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The Five Most Common Uses for Cryptocurrencies [In Collaboration]

By June 9, 2020 No Comments

Cryptocurrency is commonly used by many people for a number of different things. We will all have our own ways to use it, and the advantages that it brings when completing them. But what are the most common uses for cryptocurrency? 

Here we take a look at five common ways in which people spend using their cryptocurrency. 

#5 Low-Cost Money Transfers

The business world feels a lot smaller, with people from all over the globe connecting with each other. Anyone involved in this will know that bank fees are high for international payments, especially when currency is being changed over. Cryptocurrency takes all of that away. 

The fees when using crypto are tiny compared to the bank fees on international money transfers and if you are sending and receiving a lot of money then this will really add up over the course of a year. Using cryptocurrency completely eliminates that and saves you vital funds. 

#4 Storing Your Wealth

There will be stories from the business world you have heard about this. Traditional assets and accounts such as bank accounts can be frozen and investigated by authorities if they want to look into something further. 

This can cause real problems to your business flow, but with cryptocurrency you can avoid this. No one can access your crypto wallet without the key that you have, if you want to keep funds safe then this is how to do it. Providing you keep an eye on the latest cryptocurrency price predictions, you can manage funds properly and keep them safe. 

#3 Travel the World

Travelling, whether it is for business or pleasure, can all be paid for by cryptocurrency and many people are jumping onto this bandwagon. From hiring cars to booking flights and hotels, there are many agents who will accept Bitcoin and other types of cryptocurrency from you as a payment method for these items. 

This means no worrying about paying in other currencies, and if you already deal a lot in cryptocurrency, then you can simply use your earnings to pay for your next trip. 

#2 Private Transactions

Sometimes you may need to send a private transaction that you want to keep away from banks. This means no questions need to be answered and the best way to do that is to send the transaction using cryptocurrency. 

If you do this, there is no bank involved in any part of the process, and the funds can be sent and received between the two parties without anyone asking any questions. For privacy and security this is sometimes needed, and it is great that cryptocurrency allows it. 

#1 Gambling

There are many industries that have supported cryptocurrency since inception, and the gambling industry is one of them. Many sports betting sites accept cryptocurrency from players, and we now even have gambling sites that only accept cryptocurrency as is grows further. 

The relationship between gambling and crypto has always been very positive, it is simple and easy to use when betting and that makes it a great way to spend any crypto you have if you like to bet. From placing bets on the big sporting events to casino gaming and other forms of gambling, there are many ways to spend your crypto with a betting site.