Cryptocurrency isn’t a worldwide phenomenon for nothing. It was first created as a form of a digital currency or digital asset to facilitate trade and business over the Internet. When it was designed around a decade ago, nobody could predict that cryptocurrencies would become the global success it is today.
While the opinion about cryptocurrencies is still divided, you also cannot deny its popularity. Merchants are accepting cryptocurrencies as a form of payment even for various transactions such as hotels, airplane tickets, and the like. Everywhere you go in the world, there is an increasing clamor among people to get into this form of exchange.
But what exactly are the uses of cryptocurrency that makes it such an in-demand global commodity? Read on to find out.
1. Payment For Goods And Services
One of the most common uses of cryptocurrencies is for the payment for goods and services. Especially if you are trying to purchase a product internationally, most buyers tend to use cryptocurrencies. All you have to do is double check to see if the merchant accepts Bitcoins and other cryptocurrencies as a form of payment.
In Dubai and Miami, for instance, you can purchase real estate using Bitcoins. So, if you are coming from overseas, this can be to your advantage. Not only are you able to avoid exorbitant international transaction fees on top of your purchase price, but you can also prevent the difference in exchange fees. Also, there are some hotels and airline tickets that you can also book using Bitcoins. These examples alone show how cryptocurrencies are changing the way transactions are made all over the world.
In addition, more and more merchants are slowly accepting cryptocurrency payments for online transactions because they are also able to avoid the fees charged by online payment platforms. For instance, PayPal usually charges quite high fees, especially if you are sending and exchanging money from one currency to another. This makes cryptocurrency more attractive, particularly for online transactions.
2. Trading To And From Other Assets
If you think that trading in cryptocurrency is only limited from one cryptocurrency to another, you are mistaken. There are many ways for you to trade to and from various assets. Apart from the payment of goods and services, trading and exchange are two of the most popular ways in which cryptocurrencies are also utilized.
With the advent of numerous automated trading platforms, trading with cryptocurrency has been made even more accessible to those who do not have any background in trading at all. You can use your cryptocurrency to invest in other assets or to trade it with fiat money. Hence, through your cryptocurrencies, you can withdraw its growth when converted to US dollars, for instance. Depending on the current exchange rate values, you can instantly give yourself an excellent way to earn an income.
Plus, there have been bills introduced in many places all over the world to even reduce the tax on cryptocurrency investments.
3. For Recreational Activities
Another way people use cryptocurrency, especially in the digital world, is through recreational activities like playing in online casinos. Websites like www.mintdice.com offer various games like slots, plinko, dice, and others. Cryptocurrency becomes particularly attractive for players since they feel they are losing less as the fees seem to be smaller, and they don’t have to change from one currency to another. With cryptocurrency, they aren’t losing fiat money, such as US dollars or Euros.
4. Playing Games
With technology, it is also the norm now that digital games are popping out everywhere. From mobile phones to other gadgets, and laptops and desktops, Internet users have gotten hooked with playing games on various websites. If you are a gamer, you would know that to increase your level, there may be digital goods that you may have to purchase. In some cases, this might be to unlock new levels of the game or to add skills to your character.
Even if playing digital games is now the norm, it also cannot be denied that there are still Internet users who are wary about using their credit and debit cards to complete their purchases. They do not want this vital information to be shared with someone they do not know over the Internet. Hence, as an alternative, some merchants also accept cryptocurrencies as payment for in-game purchases. If you also have rewards from these games, you can also be paid in cryptocurrencies, usually Bitcoin.
5. Transferring Money
The world is getting smaller by the day. Many members of your family might be overseas, as they have chosen to create a life for themselves in another country. With this, it also is the norm now to transfer money from one country to another. Money remittance centers are all over the place, as more and more individuals also find it cheaper and more convenient to send money through this means than through bank transfers.
To make transactions even faster and more affordable, cryptocurrency is now used as a way to transfer money from one country to another. The only downside to it, however, is that your recipient should also have a cryptocurrency account and should know how to use it. With transferring money through cryptocurrency, you can avoid losing a considerable sum of money because of the exchange rate. When you send money from one cryptocurrency to another, and all your recipient has to do is to file a withdrawal request for the cryptocurrency to be exchanged with the fiat money of the country in which they are currently located.
These are only a few of the popular ways that cryptocurrency is being used. As technology continues to improve, chances are, the ways of using cryptocurrencies will broaden as well. For as long as its demand continues to rise, experts in this field will always find new ways to put cryptocurrencies to good use. What was previously labeled as the future of currency exchange has now become the present, and it will only continue to get even better and more advanced in the years to come.
This article was submitted by the staff at Mintdice.com
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