Since 2009, when Bitcoin first made an appearance, cryptocurrency has been a controversial subject. While many people are against it because they cannot wrap their heads around a currency you can’t touch and feel, just as many others have embraced it.
As cryptocurrencies steadily become more mainstream, the number of people purchasing them increases. As of 2023, it is estimated that more than 420 million individuals own at least one form of cryptocurrency.
With so many people holding crypto in their digital wallets, it is no surprise that more ways to spend cryptocurrencies are emerging. Nowadays, there are plenty of ways that holders of cryptocurrencies can spend their digital cash. Here are a few of the most common ones.
Exchange It for Cash
Before delving into some of the best ways to spend your crypto, we should mention that many users exchange their crypto into cash in a fiat currency. There are two primary ways to do this.
The first is using a cryptocurrency exchange, which acts as a currency exchange service. Such services will take your crypto and credit your bank account with the relevant amount of fiat currency. The drawback is that crypto exchange services often charge generous (for them, not the customer) service fees, so you could get less than you had expected.
The second option is to use one of the 38,000 crypto ATMs located around the world. These are becoming increasingly popular, and more are being commissioned regularly. Like crypto exchanges, crypto ATMs allow you to convert your digital money into fiat currency. The bonus of using them is they charge less fees and directly give you your fiat currency in cold, hard cash.
If you don’t want to convert your crypto, there are still many things you can buy with it in its digital form. The latest and greatest tech is just one of these things.
Websites like Crypto Emporium allow you to purchase the latest smartphones, laptops, televisions, and gaming consoles using your crypto.
Invest in Property
Property has long been considered one of the most stable and worthwhile investments you can make. In most cases, purchasing real estate will yield a generous return when you decide to sell. And before you decide to sell, it can help generate a passive income if you choose to rent it out.
Several reputable brokers online have many listings that can be purchased using crypto. The process of buying these properties is much the same as if you were paying with a fiat currency. The drawback is that most will need to be paid in full upfront; there is usually no mortgage or payment plan option.
Try Your Luck
One of the industries that can compete with crypto in terms of growth over the past decade is iGaming. Offering unique entertainment options alongside exciting ways to win, sites like those ranked on casinos.com boast a wide variety of gambling opportunities for players to take advantage of.
As an added benefit to having fun gambling, crypto casinos are generally more secure than traditional online casinos due to the power of blockchain technology. Many of them also don’t enforce KYC (know your customer) policies, allowing you to stay anonymous while you attempt to win big.
Get a Gift
Another popular way of spending crypto is to purchase gift cards for a massive selection of stores or services. You can get these cards online in the same way as you would when buying with fiat currency. They can then be redeemed the next time you head out on a shopping spree to spoil yourself or a loved one.
If you’re not interested in buying new items, you can also find a range of gift cards for subscription services on several platforms. These include options like PlayStation Plus subscriptions and Spotify Premium vouchers.
Enjoy Some Time Away
Traveling is one of the most relaxing and stressful things we can do with our spare time and money. While seeing new sites and going on adventures is certainly enjoyable, the cost and the logistics of paying for tickets and accommodation can put a damper on things.
To make the process easier, there are travel-related websites that offer packages to crypto holders.
Cheer on Your Favorite Team
With the ever-growing competition between the best sporting teams worldwide, being part of the action and atmosphere at live games is unbeatable. If you’re a fan of sporting events and don’t want to miss out, you can now use your crypto and make sure you get your ticket.
Several vendors accept cryptocurrencies as payment for tickets or even season passes. Among the most prevalent are various teams in the NHL and the MLB that offer the option to pay in cryptocurrency when buying tickets to upcoming games.
Give Something Back
After the crypto-spending opportunities mentioned above, another way you can use your digital cash is by giving something back. Many charitable causes accept online donations via their websites or other platforms.
Cryptocurrencies are starting to be widely accepted as a way to process donations. Even the Ukrainian Government has begun accepting donations to aid relief that can be paid using crypto. Aside from aid, you will find that many other fantastic causes and organizations could benefit from donations of any size.