Thanks to the crypto boom earlier last year, it is the current hype! There is no shortage of crypto users, and the numbers seem only to be increasing with time. One primary reason behind the rise of crypto users is the hassle-free transactions and chances to amplify your fortunes to a great extent. This is very true that many people have taken the leap for good and made a fortune from their crypto investments.
However, good things always come with a catch, and fortunes earned through crypto investments are no exception. It is not very difficult to earn money through digital asset investments, provided one has the right knowledge and understanding of the crypto market.
Nevertheless, spending that fortune can be a hassle as most businesses are still reluctant to accept cryptocurrencies. Therefore, if you are looking for effective and simple ways to spend your crypto, here are five ways to spend your cryptocurrencies.
Spend Your Crypto Earnings Hassle Free!
- Selling Your Crypto To Crypto Exchanges
Currently, there is no shortage of crypto exchanges on the internet. All of these exchanges make it very easy to transform your cryptocurrencies into fiat currencies in a matter of seconds.
Once you sell your cryptocurrencies back to the crypto exchange, it will only take a couple of days before your fiat currency balance is reflected in your conventional bank account. First, however, you must ensure that your crypto wallet is linked with your bank account.
Other than that, you can even use trusted third-party platforms to facilitate the exchange and transform your cryptocurrencies into fiat currencies. But, most importantly, make sure to verify the authenticity of the third-party platform before transferring the cryptocurrencies.
- Using A Crypto ATM
The other simple way to derive some value from your crypto fortune is by leveraging a crypto ATM. These machines are now seamlessly available across varied locations throughout the world. However, remember that most of these ATMs need users to have a previously set up verified account.
This is done mainly to ensure no one can accuse you of doing anything illegal, such as hiding the money from the authorities or money laundering in the worst-case scenario. In addition, it is worth mentioning that most crypto ATMs allow users to buy cryptocurrencies such as Ethereum, Bitcoins, and other virtual currencies, but only a few allow users to sell cryptocurrencies for fiat currencies.
- Visa Debit Card
Besides the aforementioned ways to spend your cryptocurrencies, there is always the option to use Visa debit cards. These cards can be used to spend your cryptocurrencies on conventional purchases at a salon, bar, pizza store, and even online stores.
However, Visa pulled its authorization in 2017, leaving many crypto users with a worthless piece of plastic. But things have been looking good for the past couple of years, and chances are Visa will soon resume this service again. Furthermore, it is worth mentioning that the taxation complications associated with Visa debit cards can be very complex as there is no end to the calculations.
- Gift Cards
Gift cards are the best alternative when one thinks of spending their cryptocurrencies without dealing with any hassle. Using gift cards to spend your cryptocurrencies means you have to get the perks of using a debit card without dealing with the complications associated with taxation.
Furthermore, gift cards can only be spent with any specific retailers, but this is still a far better alternative than using a Visa debit card. Thanks to platforms such as Coingate, purchasing gift cards with your cryptocurrencies will not take more than a couple of seconds.
Plus, these gift cards can be sent to anyone from any corner around the world, making them the ideal gift for the recipient and saving you from the hassle of having to pick an ideal gift for your loved ones. Therefore, use your cryptocurrencies to purchase your gift cards from reliable platforms and enjoy an easy way to spend your cryptocurrencies.
- Crypto Retailers
This might sound unconventional to a great extent because it is. No matter how surprising it may seem but many retailers now are o[pening up to the idea of accepting cryptocurrencies as a viable mode of payment.
An avid example of this is the prominent tech giant Microsoft, which allows users to spend their cryptocurrencies to buy different items online. Other than that, popular fast-food giants such as SubWay and KFC have also experimented with cryptocurrencies.
Certain car dealers in the US allow their customers to purchase cars using cryptocurrencies. That being said, it is safe to assume that in the near future, more and more retailers, even the smaller ones, will open up to the idea of accepting cryptocurrencies as a viable mode of exchange for their products and services.
Final Thoughts
It is no secret that spending cryptocurrencies are much more complicated than spending fiat currency. However, one cannot undermine the benefits of cryptocurrencies in the form of seamless and speedy transactions. In addition, looking at the growing popularity of cryptocurrencies, it seems the future is bright unless authorities do not find a way to regulate them.