Everyday Uses of Cryptocurrency

What Can You Use Your Digital Currency For?
By 
Coin Cloud Team
, published on 
August 14, 2020
Everyday Uses of Cryptocurrency

Okay, you bought your first bitcoin. How exciting! You’re officially an owner of digital currency … now what?

What is cryptocurrency even used for? You’ve probably heard of the endlessly talked-about method of using virtual currency, investment. And yes, crypto is an amazing thing to invest in, but it does so much more than that.

Sending Money to Other People

The most common and prime example of everyday usage for digital currency is that it’s an easy and instant way to send or receive money from someone else. Location is in no way a barrier when it comes to cryptocurrency.

Whether you’re betting in an online poker game, sharing expenses with friends or sending money back home to your family in another country, digital currency makes it possible. There’s no hassle of meeting up and exchanging money in person (which is extremely useful given the current circumstances) and you don’t have any fear of the money not being safely delivered.

Spending Money at Businesses

Sure, you can send money to people, you know that. What else? Well, as digital currencies’ relevance is quickly growing, everyday services are accepting cryptocurrency as payment more and more. One example is travel site CheapAir.com. They started accepting digital currency as payment to travel a year ago, and many other services are quick to follow suit.

With the pandemic pushing the US into previously unconceived things like a change shortage, virtual currency being commonly used by businesses might be closer than we think. So why would you use cryptocurrency over your credit card for online payment? Well, if you care about the environment or your money’s safety, cryptocurrency would be a good idea to use in everyday purchases. Let’s unpack that.

Cash (Ironically) isn’t Green, But Crypto is

How could digital currency be helping the environment? We all know where money comes from, and if environmentalism is your thing, then so is cryptocurrency. Removing the need for paper and metal money, in turn, reduces destruction of the world’s natural resources (even if cash isn’t literally made of trees).

In addition to this, there are multiple virtual currency-based environmental charities that allow people to donate using digital currency. There’s even an energy marketplace called the Brooklyn Microgrid that allows you to collect “environmental credits” from solar panels. You can then sell them to other people who don’t own solar panels, peer-to-peer, so they can use your solar energy instead of a less environmentally-friendly alternative.

Digital Currency Protects You and Others

Now let's look at safety. What exactly is cryptocurrency keeping your money safe from? One of the main causes of many economic depressions in the past is the lack of physical money. Everyone panics because the stock market is dropping dramatically, so they go to withdraw their money from the banks, and the banks simply do not have enough on hand to return everyone’s cash to them. Kinda like what’s been happening with coins in the US recently.

That literally cannot be an issue with cryptocurrency. There is no central power that you have to rely on to give you your money, and there’s no such thing as a cash/change shortage with virtual currency (although we reserve the right to re-evaluate this when they stop mining Bitcoin, in about 120 years).

In the meantime … not only does crypto keep you safe from market crashes, but it also holds businesses and charities accountable to where their money is coming from. This is because all virtual currency transactions are stored and recorded on a public record called the ‘blockchain’. Everyone has access to this record at any time. That means no one can simply lie about any purchases or donations they have made with cryptocurrency (the transactions aren’t tagged to your name, just your wallet address, but still – they’re recorded).

To put it simply, cryptocurrency is the greenest, safest, and easiest way to do a lot of things. Next time you’re struggling with some type of money issue, think to yourself, “Could this be easier with some bitcoin?” … and you might just find your solution.

Disclaimer: The information and views supplied on the Coin Cloud blog are for educational and entertainment purposes only. We are not financial advisors, so please do your research and consult with a trusted financial specialist before investing your money.

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