Cryptocurrencies are significantly growing in popularity over the last couple of years, and many people have taken the leap to invest or buy digital currencies. However, despite crypto’s ever-growing popularity, even those who buy digital currencies often don’t have a good understanding of how it works, thus resulting in loss or getting less in returns, especially how to spend it.
These days, most people are now wondering how they would make money with crypto, especially when it decreases in value and also how to spend it wisely. So if you’re looking to unload some of your accumulated cryptocurrencies, keep on reading to know when and where to spend your crypto.
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A Place to Store Your Crypto
Before thinking about how to spend your accumulated crypto, you must first think about how to store digital currencies for you to use at your convenience. When it comes to storing crypto, you have a few different options, similar to your traditional currency. In comparison, you can simply store your money in a bank or wallet while being able to spend it digitally through a bank transfer. With digital currencies, you can get digital wallets for it as it’s a software-based wallet that can be used on your computer or mobile device. Furthermore, there is also another option for people who don’t want to keep all their hard-earned money away from the digital world, and that is a hardware wallet, which is a USB device that electronically stores your private keys for your crypto.
Wisely Spending Your Digital Currencies
A few years ago, most people would be troubled to even find a few ways in spending their accumulated digital currencies. Fortunately, while the popularity of cryptocurrencies is steadily increasing, so to have the option to spend it all. So if you’re looking for ways to spend your crypto, here are our top 4 ways in spending Bitcoin and other digital currencies.
Use A Crypto ATM
With the ever-growing popularity of cryptocurrencies, so does the number of crypto ATMs spreading across the world. However, users are currently limited to only purchasing digital currencies, mostly Bitcoin and other alternative currencies available at some. Canada, for instance, has some ATMs that allow its users to convert their digital currencies into Canadian dollars.
Buying Gift Cards
One of the most flexible options to use your Bitcoin, or any other form of cryptocurrency, is to buy gift cards. Some countries, like Canada, for instance, have websites that sell gift cards from over a hundred different retailers such as Uber, Starbucks, and many more. Some websites accept cryptocurrencies such as Litecoin, Bitcoin, Dogecoin, Ethereum, Monero, and more. However, you still have to pay attention to the transaction fees despite the convenience of having many options to buy gift cards.
Selling Your Digital Coins Back to An Exchange
Another way of spending your cryptocurrencies wisely is by selling your accumulated digital coins back to a crypto exchange. Users can simply use their preferred crypto exchange to convert their digital currencies into cash as there are reputable platforms out there that can do so, but with reasonable fees and strong security measures such as Coinsmart, Netcoins, and Bitbuy.
Using Crypto As Cash
Even though the selected merchants that can accept crypto are still limited, there are still some that allow their users to make purchases with their digital coins. Canada, for instance, has a multinational e-commerce company called Shopify that has recently started allowing some of its merchants to add cryptocurrencies as a form of payment to their stores, adding digital asset payment processors to accept crypto from their customers.
Though most people appreciate the crypto’s quality of being new while providing anonymity to its clients when making purchases, people tend to put almost anything they can on their credit cards because of the fraud protection and the convenience of making returns. In the case of digital currencies, you don’t get to have those same protections, so, at least for now, using cryptocurrencies to purchase goods can be as risky as investing in them.