Cryptocurrency has become much more mainstream over the past few years. Thanks to investment and hype generated from famous investors like Elon Musk, the currency has been experiencing record highs in 2021.
Many people consider crypto to be used only by tech geeks, but that perception is changing. There are now more ways than ever to use crypto – and some of them might surprise you.
1. Buying A Home
The first homes bought with crypto in the UK were sold in 2017. Since then, the practice has been steadily gaining popularity. Many prospective homeowners are wary of the potential for massive fluctuations in the value of crypto. Still, more and more across the UK, estate agents and sellers are willing to accept crypto.
2.Start A Collection
If you like building collections, then collecting cryptocurrencies might be for you. There are thousands of cryptocurrencies out there to start building your collection, and with the fluctuating price of the currencies, you might find that your collection will be very valuable in the coming years.
3. Saving Money On Transfers
Because cryptocurrencies are decentralised, you can transfer and receive money without paying the sometimes exorbitant fees that banks charge. This can be particularly useful for people who frequently transfer money between accounts in different countries. It is also making traditional financial transfer up their game to remain competitive – a win-win for consumers.
4. Anonymous Financial Transactions
One of the most well-known uses for crypto is anonymous financial transactions. This can be useful for a wide range of reasons and can help reduce the bureaucratic processes behind them, saving users time, money and effort.
5. Online And Offline Shopping
There are more and more retailers both online and offline that accept Bitcoin and other cryptocurrencies as payment. Though it has some way to come before it can rival traditional finances, you can now buy cars, clothes and much more using crypto. You can also use crypto with payment methods like PayPal. Check out this article on spending Bitcoin from Traders Of Crypto for more information.
6. Eating Out
Some restaurants now accept Bitcoin as a payment method for their dining experience. While there is a limited number, currently, the practice is gaining popularity as quickly as Bitcoin itself. Major cities, in particular, have seen a rise in the practice, along with big chains like KFC.
7. Paying Workers
Some businesses and even governments have started to consider using crypto to pay their employees. This seems to be taking off, particularly with companies that employ gig workers. It can be a challenge to navigate the local laws and regulations when paying workers in crypto, but as the use becomes more mainstream, it is likely we can expect to see it happening more.
8. Travelling Abroad
You can use crypto to buy tickets on a number of airlines. You can also convert Bitcoin into local currencies quickly and easily. You can also rent apartments, hotels and cars using crypto in many cities across the globe.