Cryptocurrency is one of the latest trends in the world of technology. It is a form of digital currency secured by cryptography, and just like traditional fiat currency, cryptocurrency can be used as a medium of exchange.
The biggest difference between the two is that cryptocurrencies are decentralized networks used to record and make transactions. This means that the transactions made with cryptocurrencies are fast and secure.
For that reason, millions of people worldwide already use cryptocurrency, and some of the most popular ones are Bitcoin, Ethereum, Litecoin, Polkadot, Cardano, and many others.
If you are thinking about investing in cryptocurrency, or you already have some lying around, you might be looking for a way to spend your new digital coins. That’s why we prepared a small guide to show you five fun and exciting things you can do with crypto.
1. Save It
While saving cryptocurrency might be the opposite of what you intended to do in the first place, it can also prove extremely beneficial in the long run. In fact, many seasoned crypto owners prefer to HODL (hold on for dear life) onto their cryptocurrencies because they are certain the price will eventually skyrocket, at which point they can sell.
Cryptocurrency prices continuously fluctuate. The shift in supply and demand, media hype, and government regulations are just some reasons cryptocurrencies are highly volatile. For example, just take a look at Bitcoin. At the end of 2017, one Bitcoin was worth only $13.062. In October 2021, Bitcoin reached its all-time high and was worth $61,374, only to drop to $36.285 in January 2022.
The constant price swings allow crypto traders to make a profit by buying cheap and selling high, just like a stockbroker would. However, as you can see, the price can also drop significantly, causing you to lose a lot of money.
Therefore, if you do plan to save, you should pay close attention to market fluctuation and new trends. With a little bit of luck and expertise, you can be one of many who made millions buying the right cryptocurrency and selling it at the right time.
2. Gamble with Crypto
Gambling with cryptocurrency works the same as traditional betting. Some of the best online gambling sites out there have already implemented cryptocurrency as a standard payment method.
There are many reasons punters prefer using cryptocurrency for gambling. As we mentioned earlier, cryptocurrencies are decentralized, which allows online casinos to circumvent various KYC (know your customer) procedures, making transactions faster.
Not only that, but gamblers can stay anonymous since you only need a user’s wallet address to send or receive funds without having to know someone’s credentials.
Furthermore, the transaction fee is significantly lower since there are no banks involved, and the only third party is miners who validate the transaction. Granted, while online gambling sites seldom charge a fee, banks consider gambling transactions cash equivalents and charge 3% to 5% per transaction and come with a high advance APR.
Lastly, some online casinos even offer special welcome bonuses for those who register and make a deposit using a cryptocurrency, making crypto gambling that much more exciting. Of course, if you do decide to use crypto for gambling, make sure to visit a reputable and licensed casino.
3. Buy Gold
For virtually all cryptocurrency owners, buying crypto is an investment. In fact, there are many stories about people who took out mortgages to buy and invest in Bitcoin. Unfortunately, while it did pay off for some, others weren’t as lucky.
As we mentioned earlier, the price of cryptocurrencies continuously fluctuates. If you’re somewhat of a skeptic and don’t have high hopes that Bitcoin will reach its peak anytime soon, you may want to invest in a less volatile market. Namely, rather than relying on digital gold, you may try your luck with actual gold.
Whenever the living cost increases, the price of gold rises, making gold a fantastic hedge against inflation. Unlike other forms of currency, especially paper ones, gold has maintained its value throughout history. Therefore, if you want to invest in something long-term, you can find a gold trader that accepts Bitcoin and easily change your investment plans.
4. Buy a Car with Cryptocurrency
With their surge in popularity, cryptocurrencies became available worldwide in places you would least expect. In fact, if you have enough cryptocurrency laying around and you’re thinking about a big purchase, you will be pleased to know that you can even buy a car using cryptocurrency.
Not only that, but you won’t even have to worry about a limited choice. If you have enough cryptocurrency, you can buy anything from your everyday vehicles to various luxury cars from manufacturers like Ferrari or Lamborghini. Furthermore, you can even buy vehicles from car dealers that specialize in selling bulletproof cars that are upgraded to become armored vehicles.
Additionally, you can even get a Tesla with enough cryptocurrency in your wallet. While you could do it freely in the past and get a Tesla directly from the manufacturer using Bitcoin, Elon Musk announced the company wouldn’t support Bitcoin payments until 50% of the energy used on cryptocurrencies comes from renewable sources.
Despite that, numerous dealerships allow you to get a Tesla without first converting crypto into fiat currency and potentially spending more than you intended to.
5. Get a Cold One
We all need to relax and unwind from time to time, and for a lot of us, one of the best ways to do that is with a cold beer. So, instead of using cash or a credit card, why not pay in style and use Bitcoin instead?
Now, you may think that finding a pub that accepts crypto is difficult, but did you know that you could buy a beer in a pub in the UK with Bitcoin even back in 2013? The cost of one Bitcoin was between $13 and $1,100 back then, so you better hope the beer was worth every penny.
Of course, it doesn’t have to be just beer. In today’s time, more and more retailers and store chains accept cryptocurrencies as a form of payment. For example, in the US, you can bring your crypto wallet to Home Depot, buy from Whole Foods Market, or even get a Starbucks.
The Takeaway
In today’s time, you won’t be hard-pressed to find a place where you can spend your cryptocurrency. While you may be somewhat limited in choice, the number of retailers that allow you to pay with crypto increases daily.
An important thing to remember is that pricey cryptocurrencies like Bitcoin are a big investment, and you should either sell Bitcoin or use it to make big purchases. However, if you are making a small purchase, such as getting a few items from a grocery store, you should either use less valuable cryptocurrencies or a fiat currency.