansion packs or new items. This is true on all major gaming platforms now but depends on the game and developers.
On Art and NFTs
You can also use crypto to invest in artwork and NFTs online. Artists, like the bloggers and creatives mentioned above, are now often accepting crypto to purchase physical artworks online. Their online stores will accept various currencies, meaning you can buy their art and support them with whichever currency you have.
On top of this, many artists are now minting NFTs of their artworks. NFT stands for non-fungible token. These are one-of-a-kind, unique, coded pieces of artwork. They cannot be stolen, replicated, or copied with their unique in-built certification. This means you own the original, unique piece of art. NFTs are set to become big investments in the future.
On the High Street
In the physical world, many retailers now accept major cryptocurrencies as payment. You’ll often see a “we accept bitcoin” sign in shop windows now. You can pay for your coffee, haircut, or new outfit using a crypto PayPoint or card machine in many shops. Soon, this will become a far more regular occurrence.
With a Credit or Debit Card
Speaking of card machines, you can now get crypto credit and debit cards linked to various apps and wallets. These cards work at regular card terminals just like your Visa or Mastercard, but link to your digital currency wallet. Often, you can get a credit line based on how valuable your crypto assets are. Or, you can simply use a crypto debit card that withdraws some of your currency when you use it in a shop. These are a great way to spend crypto as you can often earn interest, rewards, and extra crypto by using them.
As you can see, there are myriad ways to spend cryptocurrencies now. No longer are they a rarity. Instead, they are usable for just about any transaction you wish to make! So, if you have some crypto investments, take a look at how you can spend them if and when you want to.