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Cryptocurrency is, once again, making headlines. Bitcoin, the world’s biggest token, has crossed the $60,000 price mark and is expected to reach a new all-time price high this year. Naturally, this means that many more people are investing in cryptocurrency hoping to make a profit.
While cryptocurrency has proven itself to be a solid investment vehicle, a lot of its other uses tend to get overlooked. As such, many consumers aren’t aware of the other interesting things you can do with cryptocurrency, some of which are as follows:
- Gambling
When many of us think of gambling, we think of using fiat currencies like USD to place our bets but cryptocurrency is actually on the rise in the gambling world. Believe it or not, there are many crypto betting sites that allow you to bet with Bitcoin, Ether, and other tokens. Some go as far as only accepting cryptocurrency.
So if you’re someone who enjoys gambling, consider spending your tokens on a crypto betting site. Chances are that there is a site that accepts your token of choice and if you win, your tokens might even be worth more than when you placed your bet.
- Buying Food
Yes, you can invest your crypto to earn a profit through speculative trading but you can also buy a pizza instead! For years, food brands all over the world have been slowly adding cryptos to their list of accepted currencies. Big chains like Burger King and Subway in certain locations accept cryptocurrency, as do some local restaurants depending on where you live.
If you’re looking to satisfy your cravings, you might want to look into food establishments near you that might accept crypto and you just might be in luck! And fun fact: the first purchase made with Bitcoin was two Papa John’s pizzas in 2010. A man named Laszlo Hanyecz paid 10,000 Bitcoins for the pizzas, an amount that is worth over $600 million today!
- Paying Rent and Utilities
Cryptocurrency is a currency as much as it is an investment vehicle and in the last few years, we’ve been given more avenues to spend it on rent and utilities. Services like Liv Rent and Gravity Co-Living have famously allowed customers to pay for their rent using digital assets and this trend is only growing.
Services like BitPay and Bity have also popped up that streamline the process of paying for utilities using cryptocurrency. These ensure that crypto users can spend their tokens on essential things the same way that they can fiat currency.
- Saving
You can save as well as spend your cryptocurrency. It’s a pretty straightforward process of simply keeping your cryptocurrency in hot or cold storage for a rainy day the way you would fiat currency. And there are a lot of benefits to saving in cryptocurrency.
Crypto has been found to be a useful hedge against inflation and a way to protect the value of your money long-term. In fact, there are people so dedicated to this that they save primarily in crypto.
- Pay For Plastic Surgery
Plastic surgery is more acceptable and popular these days and there are many ways to pay for it, including loans, financing plans, and crypto. Yes, crypto. While it is relatively new, a few cosmetic surgery clinics have started accepting cryptocurrency for their services. And with all the payment processors and card issuers supporting cryptocurrency, it won’t be difficult to pay for your surgery using your token of choice.
While some have slammed this move as dystopian, others love being able to spend their crypto this way.
- Passing Down to Loved Ones
Cryptocurrency, being both an asset and a currency, is valuable and this means that it can be passed down to your loved ones. Now, estate managers and inheritance lawyers are updating their skills to help crypto investors put their digital assets in their estate and leave them for their loved ones.
Cryptocurrency, depending on the jurisdiction, will be subject to taxes and other legal requirements. They will also need to be stored securely, with wallet addresses, passwords, and recovery phrases kept safe. But once all these are taken care of, you can leave your crypto for your loved ones.
Conclusion
Investment vehicle. Medium of exchange. Gambling tool. Inheritance. Cryptocurrency has never been limited in terms of what it can do and more consumers are learning of its potential. Some of the items on the list might surprise you and some might even inspire you to put your crypto to good use.
As long as the necessary precautions are taken and crypto is being used in a legal way, you should have no issues. And as time goes on, we will find even more things that we can do with cryptocurrency and this will ensure the industry’s longevity.