Mia
If 2017 was the year of Bitcoin, it also was the year where cryptocurrency started its journey of receiving major prominence in the eyes of investors & businesses alike! Fast forward to five years in the process, cryptocurrencies are on their way to being the currency of tomorrow.
And why not? With an expected market size that’ll reach $1087.7 million by 2026, the idea of incorporating these digital assets into everyday transactions is already in action.
However, that’s not all! Here are a few reasons behind the growth in popularity of cryptos as digital assets.
What Makes Crypto So Popular?
There are numerous advantages of using cryptocurrencies in this covertly digitized world. Some of these advantages include:
- Seamless Transactions: We’ve all suffered from the slow clearing process on our way to using the conventional fund transfer mechanism. Not to forget the added taxes, opaque policies, and slow rate of transfers!
This is where crypto presents an excellent alternative to seamless transactions by eliminating all the hassle between the sender and receiver. Today, anyone can send and receive money with a smart device and internet access without attracting additional fees or disclosing their locations.
- Enhanced Security: Monetary frauds have long been a part of the system. From scamming people of their credit cards to full-fledged phishing attacks over payment processing platforms, fiat currencies are widely targeted by con artists worldwide.
This is where cryptocurrencies stand apart! Cryptos are backed by Blockchain technology and smart contracts, making it almost impossible for hackers to get into the funds. Besides, cryptography technology ensures added protection to transactions of every scale.
- Processing & Conversion Fees: Everyone has complained about the massive processing fees charged by intermediaries during transactions. Sometimes, these fees are more than the original value when added with the conversion charges.
However, this is not an issue with cryptocurrencies, as you can transfer and receive any sum of money with no transaction fees. This offers an excellent alternative to people who have been relying on conventional fiat currencies for all this while.
Interestingly, that’s not all! The significant returns on crypto investments and the added advantage of a reliable structure have made it a primary investment tool for many investors.
However, with most of them enjoying their massive returns, you’ll find them confused with a similar situation. ‘Where do I spend my crypto earnings?’
Well, if you’re one such investor, we have the following section for you.
Where Can You Spend Your Cryptocurrencies?
While it took some time, many businesses are now accepting cryptocurrencies in exchange for their products and services. Some of the easiest ways you can spend your cryptocurrencies include:
- Gift Cards: Thanks to the boom in 2017, cryptocurrencies are now widely accepted by numerous businesses. However, many are yet to get on the transformation cycle.
Therefore, if your desired brands are yet to accept crypto payments, don’t worry; there’s another way via gift cards. They’re an easy way to dodge the hassle of dealing with specific brands or outlets. Once you learn more about buying and converting your crypto earnings into gift cards via payment processors like Coingate, you can easily enjoy your crypto returns with several brands.
- Crypto Debit Cards: The other easy way to spend your cryptocurrencies is by connecting them to your debit cards. Yes, it’s possible! Many financial institutions now allow their account holders to link their crypto wallets to their bank accounts.
This way, you can easily spend your cryptocurrencies just as you spend your fiat currencies stored at banks. In addition, major credit card companies such as MasterCard and Visa have already started issuing cryptocurrency debit cards. This is the shortest and most straightforward way to use your cryptocurrencies.
- Crypto Exchange: The other lucrative way to spend your cryptocurrencies is trading them in a crypto exchange. This is one of the most convenient and accessible ways to pay and derive value from your cryptocurrencies.
These exchanges will take your cryptocurrencies and credit you with fiat currencies. You can then spend that currency wherever you deem fit.
- Make Donations: If you are looking to make some donations for the betterment of society, you can use your cryptocurrencies to realize that goal.
Numerous charities are now accepting cryptocurrencies as donations. This gives you an easy and hassle-free medium to make donations and simultaneously derive value from your cryptocurrencies.
- Buy Things Directly: The world’s perception of cryptocurrencies is changing with the growing prevalence. Currently, numerous vendors are accepting cryptocurrencies in exchange for their products and services.
Platforms such as Newegg allow customers to buy different products using their cryptos. In addition, many other vendors and manufacturers now accept cryptocurrencies in exchange for their services.
Downsides Of Using Cryptocurrencies
Being a work in progress, cryptocurrencies comes with some flip sides too. Although limited, here are some disadvantages of using cryptos.
- High Volatility: Cryptocurrencies have long earned a relatively bad reputation for their volatile nature. No matter how much you calculate different factors, there will remain a chance of the values falling or rising. This often makes many skeptical about the viability of cryptocurrencies.
- Unlawful Use: The anonymity feature of cryptocurrencies make them an ideal tool for people carrying out illicit activities. Many criminals have used cryptocurrencies to facilitate the execution of many criminal activities. However, with more measures being taken to counter such activities, things are looking much better for the future of cryptocurrencies.
Bottom Line
Cryptocurrencies are here to stay for the long haul, and this fact is becoming more evident as more and more people are now using cryptocurrencies. The way things are going, it will not be long before cryptocurrencies replace fiat currencies altogether. Therefore, start using cryptocurrencies as they are the futuristic medium of exchange.
