Where can I use cryptocurrencies?

The use of cryptocurrency is common and truly on the rise. There are various uses for bitcoin and the numerous altcoins available. Here are some of the more common uses for cryptocurrencies:

Purchase products or services

  • The simplest and most common use for cryptocurrencies is as an alternative to regular currencies when purchasing products or services on the web. Many merchants accept the more popular cryptocurrencies as a means of payment, especially Bitcoin. Even big name brands like Microsoft and Dell have given customers the facility to pay with bitcoin for a lot of their products.

    Additionally, some brick-and-mortar shops have started accepting cryptocurrencies as a form of payment as well. Most of these shops have QR codes printed and pinned next to their traditional cash tills, which are then scanned by customers to execute cryptocurrency payments (again, usually with bitcoin).

  • Money transfers and cryptocurrency tipping

  • The next most common use for cryptocurrencies is as a way of transferring money and tipping. If, for example, you owe money to a friend, and both of you have an Ethereum wallet, why not transfer the money in ETH coin instead of cash? It would help the Ethereum cryptocurrency grow, might prove to be a good investment for your friend and the transfer is instantaneous with nearly no transaction fees (unlike regular currency transfers). Win-win-win.

    On top of that, some cryptocurrencies have built tipping platforms for themselves (eg, Dogecoin). Users of these cryptocurrencies tip each other with coins for entertaining or informative posts on Reddit, Twitter and other social media.

  • Get paid in cryptocurrency

  • If you’re a digital goods and services provider, you can start getting paid in cryptocurrency. Offering your customers a way to pay you with their favourite cryptocurrency not only opens you up to a wider market, some people might not be comfortable purchasing your products or services using traditional payment methods, or they might live in a country that does not allow such payments, but the coins in your wallet can also serve as an investment.

  • Investment opportunities

  • With the cryptocurrency market as volatile as it is, some investors have seen the opportunity to make money by buying cryptocurrencies when they’re cheap or early in their development process and selling them when they’re expensive or when they have gained some momentum and value. Of course, this is a risky manoeuvre as the market is very unpredictable, and past performance does not guarantee future gains. However, investors have made large sums of money from investing in cryptocurrencies, especially Bitcoin.

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