Investing, buying and selling. That is often all we do with cryptocurrencies. But, there is a range of possibilities we can exploit that will allow you to gradually replace traditional currency. Here are five for everyday life.
Since the advent of cryptocurrencies, we have all seen how the number of users increasingly interested in the sector has grown.
Even now, with a static market that lacks the explosive growth so coveted by some investors, we find ourselves with many communities and traders, rather than fans and newbies, confident that cryptocurrencies are here to revolutionise the way we live.
The improvements over the years have shown that some cryptos really can revolutionise our world. Just think of those used in the Metaverse, Play-to-Earn or NFTs.
How can cryptocurrencies be used in everyday life
Today, many of us only think of cryptos as an asset to be sold and bought. But while this is partly a possibility, their real use does not stop there. There are several ways to make digital currencies an everyday tool and I will now show you five of them.
From the most obvious to the more technical uses, here is how to make use of our much-discussed cryptos in everyday life.
1. Easier and faster payments with cryptocurrencies
Based on the options available by exploiting blockchain technology, it is becoming easier and safer to buy with cryptocurrencies.
We are used to wire transfers, giro transfers and transactions that require validations that are sometimes not exactly immediate.
Sometimes this is a problem, sometimes not, but if we could always exchange our money, or make payments having to wait only a few seconds, wouldn’t that be better?
Well, cryptocurrencies don’t need intermediaries. They are more immediate because they don’t need authorisations from banks and other financial institutions. This thanks to blockchain systems, and this often results in faster payments than traditional methods.
We could send thousands of euros in an instant, securely and transparently, every day and wherever we are.
2. Innovative crypto cards
You know about the cards offered by different companies that allow us to make payments easily and instantly using our cryptos, right?
The world’s most famous exchanges, such as Binance or Coinbase, have also been working on this. They offer debit cards that can be linked to our virtual wallets and used to pay in cryptocurrencies.
These cards are a valuable bridge between existing financial services and the growing crypto ecosystem. In 2022, several companies have taken over the development and deployment of cards and solutions with which all citizens of the world can accumulate, spend or buy without using fiat currencies, but only cryptocurrencies.
Of course, the road is still being travelled. But, there are several providers of these services, in addition to the two giants already mentioned. Examples are Revolut, Crypto.com and Wirex.
3. Buying in one’s favourite shops
We must not forget that we are still talking about currencies, so we can only think of the easiest thing to do with them. Use them to buy goods or services.
So many famous companies now offer the possibility of paying with cryptos for our daily purchases. Just think of Nike, Gucci, Tag Heuer rather than the more common merchants who have enabled the service at their commercial services.
Even companies like Visa or Mastercard are focusing their efforts on developing ways in which people can quickly convert their cryptocurrencies into fiat and vice versa to make payments easily both ways.
All that is needed is to have them in one’s wallet and to have cards enabled for their use.
4. Reserving value and diversification: it is possible with cryptocurrencies
The collaboration between traditional finance and Defi has opened several doors for the most curious and open-minded users.
Today, the access given by the web allows all interested parties to be able to access digital assets such as cryptocurrencies. This, creating an avenue for diversification of our portfolio, trying to counter inflation.
Before, we had to go to a bank, or trade on platforms we were unfamiliar with and with tools that can often be difficult to understand. Cryptocurrencies are a subject that obviously requires study and application, but the most popular platforms also offer the possibility of earning money by staking or earning digital currencies for free.
This undoubtedly breaks down barriers that allow us to invest a part of our capital without risking too much, while still earning profits thanks to the interesting Web3 and its opportunities.
5. Participate in innovation with NFT and the Metaverse
This is what the world economy needs to support the increasing flow of interest and technological innovation that blockchain has brought to various sectors.
We cannot deny that within the Metaverse (think Decentraland or The Sandbox) cryptocurrencies play a key role.
Even with NFTs, despite the recently declining interest of users, the use of digital currency is fundamental and if we want to access the future that these two universes represent, there is nothing better than our crypto wallet!