Economic news dominates the headlines, and the rise of bitcoin and other cryptocurrencies has now breached the mainstream level. From Elon Musk to Lionel Messi, some of the biggest names in the public domain have gotten involved with this exciting new field. Here’s a list of what you can do with bitcoin and other crypto options in 2021!
What Is Crypto And How To Use It
The idea behind cryptocurrencies is as simple as it is ingenious. It is a digital currency type, a payment form that offers an alternative to traditional options like a banknote in various denominations. Since each transaction is logged digitally in a uniquely identifiable manner, it doubles as an accounting system.
To store and use crypto, you will need a digital wallet, a tool that you use to confirm that you are indeed the owner of said resources utilizing an encryption key. From then on, it’s all about what the market dictates: whether the vendors you’re interested in accept crypto or not will make a big impact on how useful it is for you to invest in it in the short term.
Today, the most popular cryptocurrencies are Bitcoin, Ethereum, and Litecoin, just to name a few. Of course, some are making long-term bets about their exchange rates, but there are a surprising amount of ways to use crypto in 2021 which don’t involve staring at graphs and calculating yields for years.
Five Ways To Use Crypto
Make an investment
This is the cryptocurrency trend making the biggest splash today in the mainstream media: the incredible growth of value in bitcoin and other cryptocurrencies. Though it’s a very volatile pursuit, the emergence of this entirely new currency field and its digital nature makes it a special possibility to consider in 2021.
Beyond just buying and holding crypto and trying to find an edge in its valuation over time, you can also use it to invest in startups using established cryptocurrencies like Bitcoin or Ethereum. The transfers also have extremely low costs and almost nonexistent process time and transaction fees, even when we’re looking at vast sums of money. Just consider a $99 million transfer in Litecoin from April 2018, which only incurred 40 cents in fees!
Travel around the world
A growing number of travel agencies and enterprising tour organizers allow those looking for a great holiday to pay in bitcoin and other cryptocurrencies for the experience. This makes it infinitely more convenient to set up a cross-continental trip, having the option to bypass a lot of exchange-rate-related hassles and the management of a wide variety of different physical currencies throughout a long travel session.
Play video games
Game developers are also embarking on the crypto craze with titles like Gods Unchained fully integrating the Ethereum chain for their in-game marketplace selling and buying cards between the enthusiastic player base, and offering prizes in their regular competitions. This means that your in-game assets are essentially impervious to nerfs, and you will always get to keep exactly what you bought.
Crypto also makes it infinitely easier for devs and tournament organizers to manage community events and to put up meaningful prize pools without the sort of endless red tape that comes with real money prizes.
Bet on sports
You can place a bet on your many sports with your favorite crypto, and increasingly more online bookmakers are accepting cryptocurrency deposits as part of their regular product. It offers a quick and secure way to wager your favorite teams and players, making it faster and more convenient to get in on the action than traditional sports betting options would. Like game devs, platforms and bookies involved with esports betting are also even more likely to make such opportunities available to their clientele as they are well-versed with the ins and outs of the digital space.
Create art and other content
The idea of non-fungible tokens and uniquely numbered item sales may seem familiar to you from the art world with its numbered copies and limited runs, and the same opportunities are beginning to emerge for digital artists as well. Suppose you’re not an Andy Warhol type. In that case, there are also platforms like Steemit to consider, which offer content creators and active participants a chance to earn crypto by writing articles and promoting high-quality articles based on a Reddit-like system of upvotes and downvotes.
Where Can I Buy Crypto?
Investing in cryptocurrencies works similarly to buying stocks in principle, except that it requires a much higher tolerance in volatility. It takes more work to convert the funds to regular money. The specific documents and regulatory hoops necessary to do this in a legitimate way change from country to country but in general, nothing is stopping you from making this kind of a digital investment or purchase.
Here’s a list of some of the most popular crypto market apps:
That should cover the basics of why you should consider getting into crypto in 2021. With a constantly expanding field of options and opportunities, there has never been a better time to invest in digital currencies than today. If you can find use of its unique applications and markets – and happen to have the kind of risk tolerance required to weather the exchange rate’s ups and downs over time – investing in bitcoin and other cryptocurrencies can be a great part of a balanced portfolio and a nice new way to manage digital purchases as well.