Crypto has been around long enough to have more than a few practical appliances. Do you own cryptocurrencies? If the answer is yes, and you still have doubts how to use it to manage your finances, we have some good news for you – help is on the way. In this article we’re going to give you a couple of ways to use your crypto to manage money. Let’s start with the simplest of them all.
Spend It/Earn It
Blockchain is a unique ecosystem. Within it, digital currencies can be earned and used alike. Majority of blockchains are autonomous, and thus they come with a cryptocurrency of their own. Also, there’s a fine example of Ethereum which is a blockchain project built upon another blockchain with a currency of its own. As we said, it is an ecosystem. Another example is Decentraland, a platform with MANA, a crypto that is used to buy services, goods, and land within its ecosystem. The situation is similar in many other online ventures in addition to gaming. A good example is the online gambling industry, where today you can play crypto blackjack, by buying crypto from the casinos, playing with it, getting more of it after hitting a few 21s, and eventually, exchange it, and go home with your fiat currency. In-game use of digital currencies might be one of the most frequent uses for it outside from plain trading.
Go Shopping
You’d be surprised to hear just how many companies accept crypto payments. From the top of our head you have the likes of PayPal, Microsoft, AT&T, Starbucks, Whole Foods, Home Depot, Spotify, Chipotle, Hublot, TAG Heuer, Gucci, Netflix, and many online crypto casinos too, among many others. Here we’re just talking about worldwide brands. There’s plenty of minor businesses willing to accept crypto payments. If you’re tired of trading crypto, or just amassing it in your digital wallet, you can always go shopping with it. It is only a matter of time before it is widely accepted as a form payment on every corner. The best route to go is to find all the companies dealing with crypto, and check whether they have anything you need. We can bet that you are already in need of a good watch from Hublot, or a streaming subscription from Netflix. You can already spend your crypto outside of its blockchain bubble, but you just didn’t know it yet. At the end of the day, you can go to Bitcasino.io, and gamble some of it away. If you’re lucky enough, you could even increase it tenfold. It is meant to be spent, and not preserved for eternity in your digital crypto storage.
Send Money Abroad
Crypto and blockchain know no boundaries, and that’s what makes them so amazing in the first place. Anyone can hold it and use it. For people who support their families abroad this is an amazing feature. For crypto to be transacted across the border, blockchain technology is used. Cross-country payments with cryptocurrencies are cheaper than traditional banking, way faster, and dare say, simpler. There’s plenty of companies that deal with crypto payment technologies and enable individuals and companies to send their assets across the globe for only a fraction of cost and hustle compared to traditional banking. The apps, and websites in this domain only get better by the day, giving you more reasons to use your digital currencies this way.
Tipping
Back in the day, tipping was tied only to hospitality businesses. It is a nice culture that found its way to the universe of the world wide web. Today, we have thousands of online creators, who sprout out some quality content. Many of them are not paid for it outside of their platforms, and yet require more funding to keep their projects going. Today, there’s an option to pay tribute to content creators by tipping them for their content. Of course, this is all voluntary, but at the end of the day it aids creators to make money, fund their living, and makes it easier for them to keep focus fully on creating content. As we said, it is a nice touch, and it is good to see tipping making its way online. We’re all for it, and for you, it could be a good way to give back to your favourite creators as a token of appreciation for their hard work.
Keep Transactions Private
Most of us want to use digital currencies to make all of our transactions more transparent. Yet, crypto can go both ways. It can be used to increase the privacy of your transactions. For many people it is important to maximize the privacy of all of their financial transactions. The main reason to do this is to reduce the risk of fraud, or potential identity theft. It was never easier to do, and if this is your intention to do, the best digital currencies for enhanced privacy are Monero and Dash. While keeping matters private is important for some individuals for all the good reasons, there is also a downside to it. The main reason is that with enhanced privacy some individuals or groups could increase the number of illicit transactions.
Use it as Payment Method
No, we’re not repeating ourselves. This point was not yet made. If you’re in a line of business where your employees and partners have close ties with crypto, you can opt to pay them in digital currencies. Many companies that have a global reach of their operations, have people working remotely, or outsource big parts of their business, can offer employees or partners payments in cryptocurrencies. This way of doing business makes a lot of sense for many people and businesses across the world, as it is a safer, more cost effective, and faster way of doing transactions. When business is on the line, it just makes too much sense. Yet, it is not too good to be true. It is a reality we’re living.