Everyone knows about cryptocurrencies by now, but not everyone understands them. In general, cryptocurrencies can be defined as encrypted, decentralised currencies that are built on blockchain technology. However, that may not mean much to the layman, if they are looking to find info about their practical use. Let’s dive in a bit deeper and find out what cryptocurrencies are actually good for.
They Are Good for Immediate Cash
If you own bitcoin, Ether, Ripple, or another established cryptocurrency in any amount, you will be able to sell it for cash on OKX.com. Depending on the cryptocurrency’s present price at the time of sale and how much it was bought for, numerous people have earned hefty profits by selling crypto for cash over the last five years. The site is also a great place to learn about crypto trading if you are new, which brings us to the next point.
They Are Good as Tradeable Assets
It is advisable that you learn more about the advanced steps of crypto trading before trying to turn it into a source of regular income. However, for those only looking to buy and sell established cryptocurrencies as potential assets, just a simple understanding of the crypto exchange should be enough to get them started. For example, bitcoin and Ethereum have not had a good year so far, but that’s not necessarily a bad thing if you are looking to buy. Due to how strong their history of comebacks is, investing small amounts in bitcoin and Ether can pay high dividends down the line.
They Are Good for P2E Crypto Games
If you are a gamer, then you might already be quite familiar and somewhat irritated with pay to win business models. Not that crypto games are free of in-app purchases of course, because they are pretty much built on that very idea. What makes them different from standard IAPs, however, is that you will not be spending real money to buy virtual currencies that have no value in real life. Instead, pay to earn (P2E) crypto games allow players to earn, sell, spend, and invest cryptocurrencies and/or crypto assets (NFTs) that have real life financial value.
They Are Good for Shopping
Essentially, cryptocurrencies are exactly what their name suggests. They are currencies and just like any other currency, you should be able to use them to buy things from the places that accept them. Not all places accept cryptocurrencies yet of course, and most places that do, will only accept the established crypto coins like Ethereum, BTC, or USDT, for example.
Nevertheless, the number of online and traditional shops that accept cryptocurrencies have grown significantly over the last two years. If anything, the latest political trends suggest it will grow much faster in the coming days. For now, if you have some shopping to do, you will have names as big as Microsoft, Starbucks, Tesco, Lush, and Newegg to choose from, that is in addition to the numerous smaller businesses that readily accept crypto payments now.
Finally, cryptocurrencies can be used to make anonymous donations, which is quite a popular practice these days. If you are someone who supports your favourite vloggers and social media influencers, most of them also accept patronage via cryptocurrencies as well.