Are you new to Bitcoin and Cryptocurrency? Or are you a crypto whale finding yourself with a lot of questions about how to spend your coins. In this article we will discuss the different ways that people can use their cryptocurrency to make investments or transactions, and also also look at some of the considerations you should make before you make any purchases with cryptocurrency.
What is Cryptocurrency?
Bitcoin (BTC) was the first decentralized digital currency – or cryptocurrency. It was released in 2009 based on a peer-to-peer system, meaning transactions could be made without going through a central authority like a bank, PayPal or Visa. Bitcoin promised to make transactions more simple and give some control back to the individual, which makes bitcoin a great option for people who don’t have access to a bank for example. Despite this benefit, BTC has been difficult to spend and there is still a lot of development required before cryptocurrency can be accepted universally as a form of payment.
Can I Spend My Cryptocurrency?
The problem is that Bitcoin and other cryptocurrencies are not accepted in most stores. Whilst there may be some smaller, independent retailers who might take them as payment, it cannot typically be used to purchase groceries from the local supermarket, or buy clothes from a well-known high street store.
There are places where you can easily use your cryptocurrency to make purchases. Websites like cryptoemporium.eu offer a peer to peer marketplace for people to buy and sell products using BTC, Ethereum, Dogecoin and others. Tesla, led by cryptocurrency advocate, Elon Musk, announced that you could use BTC to pay for your electric vehicle. So whilst there are some ways that you can spend your Bitcoin, because it is not accepted in most stores it simply doesn’t have the same purchasing power or acceptance of fiat currencies. It is also worth noting that Tesla no longer accepts Bitcoin as payment due to some of the environmental concerns about crypto mining. However we are seeing cryptocurrencies being integrated to things like Paypal and Stripe, which is a real positive for the future of digital currencies.
Should I Spend My Cryptocurrency?
The short answer to this question is yes and no. If the value of your cryptocurrency continues to go up then it might be worth spending them at a point when you have made enough profit from holding onto them – this is because if the currency drops back down again it could take years for its price to recover. If this sounds too risky for you then hold on for dear life! Markets can stabilise and experience booms and busts and the cryptocurrency space still has a lot of room for development. Remember there was once a novel idea that had the potential to change our lives forever – it was called “the internet”.
If you are holding onto a lot of cryptocurrency and want to make a purchase then you may think about exchanging them for another crypto or fiat currency before spending your money. This could leave you liable to pay tax in some jurisdictions, but countries like Portugal or El Salvador are offering favourable conditions for crypto enthusiasts. If you want to spend your cryptocurrency without moving it from the crypto space then there is another consideration relating to the aforementioned price fluctuations of cryptocurrencies. If you spend your cryptocurrency on an item then you may miss out on future gains. This lost opportunity cost means you are effectively paying more than the value of the item. The other side of this is that the price could crash and you grab yourself a bargain. Either way this is something to consider.
The Crypto Emporium
The Crypto Emporium is a well-known crypto-only platform that allows people to buy and sell items using cryptocurrency. It is a peer-to-peer marketplace that means global trade can be done without borders.
The Crypto Emporium is here to make spending cryptocurrency on goods as simple as possible. There are a range of products from luxury apartments in the Swiss Alps to motor vehicles, electronics and clothing, so you can visit the website today and begin and start spending your cryptocurrency online. If you are interested in finding out more information about spending cryptocurrency then visit the site and explore the possibilities
Follow Techdee for more!
