Whether you have just been gifted, have won or else find yourself in the possession of cryptocurrency by some other means, then you may well be feeling slightly flummoxed when wondering when and where you are going to and indeed are able to, spend it.
Cryptocurrency is one of the newest forms of currency and like everything else seems to be in the modern world, is a virtual currency both created and kept digitally and there are a plethora of advantages to investing in and trading in cryptocurrency.
With this in mind, continue reading to learn of the top ways to spend cryptocurrency.
- Use A Crypto Exchange
The easiest, although admittedly least exciting way, to use your cryptocurrency is to use a crypto exchange program.
There are several notable cryptocurrency exchange companies, the three most well-known being Coinsmart, Bitbuy and Netcoins. You will, naturally, incur a fee if you choose to exchange your cryptocurrency into real money which will be transferred to your linked bank account, but the three aforementioned crypto exchanges do offer relatively low buyback fees.
- Purchase Gift Cards
Another way to use your cryptocurrency balance is to purchase a gift card and the fantastic news is that more and more prolific and international companies now offer this option.
From Amazon to Starbucks, converting your cryptocurrency into a gift card can not only mean a brilliant and undoubtedly well-deserved treat for yourself, but could also make things easier when it comes to Christmas and the holiday season and is a good way to save money for gifts.
- Online Sports Betting
If you are somewhat of an avid sports fan, whether that be one sport in particular or else the sporting world in general, then one incredibly easy and potentially significantly financially rewarding way to spend your accumulated cryptocurrency is to open an online sports betting account.
Always remember, even when dealing with virtual currency, that you must only ever be prepared to gamble what you can definitely afford to lose and to set rigid deposit limits, either in your own mind or through the particular site’s responsible gambling tools. Additionally, it is important to research the most reputable and top online casinos to ensure you are betting with a renowned and established betting provider.
- Donate to Charity
By far the most admirable way of using your cryptocurrency is to donate part of the total sum, or indeed all of it if you are one of those rare ultimately generous people, to a worthy cause or charity in need.
There is a myriad of charities that accept a donation in cryptocurrency, including but certainly not limited to, the following:
- Electronic Freedom Foundation
- Rainforest Foundation
- The Giving Block
- Tor Project
- Save the Children
- Benefits of Cryptocurrency
Although a relatively new form of currency, cryptocurrency has a host of different benefits, both for the casual and private buyer, to a more professional and business-minded person or people. Such benefits include, but are certainly not limited to, the following:
- One of the fastest growing markets both nationally and internationally
- Good counteract to inflation
- Markets open 24/7
- Simple, easy and fast transactions each and every time
- Low to non-existent fees
- More secure and private monetary transactions
- Substantially more secure than online banking from your personal account