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:
Passive investing like with legacy index funds is possible in crypto, too.
There are now cryptocurrency index funds like
HOLD 10and 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.
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
Purse.ioas crypto payments often come with cashback deals.
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.
Alternative Savings Account
You can store your crypto in a digital wallet app like
Exodusor in a hardware wallet like
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.
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.
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.
An alternative to display advertising, blog platforms like
Publish0xpay writers crypto rewards to incentivize them both to publish content and to interact with other publishers.
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.
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.