More and more stores are starting to adopt cryptocurrencies as a payment option. This sounds like a strange concept to a lot of people; the idea of a store accepting multiple different kinds of currencies sounds like something you’d only find at an airport. However, even online payment gateways are starting to accept Bitcoin and Ethereum as an option and you may have even seen it when purchasing things online.
So is cryptocurrency something you should start learning more about this year? Or is it still a niche technology that rich investors use to make money?
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Obtaining cryptocurrency is easier than ever
One of the great things about recent cryptocurrency investments is that we’re now able to convert currencies like NZD to ETH with the help of simple-to-use websites. This solves one of the biggest hurdles when it comes to getting involved with cryptocurrencies; the barrier to entry. In addition, there are a lot more resources about cryptocurrency these days than the past, meaning it’s very easy for you to learn more about the different coins, how they’re made, and how their value is determined.
So if you’re interested in owning cryptocurrency as an investment, it’s very easy to get started. But what if you’re just looking to buy stuff? Does it make sense to use two different currencies? Are there even benefits?
Using cryptocurrencies over regular money
The big question is this; are there benefits to using cryptocurrencies like Bitcoin over regular money?
Whether you’re thinking of buying a new gadget or paying for a coffee, there are actually some nice benefits to cryptocurrencies that you might be interested in. For instance, there are no banking fees and international transaction fees are extremely low. In addition, there’s also user autonomy which means you have more control over how you spend your money without the need for an intermediary like a bank or the government.
Bitcoin is also discreet, meaning you can actually hide all of your purchases and your identity. This sounds like something made for criminals, but can actually be useful if you just want to keep your purchases off the record for whatever reason.
But how practical is it really?
Sadly, most people aren’t going to have a practical use for Bitcoin. There are a lot of hoops to jump through to even get started with using Bitcoin, and you might find that it’s just more convenient and easier to pay for products using your own money. While it’s certainly interesting and a unique way to pay for products, it’s a lot more hassle than people are willing to go through.
While there are lots of stores that accept Bitcoin these days, it’s probably a lot easier just to pay with your bank card. You get instant payments and you don’t need to “buy” a currency before you use it. Most of the benefits are also not going to matter for the average consumer. In short, it’s a great thing that cryptocurrency is becoming more popular, but for most people, it really doesn’t matter that much.
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