There are plenty of myths floating around about cryptocurrency, and it’s about time the truth be told. What are to biggest mistruths of the bunch? First among them is that crypto is not practical, and that it’s somehow a theoretical, untested form of money. The truth is that cryptos like bitcoin and ethereum are, in many ways, more practical and useful than traditional kinds of currencies.
Try using euros, yen, or dollars to pay bills on international merchant sites. Few accept all those currencies, but some accept bitcoin. An isolated example doesn’t prove the case, but consider that cryptocurrencies excel in website payment, staking, shopping cart use, making trades in brokerage accounts, and traditional forms of value in banks and retirement accounts.
The following examples give a better view of how people worldwide use crypto in everyday transactions.
Accept in Shopping Carts
More online retailers are accepting crypto as payment for goods and services. Many sellers in third-world nations prefer taking payment in non-fiat currency because their own nations’ monetary unit is often highly unstable or not widely used in retail transactions.
Since 2015, there’s been a trend for large corporations to expand their customer bases by offering as many forms of payment as possible. That means it’s getting more common to visit a major company’s shopping cart and see as many as 10 forms of accepted payment, cryptocurrencies included.
Trade in Brokerage Accounts
Many traders and investors trade alt-coins like bitcoin within their brokerage accounts every day of the year. Because values fluctuate regularly, it’s become common to seek profits on cryptocurrency trading the same way they use stocks, options, commodities, and other asset classes.
If you’d like to learn more about the many ways to use crypto as a trading vehicle, check out a website that offers a thorough explanation of the basics of the topic. Whether you choose to trade crypto-backed stocks, CFDs (contracts for difference) on cryptos, or use a crypto exchange, check out all your options before deciding which method suits your style of trading.
Pay for Goods and Services
Brick-and-mortar sellers are jumping on the alternative currency bandwagon. This is especially true for convenience stores and fast-food chains that accept digital payment at checkout. Other categories of retailers are adding high-tech touchless point-of-sale devices that can accept bitcoin as easily as a traditional credit card.
Stake for Profit
A less common but growing use of cryptos is staking. It’s a method much like placing money into a savings account and earning interest on the balance. However, in this case, the saver leaves the alt-currency in an online account and gets a staking reward in the form of interest or other kinds of bonuses.
Save in Banks and Retirement Accounts
Some nations now allow citizens to store cryptocurrency in official retirement accounts, mainstream banks, and unique savings plans. A practice unheard of just a decade ago has become commonplace. This means that working adults can now maintain at least a portion of their retirement savings in bitcoin and other leading alt-coins.