Prices of cryptocurrency such as Bitcoin have absolutely skyrocketed in the last year. This means that many new investors are interested in getting involved in crypto for the first time.
Many newcomers are confused about what they can actually use these coins for. This helpful guide explains how to spend cryptocurrency and what you can use it for.
Table of Contents
1. Save It
One of the biggest uses for cryptocurrency is to save it. Cryptocurrency has helped many investors to become millionaires because of its increased value. To make a lot of money from crypto, it’s often as simple as buying some coins, waiting, and then cashing out when the price is up.
Of course, no investment is foolproof, so make sure you do extensive research into a cryptocurrency before investing in it. Cryptocurrency investment is always speculative, so you need to make sure to never invest more money than you’re prepared to lose.
2. Trade It
Another way that you can make money from cryptocurrency is by trading it. The value of cryptocurrency is always in flux. This means that by trading one crypto for another, you could potentially make a profit.
Day trading is generally inadvisable if you don’t know what you’re doing. For a casual investor, it makes sense to carefully watch the market and make trades when the time is right.
While it is possible to make a lot of money this way, you should proceed with caution.
3. Spend It in El-Salvador
El-Salvador recently made history by being the first country in the world to accept Bitcoin as legal tender. This means that El-Salvadorian companies will be legally obligated to let you spend cryptocurrency.
As of right now, this experiment is still in the early days, but time will tell if El-Salvador will become one of the best places to spend cryptocurrency on the planet.
4. Use Bitcoincash for Small Transactions
One of the big issues with cryptocurrencies like Bitcoin is that the transaction fees are high. This makes them unviable for small-scale transactions, such as buying a coffee at a coffee shop.
The good news is that there are cryptos out there that address this issue. For example, Bitcoincash has been specially developed with small-scale transactions in mind. You can use it to buy something small without getting hit with expensive fees.
5. Gamble Online
You can also use cryptocurrency to gamble online. Crypto can be a great option for funding your casino account as it allows you to remain incognito. Some cryptos are not linked to your real identity, which is useful if you want to gamble anonymously.
For example, you can play here with crypto.
Now You Know How to Spend Cryptocurrency
Now you know a bit more about how to spend cryptocurrency. Of course, there is money to be made in trading and saving, but there are more practical uses for crypto as well.
You can expect to see cryptocurrency payments becoming more mainstream in the years to come.