Digital innovation is constantly reshaping the way we transact online. Anyone who says otherwise is likely living under a rock these past few years. Cryptocurrencies, in this digital transformation of sorts, have emerged as a powerful and convenient tool to go beyond mere investment opportunities.
The potential of blockchain-based assets, including cryptocurrencies and NFTs, is far-reaching but only sometimes easy to understand. And in this guide, we’re going to talk about how you can use cryptocurrencies easily during everyday transactions!
Are Cryptocurrencies Feasible For Everyday Transactions?
Don’t get us wrong here—We’re all in for the transformative power of cryptocurrencies. But if you don’t need to go through all the trouble of using cryptocurrencies for everyday transactions, we strongly recommend you stick to fiat and bank transfers.
That being said cryptocurrencies can open up new horizons. They are the only way to transact for people who wish to build a society around decentralized finance and let go of the intermediaries that must be trusted for our fiat financial system to work.
Also, they allow you to do transactions more or less anonymously and even send money to other countries near-instantly without worrying about conversions and exchanges.
Below we’re providing a selection of things you can do to spend your cryptocurrencies. The only prerequisites are a wallet loaded with a well-known cryptocurrency (like BTC, ETH, USDT, etc.) and a stable internet connection.
Cryptocurrency In E-Commerce.
The e-commerce and online shopping industry has seen many paradigm shifts. Cryptocurrencies are just the latest one. Consumers can now make purchases using digital currencies that offer advantages like better security and faster payment processing in some cases.
Shopify currently accepts cryptocurrency payments through the Coinbase Commerce app, which also allows for easy conversion to fiat.
E-commerce stores selling products that are not openly discussed are also seeing an increase in cryptocurrency transactions, like CBD vapes or adult entertainment, for example.
The global customer base is larger than ever, and cryptocurrencies allow users to transact internationally without needing to exchange their money! This simple advantage alone is sufficient to make many adopt cryptocurrencies for online purchasing.
So, if you’re all in for crypto usage and are looking to find out how to spend crypto, then we suggest you begin with finding e-commerce websites. It’s easy to find retailers offering products or services via cryptocurrency payments. For instance, you can purchase cryptocurrency gift cards for online marketplaces, such as Amazon, Apple, and Microsoft, expanding the horizon for crypto-powered transactions.
Streamlining International Travel With Cryptocurrencies
International travelers have also started using cryptocurrencies more than ever. They can use these digital assets to book flights and accommodations, for example. This helps people bypass the inconveniences of currency conversion and foreign transaction fees.
The nature of cryptocurrencies is to be a borderless solution. And as such, they offer better and more seamless payments across different countries—Saving travelers both time and money.
Alternative Airlines is a platform that allows you to book flights with 100+ cryptocurrencies, for example. There are other services as well.
Cryptocurrency Wallets And Peer-To-Peer Transactions
Peer-to-peer transactions are transfers of cryptocurrencies from one wallet to another wallet. Let’s take an example of a blockchain project or game itself, to simplify things.
An Ethereum developer is hiring programmers to work on this new project. The programmers are also ETH-savvy and are okay with payments in ETH. This saves both parties the trouble, and the freelance programmers can receive a payment into their ETH wallet from the employer’s ETH wallet.
Freelancers are charging in cryptocurrencies not just for blockchain-based projects but for everything from web design and graphic design to video editing, social media marketing, and copywriting, for example.
But freelancers aren’t the only users of peer-to-peer crypto transactions. A lot of service providers, direct product sellers, consultants, funds, etc., are now accepting cryptocurrency payments. This allows people to engage in direct exchanges with anyone, anywhere in the world, without any intermediaries or exchanges.
Cryptocurrency Remittances: Connecting Families Worldwide
Remittances sent as cryptocurrencies help individuals to send more back. This might not apply to everyone—But to those who it does, cryptocurrency remittances have been a godsend. A BTC or ETH payment back home does not need to go through the red tape of financial institutions like Western Union.
They are fast and convenient and can be accepted and liquidated by your family members. All of this can happen in a couple of hours!
Many countries have adopted cryptocurrency remittances in a big way. As per a commentary on Cointelegraph, a leading publisher in the domain of cryptocurrencies, crypto remittances can be the future of global money transfers.
In a world where even businesses can leverage cryptocurrencies to grow—The adoption rate for these digital assets has been ever-increasing.
Whereas they have allowed some people to trade anonymously or prepare alternative assets to hedge against any drop in the economy, they also have noble uses like more efficient remittances for families in need and nudging the world toward a decentralized system.
So, how will you use your crypto?!