What Can You Do With Cryptocurrency?
The four main things you can do with cryptocurrency are: buy products, invest and trade, mine, and accept as payment for your business.
1. Buy Products
There are a lot of merchants (both online and offline) that accept Bitcoin and other cryptocurrencies as a form of payment. They range from massive online retailers like Overstock.com and Newegg.com to small local shops, bars and restaurants. Bitcoins can be used to pay for hotels, flights, jewelry, apps, computer parts and even a college degree.
2. Invest & Trade
Many people believe that cryptocurrencies are the hottest investment opportunity currently available. Indeed, there are many stories of people becoming millionaires through their cryptocurrency investments. Bitcoin is the most recognizable digital currency (cryptocurrency) to date. However, it is worth noting that cryptocurrencies are high-risk investments. This is why we at CryptoTT can help you invest carefully and for maximum profit. Their market value fluctuates like no other asset’s. Moreover, it is partly unregulated, there is always a risk of them getting outlawed in certain jurisdictions and any cryptocurrency exchange can potentially get hacked. Click here to learn more about investing in bitcoin and other cryptocurrencies.
Miners are the single most important part of any cryptocurrency network, and much like trading, mining is an investment. Essentially, miners are providing a bookkeeping service for their respective communities (keeping record of all exchanges on the blockchain of their respective cryptocurrency network). They contribute their computing power to solving complicated cryptographic puzzles, which is necessary to confirm a transaction and record it in a distributed public ledger called the Blockchain.
One of the interesting things about mining is that the difficulty of the puzzles is constantly increasing, correlating with the number of people trying to solve it. So, the more popular a certain cryptocurrency becomes, the more people try to mine it, the more difficult the process becomes.
A lot of people have made fortunes by mining bitcoin and other cryptocurrencies. Back in the day, you could make substantial profits from mining using just your computer, or even a powerful enough laptop. These days, bitcoin mining can only become profitable if you’re willing to invest in an industrial-grade mining hardware. This, of course, incurs huge electricity bills on top of the price of all the necessary equipment. However, there are some cryptocurrencies that are more cost-effective to mine. Click here to learn more about mining bitcoin and other cryptocurrencies.
4. Accept as Payment for Business/Merchants
If you happen to own a business and if you’re looking for potential new customers, accepting cryptocurrencies as a form of payment may be a solution for you. The interest in cryptocurrencies has never been higher and it’s only going to increase.
There are many different services that you can use to be able to accept payments in cryptocurrencies. For example, CoinPayments currently accepts over 75+ different digital currencies, charging just 0.5 percent commission per transaction. Other popular services include Cryptonator, CoinGate and BitPay, with the latter only accepting Bitcoins. The payments can then be accepted using hardware terminals, touch screen apps or simple wallet addresses through QR codes. We at CryptoTT can help you implement crypto merchant solutions for your service or bussiness.