Using cryptocurrency in the real world is getting easier as time goes by. With the revolution just getting started, many enthusiast see a cashless economy in the not so distant future, where cryptocurrency and blockchain technology are used as the primary method of value exchange.
“A recurring challenge for Bitcoin and other cryptocurrencies is how to make them work in the real world” – Bloomberg
The cryptocurrency snowball is rolling faster and faster as time goes by, and new innovative technology is constantly been developed to make cryptocurrency easier to use, understand and altogether more accessible.
Although Bitcoin has fairly high transaction fees and isn’t designed to be used for small day to day purchases, there are thousands of existing and new upcoming altcoins which are designed to be incredibly fast and some even have 0 transaction fees!
Ways to use cryptocurrency:
As so many merchants are jumping on the bandwagon, it’s now possible to live entirely off of cryptocurrency alone. And with such impressive gains to potentially be made, it makes bank interest rates laughable. Of course there is huge risk involved and I wouldn’t recommend jumping all in and ditching the fiat life altogether, this is just exploring the possibility.
Things you can buy with cryptocurrency:
- Food & day to day purchases – Cards such as Monaco & TenX are available which allow users to store and spend a range of different cryptocurrencies in any traditional card accepting store. The store doesn’t even have to know you’ve used cryptocurrency as they receive the payment in fiat! You can even use these cards at normal ATM’s if you need to withdraw cash!
- Homes – According to Coin Telegraph, UK based Co-Living pioneers The collective will be accepting Bitcoin as a deposit on all flat rentals! “The standard deposit is £500, which equates to about 0.148 at time of publishing. Additionally, with the volatile nature of Bitcoin seemingly holding back its ability to be utilized as a currency, The Collective has pledged “spot conversion,” which means it will bear any financial risk while holding the deposit, returning it at the original value when the tenancy finishes.”
- Cars – There are many places you can buy a car with Bitcoin! Tesla, Ford and Lamborghini all accept Bitcoin in certain parts of the world according to 99bitcoins.
- Travel – There are also lots of places you can buy flights using Bitcoin too, https://destinia.com/, https://btctrip.com/ & http://www.sky-tours.com/ to name just a few.
Although there are certain things you won’t be able to buy with cryptocurrency at the moment such as most insurances, utilities such as energy and water, and most household bills in general, as the movement gains more traction over the coming years, possibly even months, it’s likely more places will begin accepting digital currencies.
For those living on the road however, living without cash could be possible! If you had your entire life savings say for example £10,000 in Bitcoin at the beginning of the year when Bitcoin was £800, you’d have made on average £4,583 per month!
A list of other things you can buy with cryptocurrency:
https://www.bitpremier.com/ – Luxury items available to buy with Bitcoin
http://www.wheretospendbitcoins.co.uk/region/online – A list of 182 Bitcoin accepting online stores!
https://www.shopify.co.uk/blog/10480345-75-places-to-spend-your-bitcoins – List of 75 places
https://all4btc.com/ – worldwide online merchant accepting BTC
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