There’s a reason why so many people in 2024 want to get cryptocurrencies, compared to 2010 or 2015. Sure, they’ve skyrocketed in value, and the awareness is at an all-time high, but the reality goes much deeper than this simplistic answer.
You see, the reason why people need cryptocurrencies today is that they finally have something to do with them. To further illustrate the point, here are the top seven best ways you could spend your cryptocurrencies in 2024.
- Buying other cryptocurrencies
While you can sell your cryptocurrencies for fiat money, you can also use them to buy other cryptocurrencies as an investment.
Registering for a crypto wallet is already quite easy and, in most instances, doesn’t even require you to give your full legal name. So, technically, if you did decide to invest in crypto, you could start by registering a crypto wallet, making a first deposit (or receiving crypto funds)
Now, according to Techopedia editor Kane Pepi, the biggest challenge here lies in identifying cryptocurrencies that are actually worth buying. For this, it’s important that you find decent reviews that will allow you to approach each of these coins from standpoints of both long-term and short-term investments.
(Source: https://www.techopedia.com/cryptocurrency/best-crypto-to-buy)
Sure, you can always deposit fiat money and buy currencies that way; however, taking the crypto route is much simpler. This way, you facilitate the process and even maximize your investment by reducing the total amount of fees and transactions.
- Online retailers
The majority of modern online retailers will accept Bitcoin payments, while some others accept alternative coins, as well.
As you would expect, you’re most likely to buy electronics this way. Laptops, desktops, and even gaming consoles are often bought this way. However, you can also buy software that you will run on these devices via this payment method.
You can also order clothing and apparel and pay with cryptocurrencies. This is great for those who are pursuing their own sense of fashion since they’ll be able to order products that they can’t find locally. Still, others find that buying clothes online is especially hazardous.
There’s an entire category of memes with these items bought online that were nothing as promised. At the same time, this problem has nothing to do with the payment method and everything to do with the fact that you’re buying online.
- Buying a luxury car
Lately, there is news about Ferrari extending Bitcoin and other cryptocurrencies as a potential payment option. The reason why this is so big is the fact that it’s one of the few blue-chip companies that accepts payments.
However, this trend is clearly going in one direction. It’s not like there were so many companies accepting this form of payment that have canceled this option. In reality, this was something that a lot ofp people couldn’t even conceive just a few years in the past.
Just think about the early period of Bitcoin, where the asset was still used for shady purchases online. If, at that point, someone told you that you could buy a new Ferrari from an official dealership, would you believe them? Hindsight is 20/20, but the reality is that you probably wouldn’t.
It wouldn’t be that far-fetched to assume that Ferrari is one of the first in a long line of such businesses to follow this trend. Soon, you’ll probably be able to buy all kinds of luxury assets with crypto payments.
- Paying your employees
Many employees in 2024 will choose to be paid in cryptocurrency. The main reasons behind this are the transfer speed and low fees, but there are other factors to consider.
You see, the global nature of the modern workplace means that you’re hiring from all over the globe. Sometimes, employers hire people from unbanked or underbanked regions, which creates a unique and peculiar situation where everything sounds great… except you have no way of paying them (and they have no way of getting paid).
Other than this, some of these employees want to keep their income a secret (not necessarily from their IRS but from other local parties). This is why the extra anonymity that comes from crypto transactions plays a huge role in this.
As the number of remote workers increases (as well as the number of crypto wallet owners), the popularity of this payment method will grow, as well.
- Betting at an online casino
Cryptocurrency casinos are even more secretive and provide even more anonymity than their standard counterparts.
Many people enjoy playing at online casinos; however, these same people sometimes feel the need to be secretive about it. Even though this activity has existed for as long as human civilization and is completely legal in most regions of the globe, people still prefer to keep this habit secret.
This is one of the reasons why no ID verification casinos are so popular and preferred by people all over the globe.
There’s a misconception that people play there in order to avoid local laws and restrictions, but the reality is that these restrictions rarely affect individual players. They’re usually still able to play on online casinos that are hosted abroad completely legally (or in some sort of a legal grey zone where it’s not explicitly forbidden).
In other words, anonymity is a far greater motivator than you think, and it doesn’t get any more anonymous than using crypto.
- Online services
Previously, we’ve already hinted at the fact that you can use crypto to buy products online (even app licenses), but it might be worth mentioning some of these services in an individual section.
First of all, you can use cryptocurrencies to buy video games, pay for video-game subscriptions (like World of Warcraft, some games operate on a subscription model), and even handle in-game purchases. The latter is a far more lucrative industry than a lot of people assume it to be.
You can also pay for software and streaming service subscriptions this way. Just think about it; there are so many online services that you pay for on a regular basis. Upon checking, you might even find that paying for it via crypto may be more convenient.
Lastly, it’s not just about the entertainment either. There are a lot of online courses that accept crypto payments.
- Charities and donations
When donating, you want to make sure that all the money you’re paying goes straight to the cause in question. One of the things that prevents people from donating is the idea that most of the money you’re giving won’t go where intended.
People hate the idea of wasting donation money on bureaucracy or high transaction fees. With cryptocurrencies, this won’t be an issue, seeing as it’s a DeFi system that we’re talking about.
Next, a lot of people love to make anonymous donations. They either don’t want their vanity to cast a shadow on a good deed or donate to a cause that they would rather not disclose with their community. With cryptocurrency, anonymity is guaranteed.
Each new way to spend cryptocurrencies is an additional reason to get them
While people buy 8K screens even in the era where no one is uploading and streaming in 8K, the majority of people wait for the content to catch up (so that they actually have something to watch in this resolution). The same thing happened with cryptocurrencies. In 2024, you have more reasons than ever to invest in crypto, and it’s not surprising that so many people do.