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Kc  · 09/01/22

8 Smart Ways to Use Your Cryptocurrency (Spend or Earn)

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05/29/22 · Exclude

About This Blog Post

  1. Filed as Basics
  2. Uses ledger  ( + more posts) 
  3. Uses coinbase  ( + more posts) 
No need to hodl and forget, unless that's what you want. Crypto spending and earning is now quite firmly ingrained into how we use the internet.
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Crypto has many potential applications beyond just being a digital currency, which is why some people refer to it as "the new internet".

Some might argue that Bitcoin is unsuitable for spending online at merchants due to its fees.

That said, there are many alt coins that have been designed specifically for the purpose of small-time spending. Litecoin or Dogecoin, for example, have very low fees and fast transaction times, making them ideal for small payments.

But even if your preferred cryptocurrency isn't ideal for spending, chances are it is the better choice for another purpose.

Here are some smart ways in which you can use cryptocurrency in 2023:

  1. Investing

    Passive investing like with legacy index funds is possible in crypto, too.

    There are now cryptocurrency index funds like HOLD 10 and others which offer diversification across baskets of different cryptos.

    It is now easy to get exposure to the strongest alt coins without having to know anything about cryptocurrencies.

  2. Spending

    Even though the early projects like Parallel Polis were for the most part political, there are now a growing number of brick-and-mortar stores that accept Bitcoin payments.

    Even more easily, you can spend crypto to pay for items you purchase online. On sites like Amazon, paying in crypto can be a great way to save money with tools like as crypto payments often come with cashback deals.

  3. Traveling

    You can use crypto for travel by trading it for a local currency where you're going or by using a local Bitcoin ATM. This eliminates the need to carry around large amounts of cash.

  4. Alternative Savings Account

    You can store your crypto in a digital wallet app like Exodus or in a hardware wallet like Ledger or Trezor.

    Depending on the type of cryptocurrency, this may allow you to not only build a personal savings account but possibly also to earn additional passive income via staking directly from your wallet.

  5. Speculation

    Cryptocurrency prices can be extremely volatile and some people enjoy speculating on those price movements. When done systematically, this can be very profitable, but many trade with tiny amounts of money just for fun.

  6. Betting

    You can spend crypto to bet on sports or other events. Many long established online sportsbooks have started accepting Bitcoin and other cryptocurrencies over the past few years. Sport crypto betting can be a fun way to use your knowledge of the sport to make some extra money.

  7. Content Monetization

    An alternative to display advertising, blog platforms like Steemit and Publish0x pay writers crypto rewards to incentivize them both to publish content and to interact with other publishers.

  8. File Storage

    You can pay for remote storage services like Sia (for cloud storage) and Storj (for file hosting), using either fiat or cryptocurrency.

    These decentralized networks provide better security than traditional cloud storage services and tend to be cheaper as well.

In Conclusion

There are many ways you can use cryptocurrency beyond just holding and waiting until you get dollar-rich.

Especially in online-based services like digital marketing, e-commerce, gaming and betting, cryptocurrencies are now firmly among the default payment options.

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