advice, cryptocurrencies

Why spend your cryptocurrencies

Today, cryptocurrencies are a good way for investment and exchange, and a lot of tools and applications will help you to that. However, they remain above all a payment method.

How to spend

There is different solutions to use your cryptocurrencies as payment methods, here is a list of them :

  1. The wallet

The basic wallet give you an address to receive cryptocurrencies, and some websites have one, so you can transfer your cryptos easily. CoinConsume will help you find these websites!

  1. Gift cards

Gift cards are an alternative for paying, you can transform your cryptos into a gift card, accepted on different websites.

  1. Generated credit cards

Some platforms like Bitpay can change your cryptocurrencies into a temporary credit card, and can be use on every ecommerce sites like a standard card.

  1. Application integration

A lot of applications where you can buy and exchange cryptocurrencies, like Coinbase, will allow merchants to accept cryptocurrencies on their websites. If you have an account, it will be very easy for you to pay.

Freedom

Everyone can receive cryptocurrencies from anyone at anytime, without any banks or restrictions like "standard" payments.

Furthermore, the volatility can be an argument for pessimists, but it can be very attractive for a lot of merchants, because if the market increases their liquidity up too.

For example, the famous Tesla company decided to invest in bitcoin, and their founder, Elon Musk, communicates regularly on the Dogecoin.

Rapidity and fees

The transactions are very faster than traditional payments, they are almost instantaneous and so you can send Bitcoin, Ethereum or Litecoin (and more) to everyone, and they can spend it directly.

On top of that, cryptocurrency transaction fees typically amount to just a tiny fraction of the transferred amount, well below 1% in most cases.

To conclude

To conclude, you should really consider spending your cryptocurrencies, in addition to using it as a means of investment. These cryptocurrencies must be seen as currencies in their own right.

Last update: May 28, 2021