Cryptocurrency is seemingly everywhere. From the early days of bitcoin back in 2009, today, there are different cryptocurrencies to invest in as an alternative to traditional stocks and shares. Millennials are the leaders when it comes to investing in cryptocurrency; however, it is growing in popularity with older generations and their incoming Gen Z.
What exactly is cryptocurrency?
A cryptocurrency is a digital or virtual currency protected by encryption, making counterfeiting or double-spending practically impossible. Many cryptocurrencies are decentralized networks built on blockchain technology, a distributed ledger enforced by a network of computers. Cryptocurrencies are distinguished because they are generally not issued by any central authority, making them potentially impervious to government meddling or manipulation.
Can you spend cryptocurrency?
There are a few different ways to spend cryptocurrency, specifically Bitcoin.
Cryptocurrency Debit Card
Connecting your cryptocurrency to a debit card is one way to spend it. This allows you to spend it just like cash. Major credit card firms, such as Visa and MasterCard, issue the cards. So you can spend your cryptocurrency everywhere Visa is accepted.
Many online gaming sites have started to appear, which allows you to make purchases using Bitcoin, such as Gala Games. You can use bitcoin to make in-game purchases that are yours and a verifiable asset on the blockchain.
Alternatively, you can use them for betting if you prefer. Betting with bitcoins is extremely advantageous because bitcoin allows for anonymous transactions, so you don’t have to worry about your identity being disclosed. Bitcoin enables you to enjoy online gaming with great ease because it is highly accessible and allows you to make transactions anytime and from any location.
You can use bitcoin to purchase gift cards from retailers that can then be redeemed at big brand names online. While many companies are yet to accept cryptocurrency as a form of payment or gift card purchases, you can buy via a third party such as Gyft and then use them for purchases.
Cryptocurrency can be used to book a hotel through Expedia, a flight through CheapAir, or a cruise through Ships & Trips Travel. Virgin Galactic will transport you to space if you have that sort of bitcoin! Many other companies, such as some car rental outlets, accept crypto as payment, and more and more are getting in on the act, too, with people realizing the value and putting the framework in place to accept this type of payment.
Making payments with bitcoin is one of the most common and straightforward uses of the currency. Bitcoin can be used as a common medium of exchange to purchase nearly anything. The only drawback is that it is tough to locate a merchant who accepts bitcoin payments. Once you’ve located one, you can use bitcoin to make transactions. Bitcoins can also be used to send money to friends and relatives. If your family or friends are unfamiliar with bitcoins, you can send them some to educate them on this modern cryptocurrency.