Cryptocurrency has been around for about a decade, but it remains a niche interest for many people. While you may have heard of bitcoin and other cryptocurrencies, you may not know how they make your life easier. This article will discuss some everyday use cases for crypto payments. There are far more than you might think!
Buying/trading stocks and securities
You can use a crypto payment to buy or trade stocks and securities. Some people in the crypto space dislike stocks and securities. Others embrace them fully and explore the best of both industries.
Thanks to various tokenized stocks and securities, you can access them through crypto payments. More specifically, they require transactions via an exchange or broker. In addition, some platforms also offer access to security tokens or STOs.
Purchasing food, clothes, and other goods with crypto payments
One of the most convenient ways to use crypto payments is for purchasing goods online.
When you buy something from a website, you must often pay with a credit or debit card. Those can be inconvenient and slow. With crypto payments, however, you can make purchases quickly and easily. Send funds directly from your wallet app to someone else’s wallet app.
Cryptocurrencies have made it possible for people worldwide to participate in e-commerce. Even without having access to traditional banking services or credit cards.
It benefits individuals living in developing countries with fewer resources available than in developed countries. Because these individuals may not get bank accounts set up under their names due to financial constraints, they often rely on peer-to-peer payment platforms. Solutions like PayPal or Venmo often trump banks when making purchases online.
However, these options aren’t always available because many retailers do not accept them. Also, there are privacy concerns about personal data being shared between third parties (PayPal). Or perhaps consumers don’t have enough money saved up yet after living paycheck-to-paycheck until now (Venmo).
If only there were another way…
Transfers to family members or friends
Let’s say you want to send money from one country to another. With traditional methods like Western Union or MoneyGram, it can be costly and time-consuming to do so. Crypto payments offer a much cheaper and faster alternative for these situations.
Another everyday use case is sending money back home after traveling abroad. Again, travelers may find crypto payments easier than conventional methods. They don’t require cash or a bank account (and sometimes even identification).
One final scenario where crypto payments might come in handy is when someone wants to send money directly between two people without going through an intermediary such as PayPal or Venmo.
You see your friend on Facebook and want to immediately send them $20 in bitcoin. All you need is their wallet address! Transferring funds can be done quickly using apps that allow users to exchange fiat currency (USD) into bitcoin instantly at the touch of a button.
Supporting content creators (with tips or donations) or organizations
You can use crypto payments to support your work as a content creator. Crypto payments are outstanding because they are easy to send and receive. Therefore, it is beneficial if you need to stay anonymous or avoid fees.
A crypto payment allows users to support organizations they care about in a way that doesn’t require them to hand over their personal information or credit card number. That may also be valuable for the organization receiving the donation.
Crypto payments can make it easier for you to send or receive money
Cryptocurrency payments are an excellent solution for sending and receiving money. You can use them to send or receive crypto to friends and family and make purchases from merchants who accept them.
- Crypto is easier than bank transfers. With crypto, you don’t need to wait days for your funds to clear or go through cumbersome verification processes. Instead of dealing with multiple bank transfers and waiting weeks for each one, you can do this all at once.
- Crypto is faster than bank transfers. Blockchain technology allows transactions to happen instantly without any middlemen involved (like banks). Transfers are much faster than traditional payment methods like checks or wire transfers. You’ll see your funds immediately after making your purchase!
- Crypto is cheaper than bank transfers. Financial institutions such as credit card companies or PayPal/Venmo charge anywhere between 2% and 4% annually just for simply holding onto our money. There’s no comparison here, either. Moreover, when it comes down strictly to how much cash we’re losing out on overtime, it becomes clear which option will save us more money overall. Those savings add up quickly over time!
Always look at the big picture before carelessly dismissing the potential benefits of crypto payments.
The future is here, and it’s looking bright.
As we’ve seen, there are many ways that crypto payments can make our lives easier.
Whether you want to send money abroad or just around the corner, using crypto means no more worrying about bank fees, exchange rates, or other delays. And since these transactions are fast and secure, they’re ideal for everyday use too!
None of the information on this website is investment or financial advice and does not necessarily reflect the views of CryptoMode or the author. CryptoMode is not responsible for any financial losses sustained by acting on information provided on this website by its authors or clients. Always conduct your research before making financial commitments, especially with third-party reviews, presales, and other opportunities.