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How Do You Use Cryptocurrency?

Despite being developed to serve a purpose, most people use Cryptocurrency as a means of investment. But outside of stocking up on Bitcoin and Ethereum with the hope of turning a profit, what do you use Cryptocurrency?

The most obvious use would be to spend it (it's a form of tender, after all). And there's no shortage of places to do so, with several retailers, including Expedia, Microsoft, and Newegg, accepting Bitcoin as a valid means of payment — both in-store and online.

You'll have a tough time finding retailers that accept other types of Cryptocurrency, though. That's because Bitcoin is the most popular, and therefore the most mainstream. But that doesn't mean they won't be added in the future. It will just take a bit of time.

There is a workaround, however. If you store your Cryptocurrency in Coinbase, you can register for a Coinbase Card  a Visa debit card, funded by your Coinbase balance, that will let you spend your Cryptocurrency anywhere that accepts Visa debit cards.

    If you can't find somewhere to spend your recently amassed (Cryptocurrency) fortune, you may want to consider using it for low-cost international money transfers. It's a lot faster than a traditional wire, has a lower surcharge, and can be converted into USD.

    Don't believe us? A recent Litecoin transaction, for a mind-boggling $99 million, took a mere two and a half minutes to reach the recipient, and the total processing fee came in at $0.40. That would have taken a lot longer, and cost a lot more, through a bank.

    Obviously, in order to spend Cryptocurrency, you first have to acquire it. One of the easiest ways of doing so, outside of purchasing it through an exchange like Coinbase, is to be paid in it — just like you have your paycheck deposited into your bank account. 

    It's unlikely your employer will swap your routing number for your Public Key so you can start being paid in Cryptocurrency. There are other ways to earn it, though. Social media platform Steemit, for example, rewards customers Cryptocurrency for curating content. 

    And if you're feeling philanthropic, you can always donate some spare Cryptocurrency to a non-profit, with Give Crypto accepting donations and distributing them to those in need. The initiative is headed up by the CEO of Coinbase, so it's worthy of your money.

    Want to learn more about Cryptocurrency? Check out our Beginner's Guide