Crypto, crypto, crypto – it’s everywhere! From news headlines to even banking apps, it’s no longer deemed as a simple fad but an actual currency. However, despite how mainstream it has become, plenty of people still look at it with severe skepticism, and really, who can blame them?
Most of us will know that crypto is a digital currency that can be used as a great, albeit volatile, investment asset. But that’s actually not all it offers, so if you’re looking for its actual practical uses before you buy some up – make sure to keep reading!
Popular Use Cases of Cryptocurrencies
We all know about how investing in crypto became all the craze a few years back. While it did reach incredible heights sometime around 2020, it also crashed, or as some look at it corrected itself, in 2021-2022. So, while the craze has diminished, it actually still is very popular – not only as an investment, but also in entertainment sectors such as gambling.
First of all, we’ll start with the innovative crypto gambling options. They work the same way as regular gambling, meaning they facilitate slots, poker, baccarat, and roulette alike, however, with crypto options, you can deposit your digital assets directly onto the eligible casino platform. This allows for more anonymity, security, and lower transaction fees.
Crypto payment methods in gambling are a by-product of the industry’s shift towards the digital realm. With a simple digital wallet and an address, users happily utilize various currencies, be it Litecoin, Ethereum, or Bitcoin, to optimize their casino winnings.
Moreover, more and more restaurants allow you to use crypto to make purchases, both online and even in-store. Of course, this does heavily depend on your location, but it’s still pretty nifty. From Subway to Domino’s – you can enjoy a meal by using your crypto.
These are just some examples, but honestly, when it comes to transactions, crypto is definitely leaps and bounds further than normal currencies. The fees are typically lower, the transactions are faster – what is there not to like?
After all, without the middleman, i.e. a government or banking facility, it makes sense that you get lower costs and faster fees. This is especially convenient when it comes to cross-border/international transactions, so if you’re someone who regularly has to do those kinds of transfers, perhaps it’s time to look towards crypto.
Now, let’s talk about something a bit more unique to crypto – the presence of Non Fungible Tokens. If you don’t know what they are, well, they’re unique digital assets that you have complete ownership over once you purchase them with your crypto. NFTs range from digital art to fashion to even gaming assets, and since it’s still developing – we can expect so much more to come from this sector.
Next up we have DeFi platforms that are built on blockchain technology, basically, they’re a new financial service. Some people have a much harder time accessing traditional banking services, be it because of their location or for other reasons, so this is a great alternative that uses crypto.
Of course, since crypto is still relatively new, its uses are not as widespread as regular currencies. However, this is quickly changing with the times as more countries are implementing relevant regulations, more mainstream companies are adopting it as a payment method, and as more people learn about crypto overall.
How to Use Cryptocurrency
Hopefully, all of the above has made it very clear that crypto has plenty of practical uses. But how do you actually use it? Well, we’ll help you out with the basics, so don’t worry,
For starters, you will need to get a digital wallet, which makes sense, your money needs a wallet, and so does your digital money. There are plenty of options out there, from hot and cold wallets for crypto, just make sure to do your research so you pick a trustworthy and reliable one. Unfortunately, there are plenty of scammers out there, so you want to make sure you safeguard your crypto as much as possible.
Once that is all setup, you should look into actually buying some crypto. Now, we’ve all heard of Bitcoin, the most popular coin, but there are so many others out there that you should definitely look into. There’s Ethereum, Solana, Ripple, Cardano, DogeCoin, and so much more!
Make sure to focus on more popular ones as you start, perhaps one that is more commonly used for purchases or transfers. The more experience and knowledge you gain, the more you can divert from them safely.
Okay, so you’ve got your crypto and your wallet to store it in. What’s next? Learning how to actually make transactions. It’s actually pretty straightforward, you just need the recipient’s public address, just make sure you get all the details right because if you don’t, unfortunately, your money is as good as lost.
While everything is recorded on a public decentralized ledger, that is basically tamper-proof, if you send money to someone else, well, there’s barely any chance of getting it back. Unless of course, the person who received it is especially nice and is open to sending it back to you.
So, crypto is actually practical and you can use it for so many different things. Now that you know that, and how to use it, then why not use this newfound knowledge to purchase something? From Microsoft to Virgin Galactic to Starbucks – the world is your crypto oyster.