Cryptocurrency may not be accepted in every High Street store, but its prominence is growing fast. Moreover, there’s multiple ways to enjoy its value.
It may not be as widely-recognised as fiat currency, but denying the lucrative nature of cryptocurrency would be foolish; 1 bitcoin is worth over $7,000 at the time of writing, and surged above $19,000 in December 2017.
Yes, the value does fluctuate, so there’s a need to be smart when deciding how and when to use cryptocurrency. Play your cards right, however, and it can be extremely fruitful with numerous everyday uses.
Can you buy and sell cryptocurrency?
Using software like Cudo Miner is probably the cheapest and easiest way to accrue cryptocurrency, but there’s certainly other means.
Although blockchain technology makes cryptocurrency near impossible to hack, it doesn’t mean you can’t be defrauded; if you freely hand over your crypto to someone and it transpires to be a bad deal, little can be done to recover your loss.
For this reason, buying and selling cryptocurrency through trusted exchanges is recommended.
A cryptocurrency exchange does exactly what it says on the tin. As with any other currency exchange, you buy and sell your crypto at whatever the going rate is, and that’s that.
Using an exchange is usually safe, in the sense of being a genuine transaction; you’ll get what you pay for.
However, it’s essential that you’re cautious of any company that you deal with online. Always do your research, so you can be confident that the exchange you’ve chosen is of good repute.
With market prices being in a constant state of flux, it’s also important to understand the trading landscape and make sure you buy and sell cryptocurrency at a beneficial time. There are apps available to help you monitor the market, and a little time observing it will help you to establish trends for yourself, too.
What can I buy with cryptocurrency?
If a retailer accepts cryptocurrency, you can use it to buy anything they’re selling. This applies to both organisations and individuals.
On the other hand, it’s important to remember that the value of cryptocurrency can fluctuate. So, what’s worth one coin today could cost two tomorrow.
For this reason, you may find it easier to exchange your crypto to fiat currency, so that you have a little more freedom and predictability. It’s entirely your choice.