6 Ways to Use Cryptocurrency

Beyond the potential increase in value, cryptocurrencies have plenty of awesome uses. After reading through this page, you’ll definitely want to have them.

I used to think that cryptocurrencies were just high-risk investments for millennials and people from Silicon Valley. But as its purpose became clearer, I realized I was wrong. There’s so much more to cryptocurrency than just that.

Here are six ways to use cryptocurrency that might just surprise you.

1. Money Transfers

One of the most well-known uses of cryptocurrency is to transfer money. Of course, we know that financial institutions like banks also facilitate money transfers. But money transfers using cryptocurrency are much faster and cheaper.

For example, a $99 million-dollar transfer using Litecoin (LTC) took only two minutes to process and it cost the sender only $0.40 in transaction fees. That’s roughly a thousand times faster than a traditional bank transfer and it cost the guy less than the price of a candy bar.  

2. Investments

Initial coin offerings are a new investment scheme for early-stage startups to raise capital. These new companies allow cryptocurrency holders to become an investor in their business by selling newly created digital tokens in exchange for established cryptocurrencies like Bitcoin (BTC) or Ether (ETH). 

These new tokens then act as a proxy that is linked to the success or failure of the tech startup once it begins to trade in the secondary market. The most successful ICOs have increased by several thousand percentage points, so it’s a profitable way to invest.

3. Travel Around the World

Well-known travel agents like CheapAir and Destinia accept Bitcoin payments to book for flights, hotels, and car rentals. For those who prefer to stay in apartments during vacations, they can use cryptocurrency at CryptoCribs.

The rise of Bitcoin ATMs also gives travelers the ability to convert cryptocurrency to the local currency of major destination cities all over the world.

4. Online Gambling

The gambling industry has evolved along with technology, especially as it has become more popular online. The rise of betting sites and mobile gambling apps now allow gamblers to place bets from the comfort of their homes and even while they’re on the go.

Most of the top online betting sites accept cryptocurrency as a method of deposit. Sites like BetOnline even give bonuses and perks to players who use cryptocurrency to fund their betting accounts.

5. Buying a Lamborghini

The De Louvois is a luxury marketplace for Bitcoin, and the Lamborghini is a favorite status symbol of the cryptocurrency community. So, it’s only natural for the website to have a Lambo as one of its items for sale.

But if you’re not into cars, you can still buy luxury watches, Old Masters paintings, jewelry, rare coins, and even exceptional real estate using cryptocurrency. 

6. Space Travel

Since 2013, Richard Branson’s space travel company, Virgin Galactic, has accepted Bitcoin payments for space travel. Although a seat aboard one of its ships will cost you $250,000, the prospect of space travel is well worth that price.

Virgin Galactic has yet to successfully launch a commercial flight to outer space and there is no definite date yet as to when they will. But with cryptocurrency billionaires like Tyler and Cameron Winklevoss already owning tickets, you might want to have one, too.

Now That You Know

I’m sure that, by now, you’re probably excited to try your hand in this cryptocurrency craze. And I don’t blame you. Before you do that though, check out this guide on cryptocurrency to ensure that things will go smoothly for you. Good luck!