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Crypto Prices

How can you spend Cryptocurrency?

Written by  Apr 15, 2020

I know that most of you have already heard about crypto but there are still some people who have some blind spots about this topic.

Cryptocurrency can be used online for goods and services. Many companies have seen some opportunities in this and released their own currencies, often called tokens, and these can be traded specifically for the good or service that the specific company provides, such as Facebook Libra. Think of them as some sci-fi chips.

On the base of Crypto, there is a technology called blockchain. Blockchain is a decentralised technology spread over many computers that handle and records all the crypto activities, which is not owned by any single entity. Blockchain technology is as secure as it comes.

Ways to use crypto

Investments

The emergence of digital token-based fundraising has allowed anyone on the Internet to become an investor into startups, mostly in the tech industry. This procedure is called initial coin offerings (ICOs) which is an official new form of fundraising that provides startups with the opportunity to evolve by giving a newly-created digital token to early backers of the project. All this works for exchange for established cryptocurrencies such as bitcoin (BTC) or ether (ETH).

In the past, this whole procedure was so much harder, but the advent of cryptocurrency has opened these opportunities up to a much broader spectrum of investors. Now there are many cryptocurrency options out there, just take a look at binance.com to see a selection.

CryptographyAlso see: Cryptography Explained

Travel

Due to the massive uptake of the cryptocurrency system in the past 10 years, it is now possible to travel the world by having only cryptocurrencies with you.

abolished travel companies such as CheapAir and Destinia accept bitcoin to book flights, car rentals, and hotels. Those who prefer to stay in a house when travelling can reserve accommodation using bitcoin (BTC) or ether (ETH) on CryptoCribs. There are also plenty of crypto-based ATMs worldwide to help the traveller.

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Gaming

It may surprise you to know that among the big players in the gaming industry, the Xbox Store and Windows Store allows you to get games, movies and more using bitcoins. You can load the bitcoin into your Microsoft account and away you go. A growing number of online Casino sites, are using blockchain technology as this adoption continues to increase. However, there are many websites that implemented cryptocurrency into their game. You can play games like slots, poker, blackjack and others using BTC or any other cryptocurrency.

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Summary

Cryptocurrency has rapidly increased in popularity and real world usage as time goes on it will be accepted more and more into the mainstream, albeit slowly. The cryptocurrency market is constantly developing so it is worth researching to find out what's new and how you can benefit from the crypto world.

If you are new to the Cryptocurrency world and would like to open an account we recommend Cex.io.

Do you find this article useful? Comment below or follow us on Facebook or Twitter.

Peter Flynn

Senior Editor and self confessed Crypto addict, bringing a variety of Crypto tech news, help and advice in the UK. I have worked in various fields throughout my career such as a Systems Administrator, Cyber Security Consultant and other technical related roles, these days I concentrate on Cryptocurrency journalism and technical writing.

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