Are there uses for cryptocurrencies and crypto wallets today other than playing on sites like 7 Slot casino? Yes, there are many uses for digital currencies nowadays, especially since people are more trusting of them. There was a time when people avoided cryptocurrencies like the plague.
In this article, we will show you several ways by which you can use your crypto wallet and, subsequently, cryptocurrencies, in your everyday life.
1. Send Money to Loved Ones
Cryptocurrency works like fiat money or cash. You can keep your digital currency in a wallet and then send that to someone else’s wallet.
If you and your friends and family are digital currency users, you can use your cryptocurrency to send money to someone. Once they get it, they can use the digital currency to spend on some things online.
The process of sending cryptocurrency to someone is similar to how you do it with typical currencies. For example, you can use PayPal to send fiat money to someone. In the world of cryptocurrencies, you can do the same thing, but not with PayPal.
To send cryptocurrency to someone, you need:
- Your crypto wallet.
- The crypto wallet address of the receiver.
One important thing to note is that you can never make a mistake. If you mistyped as much as one character in the recipient’s address, that cryptocurrency is gone. At best, just press the copy button and paste the wallet address on the field provided, and you can never go wrong.
2. Give Tips to Content Creators
Many content creators today accept payments or donations for their hard work. They provide valuable content to their fans and users, and those who want to give can do so through platforms like Patreon. Patreon, however, does not use cryptocurrency.
Instead of using sites like Patreon, the donors would send the money straight to the wallet address of the content creator. Most of the time, content creators use a platform called CWallet. Cwallet is a crypto wallet that allows donors to send tips and donations to the content creator.
On the other hand, content creators can get paid with cryptocurrency if they publish their content on sites where they get paid in cryptocurrency for their content’s performance.
Here are some examples:
- Steemit,
- Publish0X,
- CryptoSlate,
- CoinDiligent,
These are sites where a content creator has the option to publish news, articles, creative content, etc. Most of the time, these sites require written material that educates the users.
3. Shop and Pay With Crypto
If you do not know it yet, you can shop for items with cryptocurrencies in the same way you would with cash-on-delivery or credit cards.
Here are some examples of merchants that accept cryptocurrencies:
- Ralph Lauren,
- 1-800 Flowers,
- Adidas,
- Airbnb.
There are many more. If you search diligently, you’d be surprised to know that more than 250 global companies accept cryptocurrency — these are huge companies that are globally known.
From time to time, you may even come across some small mom-and-pop shops that accept cryptocurrency. Similar to sending payments, be extra cautious when sending cryptocurrencies to merchants. Do not type the wallet address manually as this process can result in error.
In addition, check the merchant’s reputation. Look for reviews and feedback from other people. If you cannot find one, you can always go to Reddit and post a question.
4. Play Casino Games with Crypto
Many casinos now accept cryptocurrencies. They do this because many banks and credit card companies are cracking down on gambling.
In the past, it was easy to use a credit card to transfer money to a casino account. The problem is that some gamblers lose control — they borrow money from their credit cards, and then they lose money when they gamble.
The result? They are heavily indebted to the credit card company. The problem is that the credit card company or the bank is at risk if the debtor can’t afford to pay.
Because of this, many banks do not allow casino transactions. Players could not fund their casino accounts with their credit or even debit cards.
The workaround is for players to buy a cryptocurrency and then deposit it into their casino account. From here, they can convert the cryptocurrency into fiat money, and then withdraw what they earned from gambling.
The banks will not know that you used the money for gambling. In its eyes, you bought cryptocurrencies, which is not illegal in many countries.
5. Pay Employees and Freelancers
You can also pay your employees with cryptocurrency if you want. Most of the time, it’s freelancers who are willing to do this, but you will also get some employees to agree.
The only caveat is that the employer and the freelancer cannot agree on a fixed cryptocurrency unit or price for the service. Why? Because cryptocurrencies fluctuate.
At best, most freelancers and employers agree to a payment measured in US dollars. At the time of payment, the employer will convert the USD to cryptocurrency, and then send it to the freelancer.
The freelancer now has the option to keep the crypto and wait for its value to go up, cash out now and convert the crypto to fiat.
6. Invest and Hold Cryptocurrency or Trade
Finally, you can use your crypto as an investment, and buy or trade other cryptocurrencies, provided that you know how to trade.
For example, you can trade your Bitcoin today and buy Ethereum, and then trade that later again with Bitcoin or some other crypto.
Trading, however, is like gambling. While it is true that you can win and make a profit, it is easier said than done. You need years of experience to be able to succeed in cryptocurrency trading.
There are many cryptocurrencies out there now. Beware of new digital currencies that have only been recently released. These digital assets have never been out in the market too long, and no one knows if they will gain traction.
If you want to invest or own cryptocurrency for your daily use, stick to the ones that are already stable, such as Ethereum and Bitcoin. Sure, these cryptocurrencies are expensive, but you at least have a guarantee that they will not easily tank or go down in value.