Although many buy cryptocurrencies exclusively as investments, some exchange them for another currency. This article shares the pros and cons of buying cryptocurrencies and information about where to make payments with them. Keep reading to know more.
Pros and cons of buying cryptocurrencies
Payment through cryptocurrencies entails a series of advantages and disadvantages that the user must consider. It is important to be informed about it to make conscious decisions regarding the use of money and personal finances.
Advantages of buying with cryptocurrencies:
- 100% secure transactions thanks to blockchain technology.
- The user has complete control of their finances, as they are decentralized currencies.
- Possibility of obtaining great benefits by the mere fact of having a portfolio of crypto assets.
Disadvantages
- The value of currencies is volatile.
- Many businesses still adopt this currency as a means of payment.
- Depending on the market and the blockchain, high costs when making transactions.
Where can you pay with cryptocurrencies?
Are you thinking of using your cryptocurrencies as another currency? You can execute payments in the following sectors.
Online purchases
Although it is not yet the norm, making some purchases online with cryptocurrencies is possible. Gradually, online stores are incorporating Bitcoin among their accepted payment methods. This is the case with the travel agency Destinia, the home goods store Overstock, and the technology giant Microsoft. Ethereum (ETH) is another of the most widely accepted cryptocurrencies within the technology community.
Play
Some of the best bookmakers already allow transactions with cryptocurrencies such as Bitcoin (BTC), Litecoin (LTC), Dogecoin (DOGE), or Ethereum (ETH). Due to the rise of these currencies, more and more online casinos are expected to adopt them. It is possible to access entertainment portals that operate 100% with crypto assets. Cloudbet and PM.io are two very popular examples.
NFT
NFTs (non-fungible tokens) are at their peak. So much so that they are considered another investment and have given rise to the creation of games based on blockchain. The OpenSea platform offers a large number of NFT collections to choose from. Within OpenSea, it is possible to acquire cryptocurrencies using a bank card. The top NFTs of the moment are Doodles, Bored Ape Yacht Club, and Cryptopunks.
Conclusion
More and more sites are accepting cryptocurrencies among their payment methods. However, their adoption is gradual. Currently, users often use their cryptocurrencies to play and bet online, make purchases in e-commerce or invest in NFTs. Making payments with this currency has pros and cons; how could it be otherwise? Paying with cryptos is entirely safe, but its value can vary widely. In addition, depending on the blockchain from which the transactions are made, you may have to pay additional costs in the form of a commission.