For the average person, cryptocurrencies are typically seen as an investment vehicle – we all know somebody who bought into Bitcoin early and won big. And now is definitely a good time to get into crypto investment if you haven’t yet. Bitcoin has been seeing big gains, and there are many other coins on the market for those who want to diversify or get into something slightly different.
However, people who are already sitting on a stash of cryptocurrency may be wondering what else they can do with it. Outside investment and trading, here are four other ways to make the most of your digital currencies.
Pay for goods and services
It seems like the number of legitimate merchants accepting cryptocurrency as a form of payment rises every day. Most recently, Elon Musk announced that Tesla intend to start accepting Bitcoin as a payment method for US buyers. In the UK, Microsoft already accept Bitcoin as payment, as do some sellers on sites like Etsy.
It’s worth noting that a merchant who accepts Bitcoin may not also accept more obscure forms of cryptocurrency. So if you’re planning to make purchases, make sure that the cryptocurrency you buy is right for the job.
Monetise your web traffic
If you have your own website, then you can make money through an affiliate programme – effectively meaning that you get paid when users come to your website and click on the links. And thanks to https://algo-affiliates.org/, it’s now possible to join a crypto affiliate network. In simple terms, joining up to the network means that you can earn crypto by putting web offers and content in front of your users.
Invest in start-ups
Investing in start-ups can be risky but exhilarating. While you can’t be certain that the company will make it big, it’s exciting to be part of something in its early stages. You can also feel good about the fact that your support might help a fledgling business get off the ground. Digital token-based investing means using an established currency such as Bitcoin to buy a digital token from the company. The value of the token will be tied to the value of the company, meaning that it could potentially come to be worth a lot more if the value does well.
Send and receive payments
One of the primary purposes for cryptocurrencies is to make it easier to send and receive money in a low cost, secure and speedy way. If you want to transfer a large sum of money, or you want to make an international money transfer, doing it in crypto may save you time as well as fees. As long as the recipient is set up to receive crypto, the process should be pretty straightforward.
Some cryptocurrencies, such as Litecoin and Bitcoin Cash, have been set up specifically with easy transfer in mind. So if this is of interest to you, you may wan to consider moving your investment into those areas.