Cryptocurrency has evolved within the digital space and this can be attributed to several factors. These factors include the increasing acceptance of digital currencies, the potential for high returns on investments, and the desire that individuals have for financial autonomy that separates their finances from traditional banking systems.
With more than 560 million crypto holders worldwide, many people are now looking for unique and fun ways to spend their digital assets. Luckily, crypto adoption is on the rise. Businesses and corporations are increasingly accepting coins like Bitcoin and Ethereum in exchange for goods and services. Let’s explore 8 interesting ways to spend crypto today.
1. Gaming and Entertainment
The gaming and entertainment industries are leading by example when it comes to accepting crypto in exchange for services. Different gaming and entertainment platforms such as online casinos, video gaming platforms, and some streaming services have integrated the use of cryptocurrencies to allow users to pay for games and services using digital coins like Bitcoin and Ethereum.
For example, crypto casinos are online casinos that allow gamers to use crypto to make deposits and withdraw their crypto winnings. Players are increasingly turning to Bitcoin gambling sites to wager and play online as these platforms are known to offer a plethora of games and provide a secure and private environment for players. Beyond online crypto casinos, other gaming platforms that offer cryptos as a form of economy in their virtual worlds include big games such as Axie Infinity, Decentraland, and The Sandbox. These are crypto games that allow players to earn digital tokens while playing and use them within the game to buy virtual items. More and more traditional gaming manufacturers and vendors are also starting to accept crypto payments for game purchases or online gaming sessions.
2. E-commerce and Online Shopping
For crypto holders who enjoy online shopping, there are plenty of options. A huge number of online retailers have integrated crypto into their payment systems in recent years. Shopify, Esty, Newegg, and Overstock, are some of the e-commerce platforms that accept digital currencies such as Ethereum, and Bitcoin.
Not only can people shop online from the comfort of their own homes, but they also do not need to use fiat money to purchase the things they want online. Crypto also comes with some advantages when shopping online, such as having global accessibility meaning consumers can purchase from any e-commerce store worldwide, lower transaction fees, security, and increased privacy to protect their personal information.
3. Travel and Accommodation
For travelers, the integration of digital currencies as a payment option makes booking tickets or paying for accommodation in another country much easier.
Some of the travel agencies and booking platforms that allow for digital currencies as payment methods include Travala, Expedia, and CheapAir. Several hotels have started to accept crypto as a payment form as well. Some of the hotels that allow for crypto payments include Kessler, and The Pavilions Hotels and Resorts, Hotel Art and Design. The airline industry has also incorporated crypto payment options with companies like AirBaltic and LOT Polish Airlines now allowing travelers to book plane tickets and traveler using their crypto money.
For travelers who hold crypto, booking a holiday with digital currency is a great way to spend some digital currency. Travelers can book directly with hotels or tour companies or they can go through a site, like Travala, to book their entire experience using crypto.
4. Dining and Food Services
Gone are the days of not being able to pay for a meal because you left your cards or wallet at home and you don’t even need to wash the dishes to clear the bill. Many food and dining establishments have incorporated the integration of cryptocurrencies. Some of the cities that have included crypto in their services are listed below.
Miami, Florida
Numerous restaurants such as Chotto Matte, Mamey, and Orno in Miami accept Bitcoin, Ethereum, and other digital currencies making dining out easy and hassle-free for crypto holders.
San Francisco, California
A restaurant called “The Pizza Hacker”, allows customers to pay with Bitcoin, and some food trucks in the San Fran area also allow customers to pay with Bitcoin making transactions easier.
Berlin, Germany
Different restaurants in Germany accept Bitcoin payments, these include Burgermeister, Markthalle Neun, and Kreuzberg’s.
Customers can use their mobile wallet to scan QR codes that can be used to pay at restaurants. This streamlines the process and speeds up the dining experience. Some restaurants have also offered incentives such as loyalty rewards or discounts for people who keep paying with cryptocurrencies.
5. Charitable Donations
Charitable organizations have started accepting cryptocurrency donations as well. Some of the notable organizations that accept crypto donations include Save the Children, the Red Cross, and the United Way.
The Giving Block and Bitpay facilitate crypto donations for various nonprofits which allows them to convert digital assets into a fiat currency seamlessly. There are various benefits of donating crypto instead of donating traditional currencies. These benefits include tax benefits, lower transaction fees, security and anonymity, access to a new donor base, and global reach.
6. Real Estate Transactions
The real estate market has seen a noticeable shift in the acceptance of cryptocurrency as a means to pay for property transactions. This method provides a decentralized and secure way to do transactions. For example, Gabrielle Channell, a real estate broker, and property investor, bought a condo that was auctioned in Miami, Florida as an NFT.
7. Investing in Startups and Crowdfunding
Crypto-based platforms use blockchain technology to help startups fundraise for their new businesses by allowing investors to donate crypto to get the company’s early development started.
Crypto-based crowdfunding platforms such as Security Token Offerings (STOs) and Ethereum-based Initial Coin Offerings (ICOs) allow for the investment process to provide liquidity through tokenization. Using crypto crowdfunding gives people from various backgrounds an opportunity to invest in startups that would have struggled to get traditional types of funding.
8. Luxury Goods and Experiences
With the popularity of digital currencies, the luxury goods market has also started accepting cryptos as a form of payment for their goods and services. Several high-end brands allow for crypto to be used for the payment of their goods.
Tesla, Tag Heuer, and Lamborghini are some of the high-end luxury companies that accept payments using crypto such as Ethereum and Bitcoin.
Conclusion
Cryptocurrency will continue to gain traction within various industries and create various opportunities for individuals to enjoy the benefits of cryptocurrencies. Using crypto for daily transactions will further promote innovation, enhance financial flexibility, and support the growth of a digital finance ecosystem.