hero image

Cryptocurrency is the newest form of money. It is a virtual or digital currency that works as a medium of exchange. With the help of cryptography, cryptocurrency makes secure and verified transactions, in addition to controlling the creation of new units of a specific cryptocurrency. This mode of money is getting popular around the world owing to its safe and secure nature. However, many people still don’t know what they can use cryptocurrency for? In this article, such people can get their queries resolved. We’ve listed 4 different uses of cryptocurrency to help you out.

  1. Buy goods

These days, it’s quite easy to find a merchant, whether online or offline, who accepts cryptocurrency, particularly Bitcoins, as a payment. Some of the famous online retailers include Newegg and Overstock, in addition to small local restaurants, bars, and shops.

You can make use of bitcoins for making payments for hotels, jewelry, apps, flights, computer parts, a college degree, etc. Moreover, there are other cryptocurrencies that you can use for making payments, such as Litecoin, Ethereum, and Ripple. However, they are not widely accepted as Bitcoin yet.

  1. Invest

A lot of people use cryptocurrency for investment purposes. There are numerous stories of common people who have now become millionaires owing to their Bitcoin investments. Bitcoin is the most used digital currency so far and currently, one BTC is equal to nearly $3,400. In fact, in November 2017, the price of one Bitcoin was over $7,000.

The second most valued cryptocurrency is Ethereum. It has recorded the quickest augmentation as compared to any other digital currency. Moreover, since May 2016, the value of Ethereum has risen by 2,700% at the minimum.

  1. Mine

You can also mine cryptocurrency. In fact, miners are an integral part of a cryptocurrency network. Mining is also an investment, just like trading. Miners offer bookkeeping services for their own cryptocurrency communities. They provide their computing knowledge in order to solve complex cryptographic problems.

This is crucial to making a transaction and recording it on Blockchain, a distributed public ledger. These cryptographic puzzles are quite difficult and their complexity level keeps on increasing as compared to the number of people who try to solve it.

  1. Accept as business payments

A lot of businesses are now accepting cryptocurrencies as payments. This helps them in acquiring new customers. Moreover, cryptocurrencies come with high interest, which will increase over time. With this, the number of crypto-ATMs around the globe will also increase. In fact, currently, there are nearly 1,800 crypto-ATMs in 58 nations. If you own a business, you too can accept cryptocurrencies as payment, just like cash.

You can start with this by making your customers aware that you accept crypto coins. This can be done by just putting a sign near your cash register. Then, you can accept payments with the help of touchscreen apps, wallet addresses via QR codes, or hardware terminals.

So, these are the four things that you can do using cryptocurrencies. You can use your cryptocurrency for any of the things mentioned above as per your preferences. These include buying goods, investing, mining, or accepting cryptocurrencies as a payment for business purposes.