March 24, 2020, 6:25 am

How To Use Your Cryptocurrency: Ways To Spend It

by: The Financial Blogger    Category: Personal Finance
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Bitcoin was invented as a way to disrupt the way banks and financial institutions operate. Originally, it was embraced mainly by cypherpunks, libertarians and programming enthusiasts. 

It has since become very mainstream and has been embraced by people from all walks of life, and even accepted as a form of payment by businesses. Where originally it didn’t have much of a function beyond the ideals it represented, it can now be used to actually spend on products and services.

In this article, I will go over some of the ways that Bitcoin and other cryptocurrencies can be used in your everyday life.

Investing and trading

Investing in a coin is as easy as it gets since it is so decentralized. All you have to do is buy BTC with credit card and then wait until you are happy with the return. You can cash it all out or leave it in a wallet to be spent as you please.

Some people like to buy it with the intention to spend it and enjoy the fact that the value can increase while it sits in your wallet.

Parking your money in Bitcoin is a good way to weather a financial storm also. If you are a currency trader, then when a certain fiat currency starts to drop, you can put it in Bitcoin because they are not so tied together. When there is a global crisis, usually all currencies drop together, though at different rates.

Buy gift cards

A way to protect your gains with Bitcoin in case of a dip that you might be worried about is to buy gift cards. They can be used as gifts or even for yourself to use in place of cash.

There are many sites online that will accept Bitcoin and issue a gift card to your favorite online store or brick and mortar. Many offer refilling by way of an app to make it as seamless as possible.

Use it for travel

One of the nicest features about Bitcoin is that it is borderless. It has the same value in any country so if you choose to use it on your travels you never have to worry about exchange rates unless you convert it into the local fiat.

Asia in particular has really embraced Bitcoin as they don’t like to use banks. This has made it easy for average people to save their money without opening a bank account. When you travel throughout Asia, you can often find businesses that accept bitcoin so you don’t have to make too many currency exchanges.

You can even use it to book your travel as many travel agents and airlines accept Bitcoin now.

Online gambling

One of the most popular ways to use Bitcoin is gambling. Since it is totally transparent, it is much safer and gives a user more trust when using it on an online gaming site. Not only that, but winnings are paid out much faster.

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