Since the COVID-19 pandemic began, the cryptocurrency market has experienced a massive boost, with Bitcoin currently trading at $56,000 at the time of writing. Because of its growing popularity, many everyday people may be looking more closely at these digital assets and how they can start getting involved. If crypto is on your mind, here’s some more information on these popular online currencies and how you can spend them.
Make sure that you understand how cryptocurrency functions before you send any out.
Before you purchase any cryptocurrency you wish to spend later, it’s important that you understand how it works to avoid losing any money in the process. Crypto, like real money, is stored in a special program called a cryptocurrency wallet. In order to send funds to your wallet or to the wallet of another individual or service, you need to have their public wallet address to make the transfer. If you send it to the wrong wallet address, your funds are gone forever, as crypto transfers are irreversible.
Set aside some time to learn more about crypto with the support of a platform like www.cryptocurrencyhelp.com. Here you can learn more about how to download a wallet, which exchanges to purchase your crypto from, and how you can get started on your cryptocurrency journey. With the right education and support, you will be ready to spend your chosen digital asset in no time!
Buy something you’ve been saving up for once your crypto rises in value.
One of the reasons why the cryptocurrency is so popular among new and seasoned investors is due to its volatility. Almost all digital currency has a speculative value, which gives way to its massive price swings that can either rise substantially or cause major price drops. Should you purchase a specific asset and the price should rise substantially, you can then spend your crypto on something that was more expensive than your initial investment (with taxes that come from the sale of your crypto in mind).
For example, let’s imagine that you’ve been looking for alternative treatments to a specific medical condition that medications may not be effectively treated, like hyperbaric oxygen therapy (HBOT). Whether you’re dealing with decompression sickness as someone who scuba dives often or want relief from pain and improved healing for issues like cerebral palsy, skin grafts, and arterial gas embolism (bubbles in the blood vessels), a radiation injury, diabetic wounds, severe anemia, gangrene, or hearing loss caused by middle ear issues, HBO therapy may be the answer to your issues. However, getting into a hyperbaric chamber may not be affordable for everyone. If you invest in crypto and turn a profit, you can exchange it and spend that profit at a hyperbaric oxygen facility to get pure oxygen that can boost the amount of oxygen in your body to boost wound healing, increase circulation, and reduce swelling and pain. Just remember to keep an eye on your crypto so that you know when to exchange it to afford hyperbaric medicine at your local clinic.
Find an exchange or company that will offer you a crypto debit card.
Manually exchanging your crypto for real dollars and spending that money is time-consuming, and spending your crypto directly isn’t always possible. The solution? Try to find a company that will offer you a debit card that you can swipe to immediately exchange your crypto for cash when you make a transaction. Some crypto debit card companies worth looking into include Coinbase, Bitpay, and Paxful. This way, you are able to spend your crypto wherever your debit card is accepted.
Although crypto is highly popular in today’s world, it still doesn’t have the widespread adoption needed to make it a currency you can easily spend. If you intend on spending your crypto, use the guide above to learn more about how you can get started and what you will need to spend your chosen digital assets.