The world is awakening to the marvels of cryptocurrencies. Types like Bitcoin and Ethereum have become commonplace. So much so that you can actually find a “Bitcoin ATM near me”! These ATMs are just like regular brick-and-mortar ATMs where you can buy and sell your cryptocurrencies in exchange for real money! Although these virtual currencies qualify as excellent choices for investment purposes, the question remains as to what else you can actually do with your crypto wallet? We attempt to find some answers here!
The Many Uses of Bitcoins
Money Transfers at Low Costs: Bitcoins are largely used for processing money transactions at a low cost. High-speed transfers can be processed at reduced transaction fees. If the money transfer happens via a financial intermediary, the fee is higher and the transfer consumes much more time as well! Bitcoins are especially handy in cross-border transactions. The transfers happen in a jiffy.
Yield Farming: One way of earning through crypto is of course by trading. However, owing to the huge volatility the crypto market encompasses, a tremendous amount of skill and experience is required for reaping profits. Also, some prefer to keep their coins invested for the long term, in a bid to reap humungous profits. One way to generate funds with crypto is through yield farming. This is where you lend your coins to other reputed platforms for a certain percentage of interest. However, it is to be remembered that this kind of lending is not free from risk and is also not approved by any government-recognized lending regulatory agency. Crypto transactions, in whichever form, has no legal base to fall back on.
Creating an Alternative Stock of Wealth: Creating a stock of wealth that is resistant to any kind of censorship by the state, has become the need of the hour. While we may think that our bank-secured assets are the safest, that may not be the reality. More often than not, dubious laws of the state end up freezing bank accounts, and cash reserves become inaccessible. This is where crypto money comes into play.
With a strong currency like Bitcoin, you can create a resistant wallet that stores your wealth in complete safety. No one but you has access to it through a private passkey. A crypto wallet has no legal imprint and can therefore never be restricted or controlled by any government authority. You can buy online and store your bitcoins safely with complete peace of mind.
Sending Non-Cash Type Remittances: Another way to utilize your bitcoins is by non-cash remittances. There are blockchain companies that support such remittances using crypto, anywhere in the whole wide world. These remittances can then be used for commonplace transactions including paying utility bills, getting mobile phone plan top-ups, and so on.
Next time you head to a Bitcoin ATM in Virginia, you should be kicked to use your virtual currency reserves in more ways than one! Buying crypto is not only about investments alone. You can also use your blockchain-based currency in more ways than one!