Cryptocurrency has taken the world by storm. Ever since Bitcoin first hit the scene in 2009, the digital asset has continuously grown, not just in value, but in popularity. Naturally, altcoins and hard forks followed suit. Nowadays, crypto is on everyone’s mind, whether they are a fan, detractors, or ambivalent. There is simply no escaping the crypto trend.
However, as it is still a relatively new phenomenon, many people are confused as to what crypto is and how to use it. So, in this article, we would like to provide a few explanations. We are going to delve into the various ways that you can spend cryptocurrency once you’ve acquired it.
Trading is the Obvious Choice
The crypto market is the fastest-growing trading and investment market in the world. In just over a decade, cryptocurrency has become a rival to the stock and foreign exchange markets, ranking third in popularity. What is even more impressive is that both of these markets predate crypto by quite a large margin, in the case of the stock exchange, it is centuries.
Some people are a little apprehensive about trading crypto. After all, “volatility” gets tossed around quite frequently when talking about Bitcoin, Ethereum, and other popular crypto. However, while it is absolutely true that crypto is an incredibly volatile market, many investors have found ways to predict, with a certain degree of accuracy, how the prices are going to go.
Crypto Casinos are on the Rise!
Australians are certainly familiar with the burgeoning online casino industry. Not only are land-based casinos huge in Australia, but the online gambling industry has caught on as well. Many reputable gambling websites offer some of the finest casino bonuses to Australian players. And considering Australia’s propensity for gambling, it is no surprise that iGaming is so successful in the country.
However, what is even more impressive is the success of so-called crypto casinos. As you might have gathered, a crypto casino is a gambling website mainly dealing in cryptocurrency. You can place bets using Bitcoin, Ethereum, Litecoin, and others, and then withdraw your earnings in the form of cryptocurrency as well.
If you would prefer to wager with crypto, but withdraw FIAT money, then that is also an option. After all, most reputable casino websites have embraced the crypto craze. It has never been a better time to be a crypto-owning gambler, that is for sure.
We should mention that if you are going to use crypto casinos, make sure that they are safe and reliable. Look for a license, read some reviews, and go over the website’s security and safety policy. Once all of that is done, you are ready to start wagering.
Businesses Have Hopped on the Bandwagon
Lest you think the casino industry is the only one to embrace crypto, we are here to inform you that plenty of the most popular businesses in the world have hopped on the bandwagon. Microsoft has already sold products in exchange for cryptocurrency, notably Bitcoin and Ethereum. Whole Foods deals in crypto-based payments as well, and there are plenty of tourist agencies that will book you a whole vacation in exchange for digital money.
Big businesses are not the only ones thriving during the crypto craze. If we just take a look at Australia, we would find plenty of smaller businesses, family-managed establishments, and even local shops that have embraced Bitcoin as a viable payment method. Naturally, Bitcoin is the most popular crypto in Australia. However, it isn’t the only one that businesses accept. You will also find use for the following digital assets:
- Ethereum (ETH)
- Tether (USDT)
- Ripple (XRP)
- USD Coin (USDC)
- Binance (BNB)
Crypto Charities Are Quite Popular
You might be surprised to find out that crypto-based charity is actually quite popular. There are many charitable organizations that have begun accepting crypto-based deposits. The most notable is, of course, the UNICEF CryptoFund.
It all began in 2019 when UNICEF became the first UN organization to distribute cryptocurrency. The CryptoFund has since gone on to attain massive success. They’ve supported Kenyan citizens during an emergency, they’ve contributed to Argentina, and have provided financial aid to Rwandan refugees, all with the power of cryptocurrency.
What to Watch Out For
We’ve discussed the ways that you can use cryptocurrency in 2023. However, we should also discuss some of the things that you need to be aware of if you are going to deal with the burgeoning market. In this final section, we are going to discuss what you need to be on the lookout for when trading with crypto.
- The Volatility
Anyone who has gone over any beginner’s guide to crypto will be aware of the high levels of volatility. It is true that many crypto detractors misunderstand how it works. However, it is also true that cryptocurrency is incredibly volatile. If you are going to become a crypto trader, you will need to look at ways to combat volatility and overcome this problem.
- The Crypto News Cycle
We’ve all experienced a crypto news cycle. A new crypto becomes so popular, and everyone is talking about it. Suddenly, people are in a rush to get it. The stocks for it surge, everyone is excited, and just as fast as it came, said new crypto vanishes, never to be heard of again.
We understand that FOMO is a legitimate problem for many traders. However, combating FOMO is one of the first steps in becoming a top-tier investor, not just in the crypto world, but in any trading market.
- Hooked to a Coin
Many crypto traders advise avoiding sticking to one coin. In fact, diversifying your options is the best thing you can do. Getting hooked on one coin is akin to putting all your eggs in one basket. If you trip and fall, you will miss breakfast.