What are cryptos used for?
5 min reading
You have some crypto but don’t know where to use it? Keep reading.
What are cryptos used for?
With the rapid development of cryptocurrency, more and more people become interested in how to get the crypto-assets and what is possible to buy with crypto coins. If you do not want to trade or invest, then you may think about what you can buy with your bitcoin or other cryptos. There are many companies, shops, and online resources that are ready to accept payment in crypto coins. In the article, we consider the issues that should be taken into consideration and what you can buy with cryptocurrency.
Pros and cons of cryptocurrency
Cryptocurrency is quite an unusual and convenient means of payment, that you can use almost everywhere. But first, let’s dive into details and think about its pros and cons. The well-known fact is that cryptocurrency is an extremely volatile asset, except in the cases when we talk about stablecoins. Stablecoins are the type of cryptocurrency that is determined to prevent the instability of crypto-assets price rates and attract more customers to the industry. Stablecoins can be used as a form of saving or insurance costs. There are such examples of stablecoins like Tether, True USDT, Gemini USD, etc. The level of interest and the volume of resources attributed to stablecoins is striking and shows that stablecoins are considered to be an important part of the digital asset ecosystem. In other words, stablecoins can promote the use of cryptocurrency in the world and popularize it.
Payment with cryptocurrency
If you want to pay with crypto for something, keep in mind that not every country allows you to do that. The reason is that nowadays many countries are not sure about how to consider crypto and are not ready to accept it as a means of payment due to its volatility and unpredicted nature. Before making any transaction with cryptocurrency, make sure you are allowed to do that.
But there is a wide range of countries that are quite friendly to the new way of payment as the USA, Canada, Netherlands, South Korea, Malta, etc. Nevertheless, many countries have a heated discussion about the recognition of the crypto-asset as a full-fledged currency or means of payment.
The range of purchases you can make is really impressive. Cryptocurrency can be accepted as payment in cafes (Subway, Starbucks, Burger King), services (AT&T, eGifter, Purse), online shops (Rakuten, Shopify, Bitplaza, Amazon), software and hardware manufacturers (Microsoft, Dell, Ledger). You can even book a plane ticket or a hotel room with cryptocurrency (aBitSky, Travala, AirTreks). Now, and that has been considered as one of the most important announcements of 2020, we have also PayPal that allows you to pay in crypto in more than 24 million shops worldwide.
Cryptocurrency development has also led to the fact that there are many organizations as UNICEF that accept donations with cryptocurrency! For instance, the Water Project’s goal is to provide access to drinking water in Africa countries. Each person can make a donation to the charity organization in Ether, Bitcoin Cash, Bitcoin, or Litecoin. Helping has never been so easy with crypto. Any caring person can send a donation to those who require it.
However, all the facts above prove that cryptocurrencies still have significant opportunities for spreading all around the world. The cryptocurrency market tends to grow and expand, arousing interest and attracting new people to the world of crypto.