Crypto is a short form for cryptocurrency, a digital form of physical (fiat) money. The first сrypto, and the most popular one, was introduced in 2009 by an anonymous person called Satoshi Nakamoto. No one really knows Satoshi Nakamoto’s true identity, but what he/she gave us has changed how transactions are conducted online. From making real money deposits at online casinos such as https://hitnspincasino.com/, trading online, and purchasing goods to investing and sending money to our loved ones worldwide, cryptocurrencies have changed how transactions are handled. In this brief guide, we highlight ways you can use сrypto in your day-to-day life using the best examples.
What Are Cryptocurrencies?
Before going into the details of how you can use сrypto in your day-to-day life, it’s essential to understand the basic concept behind crypto. What are they? Which are some of the popular digital currencies online? How can you purchase cryptocurrencies on the internet? Once we understand these basics, we can look at how they can be used:
Understanding Cryptocurrencies
Cryptocurrencies are basically digital money. Digital in the sense that they are ‘mined’ using powerful rigs and shared on the internet. The mining process consumes a lot of power, and those who successfully manage to mine it are rewarded handsomely for their efforts. There’s a lot more information you need to know about digital currencies, but this is sufficient enough to take you to the next step.
Owning Cryptocurrencies
There are many ways to own or purchase digital currencies online. The most common way is visiting an exchange site and purchasing it using fiat currencies. If you’ve ever made a purchase using PayPal, Skrill, Neteller, or any eWallet online, you can use the same procedure to acquire cryptocurrencies. You can also ask someone with crypto to send it to your wallet.
Popular Cryptocurrencies Online
The first cryptocurrency that many people know is Bitcoin. It was first unveiled in 2009 but has now become a mainstream coin. Other coins you can own include Tether, Dogecoin, Ethereum, Ripple, plus many more. Each has its advantages and disadvantages.
How Can You Use Cryptocurrencies in Your Daily Life
You can literally use digital currencies for all your day-to-day activities. Think of it as regular money, but only because it’s widely used on the internet. As long as the service provider accepts crypto, you can use your preferred coin to complete the payment. And this is how you use it on a daily basis:
- Invest. Savvy investors can use digital currencies to speculate and make investments. Much like Forex trading, you can speculate on the value of certain coins and stake money in them. The higher the value of Bitcoin or as the demand for your coin increases, the bigger the profit you earn.
- Buy and sell. In return, you get to earn some money from the fees charged. Although the margins for this aren’t much, you can make a significant profit whenever there’s a bull run for the coin you hold. For instance, people trading using Bitcoin between 2017 and 2020 made a huge sum because of the price increase of BTC.
- Make payments. You read that right! You can make regular payments using cryptocurrencies. Popular platforms such as PayPal, Skrill, Neteller, Paysafecard, and many others give you the option to pay using Crypto instead of fiat currency.
- Send and receive money at low fees. Unlike fiat currencies, Crypto allows you to send money at very low fees. In fact, you can send and receive money for as low as $1 per transaction.
Fun fact: there are crypto (Bitcoin) ATMs that allow you to physically withdraw BTC and use it to make payments. However, these ATMs are quite rare to come by.
Ensuring Safe Transactions
Despite the many advantages and usage of crypto in our daily lives, there are instances where it is used wrongly. Many illegal activities on the internet are paid for using cryptocurrencies, particularly Bitcoin. Because of this, you must be very careful on the platform you sign up with for using/making your BTC transactions.