Cryptocurrency, also known as crypto, has become big news in recent years. Many people make money from it, and there are certainly plenty of people who want to sell it to you, but once you have crypto in your online wallet, what do you do with it? Here are a few things that cryptocurrency can be used for.
Play the Market
Cryptocurrencies fluctuate in value, so if you can buy them low and sell high, then you make a profit. Of course, it can be difficult to predict the market, so you may prefer looking at other ways to get hold of coins, such as Genesis Mining, who do the bitcoin mining for you. When you sell your coins is up to you. Some people like to sell them every time they see the price starting to climb, seeing them as a short-term way to make cash, while others see coins as a long-term investment and want to hold onto them for the future.
Wire transfers can often be slow in the USA, and if you need to send money abroad, it can be difficult to find a reliable service that doesn’t charge a fortune in fees. Many people now use cryptocurrencies to send money to other countries, especially in places where there might be political uncertainty or a lack of banking facilities. The process is especially easy if your recipient lives near a Bitcoin ATM, as you can transfer the funds, and they can take out cash in their local currency.
Admittedly, the list of online shops that accept cryptocurrencies is relatively short, but it’s certainly growing, and you can make payments online using Bitcoin at Microsoft, Newegg, and other major retailers. However, if you need to buy something online from a shop that doesn’t take digital currencies, and you want to use your coins, you can buy gift cards using crypto, then simply spend them online. This opens up a whole load of potential new stores where you can shop from Uber to Dominos and Target, so you can pay for day to day things with your coins.
Fund A Startup
Always wanted to support an up and coming business, as well as making some extra cash for yourself? While it’s one of the more risky forms of investment, many people are now putting money into Initial Coin Offerings (ICOs), which help fund people’s ideas. While these businesses aren’t always successful, it can be fun to watch them get off the ground, and you may make some money on your investment.
Make Transactions Away from Prying Eyes
In a world where big data seems to run everything, there can be a number of totally legit reasons why someone might want to make a private transaction. Many cryptocurrencies are anonymous and difficult to trace, so when you want to buy an item online without anyone knowing, or need to send cash without the bureaucracy, then this might be the best option for you.