7 Conventional Ways to Spend Your Cryptocurrency in 2024

Mon, Apr 29, 2024
by CapperTek

How is it that something that was so obscure just a decade ago is slowly but steadily becoming widely accepted? Still viewed as a speculative investment by many, cryptocurrencies are going mainstream. With 300 million users around the world, they are more widely accepted than ever. Crypto is embedding itself into daily consumer habits. It’s evident we’re witnessing a substantial change in global perspective. Let’s take a look at 7 ways you can spend your hard earned crypto.

1. Crypto Cards and Payments

Yes, crypto cards. This is a relatively new service and it pretty much works like a regular bank card. It’s just a convenient way to access your digital currencies. There are several financial institutions that are now offering this service, as of 2024. Crypto cards allow you to spend your cryptocurrency at any local merchant accepting card payments. The system converts your crypto into fiat currencies (regular money) at the checkout.

These cards often come with some other benefits as well, like cashback. Companies like Visa reported more than $1 billion (yes, billion!) in crypto card spending in the first half of 2021 alone, and these numbers are only going up. Even PayPal and some other payment processors (like Square) have integrated crypto into their platforms, and we can only assume this trend is going to become even more commonplace.

2. Real Estate

What if you could buy your property with crypto? The real estate sector is embracing cryptocurrencies for high-valued transactions more and more. Crypto can eliminate some traditional banking delays and fees. This can make the whole process faster and more transparent. There have been real life examples of multi-million dollar real estate deals involving Bitcoin in the US lately. In 2021 one Miami penthouse was bought for $22.5 million using Bitcoin.

There are also many platforms (like Propy for example) that are integrating blockchain in their operations. Numerous others are in the testing phases. In the near future the entire buying process, including title transfers, could be executed using smart contracts. We could see increased speed, transparency and security in property deals very soon. The paperwork will also be reduced, which is great for the environment.

3. Entertainment and Dining

Let’s face it – it’s just much more convenient using digital currencies when you go out, than using cash. A lot of restaurants and cafes in major cities are starting to accept Bitcoin and other cryptocurrencies, simply because there’s a growing number of tech-savvy people. One survey (conducted in 2023) showed that as many as 15% of restaurants in Silicon Valley now accept crypto as a payment option. This is not just a niche trend. It’s also a way for these establishments to set themselves apart in the eyes of forward-thinking customers.

4. Online Gambling

There are three main things everyone wants when it comes to playing and betting online – better privacy, faster and more secure transactions, and lower fees. The integration of crypto into online gambling platforms addresses all three. There are numerous online casinos (as of 2024) that accept Bitcoin, Ethereum and more.

The main appeal is anonymity and better security. There are even platforms that incentivize users with bonuses that are specific to crypto, like free spins on mBit Casino. These promotions often offer much greater rewards that are usually not available with traditional money. There has also been a quite significant rise in the crypto gambling transactions, as much as 70% in the last two years alone.

5. Savings and Investment

Crypto has introduced significant changes when it comes to personal investment and saving. It’s offering direct access to some traditional financial markets, while also opening the doors to some new digital assets.

There are many investment platforms that now offer their users an option to allocate cryptocurrencies alongside traditional securities (like stocks and bonds). This can lead to a more diversified portfolio, which is always a good thing. For example, Fidelity Investments launched a Bitcoin fund in 2020. This allowed high-net-worth clients to gain some cryptocurrency exposure within their investment accounts.

There are other benefits as well. BlockFi offers crypto-based savings accounts with interest rates that are significantly higher than regular banks. There are even some rates that exceed 8% annually.

6. Tech and Gadgets

It’s only natural that crypto is becoming a preferred payment method when it comes to tech. With a tech-savvy consumer base, this sector saw a significant cryptopayment rise in the previous years. There are more and more electronics retailers and tech shops that accept cryptocurrencies. Newegg (a big online retailer) has been accepting Bitcoin for a decade.

The main appeal of using crypto for tech purchases is increased security, and potential for anonymity. As a bonus, crypto transactions often circumvent the typical processing fees (associated with credit cards), which can sometimes be quite high. When your fee per transaction with a debit card goes as high as 3% per transaction, these savings add up fast.

7. Charity and Donations

This is one of those use cases for crypto that don’t often come to mind, but the use of cryptocurrency for charitable donations is also on the rise. It’s a fast, transparent and tax-efficient method for donors to contribute to the causes they believe in.

Nonprofits are accepting Bitcoin and other crypto more and more by the year. The Giving Block (a platform that facilitates crypto donations) reported that crypto donations increased by as much as 100% in 2022. One of the main reasons for this growth is tax advantages for the donors. The IRS classifies crypto as property (at least for now), which allows donors to avoid capital gains taxes.

Wrapping Up

The worldwide adoption of crypto across many different sectors is more than evident. Some statistics show that over 36% of small and even medium-sized businesses in the US are now accepting Bitcoin and other cryptocurrencies.

As these digital currencies continue to evolve and integrate into more aspects of our lives, they promise to offer more than just an alternative form of payment, potentially reshaping economic interactions in a profoundly digital future.