What can I do with cryptocurrency?
Cryptocurrencies can be a great investment as they can be traded off for higher profits, however, you can just as easily lose your money if you don’t know what you are doing.
The world of cryptocurrency is still in the transitional stage. However, it has already started paving its way into the space of payments.
Many vendors and even trillion-dollar companies like Microsoft have started embracing cryptocurrency payments.
This article offers a detailed answer to all your questions as to what can I do with cryptocurrency.
Household Items
You can spend your cryptocurrency buying household goods and furniture from Overstock. They are ahead of the market by a few miles as they accept multiple kinds of crypto coins.
Gift Cards
Some sites like CoinCards, Bitrefill, eGifter, or gyft allow you to choose gift cards from a variety of options. You can then redeem the gift cards on Amazon, BestBuy and hundreds of other popular retailers.
Video Games
If you love games and have some crypto in your wallet, you can buy Microsoft Xbox credits. Microsoft accepts cryptocurrencies on its online Xbox Store strictly for Xbox store credits.
Food
Yes! You heard it right. You can relish your taste buds using crypto coins.
Starbucks allows you to make payments through cryptocurrency by using the Bakkt app.
Whole Foods takes care of your grocery needs as you can pick your groceries and pay using your crypto coins.
There are various 'Bitcoin restaurants' where they let you dine with bitcoins. Well, there is also a bitcoin exclusive cafe named Paralelní Polis in Prague.
Travel
You can now visit your dream destinations as CheapAir allows you to book your flight tickets using crypto coins. What about hotels? Expedia heard your sigh. Expedia, the online hotel booking platform, enables you to book hotels with cryptocurrency.
And if you are eyeing for space, Virgin Galactic will give you a space lift for your cryptocurrency
Vehicles
Jeep? Lamborghini? Tesla? Well, you can buy and sell used cars on Coinmotors using Bitcoin.
Spending your crypto coins is not only limited to these mentions, but you can also trade your crypto coins on real estate sites, dating apps, e-commerce platforms, and hundreds of such options.
Investing In cryptocurrency
Cryptocurrency is a decentralised digital currency. Its value is determined by the faith of investors; it has value as long as people see value in it. This even applies to every fiat currency, but the fact that fiat currencies are backed by a government and sometimes a precious metal like gold, makes fiat currencies more reliable and a stable option.
This doesn't mean you shouldn't invest in cryptocurrencies. Cryptocurrencies can be the most high-return investments when done correctly. However, like any other investment, they have their risks and profits.
Here are some factors that you must consider before diving into the world of digital currencies.
Don't follow the hype
Investing in crypto coins based on the so-called popular advice is an invitation to huge debts. Cryptocurrencies are highly volatile investments. It's a double-edged sword; it promises huge returns but also poses the danger of huge losses.
Before investing in cryptocurrencies, you must carry out a thorough research about obvious coins, their value, and their utility in the crypto space. Always ask the right people for guidance before investing in these digital currencies.
After you are well aware of the nuances of this digital space, you are ready to take calculated risks.
Do not put all your eggs in one basket
There are various 'altcoins' in the blockchain network. Altcoins are digital currencies other than bitcoin. There are over 5000 such altcoins. If you are looking to invest in more cryptocurrencies other than bitcoin, research the market and find the best altcoins to invest in.
Trade-off at the right time
The most crucial facet of a profitable investment is knowing when to sell it. You have to have your eyes skinned at the market for every fluctuation. When the profit starts ascending or when you think the right time has come, you must trade off your cryptocurrency. The market keeps fluctuating, so do not lure yourself for huge profits, otherwise you may suffer huge losses.
Summary
The question as to what can I do with cryptocurrency is well-attended by cryptocurrency as it gives you the privileges of both investing and spending. You can invest in it and trade it off in the future or you can also spend it on different products and services.
You can spend your cryptocurrency on domain names, games, dining in a restaurant, using a dating app, buying cars, and the list goes on.
Investing in cryptocurrency can promises high returns if you know how to invest it and when to trade it off, but proceed with caution as there is always a risk it might not go your way.
