Ever since Cryptocurrency was introduced in the global financial market, using it has been kind of difficult and cumbersome. Long processes involved in buying the digital currency, storing and eventually spending it has contributed to this.
What is Cryptocurrency?
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According to Wikipedia: “A cryptocurrency (or crypto currency) is digital asset designed to work as a medium of exchange that uses strong cryptography to secure financial transactions, control the creation of additional units, and verify the transfer of assets.”
“…Bitcoin, first released as open-source software in 2009, is generally considered the first decentralized cryptocurrency. Since then, over 4,000 altcoin (alternative coin) variants of bitcoin have been created.”
For example, the bitcoin technology is not yet fully developed so as to be used as a common currency for shopping. It would not make any sense if you woke up and checked into your local pub to buy a drink using bitcoin. Nevertheless, as time goes by, spending cryptocurrency is becoming easier and easier. As a matter of fact, you can spend cryptocurrency online in several ways you did not know about. This article gives some insights into how these cryptocurrencies can be spent online.
Use of Debit Cards
Following the plans that are underway, cryptocurrency banks will be able to offer debit cards to customers. These cards might be used anywhere including paying for accommodation in restaurants and shopping in malls. The banks will then convert the bitcoin into normal currency and deduct the spent amount from the bank balance. With many companies adopting digital currency as an exchange currency, you can search those that accept it on the internet. For example, Purse.io allows you to shop for products online from the Amazon. Cryptocurrency developers are also working to develop apps that can be used in online transactions. With this, tenants will be able to pay their rent online with bitcoin and other cryptocurrencies. Cryptocurrency ATMs are also becoming commonplace.
Online Shopping
One of the major ways of spending cryptocurrencies is through shopping online. Companies accepting digital currencies have websites where they advertise their products and also the modes of payment. Taking Amazon as an example, people have been shopping using bitcoin. As much as not many companies have embraced this, lots of them are gradually adopting it. This is true, especially in countries like the United States where the digital currency technology is now widely accepted and incorporated into the financial system. Apart from the Amazon, companies like PayPal, Subway, Shopify, and Microsoft also accept cryptocurrencies for exchange. Overstock also started accepting digital currency payments and transactions in 2017 while Web4Africa, a Web Hosting firm and Domain Registrar has been accepting bitcoin since 2015. The firm started accepting some 30 other crypto-currencies since 2018.
Other Online Transactions
Besides online shopping, other normal transactions can be conducted online. These may include booking accommodation, paying bills as well as transferring money to another person. The best thing is to identify a bank that offers this service and acquiring a debit card that you can use for shopping. Bitcoin is the most widely used form of cryptocurrency. For this reason, many companies have implemented it in their exchange processes. The transaction fee and the tax that was formerly high is now lowered allowing people of all classes to access the bitcoin currency.
To wrap up, cryptocurrency, being a form of money that is more secure than the tangible money, is growing wide in the global market. Cryptocurrency banks are emerging year in year out. Spending the digital currency online makes it even more secure to perform transactions and transfer money. In the coming years, digital currency will definitely be widely accepted in the whole world, enhancing security and reliability in the financial system. Proper technologies will also be established to ease the way in which these currencies are operated. In addition, more forms of cryptocurrencies will be introduced, creating competition with the existing ones and hence improving quality.
