A lot of people are talking about cryptocurrency, but what are people doing with it? Tons of people are spending their cryptocurrency, and if you have crypto and want to know how to spend it here is what you should know.
How to Spend Cryptocurrency
We know regular bank transfers and digital remittance like ExpressComp are the normal payment methods that we use. However, we are moving into a new age where you can use cryptocurrency to buy things, and many people are getting into it.
Connecting cryptocurrency to a debit card is one of the easiest ways you can spend your crypto. You can spend your crypto like you would with cash using your debit card. You can get your cards from major credit card companies like Visa. therefore, you may spend crypto wherever Visa would be accepted.
Keep in mind that not all cards and crypto are made the same. There are different kinds of cards for different kinds of crypto. A lot of these are connected to particular marketplace options and cryptocurrency storage. If you have a popular cryptocurrency, like Bitcoin, you can use most of these cards. Some cards you can use to spend crypto are Xapo, Uquid, and Bitpay.
Directly Spend Crypto
You can use debit cards to easily spend crypto, but there are fees involved. You may choose to directly spend your crypto as a payment method to certain online retailers. The retailers that would accept crypto often use a third party processor like Cryptopay. Some examples of retailers that accept crypto as payment include Microsoft, Overstock, Fancy.com, etc.
Luckily, most retailers are starting to accept cryptocurrency as payment, so you may be surprised where you can spend your crypto. Even smaller start-ups are using payment processors to accept crypto as payment. For instance, Shopify lets businesses accept Bitcoin payments, and Shopify usually has many local and small businesses.
Turn Crypto Directly into Cash
Perhaps the most popular way to spend crypto is by simply turning it into cold, hard cash. Many people can convert their cryptocurrencies into actual cash. Typically, they would sell their crypto on a cryptocurrency exchange (usually when the value of the cryptocurrency is high), like Kraken or Coinbase.
You can withdraw the cash you got from selling your cryptocurrency directly to your bank account. However, you need to make sure that the broker is adhering to the law. Be sure you use the same account that you deposited money to withdraw the money. It is secure and easy, but it can take a while: it can take 4-6 business days to completely process.
Why Should I Have Cryptocurrency?
If you have a lot of extra cash and are secured (have emergency savings, no debt, etc.), then investing in cryptocurrency can be great. However, it is only wise if you are looking for long-term profit. Otherwise, you will let go of a lot of money immediately if you are not patient. If you are patient and it grows, you can spend crypto using the methods mentioned above.