If you want to know how to spend cryptocurrency then in this article, we will tell you the 10 best ways to spend your cryptocurrency.
Cryptocurrencies are digital payments that can replace physical payment systems. They are peer-to-peer and can enable anyone anywhere to send and receive payments. Instead of being physical money carried around and exchanged in the real world, cryptocurrency payments exist purely as digital entries to an online database describing specific transactions.
When you transfer cryptocurrency funds, the transactions are recorded in a public ledger. Cryptocurrency is stored in digital wallets.
You can use your assets in a variety of practical ways, from crypto ATMs to DeFi insurance.
Despite their popularity as investments, cryptocurrencies have much more functionality than you might think.
The speed and functionality of Bitcoin and Ethereum have improved over the past few years.
We will see more regular uses for crypto as it evolves, but where can we use coins like BTC and ETH today? Is it possible for them to become both a currency and an investment at the same time? We’re looking forward to a bright future for crypto usability with a wide variety of weird and wonderful use cases already available.
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1. Without converting to fiat, you can shop in stores
The arrival of PayPal’s acceptance of crypto has opened the door to millions of global stores, but it’s important to note that there are a growing number of brick-and-mortar outlets accepting bitcoin and other cryptocurrencies, even though we’ve become used to seeing new online retailers confirm that they’re willing to accept crypto payments.
There are a number of retailers accepting cryptocurrency (though this may not be the case for all brick-and-mortar stores) including Starbucks, Whole Foods, Home Depot, Baskin-Robbins, and GameStop.
The fast food industry also appears to be looking at incorporating cryptocurrency payments into its menus.
Crypto holders around the world have access to a growing number of apps and maps that show what stores accept crypto. CoinMap is an interactive map listing all crypto-accepting stores, cafes, social venues, and ATMs.
2. At a crypto ATM, you can convert your cryptocurrency into domestic currency
Do you have trouble paying in Bitcoin when you’re in a store? Over 38,000 cryptocurrency ATMs around the world allow you to turn your crypto into local currency to use wherever you are.
Using cryptocurrency and converting to local currency at an ATM could be a great way to make payments in the future as cryptocurrency becomes faster with fewer transaction fees.
Besides CoinMap, which highlights ATMs around the world, we should also mention Coin ATM Radar, which offers a live counter that shows the array of crypto services available.
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3. Work with freelancers and pay them
Productivity can also be boosted by cryptocurrency. It is possible to pay freelancers using cryptocurrency without encountering currency or border restrictions. Payments and salaries in cryptocurrency are becoming a popular way to pay employees for odd jobs and key projects.
Platforms like Gitcoin, LaborX, and Ethlance already offer freelancer work platforms that pay in crypto because they are built on blockchain technology.
4. Offer P2P DeFi loans as a lender
Cryptocurrency-based peer-to-peer lending is possible thanks to blockchain technology’s immutable nature, which allows smart contracts to automatically collect repayments at the agreed interest rates.
P2P lending platforms are among the many decentralized finance products available today.
Crypto investors can put their coins to work through lending platforms like SALT and BlockFi, which offer P2P lending solutions. In the case of P2P lending, a passive income can be generated without worrying about cryptocurrency values rising and falling.
5. You can make donations online
Donating cryptocurrency to charity is the most rewarding way to spend your cryptocurrency. There are many web functions and features that accept donations in Bitcoin and other cryptocurrencies, whether you’re tipping your favorite streamer or making a donation to a charity that accepts it.
During Russia’s invasion of Ukraine, many investors wanted to offer support, and the Ukrainian government accepted cryptocurrency donations.
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6. You Can Build Your Own Website
Your crypto can even be spent on personal or business endeavors. BTC can be spent securely on buying domains and creating websites with Namecheap’s cryptocurrency support.
Along with PayPal and credit card purchases, Namecheap accepts bitcoin as a payment method.
7. Tickets to sporting events can be purchased online
The world of sports is rife with cryptocurrency marketing, and this is good news for crypto investors who have a keen interest in sports.
A growing number of sports teams use Bitcoin and other cryptocurrencies to purchase tickets. Crypto payments are accepted by soccer teams such as RCD Espanyol and Tigres from Mexico.
Other American sports teams have announced that they are accepting crypto payments in return for tickets, including the San Jose Sharks and Oakland Athletics. Dogecoin payments via BitPay will be accepted by the Mark Cuban-owned Dallas Mavericks basketball team starting in March 2021.
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8. You can purchase gift cards here
With the PlayStation Store wallet, you can also purchase gift cards with BTC as gifts for friends and family, or as a more straightforward way of getting your BTC converted into money.
There are a number of different gift cards available on popular gifting platforms like Bitrefill, including cards for PlayStation, Amazon, Steam, Best Buy, Uber, Spotify, and many more. Bitrefill’s gifting options mean you won’t have to worry if your favorite store doesn’t accept crypto yet.
9. Make your next vacation a reality
Cryptocurrency acceptance in the travel industry has accelerated in recent years, with a growing number of holiday services accepting bitcoin as payment.
In addition to accepting Bitcoin for hotel bookings, Expedia plans to introduce cryptocurrency payments for purchasing flights as well. There are several other names that accept bitcoin for flights, including AirBaltic.
The world’s first commercial space travel company, Virgin Galactic, also accepts bitcoin payments if you’re looking further afield.
10. Invest in DeFi insurance
Blockchain’s decentralized nature allows insurance policies to be taken out that are kept safe and secure without the involvement of middlemen.
Without central parties, how could decentralized insurance claims be handled? In decentralized insurance, smart contracts can be instructed to pay out as soon as the contract terms are met.
Hedera illustrates this point with the example of drought insurance. The smart rain gauge can automatically execute a smart contract when a drought occurs when it is connected to a smart contract. Various terms can be used with this approach, which is already in use today.
There are a number of Decentralized Finance terms such as Nexus Mutual, Superscript, and InsureAce Protocol, and this list is likely to grow as Web3 grows.
Cryptocurrency can be spent in so many ways
The majority of people still see cryptocurrency as an investment option today, but as blockchain technology advances and the metaverse emerges, this will likely change.
The possibilities for safe and efficient spending beyond borders are virtually limitless with an immutable ledger, so it’s certainly worth exploring ways to make your crypto go further.
